While dealing with the digital wallet you need to understand How to buy Bitcoin? Not only this but also the procedure to store it safely, before buying it. Ultimately, this procedure will guide you to avoid making mistakes or losing your hard-earned money. This will also guide you to invest in the right place and be aware of getting scammed. In this article, we will elaborate on the process of how to buy Bitcoin to begin, and direct you towards making your first Bitcoin purchase.
Dealing with cryptocurrency is a very sensitive exchange of digital currency where safety and security plays a vital role. As it is a digital currency, therefore, the ratio of scams is a bit high. We have also made a list of the best Bitcoin exchanges, Bitcoin wallets, and user-friendly storage devices. Here we are discussing a few main points you need to know before buying Bitcoin.
Firstly, you need to get a Bitcoin wallet to store your Bitcoins which you can use in the future, spend or trade.
Secondly, you need to look for the best crypto exchanges from which you can buy Bitcoin.
At last, you will figure out how to send Bitcoin, the best wallets to use, and beware of what things are essential to know in dealing with Bitcoins in the future.
*Getting a Crypto Wallet*
As a Bitcoin owner, you need a safe place to store your Bitcoin. That’s why you need to think of getting a crypto wallet. A software program wallet is built for this purpose to help people deal with digital currency. Using this digital wallet, you can send, receive, do daily transactions, and store your Bitcoin for future purposes. Though these wallets vary and have multiple features. Therefore, it is important to research products and find a wallet that is according to your needs, and payment methods that provide you maximum security for your Bitcoin funds.
Looking At Different Types of Wallets
There are two types of Bitcoin wallets. You can use those wallets to store Bitcoin, the hot wallet and the cold wallet. But before breaking down the features of these wallets, and leaving it to you which one to choose. We urge you to look at the list of three different types of Bitcoin wallets.
The three different types of wallets are as under:
Crypto Exchange Wallets
Hot Wallets/Online Wallets
Cold Wallets/Offline Wallets
Cryptocurrency Exchange Wallets (Hot Wallet)
Another kind of hot wallet is a cryptocurrency exchange wallet. However, these types of wallets are mainly used by institutions. If you store Bitcoin on a crypto exchange wallet it is not the same as holding it in your wallet. The basic thing is you do not have full control of your wallet. As a beginner, the Binance exchange wallet is best to begin with, Binance provides customer support and various payment methods.
Bitcoin Hot Wallets
We also call Bitcoin hot wallets, online wallets. This Bitcoin wallet is available on the internet and can be accessed worldwide using internet-connected devices like computers, phones, or tablets. Electrum is the best available hot wallet which has multiple advanced features, optimized security, and a customizable interface.
Bitcoin Cold Wallets
Till now a cold wallet is the most secure method to hold and store your Bitcoin. This wallet is an offline wallet and has a way less risk of being compromised. You put your address and private key on something not connected to the internet i.e. most probably a USB device. Ledger is an amazing and popular hardware wallet available in the crypto industry.
Ways To Buy A Bitcoin
What are the best and safest methods to buy a Bitcoin and which payment method do beginners prefer? After you have set up your wallet now you need to decide how to buy a bitcoin. Always try to search for the platform where cryptocurrency trading is authentic and uses verified modes of payment in order to play a safe game. Look for the best trading platforms for Bitcoin according to your needs and the payment method you prefer. You can use the following methods to buy a Bitcoin. Paypal, Credit Card, Bank Transfer Debit Card, Credit Card no verification
What Are The Best Exchanges From Which You Can Buy Bitcoin?
Swissborg is the most advanced, very easy to use, and the most secure exchange method. Swissborg proposes a low fee and uses specific techniques to perform your BTC orders. While the exchange supports only one payment method i.e. Bank transfer and does not support US investors. Swissborg provides a much easier navigating user interface that you can utilize to buy a Bitcoin.
Binance is a crypto exchange giant in the crypto industry due to its ability to handle a crypto exchange volume of even more than $4.3 Billion. Users can buy Binance with a Debit card, Credit card, Bank transfer, or transfer from other brokers or through Paypal. Using Binance you can also do crypto swaps (exchange your Bitcoin with other types of Altcoins) or change your funds to fiat (traditional currencies like US dollars) before the withdrawal.
Nevertheless, these features make Binance the topmost user-friendly crypto exchange platform for beginners and advanced users.
Coinbase is the most famous international exchange which has gathered various crypto enthusiasts and Bitcoin holders’ trust. Coinbase is a trustworthy exchange for those who know how to transfer and its charges in trustworthy ways. This platform supports some payment methods like PayPal, Wire transfer, and Credit cards to facilitate its customers.
Although, coinbase transaction fees are not the lowest in the market but undoubtedly, they have good 24/7 customer service. Both new and experienced users thinking of buying a Bitcoin prefers a coinbase.
Changelly has become a big name in the crypto and bitcoin industry after it was established in 2016. This platform supports various payment methods like bank transfers, cash, transfer from brokers, debit card, and credit card.
Changelly is a user-friendly platform that supports buying bitcoin and various other cryptocurrencies using fiat money including USD and Euro. Moreover, Changelly provides its users with competitive transaction fees in comparison with other giants like Coinbase and Binance. A large group of people relies on Changelly due to its faster service and provides a wide array of payment methods.
Paxful is a renowned exchange platform that facilitates its users with a peer-to-peer marketplace so they can buy and sell Bitcoin. Additionally, this platform supports almost 300 types of payment methods. That’s why it is easy and suitable for usage. Paxful offers payment methods like Debit cards, credit cards, cash,iTunes, and Amazon gift cards.
To buy Bitcoin with a credit card, bank or cash firstly you need to put in the amount of cryptocurrency you want to buy. Then you need to choose a way to pay (fiat currency or other payment methods). Afterward, you need to verify whether all the details are correct or not. Finally, you can confirm the transaction.
Exchange Account To swap Bitcoins to Altcoins
Besides, if you are thinking to buy Bitcoins, you need to look for a cryptocurrency exchange that supports the Altcoin you wish to buy. We advise you to check out Binance as it has the largest variety of Altcoins in the market.
Transferring the Bitcoins to Your Private Wallet
Thus, you have to buy your Bitcoin now you only need to transfer it to your private wallet. Whereas, it can be your online bitcoin wallet or an offline Bitcoin wallet. In this way, you can fully control your Bitcoin funds.
Bitcoin was first launched in 2009 and since then it has surpassed all the expectations and has become much more popular among elite business class people. Due to the investor’s interest in a digital wallet, its value is increasing day by day.
Undoubtedly, Bitcoin will continue to grow eventually, so this is the right time for you to get proper knowledge regarding the exchange and its safety and security. Basically, you need to be very active while deciding how to invest in the Bitcoin industry and what the best modes of exchange are, its platform where you meet the correct buyers, and which crypto wallets you need to use to get the best results.