How to buy Bitcoin? Well, there are quite a few methods of doing so — all of which are listed in the guide below!
Bitcoin is everywhere. Its rise in popularity over the last year has caused an increasing amount of people to become interested in cryptocurrencies. However, a lot of people still don’t know how to buy Bitcoin or where to do so.
There are lots of options to choose from, though! With so many websites offering different services, it’s hard to know which option will be right for you.
That’s why I’m here to help!
In this guide, I will explain how to buy Bitcoin, the best place to buy Bitcoins, and how you can start investing today! We’ll talk exchanges, wallets, and everything in between. By the end of this guide, you’ll have a clear understanding of which buying option suits your needs.
How to Buy Bitcoin: So, What is Bitcoin?
Put simply, Bitcoin is a digital currency that you can use to buy and sell things. It is very different from physical money though, as it is completely digital. There is no government or bank that stores or creates Bitcoin.
It can be used for payments on the web, cheap international transfers, and is the first payment system that isn’t controlled by the government.
Instead, it is stored in a secure online database, also known as the blockchain. Rather than being printed, like traditional money (USD, JPY, EUR, etc.), it is created by the computers that run the database. The computers verify the Bitcoin transactions and are rewarded with new Bitcoins! It’s a process known as mining, and the computers are known as miners.
Bitcoin has been a great way to earn money for investors over the last 7 years or so.
So, you want to buy Bitcoin, but you don’t know where to start and keep wondering ‘how to buy Bitcoin?’… Let’s explain then!
Let’s Get This Straight… Can You Buy Partial Bitcoins?
Can you buy half a Bitcoin, a quarter of a Bitcoin, or even a tenth of a Bitcoin?
The simple answer to all those questions is… YES! You don’t have to spend your whole life savings to buy a full Bitcoin.
You have the option to either buy half a Bitcoin or even less than half. Each unit of a Bitcoin is called a Satoshi. Bitcoins can be split into 100,000,000 pieces.
Imagine that one Bitcoin looks like this: 1.00000000
Half of a Bitcoin looks like this: 0.50000000
A quarter of a Bitcoin looks like this: 0.25000000
One-tenth of a Bitcoin looks like this: 0.10000000
You can buy Bitcoin with however much (or little) money you’d like. In fact, Coinbase even allows you to buy $1 of Bitcoin! Now that you know the amounts, let’s get started on actually explaining how to buy Bitcoin.
A quick fact: Satoshi comes from the name “Satoshi Nakamoto,” who is the unknown creator of Bitcoin.
Where Can You Buy Bitcoin with a Credit Card or Debit Card?
The best way to buy Bitcoins is by using a Bitcoin exchange. These are websites that allow you to purchase Bitcoin using your bank card. The best options and the ones that I recommend are Coinbase or Coinmama. These sites are compatible using your desktop and mobile. It’s easy to sign up, and they make the beginning of your Bitcoin journey much easier than other options.
When you find a crypto exchange that meets the requirements you want, go ahead and sign up!
Let’s walk you through the steps for setting up a CoinMama account and making the first steps on how to buy Bitcoin:
Buy Cryptocurrency
Step 1: Choose your crypto
Log into your account to buy Bitcoin, Ethereum and more with Coinmama. Select the cryptocurrency you’d like to buy and the currency you’d like to pay with.
Step 2: Select your amount
Choose one of Coinmama’s cryptocurrency packages, or enter a specific amount you’d like to buy, then click “buy now.”
Step 3: Enter your wallet address
Enter your wallet address from the third-party wallet provider of your choice. If you don’t have a cryptocurrency wallet, learn more about how to set one up here.
Step 4: Choose your payment method
Buy cryptocurrency with credit card, debit card, or directly from your bank account. Follow the instructions to enter your payment details or to initiate a bank transfer from your account.
Step 5: Confirm your wallet address and receive your coins
Look for a wallet confirmation link in your email and click on it if the wallet address is correct.
Once your payment has been approved and your wallet address confirmed, they will immediately deliver the coins to your wallet!
You’ll be able to track the status of your orders at all times under ‘My Account’.
Now you’re ready to start investing!
Once you sign up to Coinmama, you’ll have access to a user-friendly service that allows you to purchase many different cryptocurrencies.
This option is the best way of answering how to buy Bitcoins. However, once you’ve purchased your Bitcoin, you shouldn’t leave it on Coinbase or Coinmama as it isn’t the safest place to keep it.
Instead, you should transfer your Bitcoin to another wallet — there are many. MyCoinChain wallet is a good starting point if you’re looking for something secure and easy to use.
You can buy other cryptocurrencies here, too!
Other than Bitcoin, you can also buy Litecoin, Ethereum and Bitcoin Cash from Coinmama. So, now that you know how to buy Bitcoin, you should be able to buy Litecoin, Ethereum and Bitcoin Cash too!
Ethereum is the 2nd biggest cryptocurrency by market cap (Bitcoin is the 1st), and you can learn more about how it compares to Bitcoin in our Ethereum vs. Bitcoin guide.
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The Complete Guide on How to Buy Bitcoin, Where to Do it and Where to Store it was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.