Bitcoin has been the talk of digital investments for more than a decade now, and look at its history, it has earned its popularity. There has always been an exciting time with the coin, and if you want to jump into the bandwagon, you need to know how to securely buy bitcoins.
The coin has its ups and downs, demonstrating how unpredictable it can. Since its mysterious creation in 2009, bitcoin started a price less than $1 and hit an all-time high of over $64,000 in November and December of 2021.
Just six months after setting a record of $64,000, bitcoin now trades at a little over $19,000 per coin. That shows how volatile it can be, so if you a new comer to the cryptocurrency market, stablecoins can be better to start with.
But, assuming that you willing to accept the risk to invest in bitcoin, there are number of ways to buy it.
There are top cryptocurrencies you can invest in with the same process as you buy bitcoin.
Bitcoin is an internet thing and you can buy it directly from peers online, just like shopping for a product or service on the internet. You can also use the options of cryptocurrency exchanges or brokers.
How do I buy bitcoin?
Just as you need a piggybank to save your physical coins, when it comes to digital currencies like bitcoin, you need to get a virtual wallet.
Investors with huge amount of money in bitcoin (referred to as Bitcoin Whales) usually prefer to use crypto hardwallets to store their coins.
There is no minimum amount to invest in bitcoin, but you should ideally buy from $1 upwards.
Follow these steps to get your bitcoin;
1. Create a bitcoin wallet
It is super easy to create a bitcoin wallet. All you have to do is to choose the wallet provider you want to bank your bitcoin with, and create an account with them.
2. Get the Wallet App
Emphasis on right App because they are look-alike Apps developed by scammers to trick people. You must always use these steps to secure your crypto wallet.
3. Connect to a crypto exchange
One of the main ways to buy bitcoin is through a cryptocurrency exchange, such as binance, coinbase etc.
You choose the crypto exchange of your choice, create an account and buy altcoins, stablecoins and bitcoin directly from your dashboard.
This option is recommended for experienced investors who can maneuver the crypto exchanges. The transaction usually attracts lower fees in the region of 0.10% to 0.26% of your total purchase.
But if you create a bitcoin account on blockchain, you can buy bitcoin in-App with your bank card at a lesser or no fees at all.
4. Buy your bitcoin
The dashboard of many crypto exchanges have a lot of features and you might be lost on how to find your way around it.
So the obvious place to visit is the ‘purchase crypto section’; select the bitcoin from the drop down of coins, input the amount and the payment method and click buy.
Boom, you are the new bitcoin owner in town, it’s that simple. You can have a look at the best cryptocurrencies to buy in 2022.