How to buy Bitcoin | Digital trends

Bitcoin is increasingly seen as a strong store of value, and there are many different ways to take advantage of its wild price fluctuations to generate profits for yourself or create a digital nest egg for the future. But aside from futures and ETFs, if you want to own your own Bitcoin and follow the mantra “Not your keys, not your coins,” then you will need to buy Bitcoin directly.

Fortunately, buying Bitcoin today is easier than ever, with a wide range of methods to do so. Here is our favorite.

Register for an exchange

The safest and easiest way to buy Bitcoin is through an exchange. These platforms will allow you to directly exchange a range of currencies for a range of cryptocurrencies, but you will need to complete Know Your Customer checks to confirm your identity.

There are a wide range of Bitcoin and cryptocurrency exchanges, but for the benefit of this article we will use Coinbase, which is arguably the most popular and beginner-friendly exchange. They have had some issues with outages during peak periods, but they are a well-established company that has been in business for almost 12 years and are headquartered in the United States, so they have real oversight.

Alternatives for more experienced traders include Kraken for its low fees, or Gemini, for its improved security.

Step 1: Go to the Coinbase registration page and follow the on-screen prompts to create an account. You will need to use your Google account for login information or enter information such as a username, password, first name, email address, and the country and/or state in which you reside .

Note: You can also complete this process in the Coinbase app. The process is essentially the same, just with a different interface.

2nd step: Check your email using the link Coinbase sends you, then log back into the website using your login details.

Step 3: When prompted, select the country you live in and add a phone number. Complete phone number verification when prompted.

Step 4: Add your personal information, such as your first and last name, your date of birth and your address. These should match those on your government ID that you will use shortly to verify your identity.

When prompted, answer the respective security and KYC questions.

Step 5: Complete identity registration. This differs depending on which country you live in, but for U.S. customers, it typically involves comparing a photo of yourself with a government-issued ID, such as a driver’s license, passport, or green card.

Step 6: You are now ready to use Coinbase! You may also want to add a two-step verification app to further protect your account, if desired. You can do this through the settings menu.

Deposit currency into your Coinbase account

Before you can purchase Bitcoin, you must add funds to your account to make the purchase. You need Fiat.

Step 1: Log in to Coinbase and select blue Deposit at the top of the page or in the app.

2nd step: Select a deposit payment method. These will be different for you, depending on your country of origin.

Step 3: The simplest step is “Easy Bank Transfer”. Select it, then use the buttons and on-screen prompts to add a bank of your choice, or select an existing bank if you’ve already added one.

Step 4: Select the amount you want to deposit, then select Continue.

Step 5: Check the numbers, then confirm the transaction by selecting Continue Again. Follow the on-screen prompts to transfer the money from your other account. If necessary, log in to your other bank and approve the transaction.

Step 6: The money will then begin to be transferred. This is usually pretty instantaneous, but can take up to 24 hours depending on you, your account, your bank, and various other factors. If it doesn’t arrive after 24 hours, contact Coinbase Support.

how to buy Bitcoin

Now that you have funds in your account, you can use them to purchase Bitcoin. Here’s how.

Step 1: Select To buy to sell from the top of the screen or from the Coinbase app.

2nd step: Use the drop-down menu to select the cryptocurrency you wish to purchase; In this case, Bitcoin. Then select the current wallet you want to pay with in the same way.

Step 3: Select the amount you wish to purchase in your fiat currency or Bitcoin. You can enable/disable this option by selecting the small up and down arrow button labeled “BTC”.

Step 4: When you are ready, select the Buy Bitcoin button to complete the transaction.

Step 5: Wait about a minute and you should have the Bitcoin in your account.

Store your Bitcoin? Take it out of the purse

If you plan to store your Bitcoin long-term – a practice known as “hodling” – it’s a good idea to take it out of the exchange so you have full control over it. . If the exchange is down or hacked, you know your coins are safe. The best way to do this is to use a personal wallet. Software options like Exodus are great, but the most secure method is to use a hardware wallet like a Trezor.

The different options and how to achieve this are beyond the scope of this article, but if you control access to your Bitcoin, then you can ensure that it is secure.

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