Guide On How To Buy Bitcoin Overview: Buying Bitcoin Now that you already know the basics about bitcoins i. There circle bitcoin phone number a number of ways of buying bitcoins, the most notable being through bitcoin exchanges.
In regards to payment, you can pay for bitcoin in a number of ways from using hard cash and wire transfers to using credit or debit cards. You can also pay for bitcoin using other cryptocurrencies. The mode of payment, however, depends mainly on the seller as well as your location. There are many reasons behind this.
Payment purchasing options have however grown in some countries like the US and the UK. For instance, some exchanges in the US i. Circle and Coinbase now offer bitcoin purchases with credit cards. Step 1: Get a wallet To buy bitcoin, you must first get a bitcoin wallet i. Bitcoin wallets are simply bank accounts for bitcoins. There are different kinds of wallets offering different security levels. I personally use Exodus on my PC and Bread on my phone.
Step 2: Find a good bitcoin exchange There are many exchanges competing for business. Exchanges are simply marketplaces for bitcoins that allow people to buy and sell bitcoins, and other cryptocurrencies, using different currencies. Many Exchanges have stopped taking US residents due to the US government cracking down on them. Since there are many exchanges today most of which aren’t good, it’s important to choose wisely.
The best exchange for you will depend on many factors including location. Large exchanges are also the most liquid, so it’s easy to get your money back at any given time. Step 3: Buy Bitcoin Once you have a bitcoin wallet and exchange, you can proceed and buy bitcoin. Exchanges have current exchange rates clearly shown so you’ll be able to know the exact price you will pay for your bitcoin. In order to fund an exchange in fiat currency, you always need to verify your account and identity. Upload proof of address, usually a utility bill such a electricity or gas bill.
Upload proof of identity such as drivers license or passport. Once your account is verified you can then transfer USD or EUR into your account via wire transfer. Get the details and enter them into your internet banking or go to a branch and make the transaction. Wait a couple of days for the wire transfer to complete.