As a beginner, buying Bitcoin should be an easy process.
Somehow, i figured that the most difficult problem you could face as a beginner investor with cryptocurrency is how to buy bitcoin with USD, orwithout being scammed just like that of The Billion Coin.
I guess this is also the reason why your search landed you on my blog today. Well, just keep calm, because I’ve got your back completely on this one.
This post will guide you through everything about how to buy your first BTC. Along the line, i will also revealsafely with maybe, your debit or credit card.
Before we start with how to buy bitcoin, i will like you to know one thing in particular about the whole process.
To buy BTC, it’s more like stock.
In stock trading you normally have to transfer your money from a bank account to a brokerage company.
Now, through the brokerage account you might have already created, you can then purchase, invest, trade or manage your stock investments. When you want, you can also pull the money back into your bank account again.
However, buying and trading cryptocurrency follows the same idea as well, but the only thing that differentiates it from that of stock, is just the terminologies and jargons used mostly as crypto language in the cryptocurrency world and communities.
If you’re not all that familiar with the cryptocurrency terms and jargons, you will definitely feel intimidated from the start.
How to buy Bitcoin with USD?
By the way, let me take you straight through the steps on how to buy bitcoin, or even get your Bitcoin USD account funded.
Below are all the steps required to buy bitcoin instantly:
Step 1: Setup an exchange account
An exchange is same as the a brokerage, and signing up for an exchange account is also the same as that of brokerage account.
The only difference sometimes is that you may be required to verify your identity on exchange platforms before your account can be fully activated.
Especially when the exchange platform has KYC (Know Your Customer) service available.
Best exchanges to buy Bitcoin with USD
There are different exchanges you can choose from. See the list of popularly recommended ones below:
Changelly (Highly recommended)
Changelly is a world famous cryptocurrency trading website which allows you to purchase dozens of popular digital currencies easily.
While there are many similar websites are out there, but Changelly is the most famous due to its advanced features of converting your US Dollars to Bitcoins, or any other cryptocurrency.
Luno (Mostly for Nigerians)
Luno is a cryptocurrency exchange aimed mainly at emerging markets.
Luno offers Bitcoin services to countries such as Malaysia, Nigeria and Indonesia, which are usually not allowed on most Bitcoin exchanges.
LocalBitcoins (Popularly used worldwide)
LocalBitcoins is an online exchange which connects Bitcoin buyers and sellers within a particular geographical location.
The website basically uses the user’s location and that of other users of the site to match buyers and sellers who are close to each other in a geographical sense.
Once you’re done setting up an exchange account, all you need to do is transfer your capital amount to your chosen exchange account through ACH or Wire transfer directly from your bank account.
Wire transfer is recommended.
Step 2: Purchase Bitcoin Cryptocurrency
Ok fine. I know you’ll be like; “I’ve created the account, so now what?”
Anyways, just know that it’s always like the normal brokerage account we all know. Except that instead of buying IBM or Starbucks shares, you’re going to purchase either Bitcoin.
As soon as you’ve already gotten the investment capital on the exchange platform, you will decide on percentage you will use to acquire bitcoins.
Mind you that cryptocurrencies are ordered separately for each one, so you need to buy coins according to allocations.
Once after purchasing your desired cryptocurrencies, take a moment to celebrate – YOU’RE OFFICIALLY AN INVESTOR!
And that beings us altogether to the next step you will need to take immediately to secure your cryptocurrency asset.
Step 3: Transfer BTC to secured wallet
Now you will need to fully secure your bitcoin or altcoins (alternate coins) investment.
I personally, will not advice you or anyone reading this post to leave their cryptocurrencies on an exchange platform (unlike the stock).
Leaving purchased crypto coins on exchanges can be very risky, and can be lost instantly.
Necessarily, you always use wallets to keep your fiat money and that’s exactly where cryptocurrency is kind of similar to traditional fiat currencies.
You need an offline wallet to fully secure your bitcoin investment.
However, because of experience most investors have had earlier, cryptocurrency can actually be fully protected only with offline hardware wallets.
This way you can have full control and access of your investment portfolios.
This is unlike the stocks where you have to hold a physical certificate to prove yourself as a stakeholder.
In the crypto world you need a secure crypto wallet, to hold your cryptocurrency assets, and hardware wallets are mostly recommended due to its functionality and security.
One of the best and most affordable hardware wallet in the market currently, is the Ledger Nano S Wallet.
It’s popularly known amongst investors, but feel free to do your personal research on wallets that works best for you.
See list of best hardware wallets available for securing your Bitcoin cryptocurrency investments.
Have it in mind that if you’re going to be using a hardware wallet as i suggested, you will also need to configure it to work with your personal computer, mobile phone and any other gadget you might have that accepts the functionality.
The initial setup of the wallet mostly starts from getting your wallet address activated, which you will be using to send or receive bitcoins or any altcoin.
Note: Cryptocurrencies are not stored on the wallet itself, but in the blockchain. What the wallet does is just storing the cryptographic codes and information needed as proof of stake to use an amount of coin you own already in the most secured and convenient way.
Storing your assets in wallet is similar to that of your SAFE box, where you keep your most important asset or money, wallets are known to be safer due to the fact that it saves your cryptocurrencies with complex pass-codes and encryption which makes it immune to viruses.
Most of the cryptocurrency wallets are built based on powerful hashing algorithms.
By the way, if you leave your crypto assets in an exchange and the exchange gets hacked, you will loose all your coins instantly.
But if someone gets to steal your hardware wallet your investment will still be very safe as long as they don’t have access to secret pass-phrase to restore your assets. This means you can always retrieve your crypto coins.
Buying bitcoin as a beginner shouldn’t be a scary process for you anymore as this post have discussed it fully in detail on how to buy bitcoin fast.
If i were you now, i would simply bookmark this content for revisiting if by any chance i face difficulty in purchasing bitcoin or selecting good exchanges or wallet.
Let me recall the steps you need to take again:
Firstly: Choose and setup an exchange account – I personally recommend using Changelly if you’re in a region where credit/debit card is not easily acceptable for buying Bitcoin.
Though, you can also use Luno cryptocurrency exchange to buy Bitcoins if you’re in countries like Nigeria, Europe, and some few other countries that accepts bank transfer for buying Bitcoins.
Secondly: Purchase your desired amount of Bitcoin cryptocurrency asset you need to invest.
Warning: Never invest any amount of money you cannot afford to loose.
Finally: Secure your investment with an offline wallet to avoid loosing it to theft or hackers.
I mostly recommend getting a hardware wallet if you have enough funds to invest in buying good offline HD-wallet to keep your Bitcoin investments safe.
If you would want to be totally anonymous with Bitcoin transactions from wallet-to-wallet, you can invest in BitLox anonymous Bitcoin wallets.
I hope this guide helps you in a bigger way to buy your first Bitcoin investment. Good luck my friend.