Are you a beginner? Just know that buying bitcoin is an easy process. Somehow, i figured out that, the most difficult problem a beginner investor could face with cryptocurrency investment, is how to buy bitcoin with USD, or The Billion Coin did to most that never had idea of how bitcoin works.without being scammed just like
I guess this is also the reason why you were landed on my blog today. Well, just keep calm, because I’ve got your back completely on this matter.
This post will guide you through everything about how to buy your first BTC coin. Along the line, i will also revealsafely, with maybe your debit, or credit card.
Before we start with how to buy bitcoin, i’d like to let you know one thing in particular about the whole process of buying bitcoins online.
Buying bitcoin is more like stock.
In normal stock trading and investment you have to transfer your money from a bank account to a brokerage firm or company.
Now, through the brokerage account you 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 process as well, but the only thing that differentiates the whole idea from that of stock, is just the terminologies and jargons mostly used among the investors 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 right from the start.
Table of Contents
How to buy Bitcoin with USD
At this stage of our how to buy bitcoins with USD cash, let me take you straight through the necessary steps to buy bitcoin, or even get your Bitcoin USD account funded.
Before we continue, i will like to let you know once again that buying bitcoin with USD is actually more simpler than you may have presumed.
I am going to explain all the processes you will need to get through with buying BTC with USD cash according to the list below:
- Good and secured VPN
- Safe exchange account
- Get a secured crypto wallet
- Buy bitcoin cryptocurrency
- Keep the wallet secured
Ok now, with this in mind already let’s head straight into all the steps required to buy bitcoin instantly with USD cash.
Step 1. Setup secured VPN
First and foremost, to keep all your cryptocurrency transaction safe, without any trace footprint, you need to keep everything anonymous, while buying bitcoins.
There are many virtual private networks (VPNs) in the cyber-security market, but it’s not all of them that are suitable for hiding your identity while purchasing bitcoin cryptocurrency.
To stay complete anonymous without any trace of your transaction online, you will need VPNs that doesn’t keep back-logs of your connection.
Recommended reading: Best free virtual private networks for securing cryptocurrency transactions
Step 2. 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 to buy bitcoin from, but it’s not all of them that are reliable when it comes to safety, and security of cryptocurrency purchase.
See the list of popularly recommended crypto exchange companies below:
CoinSwitch (Accepts Credit/Debit card deposits)
CoinSwitch is a cryptocurrency exchange aggregator, that keeps prices of your desired crypto-coins from different exchanges together in one place on the platform.
The price tags to any amount of cryptocurrency you would want to buy depends on the exchange you select to use to buy from on the coinswitch platform.
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 (Exclusively for few regions)
Luno is a cryptocurrency exchange aimed mainly at emerging markets.
Luno offers Bitcoin services to countries such as European countries, Malaysia, Nigeria and Indonesia, which are usually not allowed on most Bitcoin exchange sites.
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 3. Get a safe bitcoin wallet
At this stage now, you will need to fully secure your bitcoin investment to avoid lose. Because personally, i cannot advice you or anyone reading this post to leave their cryptocurrencies on an exchange platform (unlike the stock).
Leaving purchased cryptocurrency coins on exchanges can be very risky, and can lead to instant lose.
Necessarily, you always use wallets to keep your fiat money, so that’s exactly where cryptocurrency is kind of similar to traditional fiat currencies. You need any of the best cryptocurrency wallets to fully secure your bitcoin investment.
Based on my experiences and knowledge as a bitcoin investor, cryptocurrencies 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, where i always say that most hardware wallets are recommended, due to their heuristic deterministic functionality, as well as 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 experienced investors, but feel free to do your personal research on the preferred cryptocurrency 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 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, even any alternative coins.
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 bitcoin cryptocurrency wallets are built based on powerful hashing algorithms. By the way, if you insist on leaving 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 offline wallet, your investment will still be very safe, so long as they do not have access to the secret pass-phrase that restores your crypto assets.
Using the wallet pass-phrase you can always retrieve your cryptocurrency coins.
Step 4. Purchase Bitcoin Cryptocurrency
I know you’ll be like; “I’ve created the account and gotten a secured crypto wallet, so now what?”
Before we proceed, just know that a bitcoin exchange is like the normal brokerage account we all know. Except that, instead of buying IBM, or Starbucks shares as usual, you’re going to just purchase only 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, all the cryptocurrencies are ordered separately for each one, so you need to buy coins according to allocations.
Once you have bought the amount needed, get it transferred at once to the cryptocurrency wallet you got earlier, unless you have any other reason to still leave it on the exchange platform. But once after purchasing your desired cryptocurrencies, take a moment to celebrate.
NOW YOU’RE OFFICIALLY A BITCOIN INVESTOR!
Step 5. Secure the cryptocurrency wallet
Buying bitcoin cryptocurrency and getting it transferred to your crypto wallet is not the end of the whole process of acquiring the coin.
You will have to know the exact ways to protect and also secure your cryptocurrency wallet, to avoid loosing it due to any circumstance that may come up in the future of having it in your possession.
Summary: B instantly
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:
- Get a trusted no-log virtual private network to keep your bitcoin cryptocurrency transaction anonymous.
- Make you sure you already have secured wallet available to store your BTC coins.
- Choose and setup an exchange account with either CoinSwitch, Changelly, or any other trusted company like Luno.
- Purchase your desired amount of Bitcoin cryptocurrency asset you need to invest.
- Secure your investment with an offline wallet to avoid loosing it to theft or hackers.
Warning: Never invest any amount of money you cannot afford to loose.
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 also try investing 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.