How to buy bitcoin? This is one of the most frequently asked questions online. And why won’t it be – the world of cryptocurrency has seen such an immense rise in popularity in recent times that ever is looking to make hay when the sun shines.
If you are looking to buy bitcoin and wondering where to start, then we have got all the answers covered for you. So, let us take a look at the different ways to buy bitcoins.
How to Buy Bitcoin
There are two most common methods used to buy bitcoins. Either through cash or with wire. Let us discuss both of these forms of transactions in detail below.
- Buy bitcoins with Cash
This is probably the quickest and easiest method to buy cryptocurrency. Buying bitcoin with cash requires you to visit a bitcoin ATM. You might be wondering how to locate a bitcoin ATM?
Well, it’s fairly easy. All you need to do is visit Google, and easily search for ATMs where you can carry out a bitcoin transaction with ease.
In order to buy cryptocurrency at an ATM, you need the following two things:
∙ A valid ID proof
∙ A phone number
Also, in order to receive the bitcoin in a secure place, it is imperative that you create a bitcoin wallet beforehand.
Once you are at the ATM, here’s what you need to buy bitcoin:
∙ Create your profile
This requires you to provide your contact details and photo ID proof. You can scan your driver’s license or whatever ID proof you are using. This is required for the KYC (Know Your Customer Process). Once the information is verified, you will receive a code on your phone number, which you will need to input in the ATM when prompted.
∙ Scan your wallet
Once the profile has been verified, you can scan your bitcoin wallet as prompted on the ATM screen. Although you can use the public address for receiving bitcoin like a bitcoin exchange, paper wallet, or a crypto app, we recommend using a wallet because of the enhanced security features, and the fact that it ensures 100% accuracy in the address of the receiver.
∙ Deposit the money
Once you have scanned your bitcoin and entered the desired value of the cryptocurrency that you intend to buy, you will be prompted to make a cash deposit of the same amount in USD. It’s similar to how you depots cash in a regular ATM machine. As soon as the amount is deposited, you will receive the bitcoins in the desired destination i.e. your bitcoin wallet, or any other options that we discussed earlier. It will also ask you to either send an email or print the receipt for your transaction, which you can choose as per your requirement.
Buy Bitcoin with Wire Transfer
The second way, as discussed at the beginning of this post, to buy bitcoins is with a wire transfer. You can easily carry out the process by going to online platforms like Binance. Here’s how you can do it:
∙ Create user account
Start the process by going to the Binance platform. Create your profile by providing basic information such as Name, Email address, Contact number, and so on. Once you have created your user account, you are all set to trade.
∙ Start a trade
Once you have created your account, you have to click on the trade option to move further in the process. Here’s every step involved in the process:
- Click on the Buy button on your screen
- Enter the number of bitcoins you want to buy
- Select the currency in which you want to make the payment (i.e. USD or any other form)
- Click on the wire transfer option
∙ Enter Wallet Details
Once you have selected the wire transfer option, it will ask you for your bitcoin wallet details. You can get the QR code from your wallet app, or simply copy-paste the address mentioned in your wallet app.
Now that you have furnished all the details, all you have to do is click on the buy button and that’s about it. The number of bitcoins for which you have made the wire transfer will be available in your bitcoin wallet in a matter of seconds.
Now, if you are wondering how to buy bitcoin with PayPal or Credit Card, then the process is exactly the same. You just have to select from the different payment options available during the start trade step in the process. You can select either PayPal or Credit Card and carry out the transition with ease.
Are you ready to trade?
As you can see, buying bitcoins, or any other cryptocurrency for that matter is fairly easy. All you need to have is a phone number, the money to buy, and a bitcoin exchange, like Binance. That’s about it.
It is worth mentioning here that you need to always keep your wallet information secure, and never share it with anyone. Besides this, you have to be really careful when selecting a bitcoin exchange, because you would not want to end up risking it all.
As a Bitcoin exchange, Binance employs state-of-the-art safety practices when handling customer data, and therefore ensures that your bitcoin transactions are safe. You don’t have to worry about anything.
If you are planning to start trading in cryptocurrency, then there is no better place to begin.
So, what are you waiting for? Let’s get started!
Forecasts, estimates and other information included in this blog should not be considered as investment advice or as a recommendation that you purchase any cryptocurrency or any particular investment product. Past performance is not indicative of future results. The author of this blog in no way guarantee any specific outcome, gain, or profit.