How to buy Bitcoin in 2020? Best Ways to Invest in Cryptocurrency.
Bitcoin is everywhere. The increase in popularity over the past years has led to a steady growth of people becoming interested in cryptocurrencies. However, many people still don’t know where and how to buy Bitcoin.
Although there are many options to choose from. With so many websites offering different services, it’s hard to see which option is right for you. But that’s why we are here to help.
In this guide, you will get all information needed to buy Bitcoin. We will explain how to buy Bitcoin, where to exchange Bitcoin, what payment method to choose and where to store bitcoin. By the end of this tutorial, you will have a clear idea of which purchase option fits your needs, so you can start investing in Bitcoin today!
So, let’s make today the day when you can yell, “I have Bitcoin!”
|10% discount on trading fees||+35% bonus to first deposit||Claim $90 welcome bonus||5% discount on trading fees|
|Visit Binance||Claim Bonus||Visit ByBit||Visit FTX|
|Check Full Review||Check Full Review||Check Full Review||Check Full Review|
What is Bitcoin?
Bitcoin is a digital currency that you can use to buy and sell things. It’s very different from physical money, because it’s completely digital, but only better. There is no government or bank that holds or creates Bitcoin.
It can be used for online payments, cheap international transfers, and is the first payment system that is not controlled by the government.
Instead, it is stored in a secure online database, also known as Bitcoin blockchain. Instead of being printed as traditional money (USD, JPY, EUR, etc.), it is created by the computers that manage the database. Computers check transactions and get new Bitcoins! This is a process known as mining, and computers are known as miners.
Over the last 5 years, Bitcoin has been a great way to make money for investors.
So, you want to buy Bitcoin, but you don’t know where to start, and you keep wondering: “How and where to buy Bitcoin?”… Well, let’s get started!
Let’s answer the next question… Can I buy some Bitcoin?
Can you buy half of Bitcoin, a quarter of Bitcoin or even a tenth of Bitcoin?
A simple answer to all these questions… Yes! You don’t have to spend entire savings to buy a whole Bitcoin.
You can buy half of Bitcoin or even less than half. Each Bitcoin unit is called Satoshi. Bitcoin can be broken down into 100,000,000 pieces of Bitcoin.
You can buy any amount of Bitcoin you like. In fact, Prime XBT even allows you to buy Bitcoin for $5. Now that you know the amounts, let’s start by explaining how and where to buy Bitcoin.
Where and how to buy Bitcoin?
The best way to buy Bitcoin is to use cryptocurrency exchanges. These are websites that allow you to buy Bitcoin with a bank card (credit or debit). The best options and those we recommend are Binance, ByBit, Changelly and Prime XBT.
All of these sites work from both a computer and mobile devices. It is easy to sign up and they make the start of your Bitcoin Way a lot easier than other options.
When you find exchange that match your requirements, go ahead and register.
Let’s look at the steps to set up a Prime XBT account:
- Register and account on Prime XBT.
- Fill the form as on a picture with following data.
Prime XBT registration form
- Enter your email address.
- Create a password that you will remember!
- Now you need to log in to your email (the one you created on Prime XBT). You should receive an email from Prime XBT – click the link in the email to confirm your account.
- Login into your account (confirmed through email).
- Proceed to “Account” tab, the upper left corner.
- Press “Deposit” button as on the screenshot.
Prime XBT deposit wallet address and fiat deposit methods.
- Choose alternative Deposit method.
- Choose amount of Bitcoins and currency on the tab as on a screenshot, and fill up credit card data.
Prime XBT fiat gateway
So now you are ready to invest in Bitcoin!
Once you register on Prime XBT, you will have access to a handy wallet that allows you to store securely Bitcoins. On this platform you could trade Bitcoins, altcoins and forex pairs in the same place! Prime XBT is favourite among traders and investors for low commissions, high security standards and wide range of assets.
This option is one of the best places to buy Bitcoin. However, once you buy Bitcoin, you could leave trading amount of BTC on exchange, the other part you can withdraw to your own private secure wallet.
How to store Bitcoin safely?
There are many ways to safely store your Bitcoins after you buy them. So now that you know how and where to trade your Bitcoins, it’s time to learn how to keep them safe. The safest and most recommended way is to store them in your hardware wallet.
Hardware wallets have their price, but they’re much safer. So if you really don’t want to lose your cryptocurrency, think about buying one:
Trezor Wallet is one of the safest ways to store your Bitcoin. It keeps the keys to your wallet on small hardware. Easy to use interface and all existing cryptocurrencies supported. You can buy Trezor Wallet for about $99.
Nano Ledger S – Nano Ledger S lets you store Bitcoin, Ethereum and other cryptocurrencies! It is an easy to use hardware wallet with much more security than online wallets and software wallets. You can buy Ledger Nano S for about $95.
Unlike online wallets and software wallets, Trezor and Nano Ledger S are not always connected to the internet. They only connect to the Internet when you connect them to your computer. This makes it almost impossible for hackers to attack your wallet.
Other ways to buy Bitcoin
Regardless of which payment option you choose, you may need to provide some personal information such as your registered address and ID. In some cases, you may even be asked to provide detailed information about your income. That divides all exchanges on two types KYC and non KYC (know your customer). If you choose for example buying bitcoin with bank transfer than KYC is required.
Bank account wire transfer
When Bitcoins are purchased by bank transfer, once the money reaches the seller, it cannot be returned no matter what. Naturally, many sellers prefer that you pay them by bank transfer. Binance is number one to accept wire transfers and then Paxfull, and as well you can use Changelly.
Shopping by bank transfer is usually cheaper than buying by credit card. However, the time it takes to complete a transaction by bank wire transfer is much longer as it takes several days to complete.
Relevant sites, such as Paxfull or localbitcoins connect buyers and sellers who are nearby to conduct personal bitcoin transactions. Of course, buying bitcoins for cash (or fiat-currency, as it is called in the Bitcoin ecosystem) is quick and usually cheaper.
The disadvantage of cash transactions is that you must physically meet the person. Also, you never know who you are dealing with when it comes to cash, so it is important that you take appropriate steps to protect yourself.
Next, you have an option to buy through a Bitcoin ATM. Another great choice if you want to buy Bitcoin without identity disclosure. You can buy Bitcoin from a Bitcoin ATM in cash or with a bank card. However, it is difficult to find Bitcoin ATMs and they are limited only to those countries that allow them.
When to buy Bitcoin?
Since you already know how and where to buy Bitcoin, let us deal with the question “when”. The price of Bitcoin is constantly changing, and your goal is to buy Bitcoin at the lowest price. This will maximize the return on your investment.
It’s worth to mention that investments and risks go hand in hand whenever you invest in stocks or cryptocurrencies. Recommended to learn and build a profitable trading strategy. There’s no harm to use a demo account with virtual money to learn how trading works and see what your results would be.
Get an understanding of the risks involved in real trading, and always stick to your risk management system. Learning how the trading works, you will be able to define the perfect time and conditions to buy or sell Bitcoin.
Answering the question of how and where to buy Bitcoin, the only thing left is your location. You should check what cryptocurrency exchanges are available in your country. Binance got worldwide fiat gateway support and is a good option to fund an account with wire transfer.
If you do not want to disclose your identity, select non-KYC exchange, cash methods or a Bitcoin ATM.
As you can see buying Bitcoin is quite simple. Every one could follow those steps and become a trader and investor. Now you are ready to build your fortune with Bitcoin!