Global acceptance of Bitcoin is accelerating. If you’re asking yourself, should I buy Bitcoin? Or Is Bitcoin a good investment in 2021? Good news for you! Bitcoin is hitting all-time high prices, you have still good reasons to buy Bitcoin in 2021. If you want to take advantage of that, you first need to know how to buy Bitcoin, from where to buy Bitcoin, and when to buy Bitcoin.
Do you know what is Bitcoin? It is a decentralized, peer-to-peer monetary system. Bitcoin transactions can be processed by everyone. Bitcoin is a digital currency that is stored in a digital wallet. People can send Bitcoin to your digital wallet, or you can send Bitcoin to other people. Every transaction is recorded in a publicly available list called the blockchain.
Does It seem complicated to you, how do I buy Bitcoin? If you’re confused how do you buy Bitcoin as an investment? Don’t worry! Buy Bitcoin instantly. Here is the easiest way to buy Bitcoin by following simple steps:
Table of Contents
Step 1: What Essentials You need to buy Bitcoin
Before you begin to buy Bitcoin online keep in mind that there are several things you need.
- A Bitcoin exchange account
- Your identification documents if you are using a Know Your Customer (KYC) platform. But some crypto exchanges such as Bybit, Phemex, XBT prime, Binance do not require KYC, and you can trade here 100% anonymously.
- Get a secure connection to the Internet
- Choose a method of payment
Step 2: Get safe storage for your Bitcoin (wallet )
Want a secure place for your Bitcoin? Then, get digital wallets. As Bitcoin is not physical coin, you need a digital wallet. Bitcoin wallet is a place to store digital currency more securely. Further, Bitcoin in your wallet secures that only you have control over your funds. It enables you to store funds away from an exchange and prevent the risk of hacking and losing your funds.
Some wallets offer to store Bitcoin only whereas some offer the ability to store multiple types of altcoins. However, Some wallets also offer the ability to trade one token for another.
Different types of wallets
When it comes to choosing a Bitcoin wallet, you have options. There are two types of crypto wallets, hot wallets (online wallets) and cold wallets (paper or hardware wallets).
A good method to set up your digital wallets is to keep three things:
- Firstly, you need an exchange account to buy and sell.
- Secondly, you need a hot wallet to hold small to medium amounts of Bitcoin.
- Lastly, you need a cold hardware wallet to store larger holdings for long-term durations.
Step 3: Get an account on Bitcoin Exchange
Confused about where to buy Bitcoin? What is the best place to buy Bitcoin? Signing up for a Bitcoin exchange will allow you to buy, sell, and hold Bitcoin. It is best to use an exchange that allows you to also withdrawal your Bitcoin to your online wallet for safer keeping.
There are many types of Bitcoin exchanges. Some exchanges allow users to remain anonymous and do not require users to enter personal information such as Bybit, Phemex, Prime XBT, Binance. For example, you can buy Bitcoin without id from Prime XBT. Prime XBT doesn’t require KYC and you can trade here 100% anonymously. To register on Phemex you need your email address and password platform to start Bitcoin trading anonymously.
Step 4: Make a deposit (select your payment option)
After connecting to the exchange select a payment option. At most exchanges, you can connect your bank account to your wallet directly and you can connect a debit or credit card. For example, Bybit offers Electronic fund transfers, Visa/MasterCard credit and debit cards, and cash deposits (Limited to certain areas).
There is a difference in fees for deposits via a bank account, debit, or credit card. Some Bitcoin Exchanges also charge fees per transaction. This fee can either be a flat fee (if the trading amount is low) or a percentage of trading amount. For example, Bybit exchange uses a 0.1% flat fee for trading and different fees for withdrawals but does not charge anything for deposits.
Step 5: Place an order to buy Bitcoin
Now you will have no more questions, where can i buy Bitcoin? Where to buy Bitcoin? You have several best exchanges such as Bybit, Phemex, XBT prime, Binance. When you have chosen exchange and selected a payment option, you can now buy Bitcoin. For example, if you don’t have any Bitcoins yet, but want some, you can also buy some on Bybit with a simple process. First, you click on Fiat Gateway on the page where you can also deposit bitcoins. Then you will be redirected to a new page. Now you have to select the currency you want to deposit by the red arrow. Then enter the amount you want to deposit. For example, you enter 5000. As you have entered the required things and selected them, now you have to click on Buy now.
By deposit, the money directly into your account and you can buy Bitcoin with a credit card. There is no verification required. Some exchanges allow you to buy Bitcoin with a credit card anonymously. Use our calculator to know exactly how many Bitcoin you will get for you USD.
Buy Bitcoin pros and cons
If you are thinking to buy Bitcoin stock keep these pros and cons in your mind and allocate your money cautiously. Bitcoin is very accessible and Bitcoin Exchanges such as Bybit, Phemex, XBT prime, Binance make it easy to start buying Bitcoin. However, the use of Bitcoin is not controlled by law. Bitcoin is very easy to cash out, you can sell Bitcoin easily if you need money. On the other hand, in most cases, you cannot use Bitcoin to buy things, unlike cash. Further, Bitcoin grows to the highest prices and results in potentially high returns. While it is extremely volatile as Bitcoin prices can decline very quickly and can hit low prices. If we talk about security, you always know where your Bitcoin comes from and where it goes. However, you cannot reverse the transaction and you cannot recover your Bitcoin if stolen.
If you have planned to sell your Bitcoin at a profit or spend it online. Or you are thinking about when to buy Bitcoin or should I buy Bitcoin now? All your queries are based on the time. As Bitcoin value can fluctuate incredibly, so planning your final decision to buy, hold or sell Bitcoin early on is necessary. Prepare yourself now by creating an account on an exchange or figuring out all your queries about how to buy Bitcoin stock before the time comes.
Before buying you first Bitcoin or Bitcoin share, make sure you found the right time for invest. Here you can see the current Bitcoin chart.
Buy Bitcoin FAQ
Yes, you can buy Bitcoin with cash through peer-to-peer, you can find someone locally to buy from in person. The other way is to buy Bitcoin with cash at a Bitcoin ATM.
Buying Bitcoin isn’t free of risk. Volatility in price makes it riskier but that volatility can potentially make it more profitable too.
You may buy any amount, 0.5 BTC as well as 0.1 BTC, or any lower you can afford. That is absolutely up to you.
If you’re looking to buy Bitcoin anonymously then the easiest way would be to buy Bitcoin through Bybit. You do not need any id.
Yes, you can buy bitcoin instantly with a credit card through the app and web platform.