Bitcoin (BTC) is currently the most popular cryptocurrency. In fact, most people don’t know that there are other cryptocurrencies in the market. The reason Bitcoin is so popular is that it’s the best performing cryptocurrency ever invented.
Those who invested in it a couple of years back reaped good returns in 2017 after its value rose to the tune of $20,000. Although its price has taken a nosedive, the majority of people are still interested in buying it because it’s expected to rise again in the future.
Economic analysts argue that Bitcoin will replace traditional coins and notes. As a matter of fact, the anticipated change has already started. There are already many stores, hotels, and entertainment joints that are accepting payments in the form of crypto.
However, most potential investors still don’t know how to go about the process of acquiring this valuable treasure. There are actually many cases of people that have been scammed by dubious sellers. Here is a list of steps that you should follow when buying Bitcoin.
Table of Contents
1. Determine the volume you want to buy
Before you click the buy button on your computer, it’s important you first decide how many Bitcoin you want to purchase. This means that you have to consider the current market price of one crypto and then multiply by the number that you want to acquire.
This will help you determine how many cryptos you can afford to buy. By the time of writing this, one crypto was going for about $3,000. You would, therefore, need lots of money if you were to buy even as little as ten Bitcoin.
Fortunately, you are allowed to buy a fraction of Bitcoin if you can’t afford to pay for complete crypto. This means that you can own a fraction of a Bitcoin even when you have less money.
2. Signup for an e-wallet account
You can’t buy Bitcoins without an electronic wallet. This is due to the fact that cryptos are not bought in cash like other commodities. The advantage of having an e-wallet is that you can also use it for keeping your cryptos and enjoy unlimited access. Obtaining a personal e-wallet is pretty simple. In fact, there are many e-wallets on the internet.
All you have to do is sign up the same way you do when opening an account on Facebook or Twitter by entering your details such as full names, date of birth and physical address and email address in the form that’s provided.
3. Verify your identity
After signing up for an e-wallet account, you will need to verify your identity. This is done to protect the interests of buyers and sellers. For a start, you will have to verify the email address that you specified when registering your account by simply clicking on the link that’s sent to your inbox.
And that’s not all. You will need to verify your phone number by entering a special code that’s messaged to you by the server. You will also be required to upload your national identification card, passport or driving license.
4. Deposit money into your e-wallet
As mentioned earlier, Bitcoin can’t be bought with cash directly from a credit card or bank account. You must, therefore, deposit some money into your e-wallet to be able to purchase Bitcoin. Fortunately, there are several methods of funding your e-wallet. You can opt to use a credit card, bank wire transfer or Paypal. Most buyers prefer buying bitcoin with Paypal because it’s much safer than the other methods. Depositing via credit card is considered a bit risky because you will be required to give out your credit card details. So it’s an easy and safe way to buy bitcoin with PayPal.
5. Buy Bitcoin from reputable sellers
Although there are many platforms that sell Bitcoin, you should only deal with those that have a high trust rating. In fact, you should first check online reviews before making a purchase to avoid falling into scams. It’s actually advisable you buy from exchanges because they are regulated by governments.