The bitcoin mania is back, and Millions of people are asking, “How do I get Bitcoin?” What’s the reason? Bitcoin is still in the news, and people are interested in learning about buying and selling the world’s leading digital currency. Bitcoin is now widely accepted in many establishments, and the number of establishments is still growing.
You don’t have to buy a whole Bitcoin; the cost is beyond imagination as of now ($11,349.00 at the time of writing). Bitcoin can be divided down to the one hundred millionths, meaning you can buy BTC worth as little as $10 if you desire.
There are five basic things you need before you venture into buying Bitcoin:
- A Bitcoin address: This string of numbers is unique to you and allows you to receive Bitcoin. Your Bitcoin address is called a public key act as your bank account number.
- A Bitcoin wallet: This is the secure place where you store your Bitcoin and acts as your bank account.
- A cryptocurrency exchange: Compare this website where fiat cash is converted into Bitcoin with an old-school bureau de change
- A payment method: This can be a debit/credit card, PayPal or cash
- A form of Identity: Your passport, government given ID or driver’s license will come in handy
Steps to Buying your First Bitcoin
Get a Bitcoin wallet
Bitcoin is not a tangible coin, so your public key and a private key enable you to buy and sell Bitcoin. There is a wide variety of wallets with different levels of security. Once you have acquired a wallet, you have room to store your digital asset.
1. Buying Bitcoin using a Credit or Debit Card
The first thing to do is to link your credit or debit card with your wallet. There are still a few banks that don’t allow cryptocurrency trade; check that you can use your card before proceeding. Also, choose a good Bitcoin exchange for your purchase or buy bitcoin using CryptoRunner.
2. Buying Bitcoin with PayPal
A few banks are still wary of Bitcoin, but PayPal trailed the blaze to integrate it into its Braintree system from as early as 2014. While PayPal isn’t mentioned a lot by the Bitcoin community as it was back then, you can still buy BTC using PayPal.
3. Buying Bitcoin with Cash
It’s possible Bitcoin with hard cash, but you will have to go out of your way since several procedures are involved. BitQuick provides the easiest way to buy BTC with cash in the US and charges a 2 percent transaction fee.
4. Buying Bitcoin through an ATM
When buying Bitcoin using a Bitcoin ATM, the ATM becomes the cash converter. Depending on your location, you could be lucky enough to locate a Bitcoin ATM. Check online to find the location of a Bitcoin ATM near you.
Once you have used any of the methods we have mentioned in this short guide, you will receive your Bitcoin, and you decide what you will do with them. If you are not in a hurry to spend, you might become a long-term investor.
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