Buying Bitcoin Tutorial
Buying bitcoin as a beginner. You hear about bitcoin, all around you, and you’ve made the decision to buy it? Great. It used to be quite complicated, but now it’s very easy.
However, there are some peculiarities to buying bitcoin and we will see all of them here, don’t worry.
I’m writing this article really as if you’ve never had bitcoin and even as if you don’t know about this crypto-currency yet, not at all.
Of course, I know that when you type in “buy bitcoin” you get a lot of information and it can give you a headache. Often, in addition, you are not given all the practical information that you are looking for. They even recommend sites that are not optimal for beginners! I explain in this article, the different platforms because it will depend mainly on what you want to do with your bitcoins.
Here, I assume that you don’t have any bitcoin and you want to buy it in the easiest (and most secure) way.
So, from this guide, I’ll show you all the steps you need to take to buy bitcoin, to secure your bitcoins and also (and of course), how to sell it when it’s peaked.
Yes, yes, I’ll explain it all in this article.
What payment methods can I use to buy Bitcoins?
The good news is that you can buy bitcoins with almost every possible method there is on the market. You can buy them by credit card, bank transfer, Paypal, in physical ATMs etc.
🙂 Most of the time, people prefer to buy bitcoins directly by credit card because it is the fastest method. As soon as you buy bitcoin, hop, you see the amount in bitcoin displayed on your wallet. It’s fast and instantaneous. That’s why people choose to pay by credit card.
That said, you can also choose to buy bitcoin by other methods. Feel free to browse this article as a whole, because at the end I indicate how to buy bitcoins with other payment methods than credit cards.
On which sites can I buy bitcoins?
Ah, that’s the killer question. Honestly, maybe you don’t realize it, but in the end, knowing where to buy bitcoins is pretty much the same question as knowing where to buy your Adidas sneakers. Should you go to such and such a store in Paris or buy them online? Or buy them from such and such a dealer, on a market or in the official store. Yes, what I mean by that is that there are really a lot of sites.
Of course, we can only advise you to go to a site that sells bitcoins that is recognized and reliable. For that, there are three very used and very reliable sites. For example, you have Coinbase, Bitpanda, Coinhouse to mention only the most known. I give you, below some explanations for each of the sites, do not worry.
😯 And, if you want to know the particularities between the different sites to buy bitcoins, go to the section below.
If you are a beginner and just want/need to buy bitcoin, on a simple platform, without bothering with charts, graphs and trader interfaces, these are the three sites I recommend. They are more than enough and most of them also have trading platforms that you can use once you are more familiar with this world.
BitPanda : The most complete site
Seriously, this is one of the first sites I tried. And, really, there’s nothing to say. You can buy bitcoin or other cryptocurrencies very easily. You can buy, sell, exchange directly on the site. Also, the application is very functional. So you can store your bitcoins, spend them or send them elsewhere, with a simple click. It is for me, when you start, one of the best sites, there is no photo.
Buying on Coinhouse
I must say that I like this site a lot. On the one hand, the headquarters is based in Paris, which can reassure people who want to go there physically. The company is French and offers complementary services. For a beginner who wants to buy bitcoins in a safe way with guidance, this is really one of the best options. The only disadvantage of Coinhouse is that you can’t buy several other cryptocurrencies. You can only buy bitcoin and ethereum. But, hey, for a beginner and for someone who only wants to buy bitcoin, this is a great site.
Buying on Luno
So, to tell you the truth, this is clearly one of the easiest platforms to buy bitcoin. However, this is still more than enough, especially if you are new to this world. The important thing is to first familiarize yourself with bitcoin and crypto-currencies.
Ways to buy bitcoin
Frankly, the easiest way is simply to go to the sites mentioned above. Register, transfer money and purchase your Bitcoins, exactly like you would buy anything else. Keep them in your wallet to ultimately spend or resell afterward . Also, there are now easier ways to buy Bitcoin.
That method is bitcoin bank cards. In fact, these are debit or prepaid cards for the most part that work exactly like a regular bank card. So you have your application, your euro account and a bitcoin account. You can instantly exchange your bitcoin for euros. And that’s it, you’ve credited your crypto bank card. You can use it everywhere, online or offline, just like your classic card.
How do you choose the ideal site to buy cryptocurrencies?
Again, you have a choice. Keep in mind that you can start buying bitcoin on one platform, and then transfer them to another, later on. Nothing is permanent. Opening a bitcoin wallet is easy, as you’ve seen.
I’m talking about the best sites according to several important criteria:
- The fees ( depending on the sites, the fees vary, even if it is very often equivalent)
- The ease of use (yes, some sites have not very user-friendly interfaces, personally, I prefer the simplest and most visually pleasing platforms).
- Security (there are more reliable and secure platforms than others. Buy bitcoins only on recognized platforms.
How to secure and store your bitcoins?
You should know something very important when you want to buy bitcoins. It is the question of security. The sites I mentioned above are sites that allow you to buy bitcoins in a simple way.
The sites that hold your information, this has advantages and disadvantages. The biggest disadvantage is that if the site is hacked, you can lose your bitcoins. But, then, no need to panic.
The companies have guarantees and they also have strong security systems. There have been cases of hacking in the past, but this tends to become exceptional. You can nevertheless, for even more security, opt for offline wallets, which are the most reputable, as with a Ledger for example.
How to sell your bitcoins?
You know, the interesting thing about bitcoin is that you can buy it with a click and you can also sell it with a click. That’s the big advantage. All the sites that offer you to buy bitcoin also offer you to resell it. That is to say, you can sell it in euros or you can also exchange it for other cryptocurrencies.
When you sell your bitcoins, you’ll directly take the original amount in dollars or any other currency. You’ll also have to transfer these dollars to your bank account. In general, the same account that you used to buy your bitcoins will be used to transfer your euros. Practical, isn’t it? For example, in my case, I sell my bitcoins on Coinbase and make a direct bank transfer to my account.
Additional questions to buy bitcoins:
Here is the list of questions most often asked when you want to buy bitcoins. I tried to gather all the questions that I am most often asked. I also put myself the questions I was asking myself when I started and I couldn’t find the information I was looking for.
👉 How to buy bitcoins cheaply, without fees?
It turns out that on most sites, to buy bitcoin at no cost or with the least amount of fees, it is recommended to use bank transfer. Yes, this means that you will transfer from your bank account an amount directly to your crypto account.
This is how you will reduce the fees. Of course, if there is an advantage to buying bitcoins without fees, you should also know that the bank transfer usually takes 3 or 4 business days depending on the bank. So there are less fees, but it takes longer. That’s if you wanted to know how to reduce the fees.
👉 I need to have a specific wallet to buy bitcoins?
Certainly, you must have heard about the different types of bitcoin wallets. In fact, now that buying bitcoin has become commonplace, the wallet issue is not as important. Let me explain.
Before, there was no intermediary to buy bitcoins. You had to download the “bitcoin software” and create addresses on it. We had a public address (the one used when we want to receive bitcoin) and a private address (the one that allows us to access our wallet).
It was quite complicated and you had to be careful not to lose your addresses to get access to your wallet. Many people have lost their keys… But, today, the sites we are talking about, are sites that take care of this part.
👉 Where can you buy bitcoins physically, offline?
You can buy bitcoin offline, by going to a Bitcoin ATM, for example. This will depend on your location, because although there are more and more BTMs, they are usually in larger cities. Look at the CoinATMradar map, to see where you can find ATMs. Beforehand, you will still need to have a bitcoin address, which you can get a free wallet on Blockchain.info, for example.
👉 How to buy bitcoin, remaining anonymous?
When you want to buy bitcoin, the vast majority of sites ( which show by this, also their seriousness) will ask you for a supporting document. Specifically, you will be asked for proof of identity and a piece of identification (scanned, to be sent as a pdf/png file). This is to avoid money laundering and other illegal activities.
That said, if you don’t want to send in your ID and buy bitcoin anonymously, then be aware that most sites will only ask you for ID if you exceed a threshold. The threshold will depend on the site.