Are you looking for information on how to buy Bitcoins and would like to understand more? Above all, are you uncertain about whether this is the right time to buy?
Read our complete guide to buying Bitcoins, we’ll explain where to do it safely and if it’s really the best time to make this type of investment.
- How to buy Bitcoins, the steps to take
- Payment means for purchases of Bitcoins
- Buying Bitcoins at the bank
- Purchasing Bitcoins in cash
- Where to buy Bitcoins online: list
- Best wallet to store purchased Bitcoins
- Why you should buy Bitcoins today
How to buy Bitcoins, the steps to take
1. Open a free account with an Exchange such as CoinBase
In order to buy Bitcoins, the first thing to do is open a free account at one of the various sites that provide this service. Amongst the plethora of available sites, CoinBase is one of the safest and most reliable. If you want to learn more about the sites that allow you to buy BTC, we discuss them in this article.
2. Confirming your account
Before even buying Bitcoin, it is very important to confirm and validate your account, otherwise you will not be able to withdraw what you bought (for security reasons).
Some exchanges even block the possibility of making purchases for accounts that have not had prior verification.
In order to proceed, you usually need an ID (driving license, passport, identity card), which must be scanned or photographed and sent to the exchange.
The duration for approval varies depending on the service you choose and goes from a few hours to a few days.
3. Purchasing Bitcoins
After verifying your virtual wallet you can buy Bitcoins, and to do so you have to pay using a “real” currency: CoinBase accepts payments in EUR, pounds and US dollars.
After making your purchase, you will find the newly purchased Bitcoins in your wallet and at this point, you can decide whether to keep them waiting for them to grow in value or to spend them in some other way.
How to buy Bitcoins anonymously and without registration Among the advantages of Bitcoins, there is the possibility of being anonymous even while you are buying. Read our study on how to buy Bitcoin anonymously and without registration.
4. Depositing Bitcoins in the wallet
Wallets (or coin holders) are places where to store your purchased BTC.
Knowing where to leave your virtual coins deposited is essential, for obvious reasons (you do not want to lose them, right?).
The fourth and final step is, therefore, to deposit your Bitcoins in a safe place.
Payment means for purchases of Bitcoins
For Italians who want to buy BTC, there are several means of payment, from Postepay to Paypal, as well as of course the classic credit cards or bank transfer.
Let’s analyse the pros and cons of each method:
- Prepaid cards: the advantage that many prefer of using a prepaid card to buy Bitcoins is that you never risk more than the amount credited to the card. The most convenient card is ViaBuy (to remain anonymous).
- Paypal: this is the most famous and used virtual account in the world, which can be used to buy BTC on some exchanges. Its strong point is that transactions are particularly fast;
- Skrill/Neteller: virtual accounts that work exactly like Paypal are accepted by numerous Exchanges and websites;
- Debit or credit cards: the most classic means of buying Bitcoins, some do not prefer it because they do not want to give their card number to a foreign site. In any case, all major credit and debit cards such as VISA and Mastercard are accepted;
- Bank transfers: very safe and reliable, the only downside is that it is a slower payment method, considering banking times;
- Cash: definitely the most anonymous means of payment, some websites also accept this method.
Buying Bitcoins at the bank
To date, it is difficult to buy Bitcoins in a bank, as not all credit institutions are equipped and also because BTCs are not officially recognised as a currency yet.
No bank guarantees the purchase of Bitcoins, therefore it is necessary to opt for alternative solutions, such as in cash or on the exchanges.
Purchasing Bitcoins in cash
It seems strange given that we are talking about the internet and a virtual currency, but you can also buy Bitcoins by paying in cash, here’s how:
- visit the LocalBitcoins site;
- place a Bitcoin order;
- you can make the payment directly in cash to the seller;
- you can save the newly purchased bitcoins on your hardware wallet, such as on a Ledger Nano S pen drive;
Where to buy Bitcoins online: list
Best wallet to store purchased Bitcoins
Before deciding to buy Bitcoins you shouldhave chosen a Wallet, i.e. a virtual wallet where you can deposit your purchased currency.
A wallet is nothing more than your bank account in Bitcoins, where you receive payments and shop in Bitcoins.
There are innumerable ways to fill this wallet, from earning Bitcoins by playing up to using it as a deposit for purchased Bitcoins.
There are various types that we will discuss in our in-depth analysis of the best Bitcoin wallets.
Why you should buy Bitcoins today
It is the most obvious question of all: why should I buy Bitcoins today? The goal is only one: to aim for an increase in the cryptocurrency’s share price in order to earn money. So, let’s say that the main objective of buying Bitcoin is to invest “real” money (such as euros, or dollars, or pounds) in the cryptocurrency.
It’s true that Bitcoins can also be spent on the internet or even in bricks and mortar stores without any problem, but if you consider that the value of the currency will rise in the future, it may not be the ideal time to use them.
This is the reason that the question “why buyBitcoins” has three possible answers: