How to buy Bitcoin & other cryptocurrency?

Steps to buy bitcoin

  1. choose an exchange
  2. get verified
  3. deposit funds
  4. buy
  5. secure
  6. HODL

 

1. Choose an exchange

First you’ll have to exchange your local currency for the same current value of bitcoin (or other crypto).

There are many around for bitcoin but you should go with the ones officially listed on the bitcoin.org site here: https://bitcoin.org/en/exchanges

The most popular exchanges are listed below:

Coinmama
Bitstamp
Bitwage
Kraken
Local Bitcoins
Binance
Gemini
Bitflyer

2. Get verified

Because of the nature of the traditional banking system, when these exchanges handle a countries currency they are bound by the regulations surrounding the legacy banking system and they require the verification of your identity before handling your government backed currency. You will have to provide your name, address and some form of official government identification before you are approved. Because of the incredible demand to buy in, there will also be a waiting period and account processing period before you are granted access to deposit and withdraw funds or to trade. Usually this takes a few days to a couple of weeks depending on the exchange.

3. Deposit funds

Once you have been approved, an exchange will give you instructions on how to deposit your normal banking currency onto the exchange to transfer it to bitcoin. Usually this will be in the form of a Bank to bank transfer or credit card buy, you transfer it to the bank of the exchange and include an ID number to let them know which account to deposit the funds into once they are cleared. If you are buying with a credit card be prepared to pay the credit card exchange fee and possibly a cash fee plus the exchange fee – it could be even as much as 5%!

4. Buy

Now that you have your dollars ready to exchange to bitcoin you can either buy it immediately at market rate or you can put in bid for a certain price and hope the price matches it or that someone sells you bitcoin at that price. When the order goes through you’ll be notified and your bitcoin will now be recorded on the exchange ledger, but don’t be fooled, the coin is not in your possession yet, it’s held by the exchange!

5. Secure

Coming in the next part – now that you are your own bank, you need to secure your coins in a private wallet.
For a list of bitocin wallets go here.. https://bitcoin.org/en/choose-your-wallet or choose a hardware wallet such as trezor or ledger.

6. HODL

Hold .. or use ’em! – more detailed guides to follow soon..