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How to buy cryptocurrency bitcoin: step by step instructions

Bitcoin popularity  – and other coins continues to grow. Next, the number of people willing to invest in digital assets is increasing. However, the new financial instrument is not like traditional money, so potential buyers have many questions and difficulties. Complicated instructions, conflicting opinions are just a few of the problems that a newbie may face. Here’s how to get around all the pitfalls and buy bitcoin with credit card no verification.

Step №1 – Determine the purpose of the purchase

Cryptocurrency can be purchased for day-to-day expenses, long-term investments, trading on the exchange, or in parallel to use it for different purposes. Further actions depend on the scenario, including the choice of a wallet for storing and carrying out transactions with assets.

Step №2 – Select and register a wallet

A wallet is a program, service or device with a digital address, where crypto assets are stored, as in a bank account.

Each cryptocurrency wallet has its own public address. It is a complex combination of letters and numbers that is created at the time of registration. To send bitcoins from one wallet to another, it is enough to indicate the recipient’s public address when transferring. One person can have as many cryptocurrency wallets as they want.

Bitcoin wallet address example

Cold wallets are suitable for long-term storage of cryptocurrencies. They are represented by physical devices similar to a USB flash drive. To carry out transactions through “cold” wallets, you need an Internet connection. The rest of the time, the assets are stored offline, which means that hackers cannot access them.

An example of a cold wallet is Trezor One White. Its cost is 48.76 EUR (price at the beginning of October 2020). On the market, you can find more expensive and budget models.

Hot mobile clients are suitable for day-to-day operations with BTC. They are represented by applications for working on devices connected to the Internet. The security level of such wallets is lower than that of “cold” ones, but the speed of transactions and ease of use are higher. An example of a hot wallet is Mycelium.

Another option is a free exchange wallet. The security of an option depends on the trading platform: its technical solutions and capabilities. You can get it when registering on the exchange. For example, on Russified Binance.

There is a SAFU fund on the platform. In case of theft of user funds, losses are reimbursed by default from the reserves accumulated in it. The exchange has already reached out to SAFU after hackers stole 7,000 BTC from Binance accounts in May 2019.

Step №3 – Choosing a way to buy BTC

There are several ways to buy bitcoin. Each of them has its own characteristics. We will analyze the most popular options.

Through the exchanger

Cryptocurrency exchange allows users to quickly get the type of currency they want. The principle of operation of a crypto exchange is the same as in exchange offices, only everything happens much faster and online. With the accelerated development of modern technologies and Internet business, the number of exchangers on the Internet is rapidly increasing, which sometimes misleads users. After all, each of them offers its own rate, sometimes even hidden fees, for some it is overestimated, in others it is specially underestimated – it is very difficult to choose the most suitable service for yourself. That is why you should pay attention to the BestChange company, which is a service that allows you not only to make payments in cryptocurrency, but also to exchange it. This became possible thanks to the crypto exchanger, which charges a minimum commission for the exchange.. You can find a suitable offer on the popular service for monitoring exchange offices – BestChange. In the “list” section, you need to choose how you will pay and what cryptocurrency you want to buy. The service will offer the most profitable options at the time of the search.

Interface BestChange

On BestChange you can find offers for buying bitcoins from bank cards, wallets of electronic payment systems, through money transfers and even cash, to order click here. Operations are carried out on exchangers.

To buy the required cryptocurrency, you need to choose to click on the offer you are interested in.

Interface BestChange

After going to the exchanger, follow the site’s recommendations. The stages of buying a cryptocurrency may differ depending on the chosen payment method and platform rules. Verification is often not required to complete the transaction. As a result, exchangers have become one of the express options for purchasing cryptocurrencies.

Through the exchange

Take “Binance.com” as an example. The first stage is registration.

Binance exchange interface

This will require:

  • enter your email address;
  • come up with a password;
  • read and agree to the Binance rules of operation;
  • enter the confirmation code from the letter sent to the specified e-mail.

To get started on Binance, you need to pass an identity check. To do this, you need to enter:

  • FULL NAME.
  • Date of birth.
  • Full residential address.

Binance isn’t the only exchange option for buying bitcoins. When choosing from other platforms, we advise you to pay attention to the following points:

  • The high anonymity of the sites negatively affects the level of their security. Verified exchanges that operate in accordance with regulatory rules are a less risky option.
  • It is worth choosing time-tested platforms with a large crypto community.
  • Before registering, you need to familiarize yourself with the rules of the site, its commissions and functionality.

The stages of buying cryptocurrency through different exchanges may vary depending on the rules of the site.

Buying cryptocurrency from hands

On the Internet, you can find offers for the sale of cryptocurrency without intermediaries – “from hand to hand.” The transaction will save on commissions of intermediaries and save time. The security of buying cryptocurrency from hands depends on the conditions. Including – from the presence of a verified guarantor.

Why invest in bitcoin

Bitcoin is the first cryptocurrency. Unlike traditional money, BTC is a completely decentralized financial instrument. None of the regulators in the world can directly influence the issue, circulation and distribution of coins.

Fiat’s value largely depends on the actions of the central bank. The regulator can print new money in unlimited quantities. An increase in the volume of the national currency in the market leads to its depreciation. The more offers, the lower the demand.

Unlike fiat, the maximum number of bitcoins is capped at 21 million BTC. Every 4 years, the network adjusts the release rate of new coins. This is how the system lowers bitcoin inflation.

Сonclusions

There are many options to buy your first cryptocurrency. Buying on a verified exchange through a verified account will take longer, but will provide security. Transactions through exchangers and online sellers are more risky options with their own advantages. To other conclusions:

  • Cryptocurrency can be kept in different wallets.
  • Due to the lengthy verification of the account, several days may pass between the decision to purchase bitcoin and the moment of purchase.
  • One person can register an unlimited number of wallets.

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