Welcome to the crypto community, new recruits!
In this guide AirdropAlert will address three choke points every beginner comes across while learning about Bitcoin.
In the first place, is there an easy way to buy Bitcoin (BTC)?
Second, which websites suit ultimate first-timers and which ones are better for advanced users?
Finally, we’ll touch on such payments methods as PayPal, Bank Transfer, Credit Cards and more.
How to buy Bitcoin
Where to buy Bitcoin
Payment methods
How to buy BTC
Regardless of age, gender or origin, everyone can buy Bitcoin in the process as simple as three following steps:
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Create a Bitcoin wallet
In the guide on Blockchain wallet, AirdropAlert explores its pitfalls and describes the setup process step by step.
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Buy bitcoins
To buy Bitcoin, every user can choose from multiple options, in order of ascending difficulty.
Say, brokerage is a better fit for beginners whereas a peer-to-peer (p2p) exchange suits advanced users well.
There is detailed info in the second section of the guide, “Where to buy Bitcoin”.
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Store your bitcoins safely
Online wallets like Blockchain wallet touch the Internet on a regular basis and have vulnerability spots associated with the web.
In the blog on cold storages, AirdropAlert explores safer ways to store crypto.
Where to buy BTC
There are several ways to buy Bitcoin.
We will start with the easy ones and slowly proceed to the more challenging options.
Beginner-friendly ⭐⭐⭐⭐⭐ (5/5)
A European broker platform that allows to buy bitcoins in two minutes after completing registration.
Users must verify their identity in accordance with the European regulation before purchasing bitcoins.
But there is no need to place buy/sell orders.
To buy coins, you have to only add your credit card and insert the number of coins you want to buy.
The purchased bitcoins will land immediately in your wallet.
When you sell your coins, a specific amount of fiat money gets automatically transferred to your credit card.
Beginner-friendly ⭐⭐⭐⭐ (4/5)
Kraken and Binance are live trading platforms where users can place sell/buy orders and have to wait for the orders to fill.
To start on these exchanges a customer creates an account, gets their identity verified and chooses the deposit method, e.g. US domestic wire transfer.
As soon as it’s done the process of trading starts.
Note!
Depending on their verification type users might or might not be allowed to withdraw specific amount of fiat per day/week/month.
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Bitcoin ATMs
Beginner-friendly ⭐⭐⭐ (3/5)
ATMs are popular in Europe, Russia, India, Asia and Western Countries despite the fact they charge 5-10% higher than a market price.
The website Coinatmradar allows to find the nearest machine in an easy way.
The general purchasing process consists of several steps.
Verification with the mobile phone, the process of inserting bitcoin address for deposit as well as inserting cash into ATM and, finally, transaction confirmation.
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Peer-to-peer (P2P) exchanges
Beginner-friendly ⭐⭐ (2/5)
P2P exchanges are trading platforms where individuals and groups can buy and sell Bitcoins to and from each other, without a third party involved.
We labeled it as the least user-friendly method because it takes some experience to detect malicious attempts on these exchanges.
LocalBitcoins is the oldest service out there that operates in over 248 countries and looks like a message board.
In order to buy Bitcoin, users have to choose out of all available online advertisements.
It’s necessary to click buy, to see the seller’s reputation and initiate the process of purchasing.
When the trade is started, LocalBitcoins takes the coins from the trader and keeps it stored in escrow until the trade is completed.
There are several other platforms that work in a similar way, like Paxful or BitQuick.
Payment methods
There are specific web platforms that allow users to buy bitcoins with PayPal. The list of exchanges where you can do it includes eToro, Coinbase, LocalBitcoins, Wirex and Paxful.
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Credit Card
This method of purchasing Bitcoin might be beginner-friendly.
Yet, the users who buy digital gold with their credit cards expose personal details and should be ready to answer to fiscal services.
To buy bitcoins with the credit card, please access our guide on how to make a first BTC transaction.
The list of exchanges that support this payment method includes Coinbase, Coinmama and Bitpanda.
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Bank account/transfer
Bank transfer is a slow way of buying Bitcoin, plus, it requires ID verification.
Yet, it will result in the lowest fees and a great purchase if done properly. The list of exchanges supporting this method includes Coinbase, Bitpanda, Kraken and Bitstamp.
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Cash
In comparison to other methods, to buy Bitcoin with cash might take less time if it’s done properly, although the risk of fraud is high.
Some people recommend to never go to the meetings with the sellers on your own.
There are several ways to buy Bitcoin for cash. It’s possible, for example, to ask around, and maybe one of the colleagues or friends will respond.
If not, LocalBitcoins is a service that allows to find a seller in the nearest area, select amount of coins and place an order.
Next, the seller will get back to you with their account number and will wait for the transfer to be completed.
Once it’s completed, LocalBitcoins will want to see the receipt to escrow bitcoins to your account.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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