I know you have heard about it, right? yes, about bitcoin. it has been the most trending currency of the year. The coin has been invented at a time when we need a change I the way we do business. investors canoe seems to get enough of hat bitcoin has to offer.
When it comes to doing business, you and I want to do business without restriction. That means you need to transact with a currency that is uniformly accepted across borders and which you can transact at any time of the day. Talk about convenience.
You need to have a coin that when you transact with, there will be total confidentiality about the transaction. No trader ant all the transactions and businesses known to everyone. That is why bitcoin was embraced with such joy.
As a trader ho do you get your bitcoin? not yet had your first bitcoin? no need to worry. In this article, I will take you step by step on how you can acquire your first bitcoin without a hustle. When it comes to change, you don’t have to be left behind with the changes that are happening.
Types of people who buy bitcoin
People buy bitcoins for different reasons. Yes, you too must have a good reason to why you want to buy bitcoins and keep them for yourself. Here are different people who buy bitcoins;
They are people who invest for a profit. With the way, the bitcoin is trending. It is expected that people are buying bitcoin with the aim that in the future, they will exchange it at a high rate than they bought it thus making a profit. Are you one of them?
- Actual users
You may buy bitcoin so that you can trade with it. in the current days, the currency is being accepted world ide and many people are finding it convenient to use bitcoin as a unit of trade. That is because of the advantages that come with the coin.
- Curious people
They are the doubting Thomas. They believe only if they see it happen. There are some people who will buy bitcoin to believe that it is real. These traders will go through the process of buying bitcoin to believe and experience what everyone is talking about
Whichever your reason for buying bitcoin, you need to have the right information when it comes to buying the coin. That is because it can be confusing and sometimes you might end up losing your money if you don’t follow the right process when it comes to buying the currency.
It is for this reason that I need you to read along and get to know all you need to know before and in the process of buying your bitcoin especially f you are doing the buying for the first time. It can be confusing but hen you get used to it, it will be easy and convenient in the future.
What you need before buying bitcoin
you just don’t wake up and just buy bitcoin, you need to be organized. That will help you to easily acquire your bitcoin without any hitches. It is because of this that you have 5 things that you need before you successfully buy your bitcoin. these things are;
- bitcoin wallet
just like the way you need a wallet to store your traditional money or a bank account were you securely keep your money, you also need to download a bitcoin wallet here you will safely keep your bitcoin. you can download one online and you will be good to go.
To do this, you need to go online and look for a safe wallet with good reviews. Wallets come in form of desktop, mobile, web and hardware wallets. They are all for facilitating the easy transfer and receiving of your bitcoin in a safe and easy way.
- Bitcoin address
I know it sounds new to you, but you will understand with time. When you open your normal bank account, you get to be given a unique number that is supposed to be your account number, right? well, that is no different from the bitcoin address.
A bitcoin address is a unique number given to you. they are different from another bitcoin holder and the address is used to identify your bitcoin account. The number is also known as the public key that is assigned to you for use.
- Bitcoin exchange site
You need the site to do all this exchange. Unlike our traditional currency ere you can touch and handle it, hen it comes to bitcoin, you need a medium here you will exchange the traditional cash in exchange for your bitcoin that you need.
There are so many sites available for exchange depending on the country you are in. what is of concern is the safety of the sites. You need to look for a site that has credible reviews and the one that is recommended by a lot of people.
- Payment method
What are you getting the bitcoin with? In most cases, we use our traditional currency to get the bitcoin that we want. You need to have a way in which you will make payment of the currency without any delay and hitches.
To do this, you need to have your debit or credit card with which you will make the payment with. You also need to make sure that the account linked to the cards has sufficient funds that will be able to buy the bitcoins that you need.
In all transaction that involves cash, you need to have proper identification to make sure that you verify your identity. That is vital because hen it comes to money, there need to have proper evidence of who is transacting.
To make sure you do that, you need to have your national identification card, passport or a driving license. That will help you in case there are any claims that may happen or in case of any quarries, it can be verified that you are the one who made the payment.
Step by step process on how to buy bitcoin
Now that you have all the five things before you buy your bitcoin, it is time to get into the buying. It requires you to follow a certain step by step process to make sure you get the process right and for you to be able to get your currency.
If you are new, you can be nervous and afraid since it is dealing with a totally new thing. The good thing is that once you have mastered and followed the right process, you ill safely have the bitcoin you want in your wallet. For you to buy your bitcoin, you need to follow the following steps;
- Create an account
You remember I earlier mentioned about a bitcoin exchange? Yes, this is the account you need to open. From the reviews online and credibility it has, coin base is the best bitcoin exchange site so far. People have been using it and have no hitches at all.
You need to go to the coin base site and create an account. To do this, you need to fill in the short form provided with your information and after you are done, hit the ‘sign up’ link. Make sure you provide the right and correct information before you click on the link.
- Verify your email
It is a custom that when you provide your email address, you are sent a link into your email inbox for you to verify. You need to open your email inbox and verify your email by clicking on the link that will be sent to you.
Having an email address attached to your account is important as they will be sending you vital information that you may need to know about the account you have opened. You will also be receiving offers and hats new in the bitcoin world.
- Connect your account
Investing in bitcoins involves a lot of cash, therefore, you need to make sure your account is secure and safe at all time. One way of ensuring this is by linking your mobile phone to the coin base account. That is because you always have your phone s an alert sent on will be seen.
Once you connect your phone number, a code will be sent to your phone. You need to reenter the code and automatically the code phone number will be linked with the account. That is part of the 2-factor authentication process.
- Verify your identity
At this point, you are looking at your dashboard. It’s time to verify your identity. It is important to verify your identity before you buy any bitcoin to avoid confusion. Now that you are at your dashboard, ho do you verify your details?
You ill do that by clicking on the verify your identity link. At this point, you will select the ID type and ho you want to take your photo. You will also have a live session here you ill further verify your information before you continue.
- Add a payment method
Now you see how the five things mentioned above are being used. On your dashboard, you need to add a way in which you will be able to pay the bitcoin with. You can use a credit card or a debit card and all will come at a fee that will be changed during the transaction.
The safety of your debit card and a credit card is also paramount. It is, therefore, necessary that you run all the necessary authentication process to make sure all the information about your card are safe and secure while in that account.
- It’s time you buy your bitcoin
This is the moment you have been waiting for. You have been undergoing all the above processes so that you can be able to buy the currency. On your dashboard, click buy/sell link that is found on top of the menu.
You need to make sure that when you click on the number of bitcoins you want to buy, the amount to be spent in the buying of the bitcoin should be available in the account which is using the credit card linked. You need to be sure of the amount of bitcoin you want to buy before you continue.
Once you continue with the process, conversion of the cash equal to the bitcoin you want will be automatically converted and the conversion will be shown on your dashboard. You will also get to see the full transaction in the box on your right-hand side.
The transaction is simultaneous once you click on buy instantly on your dashboard. The bitcoin equivalent to the money deducted from your credit card will be added immediately. with that, you will have obtained the much-needed bitcoin.
- Check your wallet
It is necessary for you to make sure the bitcoin is safely in your wallet before you are done with the process. To do this, click on the account in the top menu of your dashboard. Under bitcoin wallet, you should now be able to see your bitcoin being reflected in the account as well as the whole transaction.
From here, you can now receive and send any bitcoin that you want to any trader. All you must do is master your balance and know how to send and receive bitcoin into the wallet. Now you can go ahead and transact with your bitcoin freely.
As you can see, it is not complicated as you may think when it comes to ho to buy bitcoin. all you need to know as a beginner is what you need to have before you go ahead and buy the bitcoin and the process that is involved to obtain the currency.
You don’t have to be left behind when other people are embracing change. Bitcoin is the currency of the future. It is, therefore, necessary for you to inform yourself on how to buy bitcoin so that you can have the information you need to be able to acquire some.