The easiest way to buy Bitcoin
In this guide we will break out the steps for the easiest way to buy Bitcoin.
This is the perfect guide for newcomers that wants to buy Bitcoin. We will break down the steps you need to take and you’ll be a Bitcoiner in no time!
The easiest way to buy Bitcoin – step by step guide
In this guide we will cover the following steps, making buying Bitcoin easier than ever.
- Buy Bitcoin at a crypto exchange
- Store your Bitcoins at a crypto wallet
- Follow Bitcoin’s price with a portfolio app
1 ) To buy Bitcoin you need to use a cryptocurrency exchange
The easiest way to buy Bitcoin today is still with a crypto exchange.
Don’t worry, they are easy to use websites where you can deposit money via a bank (wire) transfer, or pay directly with your credit or debit card.
Pretty much every crypto exchange works the same.
You can buy Bitcoin at pretty much every exchange, but those linked are vetted and tried by us for ease of use.
So to start buying Bitcoin you need to register at one of these crypto exchanges. A lot of newcomers start out with Coinbase. And it is trusted by many to be the easiest way to buy Bitcoin.
After you have created an account (you might need to verified your identity) you either connect your bank account or add a debit or credit card. You then select the amount $ / £ / € that you want to buy for.
Remember that you don’t have to buy 1 whole Bitcoin, you can buy BTC in fractions. Lets say you wanted to buy for $500 that would give you 0,052 Bitcoin (by today’s rates, remember Bitcoins price fluctuate daily).
Compare some of the top crypto exchanges in 2019 to buy Bitcoin at.
Usual steps to buy Bitcoin at Coinbase; Binance, etc are:
- Register at their website
- You might need to provide identity details – KYC documents (usually for bank transfer and when withdrawing or depositing larger sums)
- Connect your bank account
- Transfer sum in USD, GBP, EUR, etc from bank to Coinbase, Binance or other exchange account
- Buy Bitcoin with that sum you transferred
- Done! 🙂
2 ) Store your Bitcoins somewhere safe
Now you have two options for your Bitcoins.
Either you leave your newly bought Bitcoins at Coinbase, Binance or whatever crypto exchange you used.
But there are risks associated with that. As cryptocurrency exchanges unfortunately get hacked from time to time.
In the crypto space it is common knowledge that you need to be your own bank. And there are many risks with keeping your Bitcoins, or cryptocurrencies at exchanges for longer times.
So unless you are planning to day trade with your Bitcoins recommend that you never keep a larger part of your Bitcoin holdings at any exchange.
Therefore advice from experienced crypto traders are that you should store your Bitcoins somewhere safe. And the safest option you have for your Bitcoins are crypto hardware wallets.
Some exchanges like Coinbase are more secure. But why take the risk?
Buy one that you like online and use one of our wallet guides to find out how to get started using them. It isn’t that hard. But it is definitely worth the effort and money.
A Bitcoin or cryptocurrency hardware wallet is a physical devices that have a lot of smart features. Most hardware wallets makes it near impossible for hackers to get access to your wallet and funds.
A crypto hardware wallet can’t get malware, and it remains disconnected from the internet until you use it. And for transactions to go through you need to use that same physical device. So it can’t be remotely hacked.
Read our guide on protecting your Bitcoins
3 ) Follow your Bitcoins value with portfolio app
After buying and securing your Bitcoins the fun begins. Now you are like most Bitcoin investors hoping that your investment increases in value.
It is important with any investment to have a timeframe and price target in mind.
Are you investing in Bitcoin for some quick profits? Or are you investing and hoping for a bigger longterm return. Maybe as an alternative pension investment?
No matter your timeframe in mind, following the price of your investment is a given.
With a good crypto portfolio app you simply add your Bitcoin or cryptocurrency holding. For example 1 BTC (Bitcoin). And then the apps can provide you real-time updates at any time showing your holdings value in your preferred Fiat currency (USD, GBP, EUR, etc).
You can also set alerts, for example when your holdings reach a certain price target. Maybe when 1 Bitcoin is valued at $15,000 USD.
Another great thing with portfolio app is that you never need to access your hardware wallet to check up on your holdings value. Means that you expose them to fewer risks of getting hacked or stolen.
Hopefully with this guide on the easiest way to buy Bitcoin you will now have a good idea how to not only buy Bitcoin, but also to store them safely and follow their value in real-time.
For the next step to your journey we recommend a couple of other guides that will help you become even more comfortable with Bitcoin and cryptocurrencies:
To learn even more about investing in Bitcoin
- How to invest in Bitcoin the beginner guide
- The best Bitcoin and cryptocurrency wallets
- Where you can spend your Bitcoins
- Best ways to convert Bitcoin for cash
If you have any thoughts or questions please feel free to leave a comment below, and welcome to the world of cryptocurrencies 🙂
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that wants to see better and smarter products and services that makes our lives better and easier