Buying Bitcoin: A Beginner’s Guide

Buying Bitcoin: A Beginner’s Guide

Over 100,000 crypto wallets now hold over $1 million in Bitcoin. So without a doubt, buying Bitcoin is still a very profitable investment as Bitcoin value continues to rise. But is it too late to start buying Bitcoin?

It may surprise you to know that there is still room for beginners to start investing, despite one Bitcoin being worth thousands of dollars. That’s why today, we will give you a beginner’s rundown on how to start buying Bitcoin.

First Step: Purchase a Crypto Wallet

A common mistake beginners make is keeping their Bitcoin on an exchange. By doing this, you can run the risk that someone steals your hard-earned Bitcoins, or you fail to HODL and panic sell. A crypto wallet will keep your Bitcoin safe, and it also makes Bitcoin withdrawal a lot smoother.

Once you have your crypto wallet, you’ll be able to use any cryptocurrency ATM (Automated Teller Machine) to exchange your crypto into cash. As a special side note, the Bitcoin exchange rate on these ATMs is different from online exchange services.

Second Step: Choose the Right Exchange Service

Nowadays, there are dozens of exchange services around the world. Of course, not all of them offer the best Bitcoin exchange rate, so be sure to do your research. Here are our recommended ones:

  • Coinbase
  • Celcius
  • Robinhood

While there are plenty of other exchange services, these are the most reputable. If you choose a different one, be sure to research the reputation of the exchange service well, as some of them have proven to be scams.

Alternatively, you can buy Bitcoin with cash at designated Bitcoin ATMs. If you’re unsure where to find one, type “buy bitcoin near me” on your browser.

Third Step: Register and Provide Personal Data

Before you can start buying Bitcoin on an exchange service, you’ll need to register. Once your account is created, you’ll need to verify it through an SMS or email. Then, you have to prove your identity using a driver’s license, national identity card, or passport.

After sending a picture of one of the before-mentioned documents, you’ll need to send a selfie to complete identity verification. Unfortunately, criminals use cryptocurrency for their crimes, so governments have forced these exchange services to verify each account.

Fourth Step: Start Buying Bitcoin

You’re finally ready to start buying Bitcoin! Be sure to check the daily Bitcoin exchange rates, and if you see a dip, start buying more Bitcoin. Once you have Bitcoin, don’t forget to transfer it to your crypto wallet.

Don’t Miss Out on Buying Bitcoin

As you can see, it’s quite easy to begin buying Bitcoin. The best part is that you can start investing with as little as one dollar, so there’s no excuse not to do it. But, of course, always invest what you can afford to live without.

Did you find this crypto-related article informative? If so, be sure to continue reading our other posts related to the crypto world. We’re confident you’ll find another one that’ll pique your interest!