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How to Buy Bitcoin and Other Cryptocurrencies

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How to Buy Bitcoin and Other Cryptocurrencies. thinkmaverick

A beginner’s blueprint on how to buy Bitcoin and other cryptocurrencies online.

 

Thinking of investing in Bitcoin and other cryptocurrencies, but don’t know how?

 

You’re in the right place!

 

As more people are looking to get into the crypto craze, the demand for cryptocurrencies has dramatically increased.

 

Fortunately, the process of buying Bitcoin and other digital currencies has just gotten easier over the years.

 

Earlier, only the hard cores techies, geeks and people associated with the technology were able to use and own it.

 

But now, everyday people like you and me can get hold of multiple cryptocurrencies with some basic understanding and know-how.

 

If you’re ready to purchase Bitcoin and altcoins, this short guide will help you get started with crypto investment.

 

To start investing in cryptocurrency, there are two important things that you need:

 

That said, it’s always a good idea to do your own research before you start investing your hard-earned money into the game to avoid any unnecessary losses and scams.

 

If you haven’t done so, check out a few of our guides:

 

 

1. From Fiat to Crypto

Step 1. Choose an Exchange to Buy Bitcoin

Bitcoin, the king of cryptocurrency, is often the entry point for crypto newbies as well as seasoned traders.

 

So the first step is to find an exchange that supports your country in which you can turn your fiat cash into Bitcoin.

 

With a crypto exchange, you can easily exchange your traditional fiat money like USD, MYR and AUD to other virtual currency like Bitcoin and Ether, and vice-versa.

 

The following are a few main options where you can buy Bitcoin based on your country:

 

By far, crypto exchange is the easiest way to buy/sell cryptocurrency.

 

As convenience always comes with a price, you’ll need to pay nominal fees for transacting on the exchange site.

 

Each exchange has a different fee structure.

 

Here’s a list of the best 10 cryptocurrency exchanges with the lowest trading fees.

 

Step 2: Create an account and start buying

After you’ve decided which exchange you’d like to use, follow the steps below:

 

 

That’s it. Now you know how to buy your first Bitcoin with an exchange. 

 

Note: Due to high demand, it can take weeks to get your account approved on an exchange. Even if you’re still unsure about buying, I recommend you create an account now and get it approved first. It’s free and you don’t have to buy any cryptocurrencies. You can buy anytime as you like.

 

Step 3 (Optional): Other Ways to Buy Bitcoin and other Cryptocurrencies

But…

 

What if there’s no crypto exchange that’s available in your country?

Or transferring funds from your bank accounts to buy Bitcoin isn’t an option?

 

No worries. We’re going to show you several other methods to purchase Bitcoin.

 

#1. LocalCoinSwap

For countries that have restrictions, the Best Way to Buy Bitcoins is using OTC (Over the Counter) Bitcoin exchange such as LocalCoinSwap.

 

LocalCoinSwap is a peer-to-peer platform that facilitates direct trading between potential buyers and sellers. You’re allowed to purchase Bitcoin using various payment options like Gift cards, Paypal, cash deposits and In-person.

 

A word of cautious: If you’re looking to buy Bitcoin with Cash, make sure you transact in Public places & make sure no ones following you home. Seriously!

 

 

#2. Credit or Debit card

If you’re looking to buy Bitcoin with a Credit or Debit Card, check out the following sites:

 

#3. Bitcoin ATMs

 

Bitcoin ATMs just make exchanging fiat currency for Bitcoin absurdly easy.

 

At the time of this writing, there are over 4000+ crypto ATMs around the world.

 

The process of purchasing Bitcoin with ATM is pretty simple and straightforward.

 

All you need to do is find an ATM near you, deposit cash into the machine, scan your public address and get bitcoins sent to your wallet.

 

 

#4. Gift cards

Paxful is a popular website that allows you to buy Bitcoin with Amazon Gift cards.

 

 

It’s a fun and easy way to purchase cryptocurrency though it’s more suitable for small amount transactions. 

 

For more information on how to buy Bitcoin with gift cards, visit this article with all my tips.

 

2. From Crypto to Crypto

You can always swap from one crypto to bitcoin (BTC) using what we call an Instant Swap Service.

 

There are over 10,000+ cryptocurrencies in the market. They’re collectively known as altcoins. Most of them are highly illiquid and cannot be traded.

 

It is always easier to use an Instant Swap service if you don’t know how to trade on a platform like Binance.

 

Here are two of the most popular Instant Swap services in the market:

 

 

Among these, I recommend using ChangeNOW. It’s the most reliable for beginners where you can instantly swap the coins you want without dealing with complex trading toggles.

 

 

3. Get a wallet to store cryptocurrency

Next, you need to move all crypto assets that you’ve bought to a secure wallet.

 

COMMON MISTAKE 1: Buying cryptocurrency before getting a wallet.

 

To store your cryptocurrency, you need a wallet.

 

The idea is to first set up your cryptocurrency wallet and have it ready to store the coins that you’re going to purchase.

 

There is a dizzying array of wallet options out there.

 

Here’s the two main types of crypto wallets

This type of wallet is usually available for free of charge. As they ‘re constantly connected to the Internet, they’re highly susceptible to all sorts of hacks, malwares, scams or phishing attacks.

 

This is, by far, the most secure way of keeping your Bitcoin and altcoins. For long-term Hodling, I recommend using hardware wallets like Ledger and Trezor.

 

COMMON MISTAKE 2: Store your Bitcoin and altcoins on an exchange wallet for long term

 

Even some experienced traders are making this mistake by keeping crypto investment using an exchange wallet.

 

Many popular exchanges such as Coinbase and Binance offer a free built-in wallet, which you can use to keep you coins.

 

However, you should only deposit the amount needed for the purchase and immediately transfer out your coins to your own wallet once the transaction is complete.

 

The point is don’t rely on exchange as your wallet to HODL your crypto assets.

 

Keeping your Bitcoin on an exchange is as if you do not own the Bitcoin.

 

Since the virtual currencies don’t have a physical form, you don’t store your cryptocurrency in a regular wallet or even in a bank.

 

Therefore, you need to choose the right wallet in which you have 100% control of the digital currencies.

 

You can do this by making sure that you have full ownership of the private key.

 

Put simply, your money is on the network, and anyone who has access to the private key will own the Bitcoin.

 

If you’re new to the world of crypto, I’ve written a few guides to help you learn more about cryptocurrency wallets and private keys:

 

Conclusion

No matter where you’re from or which coins you want to buy, I hope this guide helps you investing in Bitcoin and altcoins safely and effectively.

 

In general, to buy your first Bitcoin:

 

To buy altcoins:

 

Do you have any other questions? Feel free to leave a comment below.

And lastly, if you liked this post, don’t forget to Pin this!

 

I’ve handpicked a few guides for you to read next:

 

I live and breathe making an income online. 

I’ll be sharing more ideas and guides soon. Stay tuned.

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