You must have heard a lot about Bitcoin, the crypto wallet, and so on. This definitely has grown your interest regarding what Bitcoin is and how to own your own Bitcoins.
Well, you need to know that you are not alone. There are many people from around the world that are interested in buying Bitcoin. They are looking for the right platform to buy crypto.
Not only this, there are many Bitcoin online classes that are specifically designed to increase your knowledge about the same. These classes teach you whole about Bitcoins and how to buy and invest them to your advantage.
If you are interested in buying Bitcoin but are a bit worried, drop all your worries and go through this complete guide. This guide will help you to buy your first Bitcoin and that too without any worries.
There was a time when Bitcoin mining was one of the popular ways to buy Bitcoins. But with the increase in the number of Bitcoins mining, the total number of Bitcoins was restricted to 21 million. Although this figure seems to be large, about 16-17 million Bitcoins have already been mined.
This draws our attention towards the ongoing major method known as Exchanges. There are many Bitcoin exchanges all around the world. Some countries are taking this on a priority basis hence they are having their domestic exchanges. There are even some renowned international exchanges like CEX.IO. You can use these platforms to buy Bitcoins.
Actually, CEX.IO is a kind of exchange that provides you the ability to buy or sell Bitcoins along with other cryptocurrencies.
It doesn’t matter whether you are buying from these exchanges using fiat currencies like Dollars or Euros. You can also use other cryptocurrencies to buy Bitcoins. These are some of the easiest and cheapest ways to do so. All you need to know is, the prices of Bitcoins have been volatile over the past few months. This means you have to buy them at the right time and right price to get the maximum benefit.
So let us buy Bitcoin via exchange in some simple steps.
- Open a Digital wallet: Digital wallet provides you an opportunity to hold your cryptocurrencies. It let you interact with others via blockchain technology. There are many providers for the same. One of the popular among them is Blockchain.info.
- Register and open an account: After successfully entering the CEX.IO website, register and open an account.
- Receive 2FA code: 2FA code is an authentication code. It will also act as a password for accessing CEX.IO. You will receive the code generated through an application via SMS.
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- Buy Bitcoin: It’s time to buy Bitcoin or other cryptocurrencies. You can buy fractions of Bitcoin. CEX.IO will only give you an option to choose fixed amounts with your currency.
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- Select the payment option at your convenience.
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To complete the process of purchasing, you will be asked for verifying your identity. You are required to verify it through documents and other details.
Note: The process of verification demands correct information. This will benefit you in long run. This will also prevent you from any hassle at later stages.
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Image Alt: verification
Once the process of verification is completed, you are done.
Although this process is common and is used by a lot of people around the world. You can also go with other processes to buy Bitcoin.
- Go to the official website of Bitcoin and select the currency that you want to buy.
- You have to choose whether you want to buy in USD or any other local currency. Once you are done with it, enter the amount.
- Go through a deep review and add your wallet address. Once done, click on the “Continue” button.
- Now all you have to do is to create an account and provide your payment details. This way you will be able to purchase Bitcoin.
Although Bitcoin is a digital currency and does not exist in the physical form, it still carries a lot of importance. It has become a part of the trend within a short span of time. This is why most people from around the world want to invest in Bitcoin. It provides an ability to the people to create and hold it electronically without worries. Moreover, its independence of central banks and government makes it more useful. But buying a first Bitcoin is a difficult process for many, which is simplified for you here. So go and purchase your first Bitcoin without any worry.