How to buy Bitcoins
Bitcoin Exchange Types
If you are reading this, it is because you have probably never bought Bitcoins .You will see that it is actually quite easy to get them when you know the right places to buy them. Follow this guide!
Before we begin it is necessary to point out that cyptocurrencies are a highly volatile investment product. Your capital is subject to risk. Only invest what you can afford to lose.
To begin with, it is necessary to distinguish two types of exchanges (buy/sell platforms):
- Purchasing platforms: they allow you to buy the most famous crypto-currencies (Bitcoin, Ethereum, Monero…) from fiat (euros, dollars…). You can also do the opposite on these platforms, i.e. sell your bitcoins (or ethers, monero…) for fiat.
- Exchange platforms: they allow you to exchange your crypto-currencies for other crypto-currencies (example: exchange a few bitcoins for Golem, Safex or Monaco). However, they do not allow you to buy cryptocurrencies from fiat (euros, dollars…) and they do not allow you to sell your cryptos for fiat either.
In this chapter, I will explain how to use a purchasing platform to quickly convert your euros into bitcoins based on the market price.I will talk to you about trading platforms in the next chapter, they will allow you to buy other cryptocurrencies from the Bitcoins you will own.
To achieve your goals, you will need to register on the exchange you have selected and have your identity verified. At this stage you will most often be asked for an identity document and a proof of residence.
Buying Bitcoins with Coinbase
Use this link to register on Coinbase, you will get a bonus of 10€ of Bitcoins for every 100€ you buy. This site is one of the market leaders in the purchase and sale of bitcoins, ethers and litecoins.
Supported by trusted investors and used by millions of users worldwide, Coinbase is one of the most popular and reputable exchanges in the world. This platform makes it easy to buy, use, store and exchange crypto-currencies. On Coinbase, you can buy 4 crypto-currencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Binance is the world leader in cryptocurrency trading. You will find the lowest fees on the market and a fluid and ergonomic interface. Platform reserved for experienced users.
You now have all the cards in hand, all you have to do is choose the platform that suits you best for the purchase of your first bitcoins!
What to do with your Bitcoins?
You can store your bitcoins (hold) by betting on the fact that they will continue to increase in value over time. If you choose this solution, it is better to store them in a private portfolio than to leave them online on an exchange platform that could be the target of computer attacks. After all, Bitcoin is entirely designed to do without trusted third parties so why leave them on an exchange? One of the most popular electronic wallets is the Ledger Nano S. Discover the tutorial on the Nano S ledger.
As you have seen in this chapter, buying Bitcoins is certainly more complicated than buying a magazine from the local newsstand, but it is far from insurmountable! It’s even quite simple if you know where to go.
Of course, investing in Bitcoin is probably not the classic portfolio for a good family man who would like to make a profit while minimizing risk. By investing in crypto currencies you decide to invest money in a booming niche market. You can win a lot, but you can also lose a lot.