Finance, Business, Saving Technology Updates in Australia

HOW TO BUY BITCOIN ONLINE: A STEP BY STEP GUIDE

HOW TO BUY BITCOIN ONLINE: A STEP BY STEP GUIDE
Written by Dave Peterson

HOW TO BUY BITCOIN ONLINE: A STEP BY STEP GUIDE

 

Buying Bitcoin has never become imperative than it has this year. Its price has surged beyond every imagination, and it has been able to surmount very difficult moments that could have easily toppled investor confidence and as such thousand if not millions of fresh investors are looking for the way to make their first Bitcoin purchase.

Buying Bitcoin has become much easier with the passage of time. There were times when you had to go through a mini hell before you could get someone to sell it for you, but as a result of its going mainstream, coupled with the huge demand it commands on a daily basis, buying Bitcoin has become considerably easier and faster.

If you want to buy your Bitcoin online, there are two main channels you can follow to achieve that. Either by buying from a reputable exchange that serves your region, or by buying from peer-to-peer marketplaces from sellers closest to you

Exchanges

Buying Bitcoin from exchanges has never been easier that it is at present. Firstly, there is a huge competition in the sector as more and more exchanges are coming up offering better means of payments, prices and faster rates of transaction. And unlike before, there are more exchanges that offer worldwide services rather than the regional ones we were used to before. The quickest means of buying Bitcoin is using your Credit Card and if your exchange accepts this means of making payment, there are general steps that can be followed to make your first online Bitcoin purchase. These include:

  • Navigate to the Exchange’s site and sign up for an account using your email
  • Confirm your sign up using the link sent to your mail and log in to the exchange properly.
  • Before you could make any purchase, you must update your preferred means of payment, and to do this navigate to your account settings page
  • Click on “Payment Method” and then choose Credit/Debit Card
  • Insert your Credit or Debit Card details and submit. This might take you to the account verification page.
  • In order to make any considerable purchases, your account must be verified, so make sure you have a government issued photo ID with you to scan and send
  • Once you are notified of the successful verification of your page, you can go ahead and make your first Bitcoin buy.

Peer-to-Peer Marketplaces

The most popular peer-to-peer marketplace to buy your Bitcoin is known as Localbitcoins. And unlike registered exchanges, here you buy your Bitcoins directly from individuals like you who happen to have it and are ready to sell. And although payment even through credit cards can be more flexible, Peer-to-Peer market purchases can be a bit slower than regular exchanges and the risks are higher for fraud as well. And as such the buyer must take all precautionary measures to make sure they don’t get duped by unscrupulous persons. Some of the most important precautions to take are as follows:

  • Never buy from new vendors, always choose those with accounts that are over 1 year old
  • Only buy from vendors with at least 98 percent approval ratings from previous customers
  • Only buy from those with large volume of previous transactions, with at least 100 Bitcoins sold before you.
  • Always demand for an escrow service that is offered by the site, and never agree to pay without protecting yourself

Also enjoy:

WHAT IS BITCOIN AND HOW DOES IT WORK?

and

BITCOIN PRICES: ARE WE IN A BUBBLE?

Image from Public Domain Photography

About the author

Dave Peterson

Dave Peterson
Passion for adventure and sharing his life long journey with as many others as possible.

"What lies behind us and what lies before us are tiny matters compared to what lies within us." HENRY S. HASKINS

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