How to buy Bitcoin
Perhaps you decided it was time to buy some Bitcoin after reading our ‘What is Bitcoin’ article, or perhaps you just googled how to buy Bitcoin and arrived on our site. Whatever the reason may be we have the information you need.
First and foremost, and this is very important to understand, Bitcoin removes the necessity of banks. This means you are the sole owner and holder of your own funds, which is great. It also means that you, and you alone, are responsible for the safety of your funds. That’s why we recommend that you first educate yourself on the possible ways of safeguarding your Bitcoin by reading our ‘How to safely store your crypto´ article.
Besides buying Bitcoin at Bitcoin ATM’s, available in most big cities nowadays, the more convenient way of purchasing cryptocurrencies is by using one of the more well-known, and trusted, exchange sites.
Cryptocurrency exchanges are the same as a regular currency exchange. You deposit some of your native currency; dollars, euro’s, yens etc. and in exchange you receive Bitcoin (or a different cryptocurrency). The difference is that you don’t receive your new digital funds in your bank account, or cash in your hands, but it is deposited in your Bitcoin wallet.
Below are 2 of the best sites available. We highly recommend both Coinbase and Litebit.eu Coinbase is a site situated in the United States, and Litebit.eu is an European exchange based in The Netherlands.
We’ll introduce both sites, and explain their unique features. Feel free to either directly visit their site, or use our referral links, supporting us and this site in the process.
Coinbase follows a thorough KYC (know your customer) and AML (anti-money laundering) sign up process, like most legitimate US or EU based sites are obliged to do at the present. This means that you need to prepare some documents before creating an account.
In general, you will need:
– a copy of your ID or passport
– a picture.
The rest of the steps are pretty self-explanatory, but in case you have some difficulties, or something goes wrong, their customer support will swiftly try to help you proceed.
Some of Coinbase plus points:
Coinbase enables you to buy Bitcoin via Paypal, Bank Transfer, Credit, and Debit card, and you can buy starting from as little as $25,-.
Coinbase caters to people that are new to the entire cryptocurrency world. It builds heavily on 2 core values:
- Be the most trusted
- Be the easiest to use
And it shows. If you’re new to the game you will find everything you need here.
They have a very interesting ‘earn crypto program’. By watching some videos, and learning about certain projects you will earn real spendable cryptocurrencies. Within a short time, you are able to earn somewhere in the reign of $50,00. And you can spend, trade, sell or hold them as you please.
Coinbase makes it easy for you to buy Bitcoin and hold it via their site. If you’re not really savvy with exchanges yet, you can still easily swap one crypto for the other. They also have the possibility to make recurring purchases. If you’re not sure if the price will go up or down, you can make multiple (small) deposits instead of just one big one.
Next up is Litebit. Litebit is a Europe based company, located in the Netherlands to be exact, with over 600.000 customers and also a wide variety of interesting features for both the new Bitcoin buyer as well as the more experienced crypto trader. Litebit caters more to Europeans, enabling you to purchase Bitcoin and a wide array of other cryptocurrencies.
You are able to buy any of their coins using Ideal, a credit/debit card and a couple of different methods. Since it’s based in Europe, the Euro is accepted.
Just like with Coinbase, the registration process is thorough, and you will be asked to show some documents to prevent any money laundering. In general, the steps are easy to complete and within a short amount of time you will be able to make your first purchase.
Litebit gives you the opportunity to leave your crypto in a wallet on their site, something that might be handy in case you want to quickly be able to buy and sell, but I strongly recommend you to safely store your coins in a Wallet owned by yourself.