Bitcoin is the most traded cryptocurrency in the crypto hemisphere with an estimated market cap of $200 billion (approx.). However, the sector remains widely regulated in some regions and unregulated in others, giving people a hard time to invest.
But with increasing awareness and rise of cross border transactions, more people are learning about the crypto market and how they can trade within to make a profit.
If you’re one of those who have found a new love for trading in crypto but can’t find the ways to get started or to buy Bitcoin, keep on reading because this article is meant just for that.
How to Buy Bitcoin?
There lies a common misconception that buying any cryptocurrency is hard and that stat can be observed by the fact that only 11% of the Americans hodl BTC of any sorts. A couple of years back, the only question that bothered novice investors was where to buy from? Which exchange or wallet is safe or where would you get the best of the prices for your deal?
Buying Bitcoin or a few Satoshis of a BTC is easier now than ever and there are numerous ways to do so. Let's take a look at the few popular ones that are safer and securer to execute.
But before we jump directly into the process, shouldn't you know what else must be taken into consideration? We do, for your sake.
1. Declaration - Big and popular exchanges are usually regulated by some regulatory bodies hence it requires a buyer to provide personal information to comply with KYC and AML (Anti Money Laundering) norms. This is done to verify the buyer isn’t involved in any sort of malicious activities to fund extremist groups. It's a safety measure but it also means when the time comes, and the regulatory body demands the names of all the investors, you might be on the list.
2. Platform Charges - Not all the exchanges charge a universal amount, it varies. Some exchanges charge a tiny amount but the processing time is longer. On the same but opposite principle, some exchanges take a big fee but are fast as Ferrari. When you go to an exchange or wallet to buy Bitcoin, do compare their transactional fees.
3. Payment Options - You can buy BTC through a number of payment methods. From credit and debit card to bank transfers to P2P to PayPal and even cash in some places. There are few different aspects of BTC availability.
- (A). The exchange holds the coin and when a buying request is made, the exchange provides it.
- (B). When a buying request is made, the exchange matches the request with a seller and they make the trade with the exchange holding both the payment and coin and later transferring it to respective parties.
- (C). The exchange matches a buyer with a seller, the buyer transfers money directly into the seller’s bank account, this process is commonly known as Peer to Peer. In all cases, the exchange will charge a set amount of fee.
4. Volume - The more volume an exchange trades, the better liquidity there is. It simply means that a seller or buyer wanting to trade higher volume can do so. It also means the exchange with higher trading volume will offer better Bitcoin price, fairer trade and faster matching.
5. Global Availability - This is one of the important factors. Not all the exchanges function globally. Some regulate cross border payments. Some are limited to a country like https://myBTC.ca and some only to cities. But that’s not going to make your search to “find a global exchange” difficult, for example Binance, Huobi Global or Bittrex to name a few.
Now you know what you must check before buying crypto, it is time to move ahead with how you can buy Bitcoin.
Buy Bitcoin using Credit/Debit Card and P2P on Binance
The easiest way to buy bitcoin is to open Binance.com (or any exchange of your choice), create an account or sign up or register. Provide the asked details and once your account is verified, you can add the funds or buy directly using your credit/debit cards or use P2P for the trade. Most of the popular exchanges like Binance or Coinbase follow these steps.
Buy Bitcoin using PayPal on eToro
You might want to use PayPal as the preferred payment method. There are very few exchanges that provide PayPal payment options like eToro and they don’t even charge any fees, which makes buying BTC an excellent opportunity. However, a lot of exchanges do offer PayPal with mediators who charge up to 10% commission in some cases.
If you’re looking for a country specific exchange like Mybtc.ca and want to know how to buy BTC using it, read ahead.
Buying BTC using Credit/Debit Card on Mybtc.ca
Go to mybtc.ca and on the homepage click on BUY NOW under the Credit card Column or you can look for BUY BITCOIN in the top menu and select credit card.
A new page will open where you will have to enter the amount either in Canadian Dollar or in Bitcoin. Enter the BTC address or if you don’t have one, you can simply create an account in an exchange or wallet and get your address from there.
Click the "Continue" button and you will be taken to a page that asks for your card details and address. Click "Pay Now" and you’re done. As soon the payment is received by the vendor, you will get your BTC for the amount in your wallet.
Buying Bitcoin is no rocket science. With each passing year, buying crypto is getting easier, there are good opportunities or referrals that let you earn a little reward, all you gotta do is keep your eyes open and look for the platforms that let you earn referral rewards. After you buy BTC, you can either hodl for long and see your investment grow or if you have the knack for risk taking, you can trade on the volatility and make gains.