Over the past few years, Bitcoin and other cryptocurrencies have become quite popular among institutional as well as amateur investors. However, the process of buying Bitcoin can be complex and intimidating for someone who has never purchased any cryptocurrencies before. Fortunately, there are certain specific steps that you can follow in order to purchase Bitcoin in a straightforward and secure manner. If you wish to purchase Bitcoin, you will need access to a cryptocurrency exchange, a secure internet connection, and a cryptocurrency wallet (optional). Moreover, you do not necessarily have to buy a whole Bitcoin in order to start investing, you start by buying very small fractions of a Bitcoin with the amount of money that you are comfortable spending.
Steps To Buy Bitcoin Online
Here are the basic steps that you will need to understand in detail if you wish to purchase Bitcoin online safely:
Step 1: Choose A Crypto Trading Exchange
A cryptocurrency exchange is an online marketplace where users can buy and sell cryptocurrencies. Crypto exchanges also allow users to store their cryptocurrencies on their online platforms for safekeeping. There are a vast number of cryptocurrency exchanges that you can choose from. There are many crypto exchanges where you can purchase Bitcoin and other cryptocurrencies anonymously. However, most major established crypto exchanges require you to submit the basic KYC (Know Your Customer) information in order to create an account. Some trusted global crypto exchanges include Binance, Coinbase, Kraken, FTX, Huobi and more. Moreover, there are also some major Indian crypto exchanges that you can choose, such as WazirX, CoinDCX, Coinswitch Kuber, Bitbns, ZebPay and more. Choose a crypto exchange that is most appropriate for your requirements.
Step 2: Register Your Account And Add Payment Options
Once you’ve selected a preferred crypto exchange, the next step is to register your account on the crypto exchange. Submit all of the required KYC information such as name, photographs, PAN Card, ID proof, etc, and set up your account. Once your account is successfully set up, you can log in and add your payment details. A debit card, credit card, or bank deposits would be your possible payment options at most exchanges. Moreover, you also need to keep in mind that the crypto exchange will charge you a very small percentage as transaction fee when you buy or sell any cryptocurrency.
Step 3: Place Your Bitcoin Order
Once your account and payment processes are successfully set up, you can then explore the crypto exchange and understand the buying process. When you find the option to buy Bitcoin on the exchange, you can place an order by deciding how much rupees / dollars worth of Bitcoin you wish to purchase. It is also important to note that the price of Bitcoin keeps changing over time, as per the demand and supply of the cryptocurrency worldwide. So select the amount of Bitcoin that you want to buy and proceed with the purchase by paying through your chosen payment methods. Once the crypto exchange verifies your payment, the Bitcoin would then be deposited into your crypto exchange account.
Step 4: Transfer Your Bitcoin To A Crypto Wallet
While keeping your Bitcoin on the crypto exchange is relatively safe, there have been instances in the past where crypto exchanges have gone bankrupt or bust, and investors were unable to withdraw their purchased cryptocurrencies. In worst cases, investors could no longer access their cryptocurrencies and lost their investments forever. Fortunately, you can create your own personal crypto wallet that will be protected with a unique key, similar to a password. You can choose to transfer the Bitcoin that you have purchased from your crypto exchange account to a personal wallet for safekeeping.
Disclaimer: This article does not intend to pass on any financial advice and BQ Prime does not endorse any of the cryptocurrenices mentioned above. Please invest at your own discretion.