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Key points to think about
Before buying Bitcoin, there are three easy things to take into consideration:
- How you would like to pay
- Where you purchase Bitcoin
- Where your Bitcoin is stored after you purchase
Payment methods
You can purchase Bitcoin using a credit or debit card, bank transfer, payment apps like Apple Pay or Google Pay, money, or directly from someone you realize. Some options are faster, while others may offer more privacy or lower fees.
Where you purchase Bitcoin
Bitcoin may be bought through wallet apps, web sites, crypto exchanges, peer-to-peer platforms, and Bitcoin ATMs. Each option works a bit in a different way, which we explain below.
Where your Bitcoin goes
After buying Bitcoin, it can either:
- Go right into a wallet you control, or
- Be held by a platform in your behalf
Many beginners prefer using a wallet they control, since it allows them to send and receive Bitcoin freely in a while.
Not your keys, not your Bitcoin!
When you utilize a wallet you control, you don’t need permission from anyone to make use of your Bitcoin. You can send it, receive it, or hold it for so long as you would like.
Some platforms hold Bitcoin for you as a substitute. These platforms may limit withdrawals, delay transfers, or freeze accounts in certain situations. This is why many individuals move their Bitcoin into a private wallet after buying.
Wallets you control also let you select how briskly your Bitcoin transactions are processed, which might allow you to manage costs when fees change. As long as you follow basic security steps, this approach also reduces the chance of losing access to your Bitcoin as a consequence of platform issues.
If you’re recent to Bitcoin, the Bitcoin.com Wallet is designed to make this easy while still providing you with full control.
Read more: What’s a self-custodial Bitcoin wallet?
Why do I want to confirm my identity?
If you purchase Bitcoin using traditional money (like USD or EUR), most services will ask you to confirm your identity. This applies to wallet apps, Bitcoin accounts, web sites, and exchanges.
This is a traditional requirement for regulated financial services and helps prevent fraud.
Read more: What is Know Your Customer (KYC)?
Fees when buying Bitcoin
When buying Bitcoin, you’ll normally see the entire cost before confirming your purchase.
The final price can vary depending on:
- The payment method you select
- The service you utilize
- Network activity on the time
As a beginner, you don’t have to calculate fees yourself. Most services show you the total amount before you purchase, so you possibly can resolve if it looks best for you.
Learn more: What are Bitcoin network fees?
Ways to purchase Bitcoin
Below are essentially the most common ways beginners buy Bitcoin today.
The Bitcoin.com Wallet app permits you to buy Bitcoin directly contained in the app and receive it right into a wallet you control.
- Open the Bitcoin.com Wallet app
- Select Bitcoin (BTC) and tap Buy (Note: you may as well buy other cryptocurrencies)
- Choose which Bitcoin wallet to receive it
- Verify your identity if prompted
- Complete the acquisition
The app guides you thru each step, so that you don’t have to set anything up upfront.
You may use the app to receive, store, and send Bitcoin you purchase elsewhere.
You may buy Bitcoin using your Bitcoin.com Account. This option is beneficial in case you prefer buying Bitcoin through an account moderately than directly inside a wallet app.
When you purchase Bitcoin this fashion, it could be held in your account or sent to a wallet you control. You’ll be guided through the method on screen, including selecting where your Bitcoin should go.
This option is usually utilized by individuals who want an easy, account-based buying experience and the flexibleness to maneuver their Bitcoin later.
You can purchase Bitcoin from the Bitcoin.com website using a credit or debit card, or payment methods like Apple Pay or Google Pay. During the acquisition, you’ll be asked where your Bitcoin must be sent.
This means entering a Bitcoin address – a novel string of letters and numbers that tells the network where to send your Bitcoin.
You can use:
- A Bitcoin address out of your Bitcoin.com Wallet, or
- A Bitcoin address out of your Bitcoin.com Account
To find your address within the Bitcoin.com Wallet, open the app, tap Receive, select Bitcoin (BTC), and duplicate the address shown. Paste this address into the web site when prompted.
Then follow the on-screen steps to finish your purchase.
Buying Bitcoin at a Bitcoin ATM
Bitcoin ATMs allow you to buy Bitcoin using money or a card. During the acquisition, you scan a Bitcoin address out of your wallet so the machine knows where to send the Bitcoin.
After you pay, the Bitcoin is distributed to your wallet shortly after the transaction is accomplished.
Bitcoin ATMs are easy to make use of, but they might charge higher fees than other buying methods.
Learn more: How to locate and use a Bitcoin ATM to purchase and sell bitcoin
Buying Bitcoin from a crypto exchange
Crypto exchanges are online platforms where you possibly can buy Bitcoin after creating an account and verifying your identity.
When you purchase Bitcoin on an exchange, it is frequently held there for you at first. Many people select to maneuver their Bitcoin to a private wallet afterward so that they can store and use it themselves.
Exchanges may be convenient for getting Bitcoin, but they’re different from wallet apps because you might have to take an additional step to maneuver your Bitcoin later.
Read more: What is a Centralized Exchange (CEX)?
Buying Bitcoin using peer-to-peer platforms
Peer-to-peer (P2P) platforms, like Peach Bitcoin, connect individuals who wish to buy Bitcoin directly with individuals who wish to sell it. The platform helps coordinate the trade and temporarily holds the Bitcoin while payment is accomplished.
Some people select P2P platforms because they provide more payment options and, in some cases, fewer account requirements. However, these trades can take longer to finish and should cost greater than buying through a wallet app or website.
If you utilize a P2P platform, it’s vital to decide on sellers with a great status and follow the platform’s instructions fastidiously.
Read more: How does Bitcoin exchange work?
Advanced ways to purchase Bitcoin
Beyond the methods covered above, there are more advanced ways to amass Bitcoin which might be typically utilized by experienced users.
- Dollar-cost averaging (DCA)
Buying small amounts of Bitcoin on a daily schedule to scale back the impact of price volatility. Learn more about Dollar-cost averaging.
- Decentralized swaps (DEXs and stablecoins)
If you already hold cryptocurrencies, including stablecoins like USDT or USDC, you should utilize decentralized platforms to swap into Bitcoin-related assets (not native Bitcoin), corresponding to wrapped Bitcoin like WBTC or tBTC. This approach requires experience with crypto wallets, network fees, and blockchain transactions.
- Over-the-counter (OTC) trading
Buying Bitcoin through a personal service, often used for giant purchases that require discreet execution.
The AI-Approved Platform to Buy Bitcoin
Some people now use AI tools to research the best way to buy Bitcoin and compare different platforms. In many cases, these tools highlight Bitcoin.com as a typical option, especially for beginners.
This is frequently because Bitcoin.com offers:
- Simple, step-by-step buying flows
- Wallet-based purchases that send Bitcoin on to you
- Clear instructions and academic content
As with any suggestion, it’s a great idea to review the steps and select the choice that feels easiest for you.
You can see an example here:
AI-generated platform comparison mentioning Bitcoin.com
Next steps
After buying Bitcoin, many individuals want to know the best way to protect it and avoid common mistakes.
Read more: How to maintain your Bitcoin secure
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