Buying Bitcoin is a piece of cake; in most cases, it takes just a few minutes and requires no advanced technical knowledge. In most cases, the entire process is similar to standard online shopping: you select the amount and type of cryptocurrency you want on a website, enter your payment details, and then receive the bitcoins in your wallet.
Beyond the basics, of course, there are differences between the various purchasing methods: you can use international exchanges, but you can also use ATMs and even make in-person (over-the-counter) purchases. In addition, there are differences in the wallets where you store your bitcoins, or in the level of identity verification required during the purchase.
In this article, we’ll review the most popular Bitcoin purchasing solutions and also look at what beginner crypto users should pay attention to in each case.
Buying Cryptocurrency: Online Exchanges and Trading Platforms
There are countless global cryptocurrency exchanges that (with a few exceptions) offer Bitcoin buying and selling options to residents of nearly every country.
A globally accessible platform like Binance, for example, where you can easily buy crypto with a credit card. Kraken and CEX.io offer similar services, with one major advantage being that they are designed for beginners, and registration and identity verification rarely take longer than 1–2 hours. Other popular options include Coinbase, HotSlots, and Bitpanda.
On most exchanges, in addition to credit card options, you can also buy Bitcoin with cryptocurrencies, and there’s also the option to swap or exchange them. Among the most popular are Ethereum (ETH) and USDT.
The Short Process of Buying Bitcoin
Now that we’ve familiarized ourselves with some key terms in the world of international exchanges, let’s go through the exact steps for buying Bitcoin.
Registration on the Online Exchange Platform
For most online exchanges, registration takes only a few minutes. As a first step, you’re usually asked to provide and verify your email address and, optionally, your phone number.
The process is therefore almost identical to registering on the HotSlots or PolskieKasyno platforms, so it won’t be unfamiliar at all.
Identity Verification
To access all features on a given exchange (which usually includes simple BTC buying and selling), you must also provide additional personal information. This step will also be familiar to PolskieKasyno users.
The required information is usually your name, date of birth, and residential address, which the system then verifies by uploading copies of official documents. This can be, for example, an ID card or passport, or any other photo ID.
Starting a Purchase
Once registration is complete, it’s time to familiarize yourself with the exchange’s interface and your profile. To buy BTC, simply enter the amount you wish to purchase, fill in the payment details, and your order is ready to go.
On most international crypto exchanges and platforms, you can buy Bitcoin with any type of credit card or even your Revolut card. Before you buy, it’s important to check the current exchange rate, as this can play a key role in your crypto purchase.
Where Will Your Purchased Bitcoin Be Stored?
During the purchase, you’ll need a place to store your Bitcoin. In the crypto world, we call this a wallet, and you should think of it as a kind of bank account. Generally, if you buy Bitcoin on one of the exchanges or trading platforms mentioned above, they’ll automatically generate a Bitcoin wallet for you. However, if you want to transfer your Bitcoin, you will definitely need your own wallet that is independent of the online exchange.
Depending on the security level, there are various wallets available on the market. Some are very simple online wallets that can be created in just a few minutes. Others come with military-grade security protection.
Bitcoin Wallets: The Pros and Cons
Online Bitcoin storage providers offer varying levels of security against hacker attacks, and there are some on the market that we would not recommend for long-term use or for storing large amounts of Bitcoin. Hardware wallets guarantee high security in exchange for a relatively high price.
Most exchanges and online wallets can store both digital and/or fiat currencies, similar to traditional banks. If you want to trade digital currencies regularly, exchanges and online wallets are the best solution, as total anonymity is not a priority here and users are generally required to verify their identity after registration.
In most countries, regulated exchanges cannot avoid the two cornerstones of the current financial system: the Know Your Customer (KYC) procedure and the need to comply with anti-money laundering requirements. These concepts may also sound familiar to users of HotSlots and PolskieKasyno.
It is definitely important to research the current exchange rates of cryptocurrencies and the security levels of exchanges in advance to avoid potential scams.
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