How Do You Buy Bitcoin?

Presently, bitcoin prices are at an all-time high, and there has never been a better time to buy them. However, before you buy them, you need to have a digital wallet to hold the private and public keys of your bitcoins that you will purchase.

Bitcoin Exchange

This is where users trade bitcoins. There many exchanges where you can trade bitcoins in a similar way that you trade shares on the stock exchange. Mt. Gox is currently the biggest exchange in the world. Other exchanges include Coinbase, BT China, BitBargain, CoinCorner, Xapo, BitQuick, just to name a few. Some of these exchanges offer a digital wallet option but be wary of the security levels they employ to ensure that your coins are safe.

Use the App/Website

Many of the exchanges have an app and a website. Whatever one you choose, you will have to create an account, which you must link it with your bank or PayPal account. It is up to you to determine the number of bitcoins you want to buy, but some exchanges place a daily purchasing limit.

Use Regular Money to Buy Bitcoin

Once you have found a suitable wallet and exchange, you can use the traditional payment methods such as credit cards, debit cards or electronic funds transfer to buy the bitcoins from an exchange. Most of the exchanges have apps that allow you to track the price of the bitcoin on their counters and you can make the purchases as you wish.

However, exchanges recommend that you avoid storing huge numbers of bitcoin on the exchange since they can be hacked and you can lose a fortune. After trading, ensure that you transfer your earnings to your wallet. Before settling on a particular exchange or wallet, ensure to do your research carefully.

Conclusion

The buying process is easy as long as you have the money. Ensure that you have a secure wallet to store all your private and public keys to the bitcoins. There is also an option of buying bitcoins via special ATMs but it is not yet widespread.

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