Today, Bitcoin is in the news more than ever before.
Thanks to skyrocketing prices and roller coaster dips, everyone is interested in learning how to buy and sell Bitcoin.
As the most popular of all the cryptocurrencies, Bitcoin is now widely accepted around the world and has a growing number of applications.
Today it might be viewed primarily as a Store-Of-Value (SOV), but the days of full-on transactional cryptocurrency is approaching fast. Bitcoin promises to make payments much faster and more secured. By cutting off the middlemen, Bitcoin transactions become much cheaper too, especially when it comes to international payments.
Bitcoin also takes on the role of government central banks (e.g. The Bank of England). Traditionally, government has control over the supply of currency. This makes traditional currencies open to manipulation and corruption.
The Bitcoin Blockchain is entirely open. It’s not owned or controlled by anyone. Instead, it’s backed by an advanced cryptographic algorithm, run by a network of thousands of computers around the world. Bitcoin’s advantages to traditional fiat currency are thus numerous: it’s permissionless, decentralized, censorship resistant, open source, fast, and pseudo anonymous.
Ultimately, Bitcoin promises to democratize money while removing almost all the friction and cost in making a secure payment.
A brief history of Bitcoin
Bitcoin is a cryptocurrency, designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating Bitcoin.
On 31 October 2008, a link to a paper authored by Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. This paper detailed methods of using a peer-to-peer network to generate what was described as “a system for electronic transactions without relying on trust”. On 3 January 2009, the Bitcoin network came into existence with Satoshi Nakamoto mining the genesis block (block number 0), which had a reward of 50 Bitcoins.
Bitcoin has since undergone rapid growth to become a significant alternative currency both on and offline. From the mid 2010s, some businesses began accepting Bitcoin in addition to traditional currencies.
But: before you can deep diver into any of this, you need first to know where to go to purchase and store it. Luckily, our handy guide will get you started in no time.
Where to buy?
There are a few steps you need to take to make your first purchase, but if you are ready and willing to follow along, we will teach you how to buy Bitcoin in no time.
The best place to buy Bitcoin is on an exchange.Online exchanges are the most popular choice because of their ease of use and simplicity. You might be surprised to know that exchanges traded more than $2 Trillion in Bitcoin in 2018 despite the year-long bear market.
There are lots of exchanges in the market, with varying performance. Some are less trustworthy than others, and some can be quite limited, so it’s essential to pick the right exchange to start with. There are also “offline” exchanges like LocalBitcoins, that offer other benefits than online services. We will not cover these options in this guide.
Nordikcoin – safe and easy
NordikCoin is a leading cryptocurrency exchange service, allowing you to buy and sell Bitcoin with ease. NordikCoin was founded in 2019 by a team of international blockchain technologists, lawyers, and auditors and is licensed to buy and sell cryptocurrencies, including providing hot and cold wallet storage.
Buying and trading Bitcoin on NordikCoin is a safe and hassle-free experience thanks to the latest technology in security and encryption. Communication is end-to-end encrypted, with several technical safeguards and mechanisms.
Signing up for an account
Signing up for a NordikCoin account is easy, though you will need to provide some form of identification. NordikCoin ensures positive client ID verification using a multitude of official electronic ID solutions. All options might not be available in time of writing, as the NordikCoin service is being gradually rolled out across Europe.
To get started, you must log in with an online ID solution. These rules are essential to follow as they allow us to comply with various ‘Know-Your-Customer’ (KYC) regulations. Thorough KYC also minimizes fraud and ensures a safe environment for all customers.
Buy Bitcoin with your Visa and Mastercard
NordikCoin allows both credit and debit card transfers for payments. We offer low transaction fees with VISA and MasterCard support in your local currency, ensuring swift fiat-to-crypto movement. We are also in the process of rolling out purchases through traditional bank transfer.NordikCoin provides you with information on how many (or how much of a) Bitcoin you can buy for specific sums of money.
You don’t have to buy an entire Bitcoin; you can easily purchase so-called “Satoshis”. The satoshi is currently the smallest unit of the Bitcoin currency recorded on the block chain. It is a one hundred millionth of a single Bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto.
To make your first trade, input the amount you want to buy in your desired currency and click the buy button. Your NordikCoin wallet will be debited soon after.
Read more: Bitcoin for Dummies
The Nordikcoin wallet
Once you have made your purchase, your new Bitcoin will be stored in your NordikCoin wallet. You can transfer funds to an external wallet, i.e. the address of the Bitcoin wallet you have created that’s off the exchange. Of course, you will have to pay a little fee to do this, but that is part and parcel of cryptocurrency transfers.
Fortunately, the fees for such trades are very low. In all cases, it will be a lot cheaper than a regular bank transfer. You can also choose to store your newly acquired cryptocurrency in the safe, fully licensed NordikCoin wallet. This will not incur any fees and you can transfer them off the exchange at any point in time.
Safe but sporadic transfers
Bitcoin transfers can be a bit sporadic. Unlike other in currency trading, when you buy Bitcoin funds, the transaction needs to be recorded in the blockchain and affirmed. This may take some time, especially during busy trading hours. It is not uncommon for a trade to take from some seconds, up to an hour or two, to complete.
That being said, Bitcoin transfers are becoming increasingly fast – and in the future the typical transaction shouldn’t take more than a millisecond.
Choose the amount you want
Remember, you do not need to buy one full Bitcoin. What that means, for example, is that one Bitcoin might be valued at $10,000, but that doesn’t mean you need to buy a minimum of $10,000 worth. You can buy any amount that you want: If you were to buy $5,000 worth of Bitcoin, you would own 0.5 BTC, and if you were to buy $500 worth of Bitcoin, you would own 0.05 BTC.Of course, all these numbers are examples and dependent of the exchange rate at the time of purchase.
Buying Bitcoin is the easiest way to join the most prominent economic revolution since the invention of paper money. Fortunately, the days when purchasing your Bitcoin funds required expert-level IT skills and weeks of waiting are gone.
The most valuable cryptocurrency in the world
By far and large, Bitcoin is the most valuable cryptocurrency in the world. Also, it is the most widely accepted as means of payment – so much so that most other cryptocurrencies are indexed and accessible only via Bitcoin trading.
Choosing the best place to buy Bitcoin depends mainly on the country you live and the legal status of cryptocurrencies in your jurisdiction. Although legal in most countries, Bitcoin regulation is still in its infancy, and the resulting uncertainty means some providers may be unable (or unwilling) to offer their services in certain countries. Countries like Norway, Sweden, Denmark, Malta and Estonia have come a long way with regards to regulation and in these, the market operates much like an ordinary financial market.
Buying options vary significantly according to your preferences, so apart from country availability, you might also want to consider exchanges’ user-friendliness, payment methods, costs/fees, security, and anonymity aspects.
Get started with NordikCoin today; one of the easiest, cheapest, and safest places to go for all your Bitcoin needs.