Bitcoin is the pioneer of cryptocurrencies with a promising future predicted by many. Mainstream investors are getting in on the act, the excitement is trickling into the masses, and the number of products and services you can buy with cryptocurrencies is increasing.
Headlines like, buy a car with Bitcoin or buy a house with Bitcoin, once considered rhetoric, are now becoming a reality. In this article you will get a guide on how to buy Bitcoin online.
Bitcoin is a volatile currency. Subsequently, the price is prone to fluctuate, something that makes it both enticing to investors and a caution to others. More mainstream payment methods are being proffered to buy and sell Bitcoin from a growing diversity of platforms, and since its inception in 2009, there is no denying the rise in its value.
In this comprehensive guide to Bitcoin, we mention the different ways you can purchase Bitcoin. Also, we talked about other complicated concepts involved in diving into the cryptocurrency community.
First things first, as of writing, one Bitcoin is worth $ 8,033 in U.S. dollars. Now you see why it’s so popular right now.
Like any other currency, Bitcoin has value because people give it value. But it’s not that simple.
Supply and Demand
Of course, supply and demand have a factor in any currency, including cryptocurrencies. So, the sudden popularity of Bitcoin has helped drive its price well over $8,000.
There is also a limited number of Bitcoin—21 million to be exact. Since there are over seven billion people in the world, if everyone could easily mine Bitcoins, the currency wouldn’t have much value. But not everyone does—so the precious few that do attain a high value.
Just like gold, Bitcoin is complicated to mine and requires a particular technology (and a lot of energy) to do so.
The harder something is to get; the more people want it—raising its value.
More places are accepting Bitcoin
Currency has no value if you cannot use it. But more and more businesses are accepting cryptocurrencies as a legitimate payment around the world. Dell, Microsoft, Shopify, eGifter, some airlines, and even pizza places accept Bitcoin. And in many countries, such as Australia, Bitcoin is viewed the same as traditional currencies.
Where to buy Bitcoin
The major places to buy Bitcoin online are through an exchange or via a broker. Some exchanges allow you to both buy and sell Bitcoin while others just act as an intermediary.
There is a wide variety of platforms to purchase cryptocurrencies, and the list is growing. You can buy Bitcoin with PayPal, and you can even buy Bitcoin with your Android and other smartphones. We will explore the options.
How do I buy Bitcoin?
The number of ways to buy Bitcoin is growing. We have detailed some of the most popular and emerging methods to purchase the cryptocurrency below.
Trough an exchange or broker
Exchanges are a traditional ‘go-to’ for those wondering how to buy Bitcoin as they allow users to change fiat money into crypto easily, offer a wide variety of crypto coins and most have a decent level of liquidity.
Brokers can often access Bitcoin more easily as exchanges can experience delays, e.g., longer ID verification processes. Although there is a premium to pay for brokers, they can buy and sell at a fixed price which can result in the best way to buy Bitcoin.
Also, brokers are often more open to different payment options and are considered the best way to buy cryptocurrencies with a credit or debit card by some.
Now that you know the basics of the price, it’s time to buy some (if you want to, of course).
STEP 1: Get a Bitcoin wallet
Before you buy Bitcoins, you’ll need to set up a “wallet.” A Bitcoin “wallet” is just a virtual storage center, just like your wallet holds your cash and credit cards.
The main wallet options are:1 – A software wallet that can be stored on your computer’s hard drive2 – An online, web-based service3 – A ‘vault’ service that keeps your Bitcoins protected offline or multisig wallet that uses several keys to protect the account.
If you’re an everyday user, the online services are your best option, as long as you don’t need complete anonymity and don’t mind the lengthy setup procedures. However, some people believe that this erases the point of Bitcoin and its anonymity.
If you are an investor, any of these platforms will work since you likely won’t be regularly spending from your wallet.
Now that you understand what a Bitcoin wallet is, you are probably wondering how you find the wallet that is best for you.
Create a wallet at NordikCoin
With NordikCoin, you can buy Bitcoins in under 5 minutes. It’s free and comes with an easy-to-use app! You can buy, sell, exchange, and trade Bitcoin on our platform—making us one of the most user-friendly sites. After purchase, you can secure your Bitcoin with NordikCoin’s encrypted wallet. And there you are, you can spend your Bitcoin at thousands of merchants accepting the cryptocurrency.
We are a prominent, free storage option in the community, and one of the most easy-to-use apps out there.
NordikCoin is also a great storage option for investors, since it’s software-based, rather than online providing an extra layer of security.
STEP 2: Buy Bitcoin
Those who don’t have the technology or understanding of sophisticated computer software can buy Bitcoins with cold hard cash, credit or debit cards (apps like Coinbase currently accept Visa and Mastercard), and wire transfers. You can spend as much as you like, and you obviously don’t have to buy a whole Bitcoin for over $10,000. You can purchase fractions of Bitcoins.
You can also get paid with Bitcoins. If you are trying to break into the cryptocurrency world, finding a side hustle that pays you in Bitcoin is a great way to get started.
At NordikCoin you can buy Bitcoins with VISA or Mastercard in your local currency. Our integrated exchange service is low cost.
STEP 3: Transfer Bitcoins to your wallet
Now, you have a wallet, but if you’ve never been in the Bitcoin game before, you may not know how to combine the two.
That is where your wallet ID (or address) comes in. This is sort of like your bank account info that you give to get your check directly deposited into your account each pay period. You will enter your address into the proper field each time you buy or trade Bitcoins.
Keep your Bitcoin safe in your NordikCoin wallet. You can also transfer Bitcoin to other Bitcoin wallets, or spend your Bitcoins on a multitude of e-commerce websites, such as Microsoft, Expedia, and Shopify websites.
Does it matter where I live to buy Bitcoin?
If you want to buy and sell Bitcoins from the country you are in, this isn’t an issue as long as the country hasn’t banned trading or deemed it illegal. Different countries have different legal rules when it comes to buying cryptocurrencies. These rules are changing all the time. So, whether you want to buy Bitcoin online in Australia or if you want to buy online from India, this shouldn’t be a problem.
How to buy Bitcoin anonymously?
The very nature of blockchain technology, the system on which Bitcoin operates, means that transactions are always traceable. So, if you’re asking yourself, ‘how do I buy Bitcoin anonymously?’ Unfortunately, it simply isn’t possible.
If you wish to keep your financial matters private or prefer not to put your trust in big financial organizations, then the two options below are considered the best way to buy anonymously:
Buy Bitcoin from an ATM that does not require you to go through the verification process. The machine, connected to the internet, allows users to change BTC and cash. Each machine is different, and they charge a fee of around 5 – 11 %. Be aware that some machines may ask you to confirm your identity.
Buy Bitcoin with your preferred payment method at NordikCoin.
Get started with NordikCoin today; one of the easiest, cheapest, and safest places to go for all your Bitcoin needs.