Recent years have seen a significant increase in the popularity of buying, selling, and trading Bitcoin and other cryptocurrencies online.
How do I purchase Bitcoins? Can I buy Bitcoin using a credit card? And what do I need to consider?
We demonstrate how simple it is to purchase Bitcoins right away. Moreover, you will learn everything about storing, transferring, and selling your cryptocurrency in the process.
At onlinecryptoca.wpenginepowered.com, we will go through all of these topics and more.
Before opening an eWallet and buying Bitcoins and Altcoins, the question should be raised as to whether such a transaction is desirable at all. To begin with, cryptocurrencies now enjoy a certain level of legitimacy.
The initial phase has passed, and it has been demonstrated that cryptocurrencies are still unfamiliar to some, but there is sufficient market demand.
As the first cryptocurrency of its kind, Bitcoin has played an essential part in this development. It continues to be the most important cryptocurrency to this day.
Bitcoin outperforms all other digital currencies by a wide margin in terms of market capitalisation.
Take a look at the market’s development, and it becomes clear that Bitcoin has a promising future in which it may be worthwhile to invest as soon as possible.
As a general rule, it is true that you must invest a large sum of money in order to reap significant benefits from these digital currencies.
However, Bitcoin has made a number of millionaires, despite the fact that they have only invested a few hundred dollars in the very early stages.
Of course, no one can make a precise prognosis for the future. Although the evolution of Bitcoin over the last 10 years reveals a lot about the currency’s future potential.
Where Can You Buy Bitcoin?
Anyone who faces the decision of whether or not to purchase cryptocurrencies is now spoiled for choices.
In recent years, a number of alternatives have emerged. Future crypto owners can purchase cryptocurrencies from exchanges, which we also refer to as brokers.
We recommend beginners to use large exchange sites. They made it very easy and created a straightforward procedure to buy cryptocurrencies with euros or dollars.
Investors simply make a deposit in the amount they wish to trade for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. This happens at a rate determined by the current market and offered on the exchange platform.
It encourages buyers who already feel a little more secure or who already own cryptocurrencies to use specialised crypto exchanges where they can trade their currencies for other cryptocurrencies or fiat money.
Exchanges have the advantage of carrying a wider range of currencies, including smaller and less well-known digital assets, and often offer better trading conditions.
You can purchase actual Bitcoin on traditional marketplaces and exchanges, such as Binance, Kraken, and crypto.com, among others. These exchanges just serve as a platform and act as a middleman between the vendor and the buyer.
Anyone who purchases cryptocurrency on these sites becomes the legal owner of the digital coins. They will remain on the platform until you decide to move them to your crypto wallet, which is equivalent to a digital purse.
You can then use them as a legitimate method of payment for certain online retailers. Anywhere crypto is accepted, such as the new crypto casinos, as we’ve mentioned before.
If you are primarily interested in Bitcoin as a kind of investment, you would rather store them in your secure hardware wallet offline.
How to Purchase Bitcoin in Practise?
- Registration at a crypto exchange.
When registering, you must fill out a form with your personal information. Then upload your identification card to complete the registration process.
Thus, it is not possible to purchase cryptocurrencies in an anonymous manner. The personal account will be authorised as soon as the information provided has been confirmed. - Ensure that the appropriate amount is transferred to your account at the cryptocurrency exchange.
- Buy Bitcoin
While signing up, the crypto exchange establishes an account for the user, as well as a wallet on the platform.
When purchasing or selling coins, you can deposit money into your account and withdraw money at any time.
The coins that have been purchased are kept in the wallet. These coins can then be transferred to your own private eWallet of your choosing.
You can find more information about this in the crypto eWallet section.
As explained previously, the use of a credit card to purchase Bitcoins is also an option.
Users, on the other hand, should be aware of the fees that they have to pay for such transactions.
Of course, you can also resale your Bitcoins through the services mentioned above.
Buying Crypto on Coinbase
In addition to buying and selling Bitcoin, coinbase has an integrated wallet that allows you to keep your coins for a shorter or longer amount of time, depending on your needs.
Step 1: To begin, you must first register on the platform. You have to submit your first and last name, as well as your email address, and also a password that you will create.
Make certain that the email address you provide is authentic. Coinbase will send you a link to validate your registration at that address. If you are unable to access this, you will be unable to use the platform.
Step 2: In order to purchase Bitcoins, you must first authenticate your identity. It is necessary to validate your phone number once you have confirmed your email address and activated your coinbase account in order to complete the process.
Step 3: You now need to prove your identity. You can do that by using an official document such as your identification card, passport, or driver’s licence to proceed.
This will require the use of a webcam. For those who don’t have access to a computer, installing the coinbase app on their smartphone can be used instead.
It is sufficient to authenticate your identity with an official document to function as a private individual. The maximum amount of money that users can spend in a week is 9,000 euros.
4th step: You can authenticate yourself with additional documentation to extend the weekly buy and sell limit to 15,000 euros. After your account has been successfully verified by the coinbase staff, you will receive an email confirmation.
You will be able to buy Bitcoins immediately after completing these steps successfully.
For this, coinbase provides two options. You can purchase Bitcoins using a credit card. Additionally, you can deposit money into your coinbase account and use it to buy Bitcoins.
You can add a new payment method by going to the “Settings” menu item in the menu bar. Click then on “Add payment methods.”
Paying with a credit card has the advantage of allowing you to receive the coins immediately. This allows you to react very quickly to changes in the value of the currency.
However, the fees associated with a credit card payment are typically higher than if you would transfer the money from the added bank account to the coinbase account.
Unfortunately, you will not be able to react as quickly with a bank transfer. Depending on the bank, the wire transfer to coinbase might take anywhere from one to two days.
Therefore, it is necessary to keep a small amount of euros in your coinbase euro wallet. Just in case to react quickly at particularly advantageous times and take advantage of exchange rate fluctuations.
Top Up Your Wallet
- Before you can fund your euro wallet, you must first add a bank account to your coinbase account. Select “Payment methods” from the “Settings” drop-down menu and then click on the “Add payment method” button in the top right-hand corner to complete the process.
- Next, it will prompt you to enter the name of the bank, the IBAN, and the SWIFT/BIC code. By selecting “Add,” you will go to the next stage.
- It presents the bank information that was previously entered once more. Additionally, the coinbase account information is displayed. To verify your bank account, they will request you to send a small bit (1 EUR) to the coinbase account. It is absolutely essential that you have entered the reference number correctly.
- You can also transfer higher amounts after validating the bank account. To do so, go to the menu item “Accounts” and then “Pay in” on the left side under “EUR Wallet”.
Connect to Online Banking
- There’s another window that appears. You will need to log into your bank and prepare a transfer from here.
- To complete the transfer, you must provide the reference number that appears on the bank’s transfer form.
- Return to the coinbase browser tab and confirm the check mark by clicking on the “Continue” button.
- Then you enter the amount to be transferred. In the other browser tab, enter the same amount in the transfer form. After you’ve checked the box, click “Continue”.
- In the following step, a window appears that displays the specified data once more. After you have double-checked this, you can send the transfer using the online banking browser tab.
- Click on “I have transferred the funds” on the coinbase browser tab. The money will be credited into your coinbase euro wallet on the following business day, assuming all works as intended.
You will receive an email from coinbase as soon as the funds have been successfully credited.
You can purchase your first Bitcoins after successfully completing the verification process. This means entering your payment method and funding your euro or dollar wallet with funds.
To do so, go to the “Buy” option and choose the right coin. By choosing “Buy Bitcoin Instantly,” you complete the transaction and receive the acquired Bitcoin in your coinbase wallet.
Changelly – Instant Crypto Exchange
Personal details or verification are not required for the changelly platform. All that is needed is an email address. You can also log in using your social media accounts such as Facebook, Twitter, or Google+ if that is more convenient.
- The first step is to create an account on changelly.com:
To do so, go to the changelly website and click “Sign Up” in the upper right corner. A window will appear in which you can log in using a social media account or your email address.
• Secure Your Changelly Account
Because the site does not require a password, anyone with access to the email address might be able to access the account. You must guard against this by creating an alias for your email address.
There are premium email services that allow you to create an alias that forwards emails to your primary address.
Emails will then be delivered to your primary inbox, even if the two addresses have nothing in common.
Two-factor authentication is the second option (2FA). To do so, go to the top right corner and select “My Account”. Click “Profile” then “Enable” in the 2-step verification section.
You must then scan the QR code (e.g. with Google Authenticator). The software provides complete security by creating a fresh code for each login. This will be only valid for a limited time and allow you to log in.
• Exchange Altcoin for Bitcoin
You can swap Altcoin for Bitcoin after you’ve secured your account. To do so, go to the start page and select the Altcoin you wish to trade for this currency.
For example, in the left column, choose Litecoin and in the right column, Bitcoin. Then, click on the green “Exchange” button and confirm your selection.
• Examination
The transfer details, including the exchange rate, commission, and projected transaction time, will then be displayed by changelly. You now click “Next,” enter your Bitcoin address in the following window, and click “Next”.
• Money Transfer and Bitcoin Receipt
Lastly, you go over all the data for the transaction that was displayed in the previous step once more. changelly generates an Altcoin address to which you may send funds from your wallet. All you have to do now is wait for the coins you purchased to arrive in your wallet.
Summary
A vast number of large corporations have already made investments in Bitcoin, including, for example:
- MicroStrategy
- Tesla
- BlackRock
Citibank has also issued a comprehensive study on Bitcoin, which will be used to educate the banking industry in the future.
Now, everyone in the United States and Europe is waiting for supervisory authorities to grant banks, huge investors, and governments the green light to invest in Bitcoin.
All of this information should be sufficient to convince you that Bitcoin is a viable future alternative to fair and, most crucially, unregulated money.
Everyone must decide for themselves whether they want to invest in Bitcoin or continue to ride the wave of inflation that is currently afflicting the old euro system.
Whether or not it is worthwhile to purchase Bitcoin depends on your own trading strategy as well as the financial resources that you have available for investing.
There’s no doubt about it: Bitcoin is the most valuable cryptocurrency on the market, and it’s gaining interest from a growing number of people and organisations.
Almost everything is possible. However, while forecasts expect price gains of up to $500,000, Bitcoin may just as well lose the war and have its value decline instead.
However, we believe that Bitcoin is an investment that should not be ignored in your portfolio because it is a decentralised method of payment that can be utilised for legitimate transactions.