How to buy your first Bitcoin

  • There are thousands of cryptocurrencies. But all cryptocurrencies are not Bitcoin. Bitcoin is the first and most widely-used cryptocurrency.
  • You don’t have to buy 1 whole Bitcoin. Bitcoin is divisible. It’s even more divisible than the dollar. $1 can be divided to 2 decimal points: $1.00 — while Bitcoin can be divided into 8: 1.0000000 This means you could own 0.00000001 BTC (short for Bitcoin).
  • Bitcoin is built on Blockchain Technology. If Bitcoin was a car, imagine Blockchain as the roads that allow Bitcoin to travel from one user to another.
  • Exchanges, like Binance and Coinbase, are independent websites that allow you to exchange fiat money (like the US dollar) for cryptocurrencies.
  • Wallets, like Edge, Exodus, and even CashApp are software that facilitate access to the blockchain. They are used to transfer and store Bitcoin and other cryptocurrencies securely. CashApp, Edge, Exodus, and a few other wallets also allow users to buy Bitcoin from within the app thus alleviating extra steps, fees, or the need to use an exchange altogether. For beginners, mobile apps are the simplest to start using. Though, if you prefer using a desktop computer to buy your first Bitcoin, please read the following article and information relevant to your country.

To learn how to buy Bitcoin first, you need to answer the following question: where can I buy Bitcoin? The best places to buy Bitcoin depend on where you live, as well as your expectations.

Europe & U.K.

Binance is the world’s largest cryptocurrency exchange and offers an option to buy Bitcoin with Visa or Mastercard instantly.

Coinbase requires identity verification. After linking a bank account and purchasing cryptocurrency, withdraw approval takes two weeks. Reputable but slow.

Simplex is a simple and fast exchange to purchase cryptocurrencies without fear that your transaction might be compromised and your funds stolen.

Cex.io may take 1-2 days for card verification, but once it’s verified, you can use it to instantly purchase Bitcoin.

U.S.

Paypal allows users to buy cryptocurrency simply in their app. Start with as little as $1 with the funds already available in your PayPal balance. There’s no digital key to lose. Transfer your crypto into your PayPal Balance account or send some to a friend in just a few steps.

CashApp is the easiest option. Simply, download their mobile-app to your phone, link a bank account, and buy some Bitcoin. There is no waiting period to withdraw funds and your BTC automatically goes to your wallet. The app’s built-in wallet makes it easy to make purchases. During checkout, you may opt to use the QR code so there is no need to type in the receiver’s address. All-in-one, CashApp is the easiest and fastest option to obtain BTC and make purchases at Scores Truly. Instructions for CashApp

Coinbase requires identity verification. After linking a bank account and purchasing cryptocurrency, withdraw approval takes two weeks. Reputable but slow.

Binance.US is only offered in 43 states. Visa and Mastercard are accepted.

Abra is unlike other cryptocurrency exchanges. They claim to never take custody of your funds. As a result, everyone using Abra always holds their own funds. It’s particularly user-friendly, and the registration process is fairly easy but only a mobile-app for U.S. and Philippine customers is offered.

Simplex is a simple and fast exchange to purchase cryptocurrencies with bank cards. No identity verification is required for amounts under $150.

LocalBitcoins offers person-to-person buying of Bitcoin anonymously.

Bitcoin ATM Map locates the ATMs in 73 countries where Bitcoin and other cryptocurrencies are sold for cash. Find ATM – insert cash – receive crypto.

Canada

Bitbuy: There aren’t many decent platforms to invest in Bitcoin from Canada, as most international platforms do not welcome Canadian residents or do not offer them full features. BitBuy is one of the best ways to buy BTC in Canada. Founded in 2013, they tout a great user experience as well as reasonable fees.