Bitcoins can be purchased through digital virtual currency exchanges or purchased directly from others. Bitcoin purchases can be made in a variety of ways, such as cash, credit/debit cards, wire transfers, or even other cryptocurrencies, depending on where you are and which transaction platform you are using.
Create a digital wallet
No matter which method of purchase you use, you will need to create a blockchain digital wallet to store your bitcoins. Digital wallets include online wallets (provided by trading platforms or through independent providers), desktop wallets, mobile wallets, and offline wallets (such as hardware or paper wallets).
Different types of wallets have different features, and you need to do some research based on your needs to choose the right digital wallet for you.
Attention! Please remember your digital wallet key, if you forget the password, you will not be able to retrieve the bitcoin stored in it.
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Creating an Exchange Account
There are hundreds of digital currency exchanges in operation around the world, with varying levels of liquidity and security, new ones popping up all the time and some eventually shutting down. You need to do some research before choosing and choose several reputable exchanges to trade on, some countries/regions may only have one or two options due to local policy issues.
Due to the limitations of “Know Your Customer Rules (KYC)” and “anti-Money Laundering (AML)” regulations, creating an exchange account requires verification of identity, such as a photo ID card, and sometimes you may be required to provide proof of address.
Most exchanges support bank transfer or credit card payment, while some support third-party payment tools such as Alipay and Paypal. The exchange will charge a fee (such as handling fee, transfer fee, etc.).
Each exchange’s account creation method and transaction process are different, if you do not provide enough information to help you, please consider switching to a digital currency exchange operation.
Upon receipt of payment, the exchange will purchase the corresponding amount of Bitcoins on your behalf and deposit them in a digital wallet automatically generated by the exchange. This can take minutes, sometimes hours, due to network bottlenecks. Once the purchase is complete you can transfer the assets to the off-site wallet (suggested).
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Choose your purchase method
Platforms like LocalBitcoins can help you find people near you who are willing to cash in their bitcoins. In addition, LibertyX lists retail stores across the U.S. where you can exchange cash for bitcoin. WallofCoins, Paxful, and BitQuick will direct you to a bank branch near you, allowing you to make a cash deposit and receive bitcoin hours later.
Atms are machines that send bitcoins to your wallet in exchange for cash. They operate in a similar way to bank ATMs – you enter a bill, hold up your wallet’s QR code to the screen, and send the corresponding amount of bitcoins to your account. Coinatmradar can help you find a Bitcoin ATM near you.