How to buy bitcoin and where with paypal? How much does one cost, and how do I get it?
Bitcoin (BTC) is the world’s best-known cryptocurrency. A growing number of stores and service points accept payments made using it. So perhaps it’s time for you to start using BTC too? Below we advise you how to buy bitcoins, how much they cost and what to do when buying them.
Digital or traditional currency? Which is better?
Cryptocurrencies are becoming increasingly more popular. This is mainly due to the media, which have taken up the topic of virtual money in response to the near realization – according to many people – of the perspective of the complete digitalization of traditional currencies. Even now, a significant part of payments is made through Internet banking. We use all sorts of payment cards and credit cards. Money has become abstract. Nevertheless, it still exists in an organoleptic form, so to speak: we can withdraw cash from an ATM, empty the bank account and keep our savings “in a jar”.
It is different with cryptocurrencies: they are completely virtual; they are merely data stored on servers. They are also governed by other laws. In traditional money circulation, the central bank is the issuer of the currency, and the means of payment are controlled by state institutions. Digital currencies are not subject to institutional supervision, they are independent of governments (unlike some currencies). Their issue is based on the so-called “mining” – this term in this context means the extraction of virtual coins from system resources. We have extensively described this process in our other articles, to which we refer everyone interested in the subject. Suffice it to say that cryptocurrency networks operate in a way specific for themselves, fundamentally different from that of the traditional financial market.
These fundamental differences are perhaps the reason why some people, despite their interest in cryptocurrencies, do not decide to buy bitcoins. Uncertainty related to the functioning of the system, lack of knowledge about the mechanisms that govern it, prevents many Internet users from trying out a new form of payment. Meanwhile, it is enough to know where to buy bitcoins, how to check the current rates and what to consider when setting up an account. An average user who does not intend to invest a lot of money in the hope of a profitable sale may stop there. How to buy bitcoin? Below, we will answer the above questions as exhaustively as possible and explain step by step how much bitcoin costs and why it’s worth keeping track of the current quotes. You simply need to know about these things.
Buying bitcoin: step by step
The Bitcoin Cryptocurrency System (BTC) is very easy to use. It is even simpler than the e-banking we are used to. Most importantly, it does not break down often, and in terms of technical security, it is much more dependable. Just look at the statistics: since 2009, when Bitcoin was founded, the system has been active for 99.98% of the time.
Over the past decade, there have only been two service interruptions, which is a really impressive result compared with banks. Therefore, if you are interested in buying bitcoins but are afraid of a network failure that could result in you losing your savings or some other technical complication – you have nothing to fear. E-banking is much more unreliable, and yet you use it every day. Read on to find out how to buy bitcoins.
Bitcoin buy: what will you need?
To become a bitcoin user, all you need is internet access. Of course, it is important to ensure that your connection is secure: use firewalls, scan your drive from time to time with an antivirus program and avoid visiting suspicious sites. If someone installs a keylogger or other spyware on your device, they can gain access to your account.
This is why it is so important to use security software. By maintaining basic security rules, you reduce the risk of losing funds due to a cyber-attack. The Bitcoin network itself has been equipped with advanced security features that ensure smooth transactions and protect users from threats. The high level of security of the system has been confirmed in a report by the Central Bank of Canada.
Where to buy bitcoins: online currency exchanges
You already know how to buy bitcoin, so it is time to indicate where you can buy it. You can buy bitcoin at a currency exchange, step by step. Not every traditional currency exchange point allows you to buy bitcoin and other digital currencies such as Ethereum (ETH) or Litecoin (LTC). Therefore, it is best to use the services of strictly cryptocurrency-based exchanges. It is the simplest solution of all and does not require any verification.
Of course, one should be careful when choosing a currency exchange, just like when exchanging traditional currencies. Not every company deserves trust. When exchanging money for bitcoins, one should be all the more careful, because the network is full of fake currency exchange services, offering bitcoins or other cryptocurrencies. When you make a deposit using such a service, you receive fraudulent money, which has nothing to do with bitcoin.
Therefore, if you want to buy a cryptocurrency at a currency exchange point, first check reviews available about it online. In general, the first results of a search are in line with basic quality and safety standards. When making a decision, it is worth paying attention to the speed of purchase and sale. The formalities connected with exchanging traditional money for a cryptocurrency should be limited to a minimum.
How much is one bitcoin: stationary currency exchange points
Of course, an online currency exchange website is not the only option available. In large cities, there are many authorised stationary currency exchange points where you can also check the price of bitcoin (i.e. how much bitcoin costs) and make a purchase. Remember to choose only those currency exchange points which ensure the highest security of transactions.
You already know how to buy bitcoin at a currency exchange, now it is time to discuss cryptocurrency trading on cryptocurrency-based exchange platforms.
Where to buy bitcoins: cryptocurrency exchanges
Another place where you can buy bitcoin is the cryptocurrency exchange. These are extensive platforms that allow you to buy bitcoin from other users. The cryptocurrency’s rate is constantly updated so that you can see how much bitcoin costs. You can not only buy and sell bitcoins in these cryptocurrency exchanges. The exchanges are good internet users who not only trade BTC, but also need a universal currency account, which would also allow access to other digital assets.
The BitBay exchange is very popular on the market. A simple, intuitive interface, low margins, and an attractive spread – these are the advantages that distinguish BitBay from dozens of other cryptocurrency exchanges. The registration process on the exchange platform is not difficult. You can come across interesting tutorial videos on YouTube that show how to set up an account associated with your personal email address, and how to sell or buy bitcoin. Written guides are also available online. Of course, BitBay is not the only exchange available – there are many other sites of this type offering to buy and sell bitcoin. Just search for them.
Buy bitcoin! Cryptocurrency wallet
Traditional money is kept in a bank account or a physical wallet. Cryptocurrencies also require a ‘place’ where they must be stored. This is the so-called “cryptocurrency wallet” – a tool with which you will need in order to make a deposit, as well as to buy and sell bitcoin.
Cryptocurrency wallets can come in different forms. When choosing your own wallet, you should be guided by the expected ways of using cryptocurrencies. The most popular among beginners are software digital wallets. They allow you to efficiently control the funds accumulated on your account. This is a much more advantageous option than keeping the money on the exchange platform, where, by the way, you have to go through a verification process.
You have full control over your digital wallet anytime and anywhere. In the case of the cryptocurrency exchanges the case is a bit different – there, the data administrator is the service owner. So if you want to start selling and buying bitcoins, do not use the exchanges platforms for the time being (unless it indicates how much bitcoin costs, as we have already mentioned). Your digital wallet also gives you the opportunity to buy bitcoin. By creating it, you will gain your own address (a public key), as well as a password (private key) to make transactions, e.g. to exchange BTC for Euro.
How to buy bitcoins: a desktop wallet
A special type of cryptocurrency wallet is the desktop wallet, which can be used to buy bitcoin. It is an easy-to-use application which can be downloaded and installed on your drive. Currently, the most popular are Exodus and Electrum applications (the latter is rather for more advanced users). You do not need to undergo any verification process in order to set up such a wallet.
Buying bitcoin: a browser wallet
Another type of digital wallet is the browser wallet. It allows you to control your finances from your browser by logging on to a specific website. Despite the undeniable advantages of this solution (you do not need to install anything), it has a certain disadvantage. While the desktop wallet allows you to fully control the contents of your account, the browser version, although it allows you to send and receive bitcoins, does not provide permanent control. Therefore, installing special software on a computer (or a mobile device) seems to be the optimal solution, especially in the case of large amounts of BTC. You can set up a browser wallet through websites such as Coinbase or Blockchain.com.
Buy bitcoin: a hardware wallet
Another option is the so-called hardware wallet. Of all the options available, it is the safest form of bitcoin storage. Bitcoins are stored offline and a transaction must be confirmed with a PIN. Your wallet’s private key is fully secure. The often-indicated similarity of this type of devices to USB drives is superficial – your wallets have a special operating system and a number of security features, matching those used by governments and banks. The Ledger hardware wallet stands out among the rich availability of such devices on the market.
Buying bitcoin: an offline wallet with online access
In this type of wallet, BTC is not stored on external servers, but on your own computer. External websites only allow you to read the file installed on your disk. As an example of such a wallet is the Guarda.co. service. In fact, it is only an interface through which the user can freely manage their funds. The private keys are contained in a special file stored on the disk (and not on the website), and the file itself is encrypted with a password. Of course, the whole thing is completed by the address available to others, known as the the public key.
How to buy bitcoin: a mobile wallet
Mobile wallets are very popular. They are useful and easy to use applications, thanks to which you can manage bitcoins. Mobile wallets allow you to buy and sell BTC. We particularly recommend the Mycelium mobile application, which, among many other products of this type, stands out for its exceptionally fast operation. Mobile wallets work both on Android and iOS.
In a world of progressive digitisation of ever-increasing areas of human life, the possibility of replacing traditional money with cryptocurrencies seems very probable. National governments are still a long way from revolutionising the current monetary circulation but given that some countries are already regulating the sale and purchase of digital currencies, the popularity of Bitcoin is likely to increase. Its popularity is already surprisingly high.
So much so that if you wish to start using BTC, you will not have the slightest problem buying this cryptocurrency. You just need to open an account on a cryptocurrency-based exchange platform or use a currency exchange service. We have already discussed why it is worth to choose the latter option when getting started (the cryptocurrency exchange platforms are rather recommended for experienced users).
Remember to choose only those exchange offices which ensure the security of transactions and in which you will exchange bitcoins, for example, for the euro. A cryptic exchange and an exchange office do not exhaust all possibilities. Another solution is a bitcoin portfolio. With your wallet, you can easily buy bitcoins or another crypto exchange. Each user has his or her own individual address (public key), which can be shared with others to complete the transaction. So if you are just beginning your adventure with cryptographers, buy bitcoin in a way that suits your expectations and possibilities.