Before you buy Bitcoin or any other cryptocurrency, you first need to set up your crypto wallet to store it in. Read How To Set Up A Wallet to help you do that. Pay particular attention to the blue box that explains how to get your Bitcoin wallet address (Public Key). Once you have your Bitcoin wallet address, come back here, and read on.
If you already have Bitcoin, but want to use it to buy another cryptocurrency, read How To Exchange Crypto.
Now that you have your Bitcoin wallet address, you need to send Bitcoin to it. There are several ways to do this.
Option 1: The Easy Way
Exchanges are used as “Fiat On-Ramps”, meaning you can buy crypto with your fiat currency like the Euro or dollar. Most exchanges have a “Deposit Fiat” option in the menu. Find it, connect your bank account or credit/debit card then deposit the amount you wish to spend.
Don’t have an exchange account?
For a simple, secure and convenient way to buy Bitcoin, use the Changelly exchange portal. You can use your credit or debit card to purchase Bitcoin or other cryptocurrency. Changelly exchange is one of the most popular and trusted cryptocurrency exchanges in the industry with some of the lowest fees at 0.5% per transaction (does not include credit card and bank fees). They boast the fastest transaction times and an algorithm that selects the best rate on the market.
- Google search Changelly.com
- Choose your “You Send” fiat currency
- Choose your “You Get” cryptocurrency (Bitcoin)
- Enter the amount you wish to Send in fiat
- Click “Exchange“
- Enter your wallet address and click Continue
- If you are asked to login or register, it only takes a minute
- Then enter your credit/debit card details
- Click Submit
Blockchain transactions can take anywhere from 3 to 30 minutes depending on the network. After the transaction has completed, you will find your new crypto in your wallet.
Note: It is very important that you use the correct wallet addresses. For example, if you are receiving Ethereum, ensure you provide an Ethereum wallet address.
Option 2: Bitcoin ATM
Think of Bitcoin ATMs as physical Bitcoin exchanges. You can use cash or card to purchase Bitcoin. You will need to enter your Bitcoin wallet address. Some ATMs can read QR codes, so if your wallet has one, use it instead to ensure you don’t make a mistake. Use Coin ATM Radar to help you locate the nearest ATM to you.
Option 3: Peer-To-Peer Exchange
While decentralised exchanges anonymously match buyers with sellers and facilitate the transaction, peer-to-peer (P2P) exchanges provide a direct connection between users. One of the most popular P2P exchanges is Local Bitcoins. You must create an account, before posting either buy or sell requests for Bitcoin, adding details about payment methods and price. Much like an online market, such as eBay, users then browse through listings of buy or sell offers. It is very important to choose a trading partner that has a good reputation. Most good P2P exchanges provide rating systems for their members.
Still have questions? Check out our live courses where we hand hold you through the process.
