How to Buy Bitcoin 2020

Bitcoin has been gaining more and more users every year, and its overall price always higher than the previous year. It is no surprise that you are also interested in Bitcoin. This guide will walk you through how to get started with Bitcoin and acquire your first digital asset!

 

Before You Have Bitcoin, You Will Need a Wallet

Like most currencies in this world, you need a place to store it. Bitcoin wallets can be both online and offline; you can take full responsibility for it or leave it to a third party to take care of it for you. Each choice has different advantages and security levels. Here are a few options.

 

Mobile Wallet

One of the simplest ways to get yourself a wallet for free is to download a mobile wallet app on your smartphone. A wallet we recommend is ELLIPAL Wallet App. Download the wallet and follow the setup process to acquire your first wallet.

 

Hardware Wallet

A hardware wallet is a piece of hardware you purchase that helps you hold your Bitcoin. It is the most secure place to deposit your Bitcoin. A hardware wallet we recommend is the ELLIPAL Titan Cold Wallet.

 

Exchange Wallet

A lot of Bitcoin trading happens on an exchange, and it makes sense that many exchanges also provide a wallet for users on their platform. When you create an account on an exchange, you are normally given a wallet to use. However, one must know that although the exchange wallet is convenient, it is not very secure.

 

Buying Bitcoin

There are many ways to buy Bitcoin. One can do it easily through an exchange.

 

Exchange

To buy Bitcoin, you will need to use a debit card, credit card, or wire transfer. Therefore, it is better to find a trustworthy exchange in your country so that they will accept your bank card or bank transfer.

 

For example, if you are in the United States, you can search in Google "Bitcoin exchange in the US", a good option that will come up is Coinbase. Set up your account and verify your identity as what the exchange says. Most of the time, you will only need your ID.

 

After the exchange verifies your identity, you can follow the steps on the exchange to buy bitcoin with your local currency.

 

Bitcoin ATM

Depending on where you live, there might be a Bitcoin ATM in your local area. Just find an ATM, use cash, or your bank cards to buy Bitcoin and tell the ATM to send it to your wallet.

 

An example might be Coin Flip in the U.S.

 

Buying with Credit Card

Services like Changelly allows you to buy Bitcoin with just your credit card. There is no need to verify your identity like an exchange. It is a much faster alternative.

 

 

 

 

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