How To Buy Bitcoin (BTC)

August 30, 2024 09:54 AM PDT | By Team Kalkine Media
 How To Buy Bitcoin (BTC)
Image source: Shutterstock

Where To Buy Bitcoin

To buy Bitcoin or any cryptocurrency, you'll need to use a crypto exchange. This is a platform where buyers and sellers exchange fiat currency, like dollars, for digital coins.

How To Buy Bitcoin in 4 Steps

  1. Choose an Exchange: Select a trusted platform where you can buy and sell Bitcoin.
  2. Fund Your Account: Add funds to your account before making any Bitcoin purchase.
  3. Set Up a Wallet: Ensure your exchange offers a Bitcoin wallet or find your own secure wallet for storage.
  4. Place Your Order: Use the exchange platform to purchase Bitcoin, either by tapping a "Buy" button or entering Bitcoin’s symbol (BTC). You can buy a fraction of a Bitcoin based on the amount you wish to invest.

How To Buy BTC With PayPal

PayPal allows users to buy and hold cryptocurrency directly within their U.S. accounts, but it doesn't allow transfers to other wallets. To use PayPal for more flexibility, link it to an exchange like Coinbase or eToro to fund your account, allowing you to buy Bitcoin while using PayPal as a payment method.

How Much Bitcoin Should You Buy?

Experts suggest limiting cryptocurrency to no more than 5% of your overall portfolio due to its volatility. Bitcoin, as the largest and most established crypto, could make up a portion of that small allocation, but it's important to be aware of the risks associated with its price fluctuations.

How To Store Your Bitcoins

Once purchased, storing Bitcoin securely is crucial. There are several storage options:

  • Hardware Wallets: Physical devices, like Trezor and Ledger, store Bitcoin offline and are considered highly secure.
  • Cold Storage: Also known as offline storage, this method keeps Bitcoin disconnected from the internet, reducing the risk of hacking.
  • Software Wallets: These "hot wallets" are apps or programs that store crypto online, such as Trust Wallet.
  • Exchange Wallets: Some exchanges offer built-in wallets for storing Bitcoin, but using a more secure option is often recommended.

Bitcoin's Price Fluctuations

Bitcoin’s value has experienced significant highs and lows. It reached an all-time high of $68,789 in November 2021, but by December 2022, it had dropped to $16,291. This volatility highlights the importance of cautious investing.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.


Sponsored Articles


Investing Ideas

Previous Next