How to Buy – Bitcoin (XBT) – Complete Guide

Once you’ve decided on a payment method, you’ll be ready to pick an exchange and invest in Bitcoin.

The most popular ways to buy bitcoins include:

The following chapter covers the questions we frequently get from our readers. If you still can’t find the answer to your question, contact us or browse our Bitcoin guides

Is Bitcoin legal?

Bitcoin is legal in almost every country and widely recognized by governments and central banks from around the world. Bitcoin is commonly recognized as either a currency or commodity and is widely reported across global news channels.

What is the easiest way to buy bitcoins?

The easiest way to buy Bitcoin is online using your credit or debit card.

Can anyone buy bitcoins?

Bitcoin is available to anyone with an internet connection. Bitcoin cannot be blocked or censored.

What is the cheapest way to buy bitcoins?

The cheapest way to purchase bitcoin is by bank transfer.

When is the best time to invest in Bitcoin?

The price of Bitcoin is becoming more and more stable compared to previous years. Expert traders always recommend buying when a lot of people are selling.

Can I sell my Bitcoin?

Yes, most exchanges allow you to sell your Bitcoin in exchange for a fee.

Why do exchanges require ID verification?

Exchanges require identification for a variety of reasons, namely 1) Legal and anti-money laundering prevention 2) fraud control and prevention

Can I buy a physical Bitcoin?

Physical coins became popular in the early days of Bitcoins and are generally no longer available nor do we recommend getting any. Physical coins simply contain the access code to a wallet with the promised funds.

Can I buy less than one Bitcoin?

Yes, you most certainly can. Each Bitcoin can be divided up into 100,000,000 “units”. These units are referred to as satoshis after the mysterious founder of Bitcoin.

Can I buy from more than one exchange?

Yes, you can buy from as many exchanges as you’d like.

Where is the best place to keep my bitcoins?

We strongly recommend securing your Bitcoin in a trusted a reputable wallet. If you do not mind spending a few bucks, a Trezor or a Ledger wallet are highly encouraged. Both are secure and very easy to use.

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[/vc_column_text][ultimate_heading main_heading=”CHAPTER 5″]Staying Safe & Avoiding Bitcoin Scams[/ultimate_heading][vc_column_text][vc_row][vc_column width=”1/1″][vc_column_text]

The best way to stay safe, protect your funds and avoid scams is to be able to detect a threat when you see one.

In order to help you avoid Bitcoin scams, we’ve put together a list of tips from our cryptocurrency experts:

Read Reviews Online (all exchanges)

Before buying bitcoins from a new exchange, we recommend reading reviews online, reading user feedback on forums like BitcoinTalk.org and to generally make sure the company will not simply steal your funds.

If you cannot find any information about the exchange, assume there is a high risk of being scammed. We strongly recommend proceeding with a well-known and reliable exchange.

Read Trader Ratings (local exchanges)

Local exchanges like LocalBitcoins are based on a trust and user rating system. We recommend only buying from users with many strong positive reviews.

Time-sensitive Scams

Many scams will urge you to act fast in order to get a better price or get bonus coins. These are fraudulent 100% of the time. Never give out any sensitive information to these sites or ads,

Money First Scams

Some scammers will ask you to send money before they give you the coins. Never agree to do so as Bitcoin transactions are irreversible. Always use an escrow to protect yourself from fraud when buying with cash.

Bitcoin Investment Scams

These scams are relatively new but have affected many individuals. Bitcoin investment scams will promise to invest your Bitcoin in exchange for very large returns. Never send your coins to these types of websites.

Other Coins (Altcoin) Scams

Although there exist many legitimate and promising cryptocurrencies other than Bitcoin, there are many scam-coins as well. Always research coins thoroughly before buying altcoins.

Largest Cryptocurrency Scams in History

• PinCoin and iFan ($660 million)
• OneCoin ($30 million)
• Bitconnect ($700,000)
• Plexcoin ($15 million)
• Centratech ($32 million)

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[/vc_column_text][ultimate_heading main_heading=”CHAPTER 6″]Protect your Coins in a Bitcoin Wallet[/ultimate_heading][vc_column_text][vc_row][vc_column width=”1/1″][vc_column_text]

The next essential lesson is where to store your Bitcoin after you’ve purchased them.

No matter how much or how little Bitcoin you have purchased, never keep your coins on an exchange. In fact, some exchanges require you to have a wallet, to begin with.

Did you know?

Individuals and investors have already lost over one billion dollars from trusting exchanges with their precious Bitcoin:

• Coincheck Hack: How to Steal $500 Million in Cryptocurrency
• The Inside Story of Mt. Gox, Bitcoin’s $460 Million Disaster
• Bitcoin worth $72 million stolen from Bitfinex exchange
• Bitstamp Claims $5 Million Lost in Hot Wallet Hack

Protect your coins in a Bitcoin wallet like a Trezor or Ledger. Ultimate security. 100% control.

Our experts recommend that all Bitcoin holders get their own Bitcoin wallet.

If you’re planning on investing a small amount or if you’re looking for a day-to-day wallet, we recommend a mobile wallet like Jaxx or Mycelium. These are lightweight, user-friendly and quickly accessible.

If you are planning on holding more than you would normally hold in your wallet, we strongly recommend getting a hardware wallet. A hardware wallet is a small physical device that lives offline, far and away from virtual threats.

Advantages of Hardware Wallets