Bitcoin, besides being the first Cryptocurrencyof history also the most important, with a value 6 times higher than the second cryptocurrency, among the hundreds of virtual coins currently existing and marketed.
Precisely for this reason, the interest aroused was enormous, with the consequent rush to purchase, justified by the rapid growth in valuein a short period of time, which then underwent some downturns and subsequent shootings. These fluctuations cause Bitcoin to lend itself as an excellent currency on which to buy and sell by exploiting the ups and downs of its value. Just to give you some figures in 2015 it was worth just 300 euros, to reach 16,700 euros at the end of 2017 and now stabilize at the beginning of 2019 at 3200 euros, a figure 10 times higher than 2015.
Unfortunately for few people know how to buy Bitcoin and above all where and safely, staying away from possible dangers.
In this article we will show you how to buy Bitcoin safely, with the possibility of evaluating the purchase of 5 other different cryptocurrencies, characterized by a rapid increase in value and equal potential, if not greater.
If you are new to the subject and need some basic knowledge, after having illustrated how buy Bitcoin,so we will see a cryptocurrency, where it is deposited (wallet) and how it can be obtained without buying it.
What are Bitcoins
Let's start with some preliminary information, to be mandatory for those who enter this field for the first time. Bitcoin is nothing but onecryptocurrency, also called cryptocurrency or digital currency, used to make payments as well as any traditional currency, such as the EURO, but in order to be safe, given its uniquely digital nature, encrypted.
Forcryptographywe mean all those techniques that allow to encode digital data, making them incomprehensible to everyone except those who have encrypted it and to whom the key to decode them is indicated.
How to buy Bitcoin
To buy Bitcoin there are various methods and they are through:
- ATM(similar to the classic ATMs where by introducing euros in cash, the device will perform a currency exchange, depositing the Bitcoins in your digital wallet (Wallet), so to use them you must first have a Digital wallet. The commissions are unfortunately very high, around 8%)
- Trading sites(riskier method, i.e. platforms where you can bet and earn on the upward or downward trend of a cryptocurrency, without actually owning it)
- Exchange (recommended method, where you will actually get hold of Bitcoins or other cryptocurrencies, you will already have a digital wallet / account on the platform, without needing a real wallet. You can manage everything from a convenient application for smartphones, tablets, PCs or directly via website, find all the info below to follow)
How to buy Bitcoin through Exchange, step by step guide
(updated in December 2019)
As just anticipated, the safest and recommended method to buy Bitcoin currently involves the use of Exchange, or sites that allow you to exchange digital currency with other goods, such as the classic fiat currency, which is nothing more than the legal currency, such as the euro and the dollar or other digital currencies, so to put it simply, by paying the euro you will have Bitcoin on the digital wallet given directly by the exchange platform.
The most popular and secure Exchange service in the world Coinbase, an American digital goods exchange company, which currently allows you to buy and sell 5 different cryptocurrencies which are:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
For to sign up to Coinbase and make the purchase of Bitcoin or other cryptocurrencies listed above, click on the following link:
Link | Signing up for Coinbase
thanks to which we will receive 10 dollars for free, on a payment of 100 dollars (about 80 euros).
Insert yours data, Name, Surname Email and Password, tick the box "I am not a robot" and the box where you declare that you are over 18 years old and click on "Register".
You will receive an email that will be used for verify your email address, then go to check your email and in the message sent by Coinbase, click on "Verify email address".
You will be redirected back to the CoinBase website, where you will have to re-enter your username and password and click on "Login". Now you will be asked to enter your phone number, this will make everything safer since every time large transactions are carried out, you will be asked for a code which will be sent to your mobile phone.
Once you have entered the number and clicked Next, you will receive an SMS with a numerical code written on it that you will have to enter in the next screen that appears and then click on "Verify Telephone Number"
Now you can finally access the Coinbase website and receive a welcome text message inviting you to download the app, to check the progress of cryptocurrencies and perform other operations, comfortably from smartphones and tablets.
As a last step you just have to Verify your identityBy clicking on the item "Verify your identity", a window will open in which you can choose which document from the passport, driving license and identity card (document with photo), to verify your identity.
By clicking on the document of your choice, you can use the webcam of your computer or simply the camera of your mobile phone, a really easy procedure to complete.
Once the identity has been verified, you just have to go back to the main Coinbase screen andAdd a payment method.
Completed the registration procedure if you will pay 100 dollars (about 80 euros) using the link indicated by me, you will have$ 10 as a gift(about 8 euros).
Once the registration procedure is complete, lmain interface of the site looks as you can see it below, very easy to use, where you find:
- A first line with the following menus:
- Dashboard – Where to check the progress of the 5 cryptocurrencies present, your wallet with what you own and your recent activities with purchases and sales of cryptocurrencies.
- Buy / Sell – Where you can buy and sell the cryptocurrencies you are interested in, directly from your credit card or by paying money by bank transfer (an operation that can be performed in the next section "Accounts").
- Conti – In this section, you can see the movements made, send and receive payments for each cryptocurrency, while for the Euro wallet you can make a deposit by bank transfer (to then be able to buy cryptocurrencies) or withdraw the money from your Coinbase account to your Bank Account ( operation that can take from 3 to 7 days).
- Tools – Where to create Addresses to send money safely, Perform Transactions in a planned way, have a Report and a History of your movements.
- Settings – Where to configure everything about your account, from personal data to security.
- In this row by clicking on the left on the cryptocurrency of your choice, you can check his trend, while on the right you can set the width of the graph at the time level you want to see (1 hour, 1 day, 1 week, 1 month, 1 year, the whole period)
- See your wallet for each coin, seeing how much you own and how many euros they are equivalent to
Once you have created your Coinbase account and understood how it works, we just have to buy bitcoin.
Yes they can buy bitcoin, or directly using your credit or debit card which we have stored and which we find in the item "Buy / Sell". This is the quickest and easiest method, in this case a small commission will be applied. If instead we do not want to pay commissions, we can deposit the amount we intend to invest by bank transfer, going to the "Accounts" item, going down to the "Eur Portfolio" item and clicking on "Deposit", in this case the credit times will be 3 days maximum.
In addition to being a very intuitive and easy to use site, Coinbase allows you to check the progress, buy and sell your cryptocurrencies also from its application, available for both iPhone and iPad as well as for all Android devices and which you can download here:
Android LINK APP |Bitcoin Wallet – Coinbase
IOS LINK APP | Coinbase – Bitcoin Wallet
The application is done really well and is very comfortable, moreover every movement of access, sale or purchase of cryptocurrencies, to protect your security, is signaled by email and sms depending on the operation that is being carried out, in addition to using the Google Authenticator with which two-step verification codes are generated on your phone.
If you want to see the trend of the best 100 Cryptocurrencies, you can consult this site:
LINK | See Top 100 Cryptocurrencies Trend
What to do with purchased Bitcoins
For those who invest for the first time in Cryptocurrencies, it is important to evaluate how much to invest. This type of market has huge leaps in growth and in loss, so I suggest you invest only a sum of money that you are willing to lose without causing problems. Secondly, even more importantly, cold-blooded, essential in order not to get caught up in anxiety or panic and sell immediately on the first drop, as cryptocurrencies undergo incredible rises and falls every time a positive or negative news is released to them. A figure between 100 and 500 euros to start is more than fine, especially in the case of buying Bitcoins through Exchange sites, while I do not recommend trading sites where you risk losing everything if you bet all your capital on the wrong trend.
Once you have purchased Bitcoins, you can safely store, observing the trend at any time of the cryptocurrency. Or anytime you can, convert them to euroswhat time Bitcoin has a greater value than when you bought it and then earn it. you can transfer themon another wallet or even spend itin this case, the positive news is that the physical and online stores that accept Bitcoin as a form of payment are more and more.
Digital wallet or Wallet (the account where to store cryptocurrencies)
If for all coins such as Euro, Dollar, etc. there are bank current accounts, which allow you to store your money and, if necessary, spend it through wire transfers and credit cards, for cryptocurrencies such as Bitcoin there are digital wallets called Wallet, which unlike bank current accounts do not belong to any bank, but simply to a single IT system called BlockChain, an inviolable and very secure computer system, where all transactions are stored anonymously, since the beginning of the creation of Bitcoin.
A wallet (digital wallet) works in the following way, practically consisting of one public key (wallet / wallet address), to be indicated, for example, to those who want to send us a payment, just like an Iban euna private key to keep secret and never reveal to anyone, with whom you can make money transfers from our account. If the private key is lost, you will no longer be able to access the wallet to make transactions or withdraw your coins, so you will lose everything you have inside.
On Exchange, some sort of is used internal wallet, where you will not have a public key or a private key, but you can buy cryptocurrencies and resell them, playing on the ups and downs of the value of the cryptocurrency.
Real Wallets are identified by a specific unique address (public key) consisting of 26 to 35 digits similar to an Iban, which can start with the number 1 or 3. When we request a payment, all we have to do is provide this address (public key) to those who have to make the transaction on our account. When, on the other hand, we make a payment, we will have to enter the wallet address of the person we have to pay and specify the amount of the amount. As I said before, there are wallets that start with the digit 1 and are those digital wallets with a single private key. For security reasons i was born multisignature wallet, where there are 3 to 15 private keys and where a minimum number of private keys are required to authorize an operation, for example 2 out of 3 private keys.
You can get a Wallet directly by choosing from one of the many present here:
LINK |Bitcoin.org Wallet – Choose your wallet
Find more information about wallets in this article: best cryptocurrencies to invest in.
Alternative methods for having Bitcoin
In addition to the exchange sites, in Italy there are also ATMs where you can buy Bitcoin, viewable through this link:
Link | ATM ATM Map where to withdraw Bitcoin
Unfortunately they are still few, but still rapidly expanding and all from Naples upwards. In order to use an ATM you will need aDigital wallet, an identification document, will serve facial or hand recognition and logically the cash to be paid to exchange currency in digital currency, as they do not accept debit or credit cards.
Another way to get Bitcoins without buying them is toundermine them, a term taken up by gold seekers, but I'm sorry to give you bad news, this method has now become impractical and not very convenient, now we will explain why.
In the mining operation practically the "miners" carry out, through very powerful computers, the cost which can vary from 1500 to 8000 dollars and that consume a lot of electricity, the resolution of very difficult mathematical problems, the resolution of which leads to a reward in bitcoin. These are the only two ways currently to have Bitcoin.
If you are thinking of becoming miner or miners, know that a little late for the following reasons:
- Because over time these calculations have become increasingly difficult and the cryptocurrencies left that can be found are fewer and fewer, precisely because they have a finite and not infinite number.
- Because home computers are not very powerful, efficient and are not made to work 24 hours a day, compared to specially built computers called ASICs, which can cost even 7000 euros in the most powerful models, here are two examples of ASICs that you can buy on AmazonAntiminer S9or Antiminer D3 or USB Antiminer for low power.
- If you decide to buy a computer or device to do Mining like these three just mentioned, you must know that they must be turned on 24 hours a day to have results, with consumption ranging from 1200 to 800 watts for the first two models and up to 14 watts. for the first model.
a Mining-like solution where only the number of computers and people participating in it changes. In fact, through a system of computing technology distributed among several processors, it allows to multiple users scattered around the world, instead of al single user, to combine the computing power of all their computers.
In this case, whenever a block can be successfully mined, the value of that block is divided among all users who participated in this mining pool.
Among the many mining pool systems, here are the best ones:
Other exchanges to buy Bitcoin or to trade
In addition to the aforementionedCoinbase, which remains the recommended exchange among all those currently present, there are also other exchanges to buy Bitcoins, such as:
An alternative to the exchange sites also given by the sites oftrading for Bitcoin, with which you can bet on the downward or upward trend of a cryptocurrency, without actually owning them. By trading on Bitcoins it is possible to earn not only on the rise of this cryptocurrency but also on its fall, with the possibility of using financial levers to further increase the risk and consequently the gains. This type of sites are not recommended to those who are going for the first time in this field, as the risks are high and you can get to lose everything in no time
Two sites are the masters in this area:
Learn more about Bitcoins
As you can see, there are many notions about Bitcoin and they evolve over time. Precisely for this reason, for those wishing to further deepen their knowledge on this cryptocurrency, you should take a look at this site:
In which you will find various sections, which will explain how to get started with bitcoins, how transactions work, how anonymous this currency is, and tax and regulatory costs and much more.