How to buy Bitcoin?

Bitcoins can be bought from a Bitcoin exchange in your respective country. Most exchanges operate online. You will need to create an account and verify your account using your basic identity proofs. Once the account is verified, you will be allowed to make a payment using your local currency after which you will be allowed to purchase the bitcoin at the current market price + exchange fees.

You can get the list of Bitcoin Exchanges officially recommended by Bitcoin community from here.

Some Basic guidelines to buying bitcoin

  • Do not invest more than what you can afford to loose.
  • Always do a test transaction with small amount to make sure your payment is reflected in your exchange account.
  • Once you buy a Bitcoin, do not keep the Bitcoin in your exchange account. Move it to an offline wallet where is it is more secure. Exchanges are meant only for Buy/Sell/Trade bitcoins and not as a safe storage.
  • Do not ever buy Bitcoin using hard cash. Always go through a Bank transfer and pay taxes to any profits made out of it. Govt agencies are ruthless when it comes to avoiding taxes for profits made using crypto currencies.
  • The natural tendency is to wait till the price drops and then buy. But in case of Bitcoin, the expected price drop is very hard to catch unless you are a professional trader. So now is the good time to buy.
  • Do not try to experiment with day trading unless you are a professional trader. 90% of the time, people loose their money while day trading. Buy bitcoin and hold it as long as you can.
  • If you are keeping your bitcoin in the exchange account, make sure to write down the account recovery settings. This is very important in case if you forget login details. Also enable two factor authentication for your account. Most exchanges support this.
  • Remember BTC is the official ticker for Bitcoin. There are lot of other coins like BTG, BCC, BCH, ETH, LTC. These are called altcoins. I will try to cover about altcoins in another post.

 

Price of 1 BTC at the time of this posting : $ 15,513

 

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