Bitcoin is undoubtedly the most famous cryptocurrency in the world.
It’s being used globally for a great variety of reasons, including as a means of payment.
Luckily, buying Bitcoin has become significantly easier for general users to purchase.
This makes it accessible to both experienced investors and those just getting started in cryptocurrencies.
In this article, I’ll walk you through the entire process of buying your first slice of Bitcoin.
You’ll be shown everything. From picking the best exchange to use, all the way to choosing your payment methods, this article has everything - so make sure you stay until the end!
Let’s get started!
Isn’t it difficult to buy cryptocurrencies like Bitcoin?
It is very natural for first-time buyers to feel worried or anxious about making their first Bitcoin purchase.
Since cryptocurrencies are still a relatively new concept, you may think that the process is difficult.
The reality is that purchasing Bitcoin is way easier than it looks on the surface.
Follow me now as I show you each step involved in buying Bitcoin.
We begin with the first step - choosing an exchange.
Step 1: Choosing the right Exchange
Choosing the right exchange is vital when buying your first Bitcoin.
The exchange basically determines how smoothly your overall experience will go, which is especially important for a beginner.
For this article, I’ll be using the Binance exchange.
It’s one of the more popular exchanges globally and is well-known for being beginner-friendly.
So, let’s look at how to set up an account on Binance.
Step 2: Getting through Basic Account Setup
The first thing to do is to go to the Binance website: www.binance.com
Alternatively, you can simply download the app on your mobile device from your app store.
Simply click on "Sign Up with Email or Phone" on the website.
Your browser will take you to a page that requires you to enter your email address and create a strong password.
After accepting the terms of service, click "Create Personal Account."
Alternatively, if you're using the mobile app, choose "Sign Up with Email or Phone" from the sign-up options after downloading the app from your app store.
You will receive a verification code, delivered to your registered email address or phone number.
You will be able to create your password after entering this code.
On the other hand, if using the website, Binance will send a confirmation email to the email address or phone number you supplied once you have created your password.
To verify your email address and activate your account, click the link provided in the email you received.
This is the basic setup complete, but at the moment your account only lets you withdraw - you can’t deposit anything in its current state.
This is because Binance requires you to verify more about yourself before you can make trades - which brings us to our next step.
Step 3: Further Verifying Your Account
Log in to Binance after activating your account to finish the identity verification procedure.
You will need to enter your personal information, as well as provide either a passport or government-issued ID card.
Once the verification is successful, you can fund your account with cryptocurrency or fiat money.
First, Navigate to your dashboard.
This dashboard displays your current holdings, trading options and settings.
You can see that the account is not yet verified.
Follow these next steps to learn how.
On the initial verification page, select your country of residency to continue.
Next, you will need to enter your personal information.
Start by inputting your full address.
Afterwards, you need to upload a document for identification.
By selecting the [Upload File] option, you can upload an existing picture on your computer, or you can use the native camera function if using the app version.
The system will ask you to verify your photo ID after you have submitted your document photographs by completing a face verification procedure.
Click [Continue] to complete this on your computer.
Make sure you are not wearing any caps, glasses, or hats and have sufficient light in the room.
You can also finish the face verification procedure by switching to the Binance App. Simply scan the QR code in the bottom right corner.
After completing the process, it will take a few hours for Binance to review your data. You will receive an email notification once it is complete.
You can further increase security on your account through Passkeys and Biometrics, phone, or Google verification.
Binance highly recommends this step.
Phone verification involves an SMS text message to your mobile device.
Google Authenticator utilizes the Google Authenticator app - it’s also recommended by Binance.
You can get this app from the Google Play store or the iOS app store.
Setting up two-factor authentication is a must if you want to buy Bitcoins.
OK, so that’s our basic account setup complete.
Moving on, the next step shows us how to actually pay for your Bitcoin purchase!
What are these various payment methods? Let’s find out.
Step 4: Choosing Your Payment Method
So let's take a closer look at some payment methods.
The first payment method is Debit and Credit Cards.
Using a credit or debit card is perhaps the simplest method to buy Bitcoin on Binance for beginners.
However, compared to other payment methods, it could incur some fees as certain credit card issuers sometimes classify Bitcoin transactions as cash advances.
It may be necessary to check this out, as it might result in higher interest rates and extra costs.
The next payment method is P2P trading.
P2P trading is also a fast way to buy Bitcoin.
It involves buying directly from sellers.
P2P trading enables you to purchase Bitcoin using numerous payment options, depending on your region.
Some of these payment options include bank transfer, mobile payment, and online payment.
After deciding on a seller, you can begin a trade by inputting the amount of Bitcoin you want to buy and validating the details of the transaction.
Binance will hold the cryptocurrency in an escrow account up until the deal finalizes.
Another Payment option is Third-party Payment.
You can also buy Bitcoin on Binance's third-party payment services, such as Simplex and BANXA.
Using these kinds of payment services could be more convenient for some users.
However, they may attract higher fees compared to other payment methods so always check the percentages!
So now the payment options are understood - it’s time to finally get that Bitcoin!
Let’s get to it.
Step 5: Actually Buying Bitcoin on Binance!
So, after logging in, choose "Buy Crypto" from the menu in the top-left corner of the screen.
The next step is to choose your chosen payment method. Payment choices include credit/debit cards, bank transfers, and peer-to-peer trading.
Ensure you review the payment details before completing your order since each payment method comes with different expenses and processing times.
Enter how much Bitcoin you wish to purchase after choosing your payment option.
Binance will show the current price and the total cost of your order.
To finalize your purchase at the displayed price, you have to complete it within one minute.
This is because market price changes constantly and must be adjusted accordingly.
After confirming, the purchased Bitcoin will be credited to your Binance account.
Congratulations, you have just purchased your first Bitcoin!
Conclusion
Congratulations on taking the first step towards becoming a part of the Bitcoin revolution!
In this article, you saw each step of buying your first Bitcoin: from choosing the right exchange, setting up your account, to selecting the most suitable payment method, and finally making the purchase.
Remember, it's completely normal to feel overwhelmed at first but hopefully, you can see it's actually a straightforward process.
Investing in cryptocurrencies is exciting, but it's also important to remember that it comes with its share of risks. Be patient, stay informed, and never invest more than you're willing to lose.
And that's it! Please take out there, and I will talk to you soon!
