Are you thinking about investing in bitcoin? If yes, you have visited the right place. Most of you know that mining bitcoin is not that profitable for new users. So, why don’t you think of buying one instead of mining? Buying bitcoin is incredibly easy. One should know that there are two ways to get a bitcoin; either you have to buy it from a bitcoin exchange or mine one.
If you don’t want to face the hassle included in mining the bitcoin, you can choose to purchase bitcoin; all you have to do is follow the below-mentioned steps. But before you begin, you are required to have your government-issued id, camera (require for taking a selfie), internet access, utility bill, pen, and paper.
Moreover, you are also required to determine which payment method you are going to use and how much you would like to spend on the trade. Once you have the requirements, you begin the process of buying bitcoin.
- Choose A Reliable Exchange
There are few factors that you need to consider for finding the best exchange for buying bitcoin. First and foremost, you need to ensure that the exchange you want to work with offers their services in your country. One should know that numerous exchanges only serve select countries as every country has its own rules and regulations for exchange. Some of the bitcoin focuses on the EU while others just on north America.
Moreover, you also need to ensure that the exchange accepts your type of payment. For instance, if you want to make use of a credit card for purchasing bitcoin, you will be required to register with an exchange that enables you to pay from a debit or credo card. You should know that there are several bitcoin exchanges, who accept every kind of payment. Therefore, it would be better to do some research before you register with any exchange.
- Sign Up and Complete Your KYC
Once you have chosen a reliable exchange, you need to create an account. After signing up, you would not be able to do trade unless you don’t know your customer (KYC) process. It is quite simple as you already possess your government id and other necessary documents for completing the KYC; all you need to do is click on the “getting verified” or “verifying your account,” you will find it somewhere on the site interface.
Since every exchange works differently, you need to follow along with the instructions provided by the exchange. Either way, you will be required to provide a picture of your id issued by the government (front and back). Moreover, the exchange might also ask you to take a selfie along with a government-issued or may ask you to write down the date and the exchange name on a piece of paper and take a selfie while holding it correctly.
One should know that verification can take around 10 minutes to a whole week, depending upon the exchange verification staff. However, if you want your verification, it would be better to choose an exchange that offers same-day verification.
You must consider that there are different types of verification levels that mean higher-level verification will allow you to make bigger payments or charge fewer transaction fees. Thus, make sure that you are using your original government issue id; otherwise, you will be in some serious trouble.
- Choose A Payment Method
After completing your KYC details now, it’s time to set up your payment method. Nowadays, most exchanges are integrated with services such as plaid to securely and quickly connect your bank account with the exchange account. Moreover, it allows you to transfer your fiat currency to an exchange account using inexpensive means. Whatever payment method you make use of, the exchange will make it easier for you to register your bank account by following the steps.
- Buy Bitcoin
The exchange will offer two ways for buying bitcoin; either you can purchase it from the exchange itself or other users registered on the same platform. It would be better for you to buy it from an exchange as it is some of the easiest ways of buying bitcoin.
This way, you can buy your first-ever bitcoin and if you want to know more about the bitcoin, visit jt.org for more details.