How To Buy Bitcoin?
What is Bitcoin?
Bitcoin was created by Satoshi Nakamoto, a pseudonymous person or team who outlined the technology in a 2008 white paper. It’s an appealingly simple concept: bitcoin is digital money that allows for secure peer-to-peer transactions on the internet.
Unlike services like Venmo and PayPal, which rely on the traditional financial system for permission to transfer money and on existing debit/credit accounts, bitcoin is decentralized: any two people, anywhere in the world, can send bitcoin to each other without the involvement of a bank, the government, or other institution.
Every transaction involving Bitcoin is tracked on the blockchain, which is similar to a bank ledger, or log of customers’ funds going in and out of the bank. In simple terms, it’s a record of every transaction ever made using bitcoin.
There will only ever be 21 million bitcoin. This is digital money that cannot be inflated or manipulated in any way.
It isn’t necessary to buy an entire bitcoin: you can buy just a fraction of one if that’s all you want or need.
Why would I buy Bitcoin?
Bitcoin is in the news today more than ever. Thanks to skyrocketing prices and rollercoaster dips, everyone and their dogs are interested in learning how to buy and sell Bitcoin. As the most popular form of cryptocurrency, Bitcoin is now widely accepted around the world and has a growing number of applications. If you want to take advantage of that though, you first need to know how to buy Bitcoin and what to do with it when you have.
How to buy Bitcoin ?
The best place to make your first Bitcoin purchase is on an exchange. There are a whole lot of exchanges out there, with varying performance. Some are less trustworthy than others, and some can be quite limited, so it’s crucial to pick the right exchange in the first place. We recommend using Binance, follow the simple guide below to buy your first Bitcoins.
1. Buy Bitcoin on Binance
We recommend buying Bitcoins on Binance because in terms of volume, it is considered to be the world's leading platform. In 2019, Binance reports an average trading volume of $2.8 billion per day. This platform, launched on July 14, 2017, in Hong Kong, has the advantage of operating with technical assistance 24 hours a day, 7 days a week. Its CEO Zhao Changpeng, who has become a billionaire, was featured on the cover of the prestigious Forbes magazine in February 2018.
2. How do I register with Binance to buy Bitcoin?
The first step before buying Bitcoin on Binance is to register. The user must first select the language in which they want to access the site, then enter a valid email address and finally choose a password.
For your security, the platform offers you to proceed to the 2FA, also called "Two Step Verification", which consists in logging in with your password and your phone using Google Authenticator. Both we and the platform recommend that you delay the purchase of your Bitcoins by opting for this extra layer of security. Binance Academy 2FA available here.
The second step is to verify your identity. Indeed, Binance is subject to KYC regulations as part of the fight against money laundering and terrorist financing. The platform will ask you whether or not you reside in China, before moving on to other personal information (surname, first name, gender, country of residence).
Authentication is done by sending the number and a photocopy of both sides of your ID and a photo of you. On this photo, you must show the same ID and a newspaper (or other document) with the current date.
The easiest way to get Bitcoin at Binance is to buy it by credit card. To do so, head over to the “Buy Crypto” section on the Binance toolbar, and choose the “Buy with Credit Card” option.
Select your currency and BTC coin you wish to purchase and enter the amount before clicking "Buy BTC". All you will need to do is enter your bank details and the purchase will be completed.
Although it is mainly focused on the exchange of cryptomoney, Binance is now establishing itself as a very competitive platform for the purchase of cryptomoney by credit card. It is also reassuring because of its reputation, its activity and its ecosystem.
You're now a part of the future! Congrats!
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