Home

 › 

Articles

 › 

How to Get Bitcoin: A Step-by-Step Guide

best podcasts about cryptocurrency

How to Get Bitcoin: A Step-by-Step Guide

Key Points

  • Bitcoin is a type of digital currency in which a record of transactions is maintained, new units of currency are generated, and it operates independently of a central bank.
  • There are many reasons to use bitcoin, such as being able to send money anywhere in the world without having to worry about exchange rates.
  • Cryptocurrency exchange platforms are a great way to get BTC. They offer a variety of features, including the ability to convert fiat currency into BTC. You can also trade bitcoins for other cryptocurrencies or buy goods and services with bitcoins.

Bitcoin is a cryptocurrency, and it has become the most popular one since it started to rise in value. There are many ways to get bitcoin, but this article will show you the easiest and quickest way of getting your hands on some!

Five Ways to Get Bitcoin Easily

Bitcoin is a cryptocurrency that has recently exploded onto the scene and shaken up the financial industry. 

There are many reasons to use bitcoin, such as being able to send money anywhere in the world without having to worry about exchange rates. However, it can be difficult to get started with bitcoin if you don’t know where or how to get some. 

Here are five ways you can get your hands on bitcoins, no matter what your budget may be.

#1: Cryptocurrency Exchange Platforms

A cryptocurrency exchange platform is a digital marketplace where traders can buy and sell cryptocurrencies using fiat currencies or other digital assets. 

Cryptocurrency exchange platforms are a great way to get BTC. They offer a variety of features, including the ability to convert fiat currency into BTC. You can also use them to trade bitcoins for other cryptocurrencies or to buy goods and services with bitcoins.

Most cryptocurrency exchange platforms charge a fee for their services. The fees vary depending on the platform, but they are typically around 1-2% of the total transaction value. Some platforms also offer discounts for high-volume traders.

When choosing a cryptocurrency exchange platform, it is important to consider the fees, security, and ease of use. Each platform has its own strengths and weaknesses, so it is important to choose one that best suits your needs.

Five Steps to Get BTC Through a Cryptocurrency Exchange Platform

  1. Select a cryptocurrency exchange platform that supports Bitcoin trading. A good example is Binance because of its friendly user interface.
  2. Create an account on the platform.
  3. Deposit some money into your account.
  4. Buy your bitcoins.
  5. Transfer your coins to a secured crypto wallet or continue using the wallet associated with the exchange platform.
get bitcoin exchange
Select a cryptocurrency exchange program (Binance is a good one!) and create an account.
get bitcoin exchange
Next, deposit funds into your crypto exchange account.
get bitcoin exchange
Then, select Buy to purchase your bitcoin with the funds you deposited.

Pros of Using a Cryptocurrency Exchange Platform to Get Bitcoins

There are many benefits of using a cryptocurrency exchange platform to get bitcoins. Here are some of the benefits.

Increased Security 

When you use an exchange platform to get bitcoins, your transaction is processed through the exchange’s secure system, which offers increased security compared to other methods of buying bitcoins.

Convenience

Cryptocurrency exchange platforms are easy to use and offer a convenient way to buy bitcoins.

Lower Fees

Many exchanges charge lower fees than traditional methods of buying BTC, such as credit cards or wire transfers.

Access to a Wider Range of Buyers and Sellers

Cryptocurrency exchange platforms connect you with a global network of buyers and sellers, allowing you to find the best prices for your BTC.

Cons of Using a Cryptocurrency Exchange Platform to Get BTC

There are a few potential downsides to using a cryptocurrency exchange platform to get your BTC. 

First, it’s important to remember that not all exchanges are created equal. Some platforms may be more reliable than others, and it’s always important to do your research before choosing an exchange.

It is also possible for exchange platforms to get hacked, causing you to lose your bitcoins and other digital assets.

Another potential downside is that you may not have as much control over your private keys when using an exchange. This means that if the exchange is hacked or goes bankrupt, you could lose your bitcoins. 

Finally, fees can vary widely from one exchange to another, so it’s important to compare options before deciding on a platform.

#2: Mining

Bitcoin mining is the process of verifying and adding transaction records to the public ledger (blockchain). The ledger is maintained by a network of computers called miners. Miners are rewarded with BTC for their work in verifying and adding transactions to the blockchain.

How to Mine Bitcoin

Here are some steps to follow to mine BTC.

Step 1: Get a Bitcoin Wallet

The first thing you need to do in order to start mining is to sign up for a bitcoin wallet. A bitcoin wallet is where you will store your mined BTC. There are many different types of wallets available, but we recommend using a software or hardware wallet.

Bitcoin wallet
First, get a bitcoin wallet. We like Trust!

Step 2: Join a Mining Pool

Once you have a wallet, you will need to join a mining pool. A mining pool is a group of miners that work together to mine BTC. By joining a pool, you can earn more BTC than you would by mining alone.

Mine bitcoin
Next, sign up for a mining pool, like Brains Pool.

Step 3: Setup Mining Hardware

The next step is to set up your bitcoin mining hardware. You can do this by buying ASIC miners or building your own GPU rig. ASIC miners are specialized devices that are designed specifically for mining bitcoins. GPU rigs are computers that have been built for the sole purpose of mining cryptocurrencies.

How to buy bitcoin
Purchase and set up the mining hardware you need.

Step 4: Connect to the Mining Pool

Once you have your hardware set up, you will need to download and install software onto it. This software will enable your hardware to connect to the mining pool and start hashing away!

How to buy bitcoin
Lastly, connect to the mining pool, and you can start mining!

Pros of Bitcoin Mining

  • Bitcoin mining can be a great way to earn cryptocurrency without having to put down money for it.
  • Mining can be done on almost any computer, making it accessible to many people.
  • It can be a fun and rewarding hobby.
  • Bitcoin mining can provide a small but steady income stream.
  • Mining can be done in conjunction with other activities, such as running a full node or participating in the Bitcoin network in other ways.

Cons of Bitcoin Mining

  • There’s a high investment cost of mining equipment and electricity consumption.
  • There is a possibility of mining equipment becoming obsolete after a few years.
  • The chances of actually finding a Bitcoin block can be low, which can lead to miners quitting before they’ve even recovered their investment.
  • It requires significant investment in time, money, and energy.

#3: Bitcoin ATMs

Bitcoin ATMs are machines that allow you to buy BTC with cash. They are similar to traditional ATMs, but they allow you to buy BTC instead of fiat currency.

Bitcoin ATMs can be a quick and easy way to get BTC, especially if you don’t have any other options. However, they can be expensive, and they may not be available in your area. 

How to Get Bitcoins Using a Bitcoin ATM

  1. Find a Bitcoin ATM near you.
  2. Insert cash into the ATM.
  3. Select “Buy Bitcoins” on the ATM screen.
  4. Enter your crypto wallet address or scan your wallet’s QR code.
  5. Confirm the transaction and the BTC will be deposited into your account.

Pros of Using a Bitcoin ATM

  • Bitcoin ATMs allow you to anonymously purchase Bitcoin.
  • Bitcoin ATMs are a quick and easy way to get Bitcoin.
  • Bitcoin ATMs are widely available, making them convenient to use.
  • Bitcoin ATMs offer a higher level of security than some online exchanges.

Cons of Using a Bitcoin ATM

  • You may be charged a higher fee than buying BTC through an exchange.
  • Bitcoin ATMs may not be available in your area.
  • You may need to have a Bitcoin wallet already set up to use a Bitcoin ATM.
Bitcoin ATM
Bitcoin ATMs can be a convenient, easy way to purchase bitcoin.

Here is a brief, step-by-step video for further reference:

#4: Investment Brokerage Firms

Investment brokerage firms help investors buy and sell securities. They offer research, analysis, and advice on choosing investments. 

Brokerage firms also provide a platform for traders to conduct business. Investment firms are regulated by FINRA, but some are branching out into offering BTC alongside other products.

How to Choose an Investment Brokerage Firm 

Bitcoin investment brokerage firms are popping up all over the place. But how do you know which one to choose? Here are a few things to look for.

Ensure the Firm is Registered

Make sure the firm is registered with the Securities and Exchange Commission (SEC). Investment brokerage firms must be registered with the SEC in order to legally operate in the United States.

Read Online Reviews from Other Bitcoin Investors

See what others have to say about a particular firm before making your decision. By doing your due diligence ahead of time, you can choose an investment brokerage firm that best suits your needs as a BTC investor.

Contact the Firm and Speak with a Representative

Ask questions about how the firm operates, what type of investments they offer, and what their experience has been like working with BTC investors.

How to Get Bitcoin Through an Investment Brokerage Firm

Here’s how you can easily get BTC through an investment brokerage firm.

Step 1: Choose a Reputable Investment Brokerage

The first thing you need to do to buy BTC through a reputable brokerage firm. You will need to open and fund your account with them.

how to buy bitcoin
Select a solid investment brokerage like eToro.

Step 2: Place an Order

Once your account is funded, you can place an order to buy BTC through the firm’s trading platform or OTC desk. The process for buying BTC will vary depending on the platform or desk that you use but typically involves entering the amount of bitcoin that you want to buy and submitting your order.

If you are using a margin account to buy BTC, keep in mind that you will be required to maintain a certain level of equity in your account (known as the “maintenance margin”), or else you may be subject to a margin call from your brokerage firm.

get bitcoin investment
Place an order by selecting Invest and insert the funds you want to be converted to bitcoin.

​​Pros of Buying Bitcoins Through Investment Brokerage Firms

  • Investment brokerage firms are a trusted source for buying BTC.
  • You can buy BTC through investment brokerage firms without having to worry about the volatility of the market.
  • Investment brokerage firms offer a variety of payment options, so you can choose the one that best suits your needs.
  • Investment brokerage firms provide customer support in case you have any questions or problems with your purchase.

Cons of Buying Bitcoins Through an Investment Brokerage Firm

  • The process of getting BTC through an investment brokerage firm may be more complicated than buying them directly from an exchange.
  • These firms also tend to charge higher fees.
  • You may not be able to buy as much Bitcoin through an investment firm as you could through an exchange.

#5: Playing Online Games

There are a few free ways to get BTC, but one of the most popular free ways to earn BTC is through online games. There are many websites that offer games that pay out in BTC, and these can be a fun way to earn some cryptocurrency. 

Most of these games are simple browser games that can be played on any computer or mobile device. They generally involve clicking on things or solving simple puzzles, and you will be rewarded with a small amount of Bitcoin for each task that you complete. 

There are also more complex games that may require you to install additional software, but these usually pay out more bitcoin. 

Whatever type of game you choose to play, make sure that it is from a reputable source and that you understand how the game works before investing any money into it.

how to buy bitcoin
There are games that allow you to earn bitcoin for playing, like Bitcoin Blast!

Pros of Getting Bitcoins by Playing Online Games

  • You can get bitcoin without having to invest any money.
  • You can earn bitcoin by playing games that you enjoy.
  • You can potentially earn a lot of bitcoin if you are good at the game and lucky.
  • You can cash out your bitcoin whenever you want.

Cons of Getting Bitcoins by Playing Online Games

Time Commitment 

Games can be time-consuming, and if you’re not careful, you can end up spending more time playing than you intended. 

Inability to Earn Much 

This means that you have to spend lots of hours playing games to earn a very little amount of bitcoins.

Financial Risk 

There’s always a risk that you could lose the money or get scammed. A lot of games that offer crypto rewards are fake. You might not get paid even after spending several hours playing the games.

It is also possible that you may not be able to cash out your game credits for real bitcoins.

Opportunity Cost 

If you’re spending time playing games to earn bitcoin, that’s time you could have spent doing other things, like working or spending time with family and friends.

NEXT UP…

Frequently Asked Questions

What is bitcoin?

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a publicly distributed ledger called a blockchain.

How do I get bitcoin?

You can buy bitcoins through exchanges, accept bitcoins as payment for goods or services, or mine bitcoins. Mining is how new bitcoins are created. Miners are rewarded with bitcoins for verifying and committing transactions to the blockchain.

What can I do with bitcoin?

Bitcoins can be used to purchase goods and services online, or you can hold them as an investment. Some people also use bitcoin to send money internationally.

Is Bitcoin secure?

Bitcoin is pseudonymous, so your personal information is not attached to your bitcoin transactions. However, transactions are publically recorded on the blockchain, so anyone can see the addresses involved in a transaction and the amount of bitcoin being sent. Additionally, bitcoins are stored in wallets that can be hacked, so it’s important to keep your wallet secure.

What is a blockchain?

A blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as “completed” blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the blockchain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

Is Bitcoin anonymous?

No. While transactions on the blockchain are public, the identities of the parties involved are hidden. However, if someone knows your public key (your “cryptocurrency address”), they can see what your transaction history looks like.

To top