How To Buy Bitcoins

How to buy Bitcoins

How To Buy Bitcoins

What are Bitcoins?

Simply put, bitcoin is an online currency. It’s like your regular dollar or euro, except it’s only available in digital form. Many people use bitcoins not just for purchasing goods and services but also as a form of investment.
The main difference of bitcoin from regular currency is it doesn’t use a third party for the exchange.
For example, when using your credit card to purchase something, your money goes through a bank or credit card company before reaching the merchant. When you use bitcoins, the coins are sent from your wallet to the merchant’s wallet without needing to go through a financial institution first. For the most part, this makes bitcoin transactions anonymous and untraceable.
Bitcoin therefore, has the following advantages:
  • Exchange money instantly with anyone from anywhere in the world
  • Eliminate the need to create a merchant account or use a financial institution
  • Low fees compared to financial institutions
  • Minimal risk of identity theft since most transactions are anonymous
  • Protection against fraud as one can’t counterfeit bitcoins

How Bitcoin Transactions Work

Bitcoins are created through a process called “mining”. To keep things simple, it works like this:
Transaction is placed. Computer (“block chain”) records details of transaction.  ”Bitcoin miner” verifies the block chain is correct.  Transaction is verified and coins sent to the merchant.
A computer, called a “block chain”, records the details of the transactions including the time and who owns how many coins. A “bitcoin miner” is any person with a computer that verifies that the details of the chain are correct and confirms the transactions. They’re usually paid a fee in bitcoins as well, thus increasing the supply.
Creating a Bitcoin Wallet
There are three ways to store bitcoins – using an online wallet, a paper wallet or a hardwire wallet.
  • To be able to store and use bitcoins online, you first need a “bitcoin wallet.” There are two ways to do this:
    1. Install a Bitcoin client. This is software that powers the currency.
    2. Create a third party wallet like with Blockchain.info.
    (Please refer to the end of this tutorial for how to set-up Blockchain or other similar bitcoin wallets.)
  • You can also create a “paper wallet”. That’s exactly what it says – a paper with the code to your bitcoins. It’s cheap and not subject to hacking or hardware issues. Of course, you need to be mindful of where you keep it because it’s only paper.
    Several sites offer paper wallet services like
  • Use a hard wire wallet. This is basically a compact device, similar to a USB stick, that stores your bitcoin keys. These are a little harder to obtain as there are limited facilities offering this service.

Buying Bitcoins

To buy bitcoins, you need an exchange service. The more popular ones are:
  • Bitstamp
  • CEX.IO
  • Coinmama
The process works pretty much the same way for all of these services. You need to register and verify your account and then provide proof of identity.
 

 

1 – COINMAMA INSTRUCTIONS

  • Go to Coinmama.com. Register and Verify your account.
  • Click “Buy Bitcoins”.
  • Enter the amount of coins or the dollar value you need.
  • Click “Credit card”.
  • Enter the bitcoin address from the merchant. Hit “Complete.”
  • You will be redirected to the “Payment Details” screen. Enter your card info and wait for the transaction to be validated.
  • Go back to your Coinmama home page to check on the transaction status.
 
 
 

 

2 – BITSTAMP INSTRUCTIONS

 

  • Go to https://www.bitstamp.net/
  • At the middle of the page, you will see “Create Account”. Click on that.
  • You will be redirected to another page that says “Open your free account.”
  • It will ask for your First and Last Names, Email and Country. Enter your information.
  • Tick on the box that says “I agree to Bitstamp’s Terms of Use and Privacy Policy”.
  • Click “Register.”
  • A box will pop up saying the registration is complete and you need to access your email for the customer ID and password.
  • Go to your email and look for the email from Bitstamp. It will include your Client ID and password.
  • Go back to Bitstamp and click “Login.”
  • Enter your Client ID and Password and click “Login.”
  • You will be redirected to another page asking to change your password. Enter your old password and the new one you want to use. Click “Change Password.”
  • After the password has been changed, you’ll be directed to another page asking to verify your personal details including your address and identification details.
  • Once this is done and the account is verified, you can start buying bitcoins.
  • Go to “Deposit”.
  • Select your preferred method of transferring funds (ie. Wire transfer, SEPA, etc).
  • An 11-digit reference code and account information will be provided. This is where the funds must go.
  • Make the deposit and check if your Bitstamp account has already been credited.
  • Go to “Trade.”
  • Place and instant buy order. This will buy bitcoins at the lowest price offered on the market. You can also place a limit order if you only need to buy a certain amount of bitcoins than what you have deposited.
  • Once you have the bitcoins, you can withdraw them to your wallet or send it to someone else.

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