How to buy Bitcoin and crypto

Investing in Bitcoin, Ether, and other popular coins and tokens has become surprisingly easy compared to only a few years ago. One of the simplest ways to buy Bitcoin is through a cryptocurrency exchange, and you can easily deposit and trade Euros into the digital asset of your choice.

If you’re looking to buy Bitcoin, follow these 5 simple steps to get started:

Pick a reputable exchange: The first step is to pick a trustworthy place to buy your crypto. The easiest way to start is to choose an exchange from the list above, as these exchanges are the most trustworthy, accept clients according to your region, and have a long track record of excellent security.

Open an account: When you’ve found your favorite exchange, you need to supply some personal information and pass a required KYC check. This involves submitting a copy of your passport or driving licence, a selfie, and a recent utility bill. You can always switch to a decentralised exchange afterwards for better anonymity, but most new investors will onboard through a traditional exchange.

Fund your account: Crypto exchanges today accept a number of fiat currencies (USD, EUR, GBP, etc.), and you can fund your account through a number of popular payment methods. SEPA transfers are usually free to receive and will take 0-3 days, while credit/debit card purchases are instant but involves a higher fee.

Buy crypto: Now that you’ve chosen an exchange and deposit funds into your account, you can buy Bitcoin and other cryptocurrencies. Exchanges offer both market and limit orders which you might be familiar with from stock brokerages. If you have no experience whatsoever, a beginner-friendly platform like Coinbase will make the process much easier, as they offer some great solutions for newbie investors.

Decide where to store your coins: You might have heard the saying ‘not your keys, not your crypto’, which still holds true today. For long-term cryptocurrency holdings, consider ‘moving’ your crypto to into a hardware wallet for maximum safety. This gives you ultimate control of your funds and greatly reduces the risk of losing money. To grow your wealth over time, there is also the option to earn interest on your Bitcoin through a crypto savings account like BlockFi.

What's Bitcoin?

Bitcoin is a type of electronic cash known as a cryptocurrency. This means it’s a digital currency that is decentralized, meaning it’s not administrated by a bank. Instead, Bitcoins can be sent from peer to peer without the need for third-party involvement.

If you’re wondering how the transactions work, they’re stored in a ledger known as the blockchain. You can’t buy Bitcoin as it is digital. The cryptocurrency is instead obtained through a process called mining, which involves the use of computer processing power.

The cryptocurrency was invented in 2009 by a person or group calling themselves Satoshi Nakamoto. Nakamoto’s identity is still a mystery. This has sparked the imagination of many conspiracy theorists who claim that Nakamoto may be different people, with Elon Musk mentioned in the mix.

Since its invention, Bitcoin has been highly controversial. Criticized for its use in illegal transactions and being a bubble, Bitcoin is still not accepted by the majority of countries. However, it did inspire many other cryptocurrencies which are recognized by large organizations.

Once mined, you can exchange Bitcoins for other currencies or use them to buy products and services online. Aside from buying stuff from eBay, the cryptocurrency has found its use in online gambling. The market has seen a great influx of Bitcoin casinos recently, although not all of them are good or legal.

What Can We Look Forward To in the Future?

Bitcoin casinos are still making baby steps, so it’s bound to evolve a lot in the near future. At the moment, it’s an attractive option that Bitcoin owners who like to gamble every now and then should explore. It will even get better in the future as more casinos adopt it and see all the benefits of adding the cryptocurrency to their list of payment options.

On the other hand, the controversy surrounding Bitcoin and the exchanges hacked in recent years add a cloud of uncertainty. Unless you’re sure of what you’re getting into, we’d suggest staying out of it.