✔️ Information reviewed and updated in April 2024 by Pedro Martínez González
El cryptocurrency market, every day is more stable, and more and more investments are concentrated in this market, and of course Bitcoin, being the pioneer crypto within this market, is one of the most reliable and widely accepted, which more weight and value has in the world of crypto.
➜ Every day there are more investments that are managed through this cryptocurrency, but what do we know about how to buy Bitcoin? Or on the contrary, do we try to do it in a more empirical way?
Currently there are various systems through which you can exchange bitcoins around the world, generally each country has local platforms that allow you to make your transactions internally and using your local currency and in the same way there are international exchanges such as This is the case of Coinmama, CEX.IO, among other popular platforms for this.
To enter a process of exchange and purchase of ➜ Bitcoin you must perform some fairly simple steps (which we know may seem complicated, but they are not), but essential for you to start in the cryptocurrency market, these steps are:
🖐️ Step 1: open a digital wallet 💳
You must create an account and open a wallet or wallet where you can save the cryptocurrencies that you buy in each transaction, this would act as your cryptocurrency bank, this way you will not only have where to receive those funds, but you also guarantee a transaction tool to move your assets.
You can inquire about the alternatives that are available in the market, Despite not being the only ones, ✔ Blockchain.info, ✔ Coinbase, ✔ Kraken, ✔ Exodus, are among the most popular. For registration, you will generally need a legal document that can be verified, in addition to all the personal data required in the Wallet of your choice, it is also normal to be asked to take a selfie.
🖐️ Step 2: choose from where you are going to make the exchange
You can select local platforms dedicated to the purchase and sale of cryptocurrencies 💳 (popularly known as ➜ cryptocurrency exchanges), or you can choose the options provided by the Wallet you have selected.
Make sure to check the reputation of the platform what you select before making any type of transaction, some are less reliable than others, and some can be quite limited, so it is important to choose the right exchange to start with.
Probably if you use a platform external to that of your wallet, you must complete a valid registration before being able to carry out any type of transaction, therefore before you are ready to make the purchase you must evaluate the conditions of the platform you have chosen for the purchase.
📌 This process should generally not take too long, in some cases it will only take 24 hours to check the validity of your registration.
Some of the most popular platforms to do this type of exchange are:
- Binance, Coinbase, Coinmama, to name a few of the most popular. Although we recommend doing your own research on the most popular crypto exchange platforms.
➜ Keep in mind that some platforms offer both the option to "save" your cryptocurrencies as well as the option to buy cryptocurrencies.
📌For example ✔ Binance or ✔ Coinbase. In the case of Kraken for example, you can only store your crypto there, send, receive or exchange them for other crypto, but at no time sell them for FIAT money (that is, exchange Bitcoins for Dollars for example) or buy cryptocurrencies with FIAT money.
🖐️ Step 3: select a payment method for your transactions
Generally, platforms provide different alternatives through which you can pay for cryptocurrencies, for example, in the case of platforms such as. In Coinbase, for example, you can use bank account transfers and credit or debit cards as a payment method, and Paypal, for payments, as long as the selected payment method is linked to your account before you can perform a transaction.
🖐️ Step 4: pset up an exchange to buy Bitcoin
Exchange transactions can provide you with information about the amounts of bitcoin you can buy, however, this type of cryptocurrency has a volatile nature, so Bitcoin prices can vary drastically depending on the exchange and from one moment to another.
Enter the platform you have selected for the transaction, enter the amount of Bitcoin you want to buy and select the Buy option. Many platforms offer a very friendly purchase and sale menu so that you will be able to carry out transactions easily.
On some platforms you can place a limit order, which will allow you to set the price you are willing to pay for a certain amount. Once you have agreed to an exchange, the amount in bitcoin that you have negotiated will appear reflected in the balance of your wallet.
These funds can be transferred to your wallet by paying a fee previously established by the platform to send your funds. It is important to bear in mind that transfers in Bitcoin can take time, generally the waiting times are usually longer in the hours of greater transactionality, and it can take from a few minutes to a few hours to be able to see the available funds and be able to make use of them.
📌 Note: You must bear in mind that all transactions are subject to some transaction fees or commissions, (as would happen with any bank transaction) therefore you must be familiar with the fees that apply to the platforms you are using, in this way you will avoid confusion with the final amount of your transaction.
Finally, it is not something you should worry too much about, since these fees are going to be more manageable than any bank fee, although it is a good idea to keep it in mind, and compare different platforms.
🖐️ Step 5: channel your investment - Conclusion 💡
Once you have finished the purchase process, and you have the BTC in your cryptocurrency portfolio, it is time to channel the primary objective of your investment. This goal can be to sell and make a profit, spend it or make investments with the cryptocurrency. ➜ There is also the possibility that you just want to save it, as savings.
As we indicated before, the value of Bitcoin has quite significant volatility, so learning the investment mechanisms to know when to buy and when to sell, can make you achieve greater profitability from your investments in this cryptocurrency.
📌 For example: imagine that the price of Bitcoin is falling rapidly, and you want to sell yours or exchange them for another cryptocurrency (so they do not drop in price), it is better to have a good idea of how to do it, to be able to carry out the transaction as quickly possible and prevent the value of your cryptocurrency from continuing to decline 💡 .
Very good explanation, it has clarified my doubts and I have understood it perfectly! Thank you!!