Since 2014, I have been trying to make informative videos about Bitcoin and Altcoins on my Youtube channel. As you can imagine, the most watched videos are the first ones I made, and they are slowly out of date. I decided to share the current versions of the content with you in my Medium account. I think it will be very useful especially for people who want to buy Bitcoin and Altcoin for the first time.
How Can I Buy Bitcoin and Altcoin?
You can buy your cryptocurrency with multiple methods. Let’s start with how you can get the most used method from crypto exchanges. Bitcoin price is not determined by a particular company, institution, state or central bank. According to the balance of supply and demand, the price occurs on cryptocurrency exchanges. You can buy and sell Bitcoin and 585 Altcoins in Binance, which is the most popular cryptocurrency exchange worldwide.
How Can I Buy Bitcoin With Credit Card?
You can buy Bitcoin and Altcoin with a credit card, but it is not a very popular method. The reason for this, you usually need to pay more when you want to buy with credit card. Apart from this, although it varies from bank to bank, some banks also receive a commission from these transactions. When calculating this commission, you can think of it as the interest of withdrawing cash advance. You can use the Binance exchange again in this method, which is generally preferred by people who invest in very small amounts for the first time.
We click on the “Buy Crypto” option from the top left corner of the site.
If you want to purchase with a credit card for the first time, you need to register your card and you must have passed ID verification aka Know Your Customer process (KYC) on Binance. After you have successfully added your card, you will see this screen.
After seeing this page, we press the “Go to trade” button. Our VISA debit or credit card is now defined on Binance.
We press the “Buy Crypto” button on the upper left side of the site again. We choose the currency, amount and coin that we want to buy. In this example, we will buy $100 worth of Bitcoin.
Now we continue our process by clicking the “Next” button. As you can see in the picture, we see the credit card we have added before and the amount of Bitcoin we can get for $100. Since Bitcoin price is very volatile, I censored how much Bitcoin we could buy for $100, so that there is no confusion.
We press the “Buy” button and go to the last step. In the last step, it shows you the amount you will spend, the price of Bitcoin, the commission and the total amount of Bitcoin you will get.
After checking all the information, you can complete the process by pressing the “Confirm” button. A page will appear stating that you have successfully purchased Bitcoin.
You can see the Bitcoins you bought on Binance by pressing the “Return to wallet” button.
FTX exchange lists the coins in the DeFi ecosystem quickly and also offers a product called DeFi Index. If you still do not have an FTX account, you can get a 5% lifetime discount by registering here.
Is There A Physical Exchange Office Where I Can Buy Bitcoin?
As an alternative to using cryptocurrency exchanges to trade Bitcoin and Altcoin, physical exchange office locations continue to increase day by day. While the price in cryptocurrency exchanges is determined by the supply-demand balance, generally in such physical points, cryptocurrency prices are calculated by taking of average price of Bitcoin and putting commission on it. Commission rates are usually around 3%, it can be lower depending on the volume of the transaction. Places that allow this type of trading are generally preferred by tourists.
They have Know Your Customer process (KYC), just like on crypto exchanges. It is recommended that users set up and prepare the crypto wallet in advance.
Is There An ATM Where I Can Buy Bitcoin and Altcoin?
Currently, there are 6,000 Bitcoin ATMs serving worldwide. Usually these ATMs serve for Bitcoin and some Altcoins. Commission rates are usually up to 10% in some cases, because of this, usually preferred by first time cryptocurrency traders or tourists. If you are wondering how to use Bitcoin ATMs, you can find a detailed video about this subject here.
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⚠️The information, comments and recommendations contained here and in my social media accounts are not within the scope of investment consultancy.