Tuesday, February 25, 2020

How to Get Bitcoins

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Years after Bitcoin’s launch in 2009, buying a Bitcoin has become an easier process thanks to a number of cryptocurrency exchanges and companies that are offering the service. It’s not rocket science, that’s why you too can fund your wallet today. All that it’ll take, is to know the simple steps on how to purchase a Bitcoin instantly.

But wait a sec, before purchasing your first cryptocurrency, you need to know how to store them using one of the safest wallets out there. Our guide to the top cryptocurrency wallets will take care of that aspect. So, let’s take a look at how to get Bitcoin using a credit card, cash, as well as Paypal.

How to Buy Bitcoin Using Credit Card

One way to purchase Bitcoin is to by using your Credit Card. In this case, cryptocurrency exchanges can be taken advantage of. Some instances of these are Coinbase and Binance which will enable you to fund your wallet directly. However, not all Credit Cards can be used to make the purchase and it’ll be dependent on the policies of your bank.

That aside, take the following steps to begin:

  • Goto Binance.com
  • Create an account
  • Setup Google Authentication to secure your account
  • Click on the ‘Funds’ menu
  • Select ‘Buy with Credit Card’
  • You can enter the amount of Bitcoin you intend to purchase in the fields
  • Next, Click on ‘Buy Now’
How to Purchase a Bitcoin
  • Accept the terms and conditions, click on ‘Goto Payment’
How to Purchase a Bitcoin
  • You’ll be redirected to Simplex, a payment processor used by Binance
  • Provide your personal details
  • Click on ‘Continue’
  • Verify your phone number and email
  • Enter your payment details
  • Click on ‘Pay Now’
How to Purchase a Bitcoin
  • Wait for your transaction to be verified and processed

After you’ve been credited, you can go ahead and move these funds to another exchange, mobile wallet, or offline wallet.

To withdraw:

  • Click on the ‘Funds’ menu
  • Select ‘Withdrawals’
  • On the new page, search for BTC
  • Enter the Bitcoin wallet address you’ll like to move your funds to
  • Also, enter the number of funds
  • Click on ‘Submit’

How to Buy Bitcoin Using Bank Transfer

Here’s something else you can work with, and that is buying Bitcoin from peer-to-peer exchanges that support bank transfers. Some p2p exchanges you can take advantage of are Paxful and LocalBitcoins. In this case, we’ll be taking a quick look at LocalBitcoins.

LocalBitcoins supports over 200 countries and allows payment to be made via wired transfer, PayPal, Web money, and Skrill. To buy Bitcoins instantly and on the same day from LocalBitcoins, do the following:

  • Goto LocalBitcoins.com
  • Click on the ‘Sign up for free’ button located at the top right corner of the screen
  • Proceed with your registration
  • You’ll be required to carry out a phone number and personal identity verification.
  • If you’ve done these, you’re now ready to buy.
  • Click on the ‘Buy Bitcoin’ button at the top left corner of the screen
  • Choose a buyer whose selling range and price aligns with your requirements

Note:

Take a few minutes to analyze their profile in order to ascertain how long they’ve been selling on the platform and how many trades they’ve made. You’ll also be on the lookout for the number of blocks they’ve received, if it’s too many, then you’re better off finding another seller. Also, read the seller’s terms of service before you proceed.

  • Click on the ‘Buy’ button
  • Enter the amount of Bitcoin you want to purchase
  • Input an optional message to the seller
  • Finally, click on ‘Send Trade Request’
How to Purchase a Bitcoin

Once the button is clicked, the seller will be notified and if they are willing to sell to you, a part of their Bitcoin will be deducted and kept in an escrow account.

After you’ve made payment,

  • Click on the button ‘Payment complete’
  • Wait for your Bitcoin to be released

If the seller does not release your funds, open a dispute immediately. Also check out this post on how to stay safe when buying on P2P exchange.

How to Buy Bitcoin Using PayPal

Yes! you can also buy Bitcoin online with PayPal balance or even a credit card linked to your PayPal account. You can easily do this using Paxful or localBitcoins. Follow the same steps outlined above for buying on LocalBitcoins with Bank transfer, but this time around, access this LocalBitcoins PayPal transaction link.

How to Buy Bitcoin Using PayPal

How to Buy Bitcoin Using Cash

A number of cryptocurrency ATMs in Philadelphia, New York, Chicago, Atlanta, and Miami accept cash in exchange for Bitcoin. If you are not in the U.S. then there are probably machines in your region given that 4,400 of these have been circulated worldwide.

Therefore, if you locate one of such in your area, then half the work is done. Coin ATM Radar has also provided a map that will allow you to locate these Bitcoin ATMs with ease. All you have to do is:

  • Select the ‘Buy Bitcoins’ option
  • Verify your phone number
  • Scan the QR code of your wallet address on the machine
  • Place the cash on the machine
  • Confirm transaction

Viola! Your wallet has been funded.

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