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How To Buy Bitcoin & Open An Exchange Account

A step by step guide to buying bitcoins
This is the continuation of our cryptocurrency tutorials. In the previous entries, we talked about the fundamental of cryptocurrrencies. In that article we talked about what cryptocurrencies are and why they are valuable, why bitcoin is the world's top cryptocurrency (and we made it clear that being the first cryptocurrency to hit the financial world, it's enjoying what's known as first-mover-advantage). We also talked about the fact that bitcoin is still in its infancy and has a lot of room for growth.

In this entry, our focus will be to show you reliable ways of buying or exchanging bitcoins. But if you are new to cryptocurrency, I'll advise you to read the previous article for better understanding of some terminologies. Having done that let's get started with this entry right away.

You can buy bitcoins online from any cryptocurrency exchange. You can also purchase bitcoins from private sellers in your area or from two-way bitcoin ATMs.

In the early days of bitcoin, the only way to spend your bitcoin was to withdraw your bitcoin into a usable currency like the USD.

Today, however, bitcoin users have more options than ever before. Major retailers or merchants around the globe now accept bitcoins and other major cryptocurrencies for many transactions. You can buy condos in Dubai using bitcoin, for example. You can buy plane tickets or cars using bitcoin in website like Expedia.com for example.

Many cryptocurrency banking companies now offer bitcoin debit cards. You sign up for the card, send bitcoin to the card, then use that card in the real world. These cards are spendable anywhere VISA and MasterCard are accepted. Spending your bitcoin in the real world is as easy as using an ordinary credit card.

Buying & Spending Bitcoins

There are a variety of specialized currency exchange websites to buy bitcoins and altcoins with funds from a bank account or credit card. Buying Bitcoins is simple, there are a few options for buying coins. The quickest way to get started with bitcoin is to sign up for a bitcoin exchange, where you can quickly buy, store and receive coins. Here’s the basic process you’ll need to follow:

  1. Open a Bitcoin exchange account.
  2. Trade a fiat money for Bitcoins or receive coins.
  3. Transfer your Bitcoins to a secure private Bitcoin wallet.

When buying bitcoins or any cryptocurrency for that matter, you need to be really careful as there are lots of scammers in the market. You can get scammed easily with bitcoin transaction because the transactions are anonymous and irrevocable. If you are in my part of the world (Nigeria) or even any part of the world, one good exchange with international coverage and good services is Luno. Below, we’ll explain more specific instructions – like tips on how to choose a good Bitcoin exchange and what to watch for.

Where To Open a Bitcoin Exchange Account?

There are several major Bitcoin exchanges, and there are several preferred exchanges. Different people have different needs, and multiple exchanges offer different services.

Your country and location also play a role when deciding which exchange to choose. As stated earlier, if you are in Nigeria, my go-to recommendation place is Luno. For those in the US Coinbase is the preferred leading exchange in the US and Europe, but if you are in Mexico Bitso is the best option to start.

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