Buying Bitcoin
In the world of Cryptocurrencies, Bitcoin (BTC) is the biggest and most known of the coins, So as it stands most other alternate coins (ALTS) are bought using BTC.
As the market grows for BTC so does its value, We have seen just over the last few months BTC go from $5300 USD to $7718 USD. This means people who bought in at around the $5300 mark made a substantial amount of money, this means you can potentially be spending money and still making it!
So how do you buy BTC?
The first thing you need to know is that you do not need to buy a full bitcoin, at the time of writing 1 BTC is worth $6694.02 USD. You can buy as little or as much bitcoin as you want, Putting a few hundred in it is still going to see you make returns and you will still be able to buy anything with the same dollar value of your own countries currency, as long as the place you are buying from accepts bitcoin or B pay.
To get started head to https://www.btcmarkets.net/ and create an account, by clicking on the create account button.
In this process you will need to provide your ID and other personal details to verify your account.
Once your account is created click on account and head to deposit. Here you will be given options to deposit your Fiat which will be used to buy bitcoin. There are many options to send your money through to BTC markets, I personally use POLI.
Once you have found a suitable option for yourself head to the Buy/Sell at the top right hand side of the page. You will come to a screen like this.
Here is where we will buy some BTC!
In the screenshot below we need to provide the Volume and price of what we want to buy.
It is important you understand exactly what these are.
- Volume: Is how many coins or % of a coin you want to buy.
- Price: The amount you want to buy at.
I'll now show you an example of buying $100 worth of BTC.
1 BTC = $6677.94
Volume: 0.01498 BTC
Price: $6500
What this above example is showing, is the current value of BTC being at $6677.94 , we are wanting to buy $100 worth of BTC. The volume is 0.01498 which Is the equivalent of $100.04 of USD currency. The Price is $6500 which is the price we want to buy the coin at. This means when the price of BTC goes down to $6500 BTC markets will buy our $100 worth of bitcoin at that point.
In this image below I have filled out the information. I am In Australia so the price is slightly different and with the constant change of bitcoin it has, in-fact moved below $100 at this point.
So you can now see you want to buy 0.01498 of BTC at the market price of $3500, and that will cost you $98.19.
When this is completed you will now be able to go to your account and you will see Account summary, Here you should see your BTC listed! Now all you need to do is click withdraw and send your new BTC to your wallet!
Congratulations you have bought your first BTC.