How to Buy Bitcoins in 2020: A Complete Guide for Beginners

Updated: 2020

Did you know, right now so many people are buying and using Bitcoin that the network is actually experiencing unexpected delays? That’s right – bitcoin is so popular with people flocking from all areas of life, because digital currency brings an enormously wide spectrum of advantages compared to all other payment solutions.

With mass adoption comes a surge in demand for a comprehensive wiki on how to buy Bitcoin and store it safely.

You are in luck – the following guide does exactly that: it explains the A to Z of all you need to know before getting those first Bitcoins. Be it with a credit card, bank transfer, PayPal, or cash – I have the best tricks and tips to get you purchasing like a pro. Read on…

Here are the steps to buy bitcoin:

click & read each stage

  1. Know the pros and cons of each payment method. Credit cards allow for speedy purchases, while bank transfers offer the cheapest rates.
  2. Choose from the best sites to buy bitcoin. I’ve selected the top 10 most popular & secure exchanges – reviewed and sorted by payment method.
  3. Understand the identity verification process. Exchanges are legally obliged to check your ID and location. Having the required documents ready will speed up the time needed to validate your account.
  4. Investigate whether your exchange meets standards. I’ll show you how to diligently assess any crytpocurrency trading site. Carrying-out background research is essential & beneficial.
  5. Select a wallet to safely store your cryptocurrency. Online and offline wallets offer their respective conveniences but differ vastly in terms of safety.

Where to Sell or Buy Bitcoin:

eToro
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Min Deposit
$50
United States
Start Trading View key features
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Top Coins
  • ETH
  • NEO
  • ADA
  • BTC
  • XLM
Payment Methods
Wire Transfer, Bank Transfer
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
FOREX.com
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Min Deposit
$50
United States
Start Trading View key features
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Top Coins
Payment Methods
Debit Card, Bank Wire, ACH, Credit Card, PayPal
Founded in 1999, part of GAIN Capital Holdings. Licensed in highly regulated juristictions, FCA, IIROC, NFA, CFTC, CIMA,FSA. Payment methods ACH, debit card, bank wire transfer. $50 minimum deposit.
Forex trading involves significant risk of loss and is not suitable for all investors.
CEX.IO
Key Features
Margin Trading
Legal compliance
Cryptocurrency staking
Min Deposit
$20
United States
Start Trading View key features
Key Features
Margin Trading
Legal compliance
Cryptocurrency staking
Top Coins
  • BTC
  • ETH
  • USDT
  • DOGE
  • BCH
Payment Methods
Credit Card, Debit Card, Wire Transfer, Cryptocurrencies, Skrill
Cex.io offers exchange of fiat currency for Bitcoin Ethereum, Tether, and 23 other cryptocurrencies, as well as Bitcoin/Ethereum trading against the USD.

Final words…

As you have seen, it is relatively easy to learn by testing a couple of different places and then deciding the most appropriate service for your needs. Once you have tried and tested your favorite site, then the process becomes more straightforward. The learning curve is not that steep anymore. We have carried out some reviews of brokers and exchanges Wirex , eToro and Investous to help you.

For those interested in alternative cryptocurrencies to bitcoin: these can be very promising, but there are some elements to consider. Firstly, be sure to research the historical changes in market capitalization – the list of highest-ranking digital assets varies rapidly over time. Secondly, remember that many coins’ total valuation have come to challenge bitcoin’s dominance (ethereum, ripple, auroracoin, quarkcoin) – but have subsequently dropped off. Finally, bitcoin has never been surpassed since its creation. Such an unrivaled dominance has cemented its reputation as the reference currency for the crypto economy. In the long run, history has shown that it is a safer bet to hold BTC.

Should you have some extra time, I highly advise taking a moment to read the history of bitcoin which is actually quite interesting indeed. You may also like to take a look at the price history charts to have an idea of the important exchange rate evolution since Satoshi Nakamoto created it in late 2008.

As a final note, I really recommend taking an active interest in the technology behind cryptocurrency, being the single most important innovation since the internet was invented. There is some great discussion on the /r/btc subreddit and on the EpiCenter Podcast for enthusiasts.

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