How to buy Bitcoin or cryptocurrency? How do beginners buy bitcoins?

What is the best way to buy Cryptocurrency? how to buy bitcoin with paypal, how to invest in bitcoin

     With the rise of Bitcoin, the general public has discovered that it is possible to get rich by investing in cryptocurrency. While the activity remains among the riskiest, more and more individuals are willing to try it. Here's how to buy Bitcoins or other cryptocurrencies.

How do beginners buy bitcoins?


Specifics of investing in cryptocurrency.

The staggering rise in the value of Bitcoin is making headlines in the media. Launched in the early 2010s, the cryptocurrency was worth pennies. 10 years later, it is almost insolently high at nearly 53,000 euros.

But it should not be forgotten that its progression has not been linear: many people have lost money, victims of the violent upward and downward movements of the star cryptocurrency. Even if the value of a Bitcoin reaches new heights, a sudden drop, like the bursting of the Internet bubble in the 2000s, cannot be ruled out.

As a preamble, it is therefore important to remember that investing in cryptocurrencies remains a gamble on their ability to become part of our daily lives as a means of payment. Today, their use remains very marginal, their legal framework uncertain, and their value very speculative. Similarly, if some of them eventually emerge, others will disappear, causing the loss of all the money invested in the process. Prudence encourages diversification, and to bet only amounts whose loss would not affect either the projects or the standard of living.

Investing on a specialized platform

At this stage, banks do not offer their customers to open a cryptoasset portfolio, as they do for financial products through securities accounts or PEAs. Also, the sector is not regulated. Also, the path to buy cryptocurrencies is not intuitive, and scams remain numerous. Caution is therefore required when choosing an intermediary.

The easiest way to buy Bitcoins or invest in cryptocurrencies is to go through a recognized specialized platform. The intermediaries offering this service are quite numerous on the Internet. A few stand out for their popularity and seriousness. They work in the same way as stock exchange platforms, allowing to buy or sell a certain number of cryptos from their website or mobile application.

At the entrance, each one requires you to show your credentials: in order to invest, you will have to go through the "KYC", or "Know Your Customer", procedure, which consists of proving their identity. So don't be surprised when you're asked to upload an ID.

Finally, it's worth noting that some banks may put the brakes on credit card payments on cryptocurrency platforms. Fraud protection measures are often strengthened, and that's good. In case of blocking, you should not hesitate to contact your customer service.

Here are 3 of the main platforms through which it is possible to buy cryptocurrencies.

Kraken: low fees

Kraken, founded in 2011 in the United States, was the leading cryptocurrency exchange platform until recently. Available largely in French, opening an account there is quick and easy. Several levels of identity verification are offered, allowing you to deposit or withdraw more or less money. By uploading your identity card and proof of address, you can transfer funds and make your first investments in a few minutes.

The SEPA transfer is free and instantaneous (if your bank allows it). SWIFT transfers are charged between 3 and 5 euros. Be careful, if you opt for a transfer, you will be asked to specify the reference indicated by the platform so that the money can be directly attached to your virtual portfolio.

It is also possible to buy cryptocurrencies by credit card, but in this case the fees are exorbitant (3.75% of the amount deposited). Conversely, the rest of the transaction fees on Kraken are among the lowest on the market. The negative points of the platform are a customer service that can sometimes be quite slow, and an interface that may seem counterintuitive.

Binance: to "trade" cryptocurrency

Founded in China in 2017 through an ICO, the Binance platform quickly succeeded in becoming the world's leading cryptocurrency broker. It offers a very diverse range of them. To start buying, you have to go through a rather strict identity verification, with the sending of an official document and facial recognition. Once the profile is validated, the funds can be sent by SEPA transfer (free) or by credit card (1.8% fee).

There are many layers of verification to ensure security. It must be said that the platform was the victim of a hack a few years ago, and had to reimburse the losses to its users.

Binance has the advantage of offering low fees adapted to buy-sell, and of proposing a beneficial sponsorship system. Its customer service is also very responsive. However, we regret that it is impossible to delete your account.

Coinbase : a very easy to use interface

Another reference in the world of cryptocurrencies, Coinbase is a platform suitable for beginners with a very intuitive interface. Created in the United States in 2012, it is also one of the largest on the market. Its ease of use allows for quick transactions, and sending funds via wire transfer and credit card. Again, investors go through an identity verification process before they can invest, but also to withdraw funds.

The number of cryptocurrencies that can be purchased is limited, however. The crypto Polkadot, for example, is absent from the offering.

The fees on transactions can also be quite high (3.99% on credit card purchases, fixed commission between 0.99 and 2.99 euros for orders below 200 euros and 1.49% beyond...). The Coinbase platform is therefore not recommended for those who want to "trade" by making frequent purchases and resales. Finally, connection problems in the event of a market surge are often reported by users.

Buy cryptocurrency at the point of sale

To buy Bitcoins or other cryptocurrencies, individuals can also contact specialists in specialized outlets. The advantage is to be able to benefit from explanations and support. In Bordeaux, we can for example quote the Comptoir des cybermonnaies, of which we had realized an interview.



Securing your cryptocurrencies on a Ledger

When purchasing Bitcoins or other cryptocurrencies on a platform, the assets are stored in a "virtual" wallet. For more security, it is possible to transfer them to a "physical" wallet, also called a "hardware wallet". The advantage is to be able to secure your cryptocurrencies on a medium that is not connected to the Internet, and that remains safe from a possible piracy.

The best known is marketed by the French company Ledger. Connected via Bluetooth to the Ledger Live application (available on mobile and computer), the terminal looks like a USB key. It is possible to transfer cryptocurrencies purchased on a platform.

Security is the key word: to connect to the data, it is necessary to enter a PIN code and a series of 24 words that only the user knows. These elements are also used to recover the data if the key is broken or lost. But beware, the pitfall to avoid is to lose these identifiers, without which it will be impossible to recover the cryptocurrencies: the money will then be permanently lost.

Recently, it is also possible to buy cryptocurrency directly through the Ledger Live application. But for now, the purchase fees are quite high (4.5% by credit card, 1.7% by wire transfer), and the number of cryptocurrencies available is limited.

Follow the evolution of the value of the cryptocurrency.

As with stock market securities, the price of cryptocurrency fluctuates based on supply and demand. The variations can be very high and fast, both up and down. Moreover, these developments never stop, unlike financial markets that close at night and on weekends.

The price of Bitcoin and other cryptocurrency can be followed on most buying platforms, but also on specialized applications like Investir.com or CoinMarketCap. At a glance, they allow you to see the trends and fluctuations of the main cryptocurrencies. It is also possible to customize "Watchlists" to monitor some of them.



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