EXPLAINER: How to Buy Bitcoin for the First Time

Learn how to purchase bitcoin for the first time

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Okay, everyone you know is talking about bitcoin. What’s more, you have heard about some who have made a lot of money from the world’s first cryptocurrency.

With the price of bitcoin still rising, you have come to the decision that you will not be left behind.

Here is what to do as you purchase digital gold for the first time.

Identify an Exchange

A cryptocurrency exchange is an online marketplace where users buy, sell, and trade cryptocurrency.

Users can also trade their cryptocurrency for other cryptocurrencies, and some exchanges even enable users to earn interest on cryptocurrencies held within the exchange account.

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SEE ALSO: How to Select a Cryptocurrency to Trade

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Basically, there are 2 types of bitcoin exchanges: 

  • Peer-to-peer exchanges
  • Regular exchanges 

Regular bitcoin exchanges use an order book to match, buy, and sell orders between people. This is the most commonly used form of exchanging local currency to and from its digital counterpart in the form of bitcoin.

Examples of common regular exchanges include:

P2P trading is the act of buying and selling cryptocurrencies directly between users without a third party or intermediary.

P2P platforms are the most popular in Africa and include:

Purchasing Bitcoin on P2P Exchanges:

  • Sign up for an account on any of the above platforms which comes automatically with a digital wallet where you can store the bitcoin you will purchase
  • Once you have an account, find offers from different crypto owners listing ads on P2P platforms. Browse through the list of available offers, choose the one that best matches your requirements, and review the seller’s terms
  • Make the trade. This should happen if you are satisfied with the seller’s terms. Enter the amount of bitcoin you want to buy, and start the trade. This opens an interface to engage with the seller
  • Once you agree terms with a seller, the seller will then release the Bitcoin directly into your P2P wallet

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RECOMMENDED READING: 4 Easy Ways on How to Grow your Crypto Investment

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