Buying Bitcoin

Buying Bitcoin - step by step from scratch

Are you interested in buying Bitcoin for pouds, euros, or dollars?

Before you decide to buy Bitcoin (BTC), it’s definitely worth knowing what Bitcoin really is. This is the first electronic currency based on blockchain technology. Bitcoin’s creation date is set for 2008 or 2009. Although the blockchain technology itself was already known before.

The creator (creators?) of Bitcoin is not known to this day and hides under the pseudonym Satoshi Nakamoto. In 2010, the first transactions using this cryptocurrency were registered, and then the first foreign Bitcoin exchange – Bitcoin Market – was created. Although it is obvious that buying Bitcoin was not easy then. It was much easier to just start mining it than to buy it on the stock exchange. Despite the fact that Bitcoin is the first and oldest digital currency, it is still considered to be one of the best cryptocurrencies, rankings that we publish regularly confirm this. Maybe the oldest digital currency is not at the forefront or even in the TOP 5 best cryptocurrencies, however, the mere fact of being in these rankings confirms its quality.

how to buy bitcoin
buying bitcoin

More information on the first digital currency

Bitcoin is a cryptocurrency based on open source software and a peer-to-peer network, while the blockchain network on which it is based uses the SHA-256 encryption algorithm. All transactions are fully anonymous, fast (about 10 minutes) and secure. The network is completely decentralized and distributed, which means that no one has direct control over it. You need a wallet to store Bitcoin. It is also possible to keep it on your account on the cryptocurrency market.

buying bitcoin (btc)

Where is it easy to buy Bitcoin for pounds, dollars or euros?

In the first years of its creation, the purchase of bitcoins was not so easy. This enabled only a few of the largest bitcoin exchanges. Currently, Bitcoin can be bought on many different exchanges. The easiest way for british is to buy Bitcoin for pound (GBP) on leading european cryptocurrency exchange – BitBay.

Just a few years ago, buying Bitcoin (BTC) was not as easy as it is today. The biggest bitcoin exchanges could be listed on one hand. Some quickly ended their lives, others endured and were a good place to buy bitcoin for euro, dollars and pounds. Registration of a free account is possible after clicking the button below:

cryptocurrency and bitcoin exchange

Beginnings and first transactions

Bitcoin media became interested in the turn of 2013 and 2014, when its value exceeded $ 1,000 for the first time. At the turn of 2017 and 2018, people deciding to buy Bitcoin had to take into account a price exceeding $ 15,000 and up to $ 20,000. Currently (May 2018) the purchase price of Bitcoin is around $ 8,000 and the capitalization of the entire currency is around $ 140 billion.

At this time, the purchase of BTC is possible on many cryptocurrency exchanges, e.g. OKEx, Bitfinex, GDAX and Bitstamp (buy for dollars) or on the Kraken trading platform for Euro or Bitflyer for Japanese Yen. The number of cryptocurrency exchanges that enables the purchase of Bitcoin is still growing. It is hard to estimate their quantity accurately but at this point there are certainly several dozen of them all over the world. The first digital currency is also available in numerous smaller so-called Bitcoin exchange offices. You can also buy it elsewhere. For example, the Binance exchange is quite good and cool, where you can register by clicking this link.

We recommend the european BitBay cryptocurrency exchange in our experience, which allows you to buy bitcoin for pounds (GBP) quickly and easily.

Buying Bitcoin? What price will be good?

Analysts predict that buying Bitcoin will be possible at ever higher prices. This will be affected by, first of all, a limited amount of this currency – 21 million and constantly growing interest in Bitcoin. Institutional investors are also increasingly interested in buying. There is growing talk about the wider use of this electronic currency. From the point of view of technical analysis, this value is still in an upward trend.

Technical analyzes of the exchange rate of the first digital currency can be very different, interesting but also missed many times. That’s why it’s so difficult to answer when it’s the perfect time to buy bitcoin. However, it is worth following the behavior of the first cryptocurrency exchange rate. It sets the trend and direction in this industry. Therefore, Bitcoin value increases have a positive impact on the entire cryptocurrency market.

buying bitcoin for dollars
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Be careful!

When you see entries like “to the moon” or that the rocket has flown away or the train is leaving the station … be careful. It is probably too late to buy bitcoin or other electronic currencies. It is worth waiting after 1.3, 6 months or even a year or two for the biggest holes and support lines. I always set myself only slightly above the lowest support lines as far as certain. This makes buying bitcoin a bit more reliable in the context of profits. The last such support were USD 3500-3800.

The use of Bitcoin payments is increasingly widespread in many industries (in Poland you can pay with Bitcoin e.g. on delicious.pl or pizzaportal.pl). We invite you to read the article about where you can pay with Bitcoin. There is a growing interest of many corporations using blockchain networks, it seems that there is still a lot ahead of us. An interesting fact is that in Russia during the Football World Cup Bitcoin payments were possible for e.g. some hotels or other services. Although in recent years buying bitcoin (btc) has become easier and more popular, you should still be very careful in this matter.

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paying by bitcoin

Bitomat – another way to buy Bitcoin

Buying Bitcoin (BTC) can be done using a bitomat. This is nothing but a cryptocurrency ATM that allows secure, fast and convenient transfer of FIAT currency to Bitcoin. In addition, bitomat is a place where you can buy bitcoin anonymously; without verification.

There are two types of bitomats where you can buy Bitcoin. The first is one-sided bitomats that allow you to buy BTC for cash. In turn, double-sided bitomats allow you to additionally sell cryptocurrency and exchange it for cash.

Where to buy bitcoin in Poland? Bitomats are free-standing machines located in most major cities in Poland – most often they can be found in galleries, shopping malls or around the main transport hubs in a given city. Their great advantage is the ability to buy Bitcoin anonymously without having to register a user account. The only data that is provided when using the bitomat is the e-mail address and wallet address.

Transactions via bitomats are extremely secure. In addition, bitomats guarantee a fast transaction rate. After buying Bitcoin, the cryptocurrency will appear in your wallet within a few minutes of completing the transaction.

How to buy Bitcoin in 2020 stationary in a bitomat? Just slip the banknotes into the machine, select the wallet address to which the purchased Bitcoin will go. You can enter the wallet address by hand or scan the QR code. If we do not have our own wallet, the bitomat will generate a new address and private key and place the funds we have purchased there.

Buying Bitcoin in an exchange office.

A bit like a bitomat, the Bitcoin currency exchange allows you to buy BTC quickly and conveniently while maintaining a minimum of formalities. Exchange offices is a place where you can buy bitcoin for pounds GBP. The times of anonymous cryptocurrency purchases in exchange offices have passed irretrievably, while the cryptocurrency exchange office allows for a much simpler and faster creation of a user account and transactions. There are money-changers on the market that allow anonymous purchases only up to a transaction amount of no more than GBP 1,000. If we want to carry out larger transactions, then the exchange office is obliged to verify our identity – e.g. by checking the data on an ID card.

Cryptocurrency exchanges are online platforms that offer users the opportunity to sell and buy Bitcoin among themselves (P2P exchange offices) and through the exchange office (online exchange offices). Buying Bitcoin in an exchange office is one of the most popular ways to obtain cryptocurrency. This solution provides simple and intuitive execution of transactions without the need for long and complicated registration, which takes place on the cryptocurrency exchange.

When choosing a cryptocurrency bureau to buy Bitcoin (BTC), we should verify the transaction commission imposed by the bureau. In addition, it is necessary to become familiar with the security of the technological and legal platform and the quality of the support offered. The refresh rate of the cryptocurrency market value is also important. It should oscillate around 10 seconds, which will guarantee the current price during the transaction.

Other informations

I could write and write that buying bitcoins is such a great thing. All in all, I don’t know it 100%. That is why I try never to significantly recommend any significant moments when buying Bitcoin (BTC) will be more or less profitable. Less favorable in terms of impending inheritance, if any.

I try to base all my statements and analyzes on possibly certain assumptions and knowledge that I have gained so far. When I see the right moments for the buy / sell reaction, I obviously emphasize them. Often in the articles, instead of answering the question whether this moment is the most appropriate time to buy bitcoin, I prefer to present the percentage opportunities that I think has a particular scenario. For example, 70% decreases, 30% increases, therefore, certainly not the best time to buy cryptocurrencies.

I could write a lot about the various pros and cons of this electronic currency. However, you have to decide for yourself whether buying btc at this point will be a good investment for the future.