Bitcoin: How to buy bitcoin? Complete and comparative guide

There are different crypto currencies. Among these, bitcoin stands out by far as the most popular. Indeed, bitcoin is the first virtual currency invented in 2009. This virtual currency runs on its own blockchain with movements verified by an impressive number of decentralized miners. At the start of 2022, bitcoin stands out as the cryptocurrency with the highest market capitalization. This is what motivates many people to be interested in its acquisition. Do you want to buy bitcoin, but you don’t know how to go about it? Discover through this article a complete presentation on bitcoin.

Bitcoin: the most fashionable cryptocurrency

The cryptocurrency bitcoin is a virtual currency developed in 2009. Unlike traditional currencies, bitcoin is not governed by any central bank or financial institution. This virtual coin is issued on the blockchain protocol which bears the same name. Thanks to this technology, it is possible to store and transmit data in a clear, secure and transparent way. These different operations are thus carried out without a control body.

The purpose of creating this virtual currency is to develop a decentralized system and peer-to-peer to be able to exchange monetary value. Emphasis is indeed placed on the postage of any third-party financial institution.

In other words, bitcoin does not involve notes or coins. Currency is represented by an encrypted computer code that is exchanged anonymously between two tunnels (computers). It is used as a means of payment or as a technological base. More and more companies around the world accept to be paid by bitcoin. Others, on the other hand, prefer to focus on the decentralized database there.

If bitcoin arouses so much enthusiasm, it is because it offers multiple advantages to users.

The properties of bitcoin

The question relating to the properties of bitcoin revives the debate on the type of currency it represents.

Indeed, the recognized characteristics of bitcoin are as follows:

  • It is non perishable;
  • He is perfectly identifiable ;
  • It is not not falsifiable. It is nearly impossible to replicate bitcoin;
  • He to easily transport. All operations are carried out on a smartphone or computer;
  • It is fungible;
  • And finally it is divisible.

The benefits of bitcoin

The surge around bitcoin makes this virtual currency a very popular means of transaction for users. He presents himself as a alternative payment method based on blockchain technology. This constitutes real advantages with regard to the traceability and security of transactions.

  • bitcoin as a principle of unanimity: one of the peculiarities of bitcoin is that it is free and decentralized. This makes it the first payment method based on the fact of its users. Only the bitcoin holder has an exclusive right to his wallet. In this case, even the developers have no right to initiate the update procedure in the protocol without the consent of the majority of users.
  • The bitcoin protocol is completely secure: at first glance, this advantage has no connection with the virtual currency itself. In this case, it is the structure of the infrastructure that supports it. Indeed, the blockchain is like a data storage register, and this register controls each transaction carried out. As soon as an operation is carried out on the blockchain, it can no longer be erased and no hacker can access it.
  • Bitcoin is available 24/7: Unlike banks, the cryptocurrency market is always open. There is therefore no need to wait for the opening of a stock market to start buying or selling or even exchanging bitcoins.
  • Bitcoin is a neutral design: bitcoin is a virtual currency that does not belong to any nation. It is therefore not subject to any political influence or any national economy.

However, the acquisition of bitcoin is necessarily done on a market, defined as a platform. There are generally several sites on which it is possible to make purchases of bitcoin.

Procedure to buy bitcoin

If you are a beginner, it can sometimes be difficult to find your way around the many bitcoin sales platforms. However, by following the basic rules, you will have an easier time making your first purchase.

To buy bitcoins, the most obvious procedure is to go through an exchange site. To do this, you will need to be quite vigilant while prioritizing the best known platforms. Among the best known, you have eToro. On This site specializes in buying bitcoins, you benefit from very interesting features such as Copy Trading and Copy Portfolio. Moreover, it is affordable for beginners and has a mobile application that you can access on your smartphone.

Once you are on the trading platform, here are the steps to follow:

  • Register and open an account on the platform;
  • Verify your identity in order to validate your account;
  • Make the deposit of funds in euros with your bank card or by bank transfer/PayPal;
  • Choose cryptocurrency. In this case, it is bitcoin;
  • Validate your bitcoin purchase;
  • Store purchased bitcoins securely.

Criteria to identify the best platform

When considering investing in the purchase of bitcoin, it is important to take into account certain criteria in order to choose the platform that best meets your expectations. Beyond the criteria, you can take the time to fully understand the contours of bitcoin. Several news sites like reviews.openedition.org provide important details for beginners to help them understand the world of bitcoin.

The essential points to check beforehand:

  • The notoriety of the site: you must check if the opinions of users are positive;
  • The different means of payment available;
  • The cost of bitcoin on the site: the costs are not often identical depending on the platform;
  • Related costs: it is important to fully understand the different costs depending on the site before committing;
  • The level of security and reliability of the platform;
  • Interaction with customer service;
  • Speed ​​for identity verification.

Besides these selection criteria, you can also try to create a test account with a fictitious background. This will help you try out a grip on the site. Similarly, the language criterion can be a factor of choice for some users.

Top 3 bitcoin buying platforms

To help you in your bitcoin buying process, we will show you our selection of the best buying platforms available. This comparison is made taking into account aspects of differentiation such as security, fees applied, options, cryptocurrencies offered for sale, etc.

eToro

Among the various bitcoin purchase platforms, eToro stands out as the best for making an investment in crypto currencies. On the site, you benefit from an optimal level of security. Otherwise, the platform is regulated and its interfaces are intuitive and simple to use. It offers the particularity to its subscribers with the function of copy trading and social trading. Apart from the fact that it is the best platform, its access is quite easy depending on whether you are a beginner or an experienced user.

By choosing this cryptocurrency broker, you have access to the deposit guarantee and resolution funds. This fund provides protection to investors when the banking establishment in relation to eToro experiences a failure. eToro is a broker with over fifteen years of experience. This positions it as the leader in Social Trading.

ZenGo

Although it is a new service in the cryptocurrency market relative to eToro, ZenGo is also enjoying success. Indeed, it is a very easy to use and intuitive mobile application. It offers 4% return on bitcoin holdings. Apart from buying and selling assets, it is possible to trade actively on the app.

Binance

Binance is one of the most used platforms in the world. The transaction fees applied on this platform are the lowest. Indeed, these costs are at least 0.1%. Depending on your level, this rate can gradually be reduced. For trading, you have the option to choose the buy order type or leverage.

Means of payment and storage

On the majority of bitcoin buying sites, you have the option of making payments by various means. These include, among others, the payment by card, debit, PayPal, SEPA, Paysafecard, UnionPay, Neteller, Skrill, etc.. Note that, for the purchase of bitcoins, it will be necessary to create a wallet. It is an address presented in the form of a sequence of numbers. The wallet is accessible using a password.

Among the storage solutions for bitcoins, we can mention wallets. It is a user- and blockchain-based tool. The wallet gives the advantage of independence from bitcoin to the investor. Apart from wallets, you will be able to use crypto buying services or offline storage. The latter is a physical wallet in the form of a USB key.

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