Bitcoin receives a huge amount of attention among crypto followers in both the investment and financial world. Despite that, a lot of people still don’t know the proper steps towards purchasing Bitcoin legally. Buying bitcoins can be done easily, as if you are just logging into your favorite mobile application.
Since cryptos are invading the social media world and have been in news reports for the past few years, it’s the right time to dig more information regarding how to purchase bitcoin in the United States legally. In this post, we are going to provide you things to know to begin your journey in purchasing Bitcoin tokens.
So, if you want to know more about it, then keep reading and enjoy!
Digital Wallet
Before you perform your first transaction with bitcoin, you need to install the software on your device called a “digital wallet.” Technically, Bitcoins are not coins. This means that a bitcoin wallet is not technically considered a physical wallet. You can maintain your bitcoin tokens through the use of private and public keys. These keys serve as your password, which contains jumbled letters and numbers that are associated with the mathematical encryption algorithm. To know more about bitcoin trading you can visit econotimes.com
Personal Documents
The Securities and Exchange Commission in the United States is requiring Bitcoin followers for identity verification. This is an important part if you are going to register your digital wallet to Anti-Money Laundering Policy. Through identity verification, you can sell and purchase bitcoin in the market. To verify one’s identity, some documents are needed, such as driver’s permit and SSN (Social Security Number).
Secure Internet Connection
If you prefer online bitcoin trading, make sure to have a discretion that will help you decide where and when you need to access your wallet. We do not recommend you to trade your bitcoins using a public or insecure internet connection. This is because you are not just losing your Bitcoin tokens but making your wallet more susceptible to hackers.
Credit Card, Debit Card, or Bank Account
After installing a bitcoin wallet in your device, you may also consider using a traditional payment method, which includes a debit card, bank transfer, or a credit card when buying a bitcoin. After that, you just need to wait for a few minutes before the bitcoins are transferred to your digital wallet successfully.
Take note that your desired exchange and area of jurisdiction will affect the availability of the three payment methods we mentioned above. When buying a bitcoin, all you need to do is to click “Buy Now” and wait until the transaction is successfully done.
Take note that different exchanges offer you a unique set of drawbacks and benefits to paying through bank account transfer, debit card, or credit card. For example, most users prefer using either a debit card or a credit card because of its user-friendliness. You are required to verify your identity to use them. Aside from that, compared to the other payment methods, credit and debit cards impose higher transaction charges. On the other hand, bank transfers charge their users lower fees, but you need to wait for some time before the transaction is done.
Bitcoin Exchange
After setting up your wallet and picking your desired payment method, you should look for a perfect place to start buying your first bitcoin tokens. You may consider using “exchange,” an online marketplace that sells Bitcoin and other forms of cryptocurrencies.
Those are the necessary steps you need to follow when buying Bitcoin and other forms of cryptocurrencies legally. This is especially true if you are living in the United States.