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Your Guide on How You Can Buy Bitcoin and Altcoin

"Buy Bitcoin." "Buy altcoin." Yes, these sentences sound familiar if you are participating in the world of cryptocurrency. More and more folks are becoming hooked to it, especially given this time of the pandemic season. Since people have more time to spare, they can always keep track of how the market performs right from their mobile phones.

The world of cryptocurrency is still a wide land to explore, and experts spend long hours studying its entirety. This way, they can give out predictions based on past performances, present stand, and future projections of the instruments.

Before, when we hear the word "Bitcoin," we know that it’s about crypto. But now, as time went by, the industry evolved; thus, altcoins were produced. So what are altcoins, and how do they differ from Bitcoin? Those two things are what we’re going to zero in on today to equip you with the basics of how to buy Bitcoin and Altcoins.

Bitcoin & Altcoins

Bitcoin is a digital cryptocurrency that originated way back in 2009. The person thought of this system is still unknown to this day. The vision of this technology is to provide smaller transaction fees as compared to other online payments. Bitcoin is also decentralized, meaning the banks or government do not have a say on it.

Bitcoin is the parent of other digital cryptocurrencies in the market, one of which is an altcoin. Altcoins are derived from Bitcoin that share some characteristics but also differ in some ways. They say that altcoins are like an enhanced version of Bitcoin since the latter has had many lapses in the past.

If you’re looking to buy Bitcoin now, then it would surely help to know a thing or two about it.

Buying Bitcoin and Altcoin

Buying Bitcoin and altcoin can be your investment in a way, so it is just as important to be wise in spending your money on them. Today, we’ll look at different ways on how to buy Bitcoin.

Since Bitcoin is online, traders and investors are always called to be careful and cautious in storing their currencies. It is because Bitcoin uses a Know Your Customer platform, a secure connection to the Internet.

Before you buy Bitcoin online, you must have your wallet first, where you can store all those coins. Having a wallet helps you keep your account secure more than leaving your purchases in the exchange. It lessens the chances of scammers getting a hold of your account. After you’re done setting up the things needed before making your purchase, it's now time to make your purchase.

1. Choose an exchange that works for you.

Online exchanges are the platforms where you can process your transactions. There are many online exchanges that you can choose from, each with its features and tools. 

The best places to buy Bitcoin from are:

  • Coinbase
  • eToro
  • Robinhood
  • CoinMama
  • BlockFi

Of course, your choices are not limited to these five. You may still research the features of the other exchanges out there.

2. Link your chosen exchange to your preferred payment option. 

You'll need to go through a series of verification to link your chosen exchange to a payment option. Make sure that you have your IDs and other important documents within reach for a smooth process. In most of the major online exchanges, you may buy Bitcoin through the following:

  • Buy Bitcoin with a credit card
  • Buy Bitcoin with a debit card
  • Purchase through wire transfer
  • Certain e-wallet options are also available

Please take note, though, that some banks are not huge fans of cryptocurrency, so it's best to read the conditions first before you set your preferred payment option.

3. Purchase your first Bitcoin.

Congratulations! You can now start purchasing Bitcoin and altcoins. Make sure that you’re aware of the daily spending limit of your exchange.

4. Store your Bitcoin and altcoins securely.

This step is the reason why it’s important to have a wallet. Wallets have two kinds:

  • Hot wallet – This type means online. Investors and traders can set up hot wallets with a private key that only you should access. Since this kind of wallet is still online, there is still a small risk of it being compromised, but as long as you keep your private password to yourself, then it’s all good.
  • Cold wallet – This type is commonly referred to as a paper wallet. Paper wallets do not connect to the Internet and therefore offer more security than the other one. However, since both the private and public keys are written somewhere, it’s important to keep the "paper" in a place not accessible by anyone.

Regardless of whichever wallet you use, you have the responsibility to keep your private keys secure to make sure that your wallet is safe.

Alternative Ways to Purchase Bitcoin and Altcoins

Apart from debit and credit cards, here are some other ways on how to buy altcoin and Bitcoin:

1. Paypal

You may use Paypal in two different ways: as your primary way to buy Bitcoin instantly or to link it to a third-party application and use it as you’d normally use credit or debit cards. However, there are certain conditions that you’d need to know if you choose to buy Bitcoin online. For more info, you may access their website.

2. Bitcoin ATM

ATMs offer a more secure way of purchasing coins. They also offer an array of bitcoin and altcoin to buy. But, of course, you can also buy coins through cash.

3. Peer-to-peer exchange

This method allows buyers, sellers, and traders to look for good deals. It’s also decentralized, so it still provides the same level of anonymity as the other exchanges. Bitcoin and altcoin prices are also shown before a transaction occurs, giving more information to a buyer or seller before purchasing or selling.

You may research these methods more and see what is most suitable for you. Rule of thumb: when a transaction is done online, be extra careful.

Where Can You Buy Bitcoin?

Online is the best way to buy Bitcoin and altcoin. It offers the best places to buy Bitcoin. There are a lot of cryptocurrency exchanges where you can purchase these coins. Choosing where to buy altcoin and Bitcoin best is going to be a matter of preference. But here are the top five exchanges that you can start with:

  • Coinbase
  • eToro
  • Robinhood
  • CoinMama
  • BlockFi

As mentioned previously, you need to note the daily spending limit and possible transaction fees of these exchanges. See what’s okay with you and go with it.

How Do You Buy and Sell Bitcoin?

The Internet is filled with various information regarding how to buy altcoin and Bitcoin and how to sell them. You can do both of those transactions through different exchanges.

You can use Cash App as well to purchase these coins easily. Here are the steps:

  • Go to the Investing Tab on the app.
  • Choose Bitcoin.
  • Click buy.
  • Enter an amount.
  • Enter your PIN and hit Confirm.

These steps are easy to follow and made easier by the downloadable app.

Do Altcoins Rise With Bitcoin?

There’s no absolute answer to that question. Sometimes, BTC excites the performance of altcoins, but since altcoins are now also running through their blockchains, sometimes, they are completely unaffected.

Are Altcoins Better Than Bitcoin?

In terms of what’s better, there's a direct answer to it. To give you an idea instead, imagine altcoins as backup files for Bitcoin. If Bitcoin crashes, altcoins serve as a fallback for traders to resort to. Here are some of the best altcoin to buy this year:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Dogecoin (DOGE)
  • OMI

There are many other altcoins that you can select from, but these four showed impressive results based on experts’ observations.

Buying Altcoin in Coinbase

Buying both altcoins and bitcoin in Coinbase is rather simple. 

Here are the steps:

  • Log in to Coinbase.
  • Choose to Buy on the upper right side of the screen.
  • On the Buy Field, you can select the asset you’d like to buy.
  • Type in the amount (either in crypto or local currency)
  • Choose your payment method.
  • Before proceeding, you need to click the Preview Buy button.
  • When everything is clear, press the Buy button.

These buttons involved in this process are also easy to locate on the platform.

Altcoins and Bitcoin make up a huge chunk of the cryptocurrency world. This industry has a promising future ahead of itself. There are still some things left unexplored in this world, though. One is its volatility. No one can prepare anyone for what happens in the market in the future, and so, whatever you can do now to keep your account safe, you should do.

If you want to buy altcoin and Bitcoin, there are a lot of options for you. Online is the best way since it provides easy and real-time transactions. A word of caution: everything online is at risk of being hacked or breached, so make sure to set up additional security for your account.

You can set up different wallets, like hot wallets and cold wallets; it’s up to you whichever you’ll use. But again, go the extra mile of keeping your account secure by having private keys and backup.

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