When someone is introduced to Bitcoin, the first question they ask is generally "where can I buy Bitcoin?". There are a lot of different ways including exchanges, wallets and even local trading. It all depends on what suits you and what you have access to.
How to Buy Bitcoin
Before you buy Bitcoin, you'll need to create your personal wallet which generates an address and private key that will help store your funds safely in a unique location. If you choose to use an exchange then you'll automatically be generated an address when registering with them but you won't be in control of your private key so we suggest you find a secure wallet for long-term storage purposes. Check out our recommended Bitcoin wallets.
Exchanges are by far the most popular way to start investing into cryptocurrency because it allows you to easily diversify your portfolio. Generally the process requires you to register an account for free and then deposit USD to purchase bitcoin from sellers on the platform. Most exchanges like Poloniex allow for margin trading or borrowing money from a crypto broker to buy more coins which can net you huge gains but also potentially huge losses. One of the great benefits of using exchanges is that you can set a price at which you want to buy or sell bitcoin and it will execute the process automatically once it hits the target. This removes the need to constantly check which can be time consuming.
Huge wallet platforms such as Blockchain.info are an alternative and generally considered as safer, however you will find that they offer lower rates because they charge the user for their Bitcoin purchasing service. This is fair as they do take out the hassle in the buying process. One great reason to buy from a wallet is that they offer a variety of payment options. A lot of them allow you to deposit money into the account so you can choose when to buy Bitcoin instantly at your desired price which removes the worry of price fluctuation between payment processes. This is a big issue as the current value of Bitcoin is extremely volatile and if the price suddenly shoot back up then you essentially miss the 'dip'.
You can also use international bank transfer services which are slower (3-5 business days) but charge no fees. Alternatively, the most popular method to buy Bitcoin is probably using a credit/debit card. Most wallets charge a small inconvenience fee of 1-3% and there is usually a limit cap per order but unless you're buying well over $1000 worth per transaction then this option may be the most ideal. Some eWallet services are also accepted such as Neteller or Skrill.
Local trading is another great way to purchase bitcoins in a instant, secure and private manner. There are websites like Localbitcoins.com which offer a brilliant platform for those who like to buy bitcoins directly from the seller and inversely those who prefer to sell directly to the buyer. There are many ways to pay and you can filter searches based on factors such as payment methods, locations, limits and currencies to only list buyers that match your requirements. You'll typically see higher rates here but it's one of the best ways to get started and is extremely safe as payments are held in escrow to prevent fraud. Some sellers even prefer to execute the transaction by meeting face-to-face in public areas so you can even chat with them - a great way to grow and educate the community.
Regardless of how or where you buy bitcoins, if you're using popular platforms such as those mentioned then chances are that you'll be required to register and in some cases even go through identity verification to lift the buy and sell limits. Read up on our list of best Bitcoin exchanges for more information.
How to Use Bitcoin
After you've created a wallet and purchased bitcoins, you're ready to start gambling. First, visit any of our top recommended Bitcoin gambling sites and register. Then follow the on-screen instructions to make your first Bitcoin deposit to enjoy your exclusive bonus. During the deposit process, you'll be instructed to send bitcoins to the address provided which you can do through your wallet or exchange. Simply log into your wallet, navigate to the send screen, type in the sender's address and specify the amount of bitcoins to send.
After this all you have to do is wait for the Bitcoin network to confirm the transaction and you will receive the equivalent funds into your gambling account with your bonus so you'll be ready to play!
