Bitcoin has taken the world by storm since its creation in 2009. As the first and most widely adopted cryptocurrency, Bitcoin has become a highly sought-after digital asset for investors and tech enthusiasts alike. With its decentralized and transparent network, Bitcoin offers users a fast, secure, and low-cost way to send or receive payments globally without any third-party interference.
If you’re new to Bitcoin and looking to buy some quickly, this guide will walk you through the basics of purchasing Bitcoin and recommend the best Bitcoin wallet for storing your coins safely. We’ll also provide tips for getting Bitcoin instantly so you can start participating in the world of digital currencies right away.
Choose A Bitcoin Exchange
The first step in buying Bitcoin is selecting a cryptocurrency exchange where you can purchase and trade coins. There are many reputable exchanges to choose from, each with its account signup process, trading features, fees, and more.
When weighing the different options, look for exchanges that offer:
Easy account setup: The ability to quickly verify your identity and add payment methods to start trading.
Competitive fees: Low trading commissions and spreads to maximize your buying power.
Secure storage: Robust security measures like two-factor authentication and offline cold storage.
High liquidity: A large active trading volume for smooth order execution.
User-friendly interface: An intuitive platform that’s easy to navigate.
Some of the most popular Bitcoin exchanges that meet the above criteria include Coinbase, Gemini, Kraken, and Binance. These exchanges allow you to use a debit card or bank transfer to deposit funds and buy Bitcoin instantly.
For the fastest access to coins, we recommend Coinbase. Coinbase offers instant purchases with credit/debit cards and allows you to buy up to $100 worth of Bitcoin immediately after account verification.
Connect Your Payment Method
Once you’ve chosen an exchange, you’ll need to connect a payment method to fund your account and make Bitcoin purchases. Exchanges accept a variety of payment methods, including:
Debit/credit cards
Bank transfers
eWallets (PayPal, Skrill, Neteller)
The fastest option is using a credit or debit card, which enables near-instantaneous Bitcoin buying. Visa and Mastercard are accepted on most exchanges.
When linking your card, you may be required to upload a picture of it and a form of ID to verify your identity and confirm you are the cardholder.
Bank transfers are another popular funding method. Exchanges will assign you unique bank routing details to wire money directly from your bank account. Transfers can take 3-5 business days to process, so this option is better for buying larger amounts of Bitcoin.
Place Your Bitcoin Buy Order
Once your exchange account is funded, navigate to the trading page to place a Bitcoin buy order. Exchanges have an intuitive order form where you can specify key details about your trade:
The amount of USD you want to spend or the amount of Bitcoin you want to buy
The market price you’re willing to pay per Bitcoin
Market order vs. limit order
Market orders execute immediately at the current market rate. This is the fastest way to buy but doesn’t allow price control.
Limit orders let you set a price threshold for the purchase to execute. This gives you more control but may take longer to fill if the market price moves unfavorably.
For instant buying, market orders are preferable. After filling out the order form, click “Buy” and your exchange account will be deducted the USD amount while Bitcoin is deposited into your exchange wallet.
Some key tips for order execution:
-Use the instant purchase feature if the exchange offers it
-Start small with your first few buys to test the process
-Don’t use the entire account balance to place one big order
Withdraw Bitcoin To Your Wallet
Now that you’ve purchased Bitcoin on an exchange, it’s important to withdraw those coins to a secure external wallet you control.
Leaving coins on an exchange long-term poses risks, such as losing funds if the exchange is hacked. For this reason, withdrawing to a private wallet should be done as soon as possible.
To withdraw from the exchange to your Bitcoin wallet:
-Log into your exchange account
-Navigate to the wallets or withdrawals page
-Specify the amount of Bitcoin you want to withdraw
-Input the receiving address or QR code from your external wallet
-Double-check that the address is correct
-Confirm the withdrawal
Once confirmed, the exchange will process the withdrawal and send your Bitcoin to the designated address. Always verify the transaction has been confirmed on the blockchain. Store your private keys safely, as they provide access to your coins in the event your wallet is lost.
Purchase Bitcoin Anonymously
If you value privacy when buying Bitcoin, there are ways to acquire coins anonymously:
Peer-to-peer platforms like LocalBitcoins allow you to buy Bitcoin privately from other users in your area in cash or online via privately-funded accounts. Transactions are conducted directly between users.
Bitcoin ATMs are vending machines that dispense Bitcoin using cash or debit cards. ATMs have good anonymity but typically charge high fees.
Decentralized exchanges like Bisq connect buyers and sellers directly via desktop application without registration. Trades are made by online money transfers or physically in-person.
While convenient, these methods do compromise on speed and usually have higher rates than centralized exchanges. There are also no price controls when buying from independent sellers.
Get Bitcoins Fast Via Crypto Loans
If you need Bitcoin quickly and don’t want to wait for an exchange purchase, crypto loans are an option. These allow you to borrow fiat currency instantly, using your Bitcoin holdings as collateral.
Platforms like BlockFi, Celsius Network, and Nexo all offer crypto-backed loans with quick approval. You deposit Bitcoin into a savings account and can borrow a percentage of that deposit in USD stablecoins. The loan is paid off later by repaying the fiat amount, plus interest.
Benefits include:
-Instant access to spending power
-Ability to hold Bitcoin long-term while borrowing against it
-Competitive interest rates, often lower than credit cards
-No credit check required
The major downside is liquidation risk if the loan becomes undercollateralized due to Bitcoin’s falling price. But otherwise, crypto lending can be a fast way to get your hands on cash to spend while keeping your Bitcoin investment intact.
Buy Bitcoin With Paypal
For those already using PayPal for online transactions, the payment provider now offers an easy way to buy and sell Bitcoin.
Here’s how to get Bitcoin with PayPal:
-Log into your PayPal account or sign up for an account if needed.
-Click on the “Crypto” section of the dashboard.
-Choose “Buy” and enter the amount in dollars you want to spend.
-Confirm the Bitcoin purchase.
-PayPal will withdraw funds from your balance or linked payment method.
The purchased Bitcoin will appear in your PayPal crypto balance. Currently, there is no ability to withdraw Bitcoin from PayPal to an external wallet. The main advantage is convenience, allowing seamless integration for those already using PayPal frequently.
Sign Up For A Bitcoin Rewards Card
For recurring Bitcoin accumulation, check whether your credit card provider offers a cryptocurrency rewards card.
Card issuers like BlockFi, Crypto.com, and Coinbase offer Bitcoin rewards cards that pay anywhere from 1.5% to 5% back in Bitcoin on every credit card purchase you make.
This allows you to stack sats (accumulate small amounts of Bitcoin) each time you use your card to spend on everyday purchases. Just make sure to pay your balance on time each month to avoid interest and revolving debt.
Dollar Cost Average – Regularly Buy Small Amounts
Rather than buying a large chunk of Bitcoin at once, dollar cost averaging involves spreading your purchases out over time.
This strategy involves setting a recurring schedule to buy small, equal dollar amounts over weeks, months, or years to reduce volatility risk. By sticking to the schedule through ups and downs, you lower your average cost basis.
For example, investing $100 per week would buy you more Bitcoin when the price is lower and less when it’s higher. Over time, this helps mitigate against timing the market incorrectly.
Automatic recurring purchases are offered by:
-Exchanges like Coinbase, Kraken, and Swan Bitcoin
-Microinvestment apps like Coinbase Roundup, BitBuy, and Amber
-Bitcoin investment apps like Swan Bitcoin, River, and BottlePay
-Dollar-cost averaging is ideal for accumulating Bitcoin over the long run in a hands-off way.
Conclusion
In closing, there are now many straightforward options for getting your hands on Bitcoin quickly. The easiest instant options include:
-Buying on Coinbase with a debit/credit card
-Using your PayPal balance to purchase Bitcoin
-Taking out a crypto-backed loan from BlockFi or Celsius Network
-Using a Bitcoin rewards credit card for everyday purchases
For recurring buying over time, dollar cost averaging via micro-investment apps allows hands-off Bitcoin accumulation.
Always withdraw any purchased coins to your private wallet for optimal security, like the best Bitcoin wallet for long-term holding such as Trezor or Ledger hardware wallets.
By responsibly buying Bitcoin across centralized exchanges as well as decentralized apps and services, you can get started using this innovative payment network quickly and safely. The world of peer-to-peer digital money awaits.