Some countries have pretty tight regulations, for example, when you buy Bitcoin in Singapore it can take up to 7 days due to their restrictions around cryptocurrency exchanges.
Bitcoin has fastly become the world’s best inflation hedge since the CV-19 crisis which saw central banks around the world printing money at unprecedented levels. Every day, more and more investors are choosing to buy crypto over other inflation hedges like Gold and Silver due to the fact that it is the most verifiably scarce asset in the world.
With that said, there are still barriers to entry for newbies to buy Bitcoin due to the fact that it can be a slightly different process when compared to buying traditional stocks. This article will assist readers in understanding all of the necessary steps to purchase Bitcoin in any country and securely within minutes.
Find an Exchange
The first step to purchasing Bitcoin or Ethereum is to find the best and most trusted exchange in your country. You can buy from the United States, Australia, Africa, Europe and pretty much any country in the world – all you need to do is make sure you select an exchange that can verify citizens in the country you are from.
You can use platforms like Buy Bitcoin Finder to help you compare all of the top exchanges in your country to make an informed decision.
Verify Your Identity
Once you have selected the right exchange for you – you will need to submit your KYC (verification) documents, which should enable you to deposit fiat currency into the cryptocurrency account. Generally speaking, it is recommended that you use an exchange that asks you to verify yourself, because it means they are more regulated and therefore more secure.
Some countries have pretty tight regulations, for example, when you buy Bitcoin in Singapore it can take up to 7 days due to their restrictions around cryptocurrency exchanges
Select Your Payment Method
Many digital asset exchanges in different countries have various payment methods for users to deposit fiat money to buy crypto. Users are safe to select from any of the allowed deposit methods to buy crypto. For example – you can deposit with a bank transfer, debit card, credit card, PayPal account, Transferwise account and much more.
Purchase Bitcoin or Any Other Crypto
Once you have completed all of the steps mentioned above, you are now ready to safely buy crypto. Remember, one you have purchased Bitcoin, Ethereum or another cryptocurrency of your choosing – it is generally recommended that you withdraw your crypto to a cold wallet off-exchange.
This practice is the most secure way to store your crypto as you avoid the risk of a centralized exchange withholding your Bitcoin, or a centralized exchange being hacked or exploited
Mike has been in cryptocurrency since 2014 and has a keen interest in Bitcoin as a sovereign currency. Mike is also an active participant in many DeFi protocols and has been leading the growth of various applications in the space.