Here comes the exciting part – Buying Bitcoin and other Cryptocurrencies!

You’ve deposited some of your local currency (‘Fiat’) onto an exchange, you’ll now want to start buying Bitcoins or other Cryptocurrencies. This step requires a little bit of patience.

Do not rush into this part.

Read the market and have a look at whether Bitcoin (or your chosen Cryptocurrency) is currently trading high or low. Bitcoin works in waves always going up, down, up, down. Since it’s inception, Bitcoin has been on an overall upwards trend with some incredible gains. In January 2018 it took a massive tumble back down in value. This was VERY GOOD for Bitcoin as it allowed the natural value of the cryptocurrency to be corrected. The buying has started again and Bitcoin is back on it’s upward journey again. This time the market may be slightly slower as people are more wary. Again, this is a good thing.

You’ll want to buy when Bitcoin (or your chosen Cryptocurrency) is low, that way when the value rises up again you can sell it, make profit and then start the cycle over again when it dips down in value.

Again, in my example below I have used CoinSpot, as it is seriously the easiest for newcomers. 

Click on the Buy/Sell tab

This will take you to the page where you can select which Cryptocurrency you are interested in buying.

 

 

 

Click on the Buy button

Clicking the ‘Buy BTC’ button will take you to a page where you can place an order for some Bitcoin. Should you wish to purchase a different Cryptocurrency, just find that one in the list and click on its ‘Buy’ button.

Enter the amount you wish to spend

In my example, you can see that I wish to buy AUD$50 worth of Bitcoin. Which, at the price of Bitcoin when I created this website, will give me 0.00436656 Bitcoins!

Confirm your purchase

A confirmation screen like this will pop up. Click the ‘Confirm Buy’ button and you now own your very first Bitcoins!

Where does your purchase go?

Click the Wallets tab

CoinSpot has a built in Wallet to store your purchases. ‘Wallets’ are where you store the Cryptocurrency that you’ve purchased.

View your balances

The wallet will show your balance and give you the option to Buy and Sell more coins, as well as the option to Send your chosen Cryptocurrency to another wallet.

Perfect! You are now immersed in the world of Crypto and ready to begin trading if you desire.

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