The Buy Bitcoin Guide

The Buy Bitcoin Guide


Using Bitcoin to complete transactions, whether as a buyer or seller, is still fairly new. After all, the entire Bitcoin network only started in January 2009, the day when the first payment was made. It was not until the following year that a currency exchange rate was established and, since then, the network has grew enormously, so large that today it may be a big challenge to find a reliable Bitcoin exchange to buy your Bitcoins online. Which is why we set up a Buy Bitcoin Guide, so newbies and more advanced traders can safely buy Bitcoin.

If you are reading this, it is presumed that you already know what the Bitcoin Network is. However let us summarize it briefly; Bitcoin transactions are quick and cheap; once Bitcoins are sent, transactions are irreversible; with Bitcoin no paperwork is needed, no identity needs to be revealed and this still young currency seems to have shaken off it‘s early exchange rate volatility and is now steadily increasing in value.

Talking of exchange rates, where do we go to change our hard-earned Bitcoin for other currency? Alas, where do we find the best Bitcoin exchange?
Well, there are certainly plenty exchanges that grab our attention, but that is not to say that they are equally good. So, what do we need to find? In reality, the two main qualities that we need to look for are no different from those we seek in any agency handling any other currency exchange, when we travel abroad on holiday or business. That is, they need to be able to demonstrate their honesty and trustworthiness, and their dealings need to be clearly transparent, and last of all they need to be secure.

When checking on trustworthiness, you need to look for it being a legitimate company with a registered office, the number of years it has been in existence, how they store funds and their security practices. The choice of the best Bitcoin exchange for you to use must, ultimately, be your choice as no one can say which is right for you and your own needs, but as a general thought, the largest and longest established exchanges would appear to be the most secure. As a general guide, and this is not meant to be an exhaustive list, these would seem to fit that bill: Coinbase, Poloniex, LocalBitcoins, Cex.io and Kraken, to name but five (there is a full list of all exchanges here).

How to use this Bitcoin Buyers Guide?

So, if you are new to Bitcoin, how do you buy Bitcoin when using any of these Bitcoin exchanges? Well It is simplicity itself!
First, sign up to the exchange of your choice, perhaps Coinbase as the number one for example.
Secondly, connect your bank account to that exchange and deposit money into your Coinbase account.
Thirdly, buy or sell your desired currency.

It really is as easy as 1, 2, 3.

Alternative Crypto Currency‘s

You may also come across the term crypto currency. This is a general term used to describe more than 600 (and counting) digital currencies. Crypto means that encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Bitcoin is the most well-known and popular crypto currency. Bitcoin is the original crypto currency, and... it‘s still the most valuable crypto currency on the market. Its proof-of-work model is controlled by Bitcoin nodes and miners (who control the supply and demand), which in turn controls the inflation. A list of all alternative crypto currency exchanges and markets can be found here.


Legend:

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The Best Bitcoin Exchanges to Buy Bitcoin & Cryptocurrency's:

Rank Site Location
+currency
Beginner- friendly
Trust score Buy
with…
User-vote
Score
1 coinbase San Fran, USA
USD EUR GBP
beginner-friendly A+ buy bitcoin credit card
+ bank transf.
9.85
2 poloniex
cryptocurrency exchange
Delaware, USA
75+ crypto pairs
advanced-users B+ cryptocurrency
CRYPTO-
CURRENCY
9.70
3 localbitcoins local
all currencies
beginner-friendly A buy bitcoin with cash
+ paypal
+ bank transf.
9.65
4 bitsquare
bitcoin & cryptocurrency exchange
p2p [decentralized]
59+ crypto pairs
advanced-users n/a cryptocurrency
CRYPTO-
CURRENCY
+ bank transf.
9.50
5 kraken San Fran, USA
USD EUR CAD GBP JPY
advanced-users A bank-transfer
+ altcoins
9.30
6 wesellcrypto USA beginner-friendly B+ buy bitcoin paypal
9.20
7 bitstamp London, UK
USD EUR
beginner-friendly A buy bitcoin credit card
+ bank transf.
9.15
8 blockchain Luxembourg
EUR
beginner-friendly B+ buy bitcoin credit card
9.10
9 coinatmradar [world ATM map]
all currencies
beginner-friendly n/a buy bitcoin with cash
9.05
10 shapeshift
cryptocurrency exchange
Switzerland
40+ crypto pairs
advanced-users A cryptocurrency
CRYPTO-
CURRENCY
9.00
See the complete list