If you want to start investing into cryptocurrencies, start your adventure with mining or simply buy and hold Bitcoin – you first need to be able to change your local currency into crypto. So how to buy Bitcoin? Let’s start with the basics:
Why should you have Bitcoin?
Bitcoin’s price raised 10x during the past year ($1000 – $10,000). Bitcoin went up by over $4000 during just these past 30 days.
You need to have Bitcoin to invest into the Bitcoin market. And to have Bitcoin – you need to buy it. So where can you buy Bitcoin safely and quickly? We recommend Bitbay.
In this guide we’ll show you how to purchase Bitcoin in few easy steps.
Registering a Bitbay account
1. Head to BitBay.net
2. Select “Register” from the top menu
3. Enter your email address, confirm that you read and agreed to the Terms and conditions and click “Register”
4. Yay! Your account is registered
5. Log into your email and confirm registration by clicking the “Activate Account” button
6. To complete the registration select your login and password. Repeat the selected password in the next step, select a PIN and click “NEXT”
7. Select your country from the drop-down menu, select your currency (USD, EUR etc.) and click “Create account”
8. You can now log into your new Bitbay account
To purchase Bitcoin you need to top your account up first. To be able to do that – you need to verify your account first.
This is required by law. It has to do with anti-money laundering and terrorism prevention.
9. Click “Verify your account” and select if you’re a private person or a company.
10. Fill in the required details and move on to the next step.
11. In this next step fill in your ID (or passport) number, date of expiry, date of issue, date of birth and your phone number together with the country code. Hit “Next”
12. Attach the address confirmation. The correct document would be one of the following: utility bill, rental agreement, official document, bank account statement etc. Driver’s licence, membership cards etc. will not be accepted. Make sure that the document you send has your name and address on it. Remember that the document has to be issued within the past 6 months. Before you send the photo – make sure it’s good quality and in focus.
13. Confirm your personal details by attaching one of the required documents. National ID, driver’s licence or a passport are all acceptable documents. Remember to attach both sides of the ID. If any of the serial numbers are covered – your verification won’t be successful.
Before sending – make sure that the image is of good quality and is in focus. To complete the process click “Send”.
Once your verification is successful, you will receive an email confirmation. Log back into your Bitbay account when this happens.
Depositing funds into your BitBay account
14. From the menu on the left select “Wallets”, then the currency you will deposit funds in and then “Deposit”
15. Select the preferred payment method and follow the instructions on screen. Make sure that the payment description is copied exactly as displayed, otherwise you may experience delays with your deposit. The funds are added to accounts at 9AM, 12PM and 4PM
16. Your account will be topped up within the time depending on the selected payment method (up to 2 days)
And finally – how to buy Bitcoin
17. To buy Bitcoin – select “Exchange” from the menu on the left
18. Select the appropriate currency pair (BTC/USD, BTC/EUR etc.) and click “Quick Transaction”
19. Enter the amount you want to deposit in your own currency and click “Buy” – the funds will be exchange instantly. If you need to sell your cryptocurrency – repeat the process using the “Sell” option
So what’s next?
IMPORTANT – we advise NOT to keep your cryptocurrency in any exchanges. It is a lot safer to use a wallet. We use and recommend Blockchain.info