Wondering how to buy Bitcoin in 2023 but not sure where to start?
Consider that a decade ago, Bitcoin was trading at just $100. Since then, Bitcoin has hit highs of over $68,000 – representing growth of 67,000%.
In this beginner’s guide, we explain how to purchase Bitcoin for the first time, highlighting best practices, risk management, and the safest way to invest.
Bitcoin is a cryptocurrency that was launched in 2009. It is a digital asset that is not controlled by any single person or authority – let alone backed by a government or central bank. This makes Bitcoin unique and a great alternative to traditional currencies and assets. But how does an investment in Bitcoin work? Put simply, the price of Bitcoin rises and falls, just like stocks. People buy Bitcoin in the hope its price will increase. And if it does, they will make a profit on their investment. Bitcoin can be purchased from a crypto exchange. The process is simple and rarely takes more than 5-10 minutes. First, investors must choose a suitable crypto exchange. eToro is one of the best crypto exchanges, considering it’s regulated, supports low minimum deposits, and offers low fees. Then, a deposit will need to be made into the exchange. Many crypto exchanges now support debit/credit cards, bank account transfers, and even e-wallets like PayPal. After making a deposit, the investor can then buy Bitcoin. The minimum investment is often just a few dollars, making Bitcoin ideal for first-time investors. Once Bitcoin has been purchased, the tokens will be stored in a crypto wallet. Most exchanges offer an in-built wallet, making the process frictionless for beginners. Bitcoin trades 24/7, so investors can cash out at any time. When selling Bitcoin, the proceeds will be paid based on its current market price. Before buying Bitcoin, it’s wise to have an understanding of the basics. First and foremost, Bitcoin is a digital currency. It operates on the ‘blockchain’, which is often described as a public accounting ledger. This is because all Bitcoin transactions are available to view on the blockchain. While this ensures that the network is transparent, Bitcoin transfers are not tied to the identity of the sender or receiver. This means that Bitcoin is a pseudonymous framework, allowing users to transact in privacy. What’s more, the total supply of Bitcoin is finite. In total, there will only ever be 21 million Bitcoin tokens in circulation. Once again, this makes Bitcoin unique from traditional currencies, which continue to lose value over time because of inflation. In this sense, Bitcoin is often compared to gold. After all, just like Bitcoin, gold has a finite supply. As long as demand for Bitcoin remains strong, its finite supply can help the digital asset appreciate over time. The best thing about Bitcoin is it is an inclusive asset class. Anyone can buy and sell Bitcoin – 24 hours per day, 7 days per week. And, when Bitcoin is held in a private wallet, nobody but the owner has access to the funds. We will now take a much closer look at how Bitcoin works. This will ensure beginners understand the fundamentals when learning how to buy Bitcoin for the first time. Blockchain technology sits at the heart of Bitcoin. As we briefly mentioned above, the blockchain is similar to a public ledger of transactions. The blockchain is completely decentralized and does not require third parties to verify transfers. Instead, transfers are confirmed by ‘miners’. Put simply, miners connect specialist hardware to a device to help keep the Bitcoin network operational. Every 10 minutes, miners will compete with each other to verify a ‘block’, which contains a batch of transactions. In order to verify the block, miners must solve complex mathematical equations. These equations are so complex that only specialist hardware can complete the job. Moreover, it takes approximately 10 minutes for the equation to be solved and the block to be verified on the blockchain. While Bitcoin miners consume vast amounts of energy, they are rewarded for their efforts. This is because the miner that verifies the blockchain will receive newly minted BTC tokens. As explained by the NASDAQ, the current block reward is 6.25 BTC, meaning that 900 new BTC tokens enter circulation every day. Do note, however, that the block reward halves periodically, usually every four years. The next Bitcoin halving event is expected to happen in 2024. This means that the new mining block reward will be 3.125 BTC. Crucially, in the lead-up to Bitcoin’s halving event, the digital asset has historically performed well. As such, those learning how to buy a Bitcoin could be entering the market at a favorable time. Supply is an important metric to understand when learning how to invest in Bitcoin and make money. As noted above, there will only ever be 21 million BTC tokens in circulation. According to the Blockchain Council, this is expected to happen in 2140. As per CoinMarketCap data, there are currently just over 19.4 million BTC tokens in circulation. And every 10 minutes, this increases by 6.25 BTC. So why does this matter? Well, imagine owning an asset that is completely finite – meaning there will never be more in existence. As long as there is demand for that asset, its valuation will continue to increase over time. This is one of the reasons why Bitcoin is increasingly becoming popular with long-term investors, especially those seeking stores of value. Now that we have zoned in on how the blockchain and supply of Bitcoin work, let’s take a closer look at why decentralization matters. As noted earlier, Bitcoin is decentralized because nobody owns the network. And in turn, when an investor holds Bitcoin in a private wallet, nobody can control it other than the owner. This is because there is no involvement from third parties. While the above example might seem farfetched, consider the infamous Cyprus banking scandal in 2013. As reported by the BBC, the government of Cyprus levied an emergency tax on bank account savings. Accounts under €100,000 were taxed 6.75% of the total amount. While accounts holding more than €100,000 were taxed at 9.9%. These risks are not present in the world of Bitcoin. On the contrary, Bitcoin is 100% controlled by the investor. They can decide what to do with their Bitcoin without needing third-party approval – whether that’s holding, sending, lending, or selling the tokens. In other words, no government or third party can access an investor’s Bitcoin tokens – as long as they are held in a non-custodial wallet. Before we continue exploring the fundamentals, let’s take a quick look at how to invest in Bitcoin for Beginners. For this brief tutorial, we’ll explain the process with eToro – a beginner-friendly, regulated exchange that is ideal for first-time investors. The above steps should take no more than a few minutes to complete from start to finish. We offer a more detailed guide on how to buy BTC for beginners further down. Wondering where to trade Bitcoin? While stocks can be purchased from a broker, Bitcoin trades on crypto exchanges. There are more than 200 crypto exchanges to choose from. But beginners should focus on exchanges that are regulated, offer low fees, and support small account minimums. Below, we explore the best places to buy Bitcoin in 2023. eToro also supports popular e-wallets, including PayPal, Skrill, and Neteller. Moreover, eToro offers the cheapest way to buy Bitcoin in 2023. For example, while Coinbase charges 3.99% on debit/credit card and PayPal payments, at eToro, it’s just 0.5%. In fact, if the deposit is made in US dollars, the fee is reduced to 0%. After making a deposit, investors can then buy Bitcoin from just $10. eToro charges a simple commission fee of 1%. This is paid when buying and selling Bitcoin. In line with the global crypto markets, Bitcoin can be traded at eToro 24/7. After making a purchase, the Bitcoin is transferred to the user’s web wallet. This is accessible simply by logging into the account and clicking ‘Portfolio’. As a regulated custodian, eToro is responsible for keeping the Bitcoin safe. It does this by keeping the majority of client-owned Bitcoin in cold wallets. For added security, accounts are protected by two-factor authentication. Not only does eToro offer the safest way to buy Bitcoin, but it also supports the best altcoins. For example, eToro users can buy also Ethereum, XRP, BNB, Cardano, Dogecoin, Shiba Inu, Litecoin, and Solana. This is in addition to the best emerging cryptocurrencies, such as Kyber Network, Band Protocol, and Compound. Another eToro feature popular with beginners is smart portfolios. This allows investors to buy a diversified portfolio of cryptocurrencies in one trade. Smart portfolios are professionally managed by eToro, enabling users to invest passively. eToro also has a copy trading feature. This allows users to replicate the portfolios of a seasoned cryptocurrency trader. What’s more, eToro even lists stocks, ETFs, currencies, indices, and commodities. This offers additional ways to diversify. Most importantly, eToro is authorized and regulated by multiple licensing bodies. This includes the FCA (UK), ASIC (Australia), CySEC (Cyprus), and FINRA (US). Pros Cons
Cryptoassets are highly volatile and unregulated in most countries. No consumer protection. Tax on profits may apply. Your capital is at risk. In most cases, debit/credit card payments average 1.8-2%. While bank transfers usually require a small fee of $/€ 1. Once a deposit has been made, users can buy Bitcoin at a commission of just 0.1%. This is very competitive, considering investors pay just $1 for every $1,000 traded. While Binance offers low fees, it isn’t the most user-friendly of platforms. In fact, many of its products and services are aimed at experienced investors. This includes leveraged cryptocurrencies, futures, options, and yield farming. In terms of security, Binance accounts are protected by two-factor authentication. It also keeps the majority of client-owned funds in cold storage. That said, Binance was hacked in 2022 for over $570 million. Pros Cons For example, those buying Bitcoin instantly with fiat money will be charged 3.99%. That’s $39.90 for every $1,000 invested. Additionally, Coinbase charges 1.49% when trading cryptocurrencies. For example, swapping $1,000 worth of Bitcoin for US dollars will cost $14.90. We also found that Coinbase is opaque with its pricing structure – only displaying fees at the point of purchase. That being said, millions of customers use Coinbase every day. Not only for its simple investing dashboard but solid security framework. Coinbase is a regulated exchange and is now a publicly traded stock on the NASDAQ. Coinbase accounts come with mandatory two-factor authentication, and 98% of client-owned cryptocurrencies are kept in cold storage. Pros Cons For example, those in the US can deposit funds via ACH fee-free. The deposit takes just 30 minutes to clear, which is worth the wait to save the 2.99% debit/credit card fee. Customers in other countries also benefit from fee-free bank transfers, including the UK and Australia. Once the funds arrive, users can buy Bitcoin at a commission of just 0.075%. This works out at just $0.75 for every $1,000 traded. We also like that Crypto.com supports over 250 digital assets. On top of Bitcoin, Ethereum, and Cardano, this also includes Dogecoin, Polkadot, XRP, and USD Coin. Crypto.com also offers DeFi tools, such as crypto loans, savings accounts, and a decentralized wallet. Pros Cons The cheaper option is to transfer funds from a bank account. For instance, ACH, SEPA, and UK Faster Payments are processed free of charge. Bitstamp also stands out in the commission department. Monthly trades of under $1,000 are fee-free. This makes Bitstamp one of the best places to buy Bitcoin for casual traders. Pros Cons Nonetheless, a major benefit of choosing Kraken is it offers Bitcoin margin accounts. Investors only need to cover 20% of the purchase price upfront – meaning Bitcoin trades can be leveraged by 5x. Kraken also offers a ‘Pro’ trading suite that is popular with experienced traders. What’s more, Kraken supports leveraged Bitcoin futures. Pros Cons When learning how to buy Bitcoin as a beginner, choosing a suitable exchange is crucial. Not only in terms of safety, but fees, trading tools, account minimums, and more. Read on to learn how we rank the best places to buy Bitcoin for 2023: When exploring how to buy and sell Bitcoin, it is important to remember that most crypto exchanges are unregulated. Beginners should ask themselves whether they would feel comfortable depositing funds with a platform that doesn’t take customer safety seriously. This is why the best Bitcoin exchanges hold licenses with reputable bodies. In addition to licensing, consider what security tools the chosen exchange offers. For example, two-factor authentication keeps client accounts safe. Moreover, the likes of eToro, Binance, and Coinbase keep most client-owned cryptocurrencies in cold storage. Put simply, this means the funds are not prone to a hacking attempt, as they remain offline. Bitcoin can be purchased anonymously, but only when conducting a crypto-to-crypto transaction. For example, buying Bitcoin with Ethereum, Tether, or another cryptocurrency. However, as per anti-money laundering regulations, it is not possible to buy Bitcoin with fiat money (e.g. debit/credit cards) anonymously. Those learning how to buy Bitcoin for the first time will need to ensure their preferred payment method is supported. The fastest way to buy Bitcoin is with a debit/credit card or e-wallet. Many exchanges also accept bank account payments. Beginners should be aware of what fees are charged when depositing funds. Not to mention how long it takes for the payment to be processed by the exchange. Trading and non-trading fees should be considered when choosing a place to buy Bitcoin. There are essentially four fees to focus on: To offer some insight, eToro allows US investors to deposit and withdraw funds without paying any fees. It charges a flat trading commission of 1% on buy and sell orders. In contrast, Coinbase and Bitstamp charge 3.99% and 4% on debit/credit card payments, respectively. Moreover, Coinbase charges 1.49% to buy and sell Bitcoin. That said, Bitstamp offers 0% commission trading on the first $1,000 each month. After exploring how to trade BTC, some investors will look to diversify into other cryptocurrencies. These are known as ‘altcoins’, which stands for ‘alternative coins’. Crypto.com is a great option for diversified portfolios, considering it supports over 250 cryptocurrencies. eToro is another option, with more than 90 cryptocurrencies listed. Some of the most popular altcoins in the market include Ethereum, XRP, BNB, Litecoin, Cardano, Solana, Dogecoin, and Shiba Inu. That said, there are almost 26,000 other altcoins listed on CoinMarketCap, so investors have plenty to think about. Beginners should choose a Bitcoin exchange that supports small account minimums. In contrast, some crypto exchanges have much higher account and trading minimums. As such, beginners should consider what they feel comfortable investing in Bitcoin before making a decision. Don’t forget to check what trading tools are offered by the chosen exchange. These should mirror the experience and requirements of the investor. For example, beginners will be suited for eToro smart portfolios. These are professionally managed and track a diversified basket of cryptocurrencies. Moreover, eToro regularly rebalances and reweights its smart portfolios, so beginners can sit back and allow their investments to work for them. Intermediate and advanced Bitcoin traders might prefer the tools offered by Binance. Not only does Binance offer high-level analysis tools – such as technical indicators, but also leveraged products. This includes Bitcoin futures and options. The best Bitcoin exchanges offer customer support on a 24/7 basis. This is in line with the global crypto trading markets – which operate around the clock. Most exchanges offer live chat support, making it simple for all nationalities and time zones to seek assistance. Now that we have covered the best places to buy Bitcoin, we can move on to the investment thesis. More specifically, let’s explore whether or not Bitcoin is a good investment in 2023 and ultimately whether you should buy Bitcoin or not. While we cover the price history of Bitcoin in more detail shortly, we should note that the digital asset has generated unprecedented returns since it was launched. Now let’s break these figures down into more detail. So, let’s suppose that an investor bought $1,000 worth of Bitcoin in 2011 at $0.06. If they held on until Bitcoin’s all-time high in 2021, the same $1,000 would have been worth over $1 billion. In more recent times, let’s suppose an investor entered the market in 2022. In doing so, the investor would have paid just over $16,000 for a full Bitcoin token. Since then, Bitcoin has hit 52-week highs of over $31,000. That’s gains of almost 100% in under a year. In contrast, the S&P 500 has grown by just 10% in the prior year. With this in mind, Bitcoin remains one of the most popular investments for those seeking above-average returns. While Bitcoin is one of the best-performing assets in recent years, it’s also one of the most volatile. Bitcoin and the broader crypto markets move in bull and bear cycles. But at a much more volatile pace than traditional assets, such as stocks and gold. For example, after hitting highs of over $68,000 in late 2021, Bitcoin has since hit lows of approximately $16,000. This represents a bear market decline of 75%. With that being said, the current bear market offers an opportunity to buy Bitcoin at a ‘discount’. For example, instead of paying $68,000, investors can currently enter the market at approximately $30,000. This is 55% below its prior all-time high. Bitcoin may also appeal to investors that seek stores of value. This term refers to assets that have a finite supply and retain their value over the course of time. For instance, real estate, gold, and fine art. Bitcoin meets the criteria as a suitable store of value. For example: Some would argue that Bitcoin is a more suitable store of value than other assets. For example, consider that Bitcoin can be fractionized into ultra-small units. The same can’t be said for real estate. Moreover, Bitcoin is easily transferred to other users. The same can’t be said for physical gold or fine art. Bitcoin is also safer to store. For example, it simply needs to be kept in a crypto wallet, either on a smartphone or desktop device. In contrast, gold needs to be stored in insured vaults to retain its value and, ultimately – remain safe. Bitcoin is a lot more inclusive than other asset classes. This is because Bitcoin is a decentralized asset class that is not hindered by borders. Anyone can buy Bitcoin at any time. The Bitcoin markets operate 24/7 without any centralized intermediaries. This means that, unlike publicly traded stocks, government agencies cannot halt trading. Bitcoin is also suitable for people living in the third world that rely on international remittance payments. After all, it takes just 10 minutes to transfer Bitcoin – irrespective of where the sender and receiver are based. Bitcoin fees are also a lot cheaper when compared to traditional remittance methods. Bitcoin is a highly liquid asset. This means that investors can sell their Bitcoin just as easily as buying it. Not only is this because Bitcoin trades 24/7, but it attracts vast liquidity levels. For example, in the prior 24 hours, more than $15 billion worth of Bitcoin has been traded. During bullish markets, this figure is often amplified by 3-4 times. Crucially, Bitcoin can be sold at any time without worrying about finding a buyer. When using eToro, Bitcoin can instantly be cashed out for US dollars and then withdrawn to a bank account, debit/credit card, or e-wallet. Looking for the best way to buy Bitcoin in 2023? Read on to learn about the different payment methods that can be used when entering and exiting the market. Wondering how to buy Bitcoin with a credit card? Many first-time investors will buy Bitcoin in this way, not least because: When learning how to buy Bitcoin online with a credit or debit card, investors should consider fees. As noted earlier, while eToro offers zero-fee deposits in US dollars, Coinbase and Bitstamp charge 3.99% and 4%, respectively. Exploring how to buy Bitcoin with PayPal? If so, this is another safe and convenient payment method to consider. When using this e-wallet provider to buy Bitcoin, investors are protected by PayPal’s Buyer Protection Scheme. This is similar to a credit card chargeback as it protects consumers from fraudulent transactions. We also found that PayPal is ideal for receiving payments after selling Bitcoin. Once approved and transferred by the Bitcoin exchange, the funds should land in the PayPal account near-instantly. With the exception of eToro, very few Bitcoin exchanges accept other e-wallets, such as Neteller or Skrill. eToro also accepts WebMoney and even allows users to buy BTC with a bank account. Nonetheless, these e-wallets offer a safe and fast way to buy Bitcoin online. There are a variety of fees to consider when buying Bitcoin online. After all, Bitcoin is purchased from crypto exchanges, which are in the business of making money. First and foremost, beginners should consider their preferred payment method. In most cases, credit cards are the most expensive option. This is because of the high fees that financial institutions charge crypto exchanges, which are then passed onto customers. For example: In addition to deposit fees, Bitcoin investors should also consider trading commissions. This fee is charged when buying and selling Bitcoin and is usually a percentage of the total trade size. For example: So, when exploring the cheapest way to buy Bitcoin, both payments and commissions should be considered. Overall, we found that eToro is the best option for buying Bitcoin with low fees. Not only are instant fiat money deposits fee-free for US investors, but trading commissions are reasonable at 1%.
Cryptoassets are highly volatile and unregulated in most countries. No consumer protection. Tax on profits may apply. Your capital is at risk. The price of Bitcoin fluctuates based on demand and supply. Just like stocks, gold, and other assets, the Bitcoin price will rise and fall throughout the day. But over the course of time, Bitcoin has produced phenomenal growth. As noted earlier, CoinMarketCap states that Bitcoin was trading at just $0.06 in 2011. With that said, CNBC notes that one of the first Bitcoin trades took place in May 2010. An online deal was made for pizza to be delivered to a US resident in exchange for 10,000 BTC. In today’s money, the same 10,000 BTC would be worth several hundred million dollars. Nonetheless, in 2013, the price of Bitcoin hit $100. Compared to its 2011 price of $0.06, this netted early holders gains of over 166,000%. It wasn’t until 2017 that Bitcoin was taken seriously as an investment product by the masses. It started the year at $1,000 and closed at a then-all-time high of $20,000. That represents 12-month gains of 1,900%. During the same period, the first regulated Bitcoin futures market was launched by the CME Group. After hitting highs of $20,000 in December 2017, Bitcoin entered a prolonged bear market. It hit lows of just over $3,000. This represented a decline of 85% from its former peak. Many Bitcoin adversaries used the bear market to brand the digital currency as a scam, bubble, and Ponzi scheme. How wrong their hypothesis turned out to be. Not only did Bitcoin regain its former all-time high of $20,000 in late 2020, but it went on to set new peaks. In fact, by the end of November 2021, Bitcoin had reached a new all-time high of over $68,000. So, when compared to its prior bear market lows of $3,000, Bitcoin went on to produce growth of over 2,000%. However, a new bear market developed after Bitcoin hit $68,000. Over the following 12-15 months, Bitcoin hit lows of $16,000 – a decline of 75% from its peak. That said, just like the previous bear market, current prices allow people to buy Bitcoin at a huge discount. As such, if and when the next bull market begins, Bitcoin could set new all-time highs. Predicting the future price of Bitcoin is a challenging task. Just like traditional stocks, nobody quite knows what the future holds. In theory, Bitcoin has all the required fundamentals to continue growing over the course of time. For instance: In terms of recent price predictions: The above should highlight that Bitcoin price predictions should be taken with a grain of salt. After all, while some analysts have a super-bullish outlook on Bitcoin, others view the digital asset completely differently. Ultimately, instead of relying on Bitcoin price predictions, investors should focus on the long-term fundamentals. The legality of Bitcoin varies from one jurisdiction to the next. While the vast majority of countries have embraced cryptocurrencies, this isn’t the case globally. For instance, Bitcoin trading is either restricted or banned in Algeria, China, Indonesia, Egypt, India, Nepal, and Vietnam. Interestingly, however, these countries have some of the highest Bitcoin trading volumes. This goes to show that Bitcoin is a global phenomenon that operates outside of traditional borders. In other countries, however, Bitcoin is completely legal. Not only in terms of buying and selling Bitcoin but using it as a form of payment. That being said, Bitcoin still operates in a largely unregulated environment. Major economies like the US, UK, and European Union are yet to install specific Bitcoin-related legislation. It is almost a certainty that regulation is on the way in most regions. How this impacts the market remains to be seen. Many analysts believe that regulation is good for Bitcoin, considering that the crypto markets are often reminiscent of the Wild West. In terms of safety, buying Bitcoin through a regulated exchange is the way to go. For example, eToro holds licenses with regulatory bodies in the US, UK, Australia, Cyprus, and Gibraltar. This ensures that investors can buy and sell Bitcoin in a safe and secure way. Moreover, eToro offers custodial storage. This means eToro is responsible for keeping investor cryptocurrencies safe. Investors have many options when choosing a wallet to store Bitcoin. The best crypto wallets offer an adequate level of convenience and security, plus additional features like trading and fiat deposits. That said, there are many different types of wallets to consider. First and foremost, investors need to choose from a custodial or non-custodial wallet: After deciding on custodianship, investors need to choose between a hot or cold crypto wallet: Overall, we found that the eToro Money crypto wallet is a great option for beginners. This is a custodial wallet, meaning eToro is responsible for keeping the funds safe. While this is also a hot wallet, eToro keeps the vast majority of client-owned cryptocurrencies in cold storage. Moreover, the eToro Money crypto wallet is simple to use and supports fiat money payments.
Cryptoassets are highly volatile and unregulated in most countries. No consumer protection. Tax on profits may apply. Your capital is at risk. By reading our guide up to this point, investors should have made an informed decision on whether Bitcoin is a suitable asset class. If so, we will now explain how to buy Bitcoin on eToro – a leading regulated exchange offering low fees. All eToro users must open an account before getting started. Visit the eToro website and click on ‘Sign Up’. Choose a username and password. Enter an email address, read and accept the terms and conditions, and click on ‘Create Account’. Next, continue filling out the registration form by entering personal information as requested. This includes a full name, date of birth, home address, and cell phone number. The next step is to verify the newly created eToro account. First, upload a clear copy of a passport, driver’s license, or any other government-issued ID. Then, upload a recently issued proof of address document. For example, a credit card statement or electricity bill. Now the eToro account will need to be funded, from $10 upwards. Choose the preferred currency and type in the deposit amount. Then, select a suitable payment type from the drop-down box eToro accepts an assortment of deposit methods, from debit/credit cards and PayPal to Skrill, Neteller, and bank transfers. At the top of the eToro dashboard, there is a search box. Type in ‘Bitcoin’ and click on the ‘Trade’ button. In the ‘Amount’ box, choose the amount of Bitcoin to buy. This needs to be stated in US dollars. The minimum investment is just $10. Finally, click on the ‘Open Trade’ button to complete the Bitcoin investment. Now click on the ‘Portfolio’ button to view the Bitcoin tokens, alongside their current market value. Bitcoin BSC ($BTCBSC) is a red hot BEP20 token that has raised $1.3M in 7 days and generates 422% estimated yields to staking participants. The appeal of this coin is obvious. It’s a BTC replica, meaning it takes Bitcoin tokenomics as they were in 2011 and mirrors the supply, price, availability, mining reward interval, and token release schedule. This means there are 21 million tokens, with 6.125 million available in the presale, at a price of $0.99. Staking rewards are released at 10-minute intervals and the final token release is set at 120 years, meaning the project aims to stick around for quite a long time. The current price of BTC is ~$25,000 while $BTCBSC trades for $0.99 throughout the presale. The potential for price appreciation is 25,000x in an ideal scenario, though all investors need to read the Whitepaper and understand that this is merely a replica – there is no evidence that it will follow a similar trajectory. However, it can still experience upside potential even if not to the same degree. BTC20, another Bitcoin clone, experienced 600% appreciation after completing its $6M presale in a short space of time. Bitcoin BSC adds more utility than BTC20, being built on a BNB Smart Chain which is where its utility value comes into play. Transaction costs are $.10 on average and it can process thousands of transactions per second. The smart contract functionality is where a lot of its utility value comes in, capable of generating staking rewards for users. These rewards are currently set at 422%. No staking rewards are offered by BTC, where all rewards go to centralized miners. This is an ingenious presale idea that takes BTC in 2011 and places it on a next-gen blockchain to attract a modern audience. It provides both significant utility as well as powerful upside potential, alongside staking rewards. The presale could sell out within a few weeks if the rate of fundraising remains constant. More details can be found on the Twitter and Telegram channels.
In summary, buying Bitcoin in 2023 is now a simple, cost-effective, and safe process when using a suitable crypto exchange. eToro ranks as the overall best option, considering its zero-fee debit/credit card payments, low commissions, and user-friendly dashboard. Not to mention regulatory licenses from five jurisdictions and a minimum deposit requirement of just $10.
Cryptoassets are highly volatile and unregulated in most countries. No consumer protection. Tax on profits may apply. Your capital is at risk. The Basics of Buying Bitcoin
What is Bitcoin?
What is Bitcoin Decentralization?
How Does Bitcoin Work?
Blockchain Technology
Can Anyone Mine Bitcoin to Make Money?
Fixed and Finite Supply
Decentralized Ownership
How to Buy Bitcoin – 4 Simple Steps
BuyWhere to Buy Bitcoin – Best BTC Exchanges Reviewed
1. eToro – Overall Best Place to Buy Bitcoin With a Credit Card
eToro is the overall best place to buy Bitcoin as a beginner. It takes just minutes to get set up, and the minimum first-time deposit is only $10. This will suit first-time investors looking to gain exposure to Bitcoin for the first time. eToro makes it easy to fund an account, considering it supports debit/credit cards and bank transfers.
Debit/Credit Card Deposit Fee
Fee to Buy Bitcoin
0% for US investors. 0.5% for other nationalities.
1% of the purchase amount.
2. Binance – Trade Bitcoin at a Commission of Just 0.1%
Binance was launched in 2017 and is now the largest crypto exchange for trading volume. It supports more than 350 cryptocurrency markets, including Bitcoin. It takes just minutes to register an account and upload a government-issued ID. After that, users can deposit funds with a debit/credit card or local bank transfer. Payment fees vary depending on the country of residence.
Debit/Credit Card Deposit Fee
Fee to Buy Bitcoin
Averages 1.8-2%, depending on the country of residence.
0.1% of the purchase amount.
3. Coinbase – User-Friendly Crypto Exchange With Solid Security Tools
Coinbase is a crypto exchange favored by beginners. It offers a simple sign-up process, and no prior investing experience is required. Investors can get started with just $2, and multiple payment methods are accepted. This includes debit/credit cards and PayPal. While Coinbased simplifies the Bitcoin investment process for beginners, it charges high fees.
Debit/Credit Card Deposit Fee
Fee to Buy Bitcoin
3.99%
Included when buying Bitcoin with fiat money. Otherwise, each trade costs 1.49%.
4. Crypto.com – Buy Bitcoin With a Bank Account Without Paying Deposit Fees
Crypto.com is a popular crypto exchange with over 80 million customers. It offers one of the easiest ways to buy Bitcoin on a smartphone. The Crypto.com app supports instant debit/credit card purchases at 2.99%. That said, the cheapest way to buy Bitcoin on Crypto.com is via a bank transfer.
Debit/Credit Card Deposit Fee
Fee to Buy Bitcoin
2.99%. No fees on bank account deposits.
0.075%
5. Bitstamp – Established Crypto Exchange Trading Since 2011
Bitstamp has a great reputation in the crypto industry, considering its exchange has been active since 2011. The platform is suitable for both beginners and seasoned traders alike. Bitstamp supports debit/credit card payments, allowing users to buy Bitcoin instantly. However, Bitstamp charges 4% for this service.
Debit/Credit Card Deposit Fee
Fee to Buy Bitcoin
4%. No fees on bank account deposits.
0% up to the first $1,000 each month.
6. Kraken – Buy Bitcoin With a Margin Requirement of Just 20%
Kraken is another established crypto exchange that was founded in 2011. It supports millions of traders globally, from the US and the UK to Europe and Australia. While Kraken accepts debit/credit card payments, this is charged at 3.75%. Buying Bitcoin with a bank account is the cheaper, albeit, slower option.
Debit/Credit Card Deposit Fee
Fee to Buy Bitcoin
3.75%.
0.20% of the purchase amount.
How we Ranked the Best Places to Buy Bitcoin in 2023
Safety and Regulation
Can Bitcoin be Purchased Anonymously?
Accepted Payment Methods
Fees
Supported Cryptocurrencies
Account Minimums
Trading Tools
How to Trade BTC Futures?
Customer Service
Is Bitcoin a Good Investment?
Investment Returns
Buy the Bear Market Dip
Store of Value
Bitcoin is an Inclusive Asset Class
Bitcoin is Highly Liquid
Different Methods of Buying Bitcoin
Buy Bitcoin With a Credit Card or Debit Card
Buying Bitcoin With PayPal
In fact, an increasing number of exchanges accept PayPal, including eToro and Coinbase.
Buying Bitcoin With Neteller, Skrill, and Other E-Wallets
What is the Cheapest Way to Buy Bitcoin?
Bitcoin Price
Bitcoin Price Prediction
Is Bitcoin Safe & Legal?
Which is the Best Bitcoin Wallet?
How to Buy Bitcoin – Detailed Tutorial
Step 1: Open an eToro Account
Step 2: Get Verified
Step 3: Deposit Funds With a Credit Card
Step 4: Search for Bitcoin
Step 5: Buy Bitcoin
Bitcoin BSC – Bitcoin Clone Taking Market by Storm With Rocket Yields and Huge $1.3M Raised
Hard Cap
$6,063,750
Total Tokens
21 Million
Tokens available in presale
6.125 Million
Blockchain
BNB Smart Chain
Token type
BEP20
Minimum Purchase
$10
Purchase with
USDT, ETH, BNB, Credit Card
Conclusion
References
FAQs
How much does it cost to buy Bitcoin?
Can Bitcoin be purchased anonymously?
How do beginners buy Bitcoins?
How much Bitcoin should a beginner buy?
What is a good amount of Bitcoin to start with?
Can you cash out Bitcoin for real money?
How do I cash out Bitcoins?
Is it safe to buy Bitcoin now?
What happens if you invest $100 in Bitcoin today?
Does Martin Lewis recommend Bitcoin?
Who owns the most Bitcoin?
How to trade BTC options?
How to buy Bitcoin on Cash App?
