Bitcoin (BTC) started 2017 trading at around $900 a piece. At the time of writing – mid-October – Bitcoin has already registered an all-time high at $5856 – a colossal increase of 550% in 10 months.
It’s no surprise that Bitcoin made waves this year like never before. The likes of Goldman Sachs and other big financial institutions are looking into investing in the cryptocurrency.
Bitcoin also went through a hard fork on Aug 1st which gave birth to another cryptocurrency called Bitcoin Cash (BCH) with 8MB block size. That had put an end to the scaling debate, but only for the time being. There is another hard fork scheduled to take place on November 1st.
It seems Bitcoin doesn’t care about all these hard forks. The more governments, businesses, and banks try to suppress Bitcoin, the stronger it comes out, every single time.
As of now, Bitcoin is boasting a market cap of $91 billion and has 54% dominance on the entire cryptocurrency market. Even after such a rise, analysts are still very bullish on the cryptocurrency and expect the prices to further up in near future.
How to buy Bitcoin?
The good news is, no matter where you are in the world, you can also buy Bitcoin and be a part of this revolution.
Step 1: Get a Bitcoin wallet
If you wish to hold Bitcoins long term, a hardware wallet is a way to go. They are also the most secured.
Step 2: Buy Bitcoin from an exchange
The next step is to actually buy Bitcoins. There are two ways you can get hold of Bitcoins; buy from an online exchange or buy from an offline seller (aka over-the-counter or peer-to-peer)
How to buy Bitcoin using fiat in any country
Currencies are different in different countries, so are the exchanges that support those currencies. Every exchange that uses fiat in exchange of cryptocurrencies, has to go through a simple KYC process whereby users must submit government issued id(s) and other personal information in order begin trading on the platform.
The process usually takes 3-4 working days depending on the exchange. Once the KYC is done, you’re free to purchase Litecoins, which are automatically stored in exchange’s online wallet.
Buy Bitcoin in the United States (USD)
Exchanges that support BTC/USD pair:
Buy Bitcoin in China (CNY)
Exchanges that support BTC/CNY pair:
Buy Bitcoin in Korea (KRW)
Exchanges that support BTC/KRW pair:
Buy Bitcoin in Japan (JPY)
Exchanges that support BTC/JPY pair:
Buy Bitcoin in Europe (EUR)
Exchanges that support BTC/EUR pair:
Buy Bitcoin in the UK (GBP)
Exchanges that support BTC/GBP pair:
Buy Bitcoin in India (INR)
Exchanges that support BTC/INR pair:
How to buy Bitcoin Over-the-Counter
Buy Bitcoin using LocalBitcoins
LocalBitcoins is a website where buyers and sellers meet online to make trades locally or over the Internet.
If you were to purchase Bitcoins from an exchange, you will not only have to wait for a few days to get your KYC and other formalities approved, but you will also need to share your personal details.
Looking at the user base of Bitcoin users – they are wary of giving out their personal information. When you buy from LocalBitcoins you don’t have to share any personal information, which makes the trade much more private.
The LocalBitcoins platform itself is user-friendly. Due to the privacy and convenience offered by Localbitcoins, prices there tend to be higher than what you will see in local exchanges. Buyers are willing to pay a premium to get fast and a private access to Bitcoins.
Buy Bitcoin using Bitcointalk
Bitcointalk is the largest Bitcoin forum online. All you need to do is head over to the marketplace section of the website and find a reliable seller. Unfortunately, the website is filled with scammers. Make sure you do the trade with a user who has a good reputation and/or is trusted by reputed members.
Buy Bitcoin by meeting people in real life
In some countries, Localbitcoins facilitates real-life meetups to let the buyers and sellers trade Bitcoin securely. Alternatively, you could always try your luck at the local Bitcoin meetups in your city.
Step 3: Withdraw Bitcoin into your Wallet
Once you have purchased Bitcoin, make sure to transfer them to a wallet of which you control the private keys.
And that’s about it.