How to Buy Bitcoin (BTC)
Bitcoin is an open-source software that since 2009 has enabled the exchange of an entirely new form of money (BTC) over the internet.
Created by an unknown individual or group operating under the pseudonym Satoshi Nakamoto, Bitcoin sought to offer a “peer-to-peer digital cash system” that removed middlemen from online commerce through the clever use of public key cryptography and peer-to-peer networking.
The result was that, for the first time, money could be introduced to an economy on a schedule immune to the influence of any central bank or operator. As set out in the rules of the software, only 21 million bitcoins, divisible into many more smaller units, can ever be created.
By creating true digital scarcity, Bitcoin would go on to entice a new generation of traders who now see BTC as a viable alternative to gold and traditional monies.
Ready to dive in?
If you’re a more advanced trader and are ready to make a purchase, then skip this article and buy BTC
Why buy Bitcoin?
Today, Bitcoin advocates see the software as an alternative money system offering users the ability to exit their government economy and claim sovereignty over their financial assets.
Investors in BTC, likewise, view it as an alternative to hard assets with a finite supply like gold, silver and other commodities.
Reasons to buy BTC
- Use it to pay for goods and services
- Make it part of a short or long-term trading strategy
- Send money to friends and family
- Hold your BTC and use it as a store of value
Where can I buy BTC?
- Direct Purchase
You can purchase it directly from another individual in person or over the web.
- Crypto ATM
You can try to locate a crypto ATM near you that offers Bitcoin.
Many find that it is easiest to purchase it through an exchange, like Kraken.
Aside from offering a simple interface and the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because once crypto is lost, it is nearly impossible to recover.
At Kraken, we take security seriously with state-of-the-art technology, policies, and procedures that protect client funds. We do not compromise when it comes to security, and neither should you.
How much BTC can I buy?
You don’t need to purchase 1 BTC to get in the game.
In fact, BTC is divisible up to eight decimal points, and you can easily purchase fractions of a BTC at Kraken. The smallest possible unit of BTC is called a satoshi and it’s equal to one hundred millionth of a bitcoin - or 0.00000001 BTC.
How to buy Bitcoin on Kraken
We make buying bitcoin safe and easy. Just follow these simple steps to get started:
- Sign up for a Kraken account
Provide an email address, choose a username, and pick a strong, secure password.
- Verify your account
With “Starter” verification, you can buy BTC with other cryptocurrencies. All you need to do is provide your name, date of birth, country and phone number. If you’d like to use fiat currencies, like USD or EUR, you’ll need to provide additional support documents verifying your identity. For more information, see our verification levels documentation.
- Deposit fiat or cryptocurrency
To deposit crypto, just create a deposit address and send the funds to this address. Funding your account with fiat currencies for trading can be done in a number of ways, including SWIFT, SEPA and domestic wire transfers. The option you select will be based on your location and preference.
- Start buying bitcoin!
Once your fiat or cryptocurrency hits your account, you’re ready to start buying bitcoin. With your Kraken account you’ll also have access to our charting tools, 24-hour global client support, advanced order types, and leveraged trading.
24/7/365 Customer Support
Trading is really pretty simple! If you have any questions about buying bitcoin, let us know. Our support staff is online all day, every day, ready to help.
You can reach us anytime on LiveChat or by email.
Where do I keep my BTC?
Once you’re done buying bitcoin, you should look for a way to secure it. The best way to do this is with a wallet. A wallet is a device or software application that stores your crypto but also allows you to spend it.
There are many types of wallets you can use to keep your digital assets safe. Mobile and web-based wallets make frequent transactions easy. Hardware and paper wallets are best suited for secure, long-term storage. When you’re choosing a crypto wallet, think of what you plan to do with your tokens. A wallet that best suits your needs is always the right choice.
Kraken is not a wallet service
It is important to note that Kraken is an exchange service and not a wallet service. So while we allow our clients to hold funds with us while they’re being used to make trades, you may want to consider separating your holdings into multiple wallets. After all, it is never good to keep all of your eggs in one basket, even one protected by the mighty Kraken!