How to Buy Bitcoin and Place a Bet – Beginner’s Guide
In this article, Bookmaker Ratings will tell you how to buy Bitcoin and what methods to use to acquire this cryptocurrency. You will also learn where you can store Bitcoins, what currency you can buy them with, and the difference between the acquisition methods and the betting mechanisms.
Currently, bettors can purchase Bitcoins in the following ways:
- on the cryptocurrency exchange,
- through P2P services,
- using exchangers.
The safest, fastest, and most profitable way to buy crypto is from an exchange. Therefore, we will consider this method in more detail.
Buying Bitcoin From the Exchange
Buying Bitcoin on an exchange is the safest way. It is important to carefully consider the reputation of the chosen service for the transaction: these should be reputable exchanges with a solid global reputation, such as Binance or Bybit.
After choosing an exchange, you first need to register on it. Consider this procedure using Bybit as an example:
Step 1: Go to the company’s website and click the “Register” button.
Step 2: In the window that opens, enter the usually required data – email/phone number and password. Then, you will need to click the checkbox to agree to the terms of service.
Step 3: Then click “Create an account”. Remember that you can also register by linking your Google profile.
Step 4: After registration, verify your account – attach the required documents, enter the necessary personal data and send this information for verification. After successful verification, you will receive access to the exchange functions.
Please note: without passing KYC, you will not be able to withdraw funds from the exchange, trade assets, or use other service functions.
To get verified on Bybit, do the following:
Step 1: After registration, go to your account. In it, select the “Account and Security” item.
Step 2: Next, click the “Check Now” button opposite the “Identity Verification” tab.
Step 3: Then, in the “Basic check” block, click “Check now”.
Step 4: Choose a country and type of document and upload photos.
Step 5: Use your webcam to take a picture of your face.
Step 6: This will complete the KYC Level 1 process!
After registration and verification are completed, proceed to buy Bitcoin. To do this, do the following:
Step 1: Log in to the system and click the “Buy Cryptocurrency” button.
Step 2: Select “Express” mode. In the first line, specify the currency you want to purchase with (for example, Euros, in the second – BTC).
Step 3: Enter the purchase amount or the required amount of Bitcoins to purchase, then click “Pay”.
Step 4: Don’t forget to choose a convenient payment method.
Step 5: Enter all the necessary data – phone number, email, last 4 digits of the card (if you choose to pay by credit card) and click “Pay”.
Step 6: Confirm the transaction and wait for the funds to be credited to the fiat account.
Please note that exchanges charge fees for transfers. The size of the commission is set individually by each service. Specify this nuance before making each payment to calculate the amount when buying cryptocurrency.
Ways to Store Bitcoin
After buying Bitcoin, you should think about storing it. At the time of publishing this content, you can choose from the following options:
- cold wallet (paper, hardware);
- on the exchange wallet.
In the first case, we are talking about a PC that has never been connected to the Internet. It works offline and cannot be hacked. A paper wallet is a list of private and public keys recorded on paper. A hardware wallet is an adapter like a flash drive that contains all the keys. It can be connected to a PC and perform the necessary operations. To provide reliable protection, a fingerprint reader is built into such adapters.
An exchange wallet is the least secure. Exchange websites are often hacked, and companies can use invested assets to their advantage.
As for browser wallets, this method of storing crypto is the most popular lately, but it is advisable to use it for small amounts since it has an average level of security. The most common browser wallet is Metamask, which we will discuss in more detail.
How to download and install Metamask?
To download the wallet:
Step 1: Go to the official website of the metamask.io service.
Step 2: Click the Download button and select your browser version.
Step 3: After downloading, unzip the file. An extension icon will appear in your browser when the installation is complete. By clicking on it, you will open your wallet.
Please note: under the inscription Account 1, you will see a set of characters. This is your wallet address. It must be used when transferring funds from the exchange. Click on it to copy.
Transferring Money to a Wallet
Step 1: To transfer money to Metamask, go to the exchange and open your assets.
Step 2: Select BTC and click “Withdraw”.
Step 3: Add wallet address and network type (in our case, BSC). Enter the amount and click “Confirm”.
Step 4: Confirm the transaction and expect to be credited!
How to Place a Bet?
Nowadays, many sportsbooks accept Bitcoin. How to find these sportsbooks? We have already done that. We have compiled all TOP online bookmakers that accept BTC. Go to our “10 Best Bitcoin Sportsbooks & Crypto Betting Sites 2022” to learn more.
Bitcoin is the most expensive and popular cryptocurrency at this time. Bookmakers have included this asset for playing sports betting, which made the game even more interesting and exciting for crypto investors and sports-loving traders. You can buy Bitcoin on the exchange or through P2P trading directly with your bank card. It is best to store BTC in a cold wallet or a browser-based crypto wallet if the amount of the asset is small.
Can you buy a piece of Bitcoin?
Yes, the minimum amount of BTC to buy, equivalent to the ruble, is 5000 ₽, or 0.0032 BTC (as of August 2022).
What is the safest way to buy Bitcoin?
The safest way to buy Bitcoin is through an exchange. It is best to choose from the top services – Binance, Bybit.
Where to buy Bitcoin?
The acquisition of Bitcoins is available at Bitcoin ATMs, crypto exchanges, P2P services, and crypto exchanges.
Where is the best place to store Bitcoins?
The most secure way to store Bitcoin is considered a cold wallet. It can also be stored in browser-based crypto wallets.
Thanks for your help!
We appreciate your alertness!
You've successfully followed this author. You'll get notifications of his new tips on your registered e-mail.
You've successfully followed this expert. You'll get notifications of his new tips on your registered e-mail.
This means that you will no longer receive notifications about new posts by this author to your e-mail address.
You will no longer be notified of this expert's new tips.