How to buy bitcoin
Its been almost 12 months since I last posted anything here and this is largely due to this Covid-19 pandemic that has got me holed up without any significant travel.
I guess that’s an excuse so I’ll just get straight to my post for this evening.
How to buy bitcoin and any other cryptocurrencies!
I must say that I tried to stay away from the subject of cryptocurrency for a while as it just didnt get integrated into the financial system quickly. But having watched bitcoin hit the price of $56,000 and moves taken by major investment funds to start buying bitcoin, I think we about to just make something out of this cryptocurrency.
I am writing this post, to largely target 3rd world countries who still struggle to buy any cryptocurrency and would be subject of scammers who want to take away your investments with bitcoin. So I want to help you as much as possible to make the right decision and be safe with your investments
So here is the good news…
You don’t need a middleman to do your buying of bitcoin or cryptocurrencies. You can do it yourself in 5 easy steps.
Requirements: Visa Debit Card or Master Debit Card (must have money for purchase), email account and phone number
STEP 1: Create an online account with one of the major Platform providers. (I use Coinbase and Kraken)
- TradeStation – Best Trading Platform.
- Coinbase – Best Crypto Exchange.
- eToro – Low Fees.
- Kraken – Maker-Taker Fee Schedule.
- Bittrex – Most Altcoins.
- Gemini – Offers Gemini Dollar.
- Robinhood – Best Mobile App
STEP 2: Check if they can accept your Visa Debt Card
They may need to do KYC checks and wont accept your VISA which happens alot as you in the 3rd world countries where KYC checks are really difficult for them.
If they accept your Visa Card – go straight to STEP 4
STEP 3: Use a 3rd party website to buy bitcoin before you can transfer to your wallet which you created in STEP 1.
I used to use a site called Virwox and it closed down. Now I used a site call ZenGo
STEP 4: Deposit funds into your Wallet. (Make sure you alert your bank that you are doing online purchase)
You can start as little as K100.00 or as high as K10,000.00 depending on the daily limits on your card
STEP 5: Hold and Pray
The process will take from 5-20mins to be reflected in your wallet. Once you it appears, you are done. You can hold that bitcoin in your wallet for as long as you want. Just monitor the price of bitcoin and pray it rises before you can sell it
Buying and trading bitcoin has some problems as well.
1. Withdrawal, you need to be able to change that into your local currency. This is one of the biggest hurdles for 3rd world countries
2. Loss of Access to your wallet. Many people lose access to their wallet as they lost the 12 word phase code, or they lost their own mobile number or even lost access to their emails. (that’s how I lost my 8 bitcoins)
3. Platforms closed down. Some platforms and wallets gets closed out and you can lose your cryptocurrencies if you dont check your emails for any notifications.
Personally, I do BUY & HOLD strategy on cryptocurrencies. I dont have an intention to ‘SORT’ it out like what most ‘day-traders’ do.