Once you are fully acquainted with Bitcoin, the next step is to buy it. In this article, we will explain in simple language how to buy bitcoin and securely store this digital currency.
As you probably know, bitcoin does not have a physical form and is transmitted digitally. Therefore, you do not need to buy bitcoins in person, but this is often done online and through the Internet. Also, the question that always arises for beginners is, do we have to spend a few thousand dollars and buy a bitcoin unit? No, you do not have to buy a whole bitcoin. This digital currency can be divided into up to eight decimal places, and for example, you can buy 0.001 from one bitcoin or even as much as 100,000 tomans of bitcoin.
The safest way to buy bitcoin is to go to a digital currency exchange website. Although Bitcoin can be purchased in other ways, such as Telegram or WhatsApp groups, or from individuals, the safest way is to visit a reputable exchange website. Due to semi-anonymous bitcoin transactions, buying this digital currency through social networks and people you do not know enough about is very risky.
If you live in Iran, in an Iranian exchange site, you can easily buy bitcoins directly with your bank card or convert your other digital currencies into bitcoins. If you live abroad, you can buy bitcoins with your credit card or bank account from a foreign bitcoin exchange to buy bitcoins. In the continuation of this article, you will read more details on how to buy bitcoins from an exchange.
Learn how to buy bitcoins from exchange offices
To buy bitcoins from an exchange, just follow a few simple steps:
- Install bitcoin wallet
- Find an exchange a valid Bitcoin
- Perform authentication with identification documents
- Buy bitcoins and get in the wallet
1. Install bitcoin wallet
Before buying bitcoins, you should know that you need a place to store bitcoins. You can think of a Bitcoin wallet as your bank account, which can be used to receive, store and send bitcoins.
There are different types of bitcoin wallets. The software wallets of this digital currency are free and can be easily installed on mobile phones (Android and iOS) or personal computers (Windows, Linux and Mac). Some wallets are also web-based and can be connected to Internet browsers (such as Chrome). But more secure hardware wallets are physically available and must be purchased.
To get acquainted with the top Bitcoin wallets, refer to the article on the best Bitcoin wallets, but for a start, you can use the software Atomic Wallet Or Trust Wallet use. Atomic can be downloaded and installed for desktop and mobile, but Trust is only available for mobile. In addition to these two wallets, there are dozens of other wallets for Bitcoin, all of which you can refer to the wallets section of the digital currency website.
Do not forget to download the relevant wallets and software from official and reputable sources. Software downloaded from unofficial sources can contain malware and steal your property.
To receive bitcoins, you must provide the address of your bitcoin wallet at the time of purchase. A bitcoin address is a text string like a bank account number that is displayed inside your wallet.
Take security seriously
In the world of bitcoins and digital currencies, you are responsible for maintaining your assets. Bitcoin transactions are semi-anonymous and irreversible, and it will be very difficult to track them if they are stolen due to non-compliance with security measures. Also, if your wallet is deleted and you do not have a backup of it, you should say goodbye to your bitcoins forever.
Therefore, be sure to back up your wallet so that you can recover your money in the event of a lost wallet password or a device on which the application is installed. Backup wallets usually give you a set of 12 or 24 English words that you should write down in a safe place. In the event of any problems, you can easily access your assets with those words. If you use your computer to store your digital currencies, be sure to install a valid antivirus on it. Always keep your software up to date and never open suspicious files or links. Also, before sending bitcoins, be sure to check the address several times, because some malware changes the address at the time of sending so that you send the bitcoins to the hacker.
If you are planning to invest a lot of money, we suggest buying a hardware wallet. Ledger and Trezor are two of the best hardware wallets on the market.
۲. Find a valid bitcoin exchange
After choosing and installing a Bitcoin wallet, you need to find a reputable seller. You can buy bitcoins online from both real people and sites like Digital Currency Exchange. Given the many scams in this area, we suggest that you buy bitcoins from reputable exchanges and do not trade on social networks with people you do not know.
Buy bitcoins from an Iranian exchange
If you live in Iran, buying Bitcoin directly with Rials and bank cards through Iranian sites is one of the best possible options. Just search the word “buy bitcoin” or “buy digital currency” on Google to come across a large number of Iranian exchange websites.
Google homepage websites are usually all reputable and can only differ in price and quality of service. For example, an exchange can have higher liquidity or better support than others. However, do not rely on Google and make sure it is valid before registering with an exchange. Checking your address, phone number and activity history are some of the most important things to check.
An interrogator is the best way to be more sure of the commitment and quality of an exchange office. The question and answer section of the digital exchange site (stack) is one of the best places where you can be sure of the credibility of an exchange office. Stack users have already published a lot about the best Iranian exchange offices.
Buy bitcoins from a foreign exchange
With international credit cards (such as MasterCard and Visa), PayPal, Webmany, Perfect Security, other digital currencies (such as Tetra or Ether) and… Bitcoin can also be purchased from foreign exchange offices. Of course, if you live in Iran, it is not possible to buy directly due to sanctions, and you usually have to get help from intermediaries, which will increase your costs.
Coinbase (Coinbase.com), Bitstamp (Bitstamp.net) and Binance (Binance.com) are the largest exchanges from which you can buy Bitcoin with your credit card (Visa and MasterCard). Changelly.com (Changelly.com) is another popular site where you can buy bitcoins with a credit card.
Usually in each country one method of purchase is more popular than the other. In Australia, for example, most users use the Coinspot website to buy digital currencies. To find the right way to buy Bitcoin in your country of residence, just Google the word “Buy Bitcoin” with the name of your country of residence; Example: Buy Bitcoin in Australia.
Convert other digital currencies to bitcoins
If you have Tetra or another digital currency, you can convert it to Bitcoin in international exchanges such as Bainance. For this method, you often have to go to Iranian exchange offices to buy Tetra and then convert it to Bitcoin. This method works for you when it costs less; This means that if you are going to buy Tetra and convert it to Bitcoin, it will be cheaper for you.
Note that international exchanges do not allow users residing in Iran to operate due to sanctions, and there is a risk of account blocking. However, most Iranian users currently use Bainance. In the “Bainance Exchange Training” article, you can learn how to convert digital currencies in this exchange.
3. Authentication with identification documents
In most digital currency exchanges, especially Iranian exchange offices, after registration, you must authenticate by sending a picture of your identification documents. Authentication is done to make sure that the money changer is the person who bought the bitcoin. This is done to prevent possible fraud and money laundering.
In most Iranian exchange offices, you must send a picture of your identification documents (such as national card and bank card) to the exchange office to confirm your account. Some exchanges also ask for a selfie to make you more confident.
Most foreign exchange offices do not provide authentication for low amounts, but authentication is possible if in doubt. At these sites, passport authentication is usually done. Due to sanctions, Iranian passports are often not accepted.
How to do authentication on the site you choose is fully explained.
4. Transfer money to an exchange and buy bitcoins
In some Iranian exchange offices, the buyers and sellers are real people and the exchange office only plays the role of intermediary and collects a small fee for its services from each order. In some other exchanges, users trade directly with the exchange itself. After purchasing bitcoins, some sites store bitcoins in wallets on the site, but for added security, you can withdraw your bitcoins into your personal wallet.
Is it legal to buy bitcoins?
There are no clear rules about bitcoin yet, but the possession and purchase of bitcoin by people in most countries, including Iran, is not prohibited and a crime.
Therefore, there is currently no legal prohibition against buying bitcoins per se, unless the purchased bitcoins are a crime (such as money laundering and terrorist financing).
Central Bank of Iran on January 30, 2017, during Notifications Banned the use of bitcoin and other virtual currencies in all monetary and financial centers of the country. According to the announcement, any use and sale of bitcoins and other digital currencies in banks, financial institutions and exchange offices licensed by the Central Bank was officially banned. But this ruling did not mean a ban for the people.
Security agencies such as the police and the FATA police have a responsibility as a technology to defraud fraud in this area. Aside from discussing what digital currencies are, as a technology, the law can pursue as much as possible.
In the event of any fraud, hacking or breach of contract in the digital currency space, a person can file a formal complaint and a court will hear it.
Frequently Asked Questions About Buying Bitcoin
This is a matter of taste and everyone chooses a way to buy bitcoin according to their circumstances. But in general, most people use Iranian sites to buy bitcoins.
You can buy bitcoins from some real people on social networks (such as telegram groups) without authentication, but this is very risky and the person in question may be a criminal or scammer.
Some people buy bitcoins directly from miners, so they no longer have to pay commissions and fees to exchanges.
No. Bitcoin becomes smaller units. For example, you can buy 0.001 from a bitcoin.
You can buy bitcoins even for 100 thousand tomans. Of course, some exchanges may set an amount as a minimum, but on paper, you can buy bitcoins with any amount that corresponds to the fees of the Bitcoin network and the exchange.