A bitcoin exchange is required to purchase and sell cryptocurrencies, including Bitcoin. These are websites that enable you to buy Bitcoin with your bank card (Credit card/Debit card). If you're new to the world of cryptocurrency, this is the easiest method to buy Bitcoin and other cryptocurrencies with a credit or debit card. The top Credit Card Bitcoin exchange is safe, inexpensive, quick to set up, simple to use, and takes a number of payment methods.
However, before buying bitcoins, you must first obtain a Bitcoin wallet, as many sites do not provide an in-built wallet for HODL. If you're just planning to invest a modest amount, a hot wallet is a smart choice. In contrast, a bitcoin cold storage wallet (hardware and paper wallet) is ideal for keeping significant quantities of Bitcoin. If you're utilizing a Know Your Customer (KYC) platform, you'll additionally require personal identity papers.
There are, however, exchanges that allow users to stay anonymous and do not require personal information. This may enable a specific set of people to avoid laws and taxes. Most websites now need you to complete the KYC procedure in order to acquire bitcoin using a credit card.
Create an account and purchase some coins after you've found a platform that fits all of your requirements. Remember that you do not have to purchase the entire 1 Bitcoin; instead, you may purchase a little fraction of 1 Bitcoin called micro bitcoin or Satoshi. Even on certain exchanges, there are Bitcoin bundles costing $100, $500, and $1000.
Let's go over the processes for getting started with Bitcoin purchases on a KYC platform.
- Create an account on a cryptocurrency exchange that allows you to purchase Bitcoin using a credit/debit card or a bank transfer. This will need the use of your name and email address.
- To authenticate your account, you must now complete the KYC procedure.
- Personal information, such as an ID, must be provided (driving license, NIC, passport).
- In order to get a verification code, you must also give a cellphone number.
- When you're finished, you may use your credit card to buy bitcoin on the exchange.
- You will be charged transaction fees depending on the platform.
Remember that buying Bitcoin with a credit card is the most costly option since card companies and banks regard Bitcoin like cash. As a result, you'll have to pay additional costs. If you don't want to go through a complex and time-consuming KYC verification process, you may also buy Bitcoin with a credit card and no ID on some sites. P2P trading platforms are what they're called.