How To Buy Bitcoin in USA (BTC)
Alright, so you want to buy some Bitcoin (aka BTC). First things first, a quick crash course on buying crypto in general.
Cryptocurrencies are bought through exchanges. Once you’ve signed up with one, you can log in, and use your preferred payment method to buy and trade cryptocurrencies like BTC on the crypto exchange.
Our favourite exchange is Coinbase, it’s easy to sign up and they have an incredible app which makes trading a breeze.
How To Buy Bitcoin
- Register for an account with Coinbase.
- Verify your identity/account.
- Choose a payment method.
- Click the “Trade” button.
- Enter the amount USD you want to trade for BTC, or how much BTC you want to buy.
- Review the details.
- Click “Buy Bitcoin”
How To Get Started With Coinbase
Setup Your Account
As mentioned above, Coinbase is our go-to for trading cryptocurrencies in the USA, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying and selling coins incredibly easy.
Verify Your Account
Before you do anything on Coinbase you'll have to verify your account. It has the fastest verification process we've tested so it won't take long.
Click on "Verify your account"
You'll have to verify your email, mobile number and identity to begin trading.
You will then have to fill in all of your personal information including documents, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
Add a payment method
You'll first need to add a payment method so you can buy an sell cryptocurrency. You can also deposit Bitcoin straight into the platform if you already have some and would prefer trading with that.
Click on "Add payment method" or the Trade button in the top right which will take you there as well.
Once your account is verified and you've added a payment method, you can start buying and selling cryptocurrency.
Click on the blue Trade button in the top right
Then you can click on the coin name to see all the possible cryptocurrencies you can buy/sell.
Once you've decided what you want to buy you can indicate how much USD you want to buy.
Easy as that! You now have bought some cryptocurrency.
Bitcoin Price USD
Find the BTC USD price below:
Where To Buy Bitcoin
We highly suggest using Coinbase to buy and sell Cryptocurrency. We've done a comparison of the top 10 exchanges in the world for the US to use and Coinbase clearly deserves the top spot.
What is Bitcoin?
What Is the History of Bitcoin?
No one knows for sure who Satoshi Nakamoto is or whether this pseudonym stands for one person only or a whole group of crypto enthusiasts who revolutionized the money industry by introducing the blockchain technology.
The traditional financial system uses the help of intermediaries, usually banks, who control and verify incoming transactions. They’re in charge of keeping our funds safe and making sure they end up in the hands of the right person. However, the whole point of decentralized platforms is to find a way for them to function on something else besides trust in a central authority.
But how to make such transactions reliable? Satoshi managed to tackle this challenge known by the term “double-spending”. This is the main innovation of blockchain technology – the fact that it’s based on cryptographic proof instead of trust. The network participants, called miners, solve a complex hash function in order to validate every incoming transaction. The recorded data on the blockchain can’t be changed or deleted so if anyone tampers with it, the change would be spotted immediately and the altered data won’t be accepted in the chain of blocks.
Since 2009, Bitcoin has become so popular worldwide that one bitcoin is now worth $9,940 according to CoinMarketCap.
Why Was Bitcoin Created?
The main reason why Bitcoin was meant to circulate and be traded on a decentralized network was for traders to enjoy more privacy. Even though the blockchain itself is public and anyone can access it online, the recorded transactions aren’t linked to the traders’ personal identities. Instead, what you see are just encrypted addresses called private keys, that play the role of a pseudonym
By cutting out the middleman you significantly reduce your transaction costs as now there’s no need to pay for the services of financial entities. This also increases the speed at which money transfers get completed (even the international ones!).
Bitcoins and other cryptocurrencies are traded on crypto exchange platforms where you can buy, sell, and trade them with users from around the world. Depending on the platform, you’re sometimes allowed to trade only the most popular coins like Bitcoin, Ethereum, Bitcoin Cash, and Monero, or experiment with lesser-known altcoins if you’re feeling particularly fortuitous. One of the most popular exchanges in the USA is Coinbase, followed by Binance and Bitstamp.
You can also make a profit by mining coins yourself if you can purchase proper mining hardware. Bitcoin requires powerful ASIC miners designed solely for the purpose of mining digital coins which is why they finish the job faster than the GPU miners used previously.
Who Is Bitcoin For?
Bitcoin is suitable for individual investors, beginners and experts alike, but also whole corporations that wish to expand themselves on the crypto market. Their growing popularity has made buying bitcoins possible in many places around the world, so feel free to have a look at our guides on how to buy Bitcoin in Australia, Canada, and the UK.
Bitcoin is preferred by people who don’t want to have contact with centralized financial institutions and like to store their money someplace else. Bitcoins can be stored on peer to peer platforms in a specialized digital wallet, or outside the World Wide Web, in one of the hardware wallets recently introduced on the market.
A lot of people who own bitcoins decide to use them for purchases on a daily basis, instead of holding on to them and waiting for their price to increase over time. Since recently, many world-famous corporations like Microsoft, Expedia, and Dell, have decided to accept Bitcoin as a payment method which is definitely encouraging for the crypto industry. As of 2018, the state of Ohio allows you to pay for your taxes in bitcoins, with Arizona and Georgia planning to do the same.
What Are Bitcoin’s Pros and Cons
Bitcoin’s volatility is seen by many as its major disadvantage, and we can definitely say that the frequently fluctuating cryptocurrency prices bring headaches to both merchants and traders alike. The former would have to update the bitcoin prices of their products all the time, while the latter would be required to double-check the worth of their coins before making a purchase.
As a result, many governments around the world are reluctant to recognize bitcoins as a reliable payment method and this is why there’s a lack of consistency in regulating crypto trading. For some traders, however, the high volatility is seen as attractive because it makes higher returns possible in the near future.
On a positive note, cryptocurrencies are convenient because of their irreversible nature and pseudonymity. They’re sent and received at a greater speed compared to traditional money transfers, regardless of the location of the buyer or seller. The blockchain network is almost impenetrable, which makes bitcoin transactions even more secure.
As long as you’re careful enough and aware of all the risks, you should get around trading bitcoins without a problem.
How Has Bitcoin Inspired Other Cryptocurrencies?
Bitcoin still holds a privileged status in the crypto community because it has been recognized as a legitimate store of value by many financial authorities and users around the globe. It’s less volatile and higher in liquidity than other cryptocurrencies, and it’s worth more than any other digital asset right now.
However, the point of creating different digital coins is not to make them compete against each other but to complete one another. For example, another famous coin Ethereum is used for “fueling” smart contracts and decentralized applications. It also allows for other smaller tokens to be built on its blockchain.
The potential of the blockchain technology suggests that in the future, we should expect cryptocurrencies to expand their role and transform and digitalize a range of other industries.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.