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Undoubtedly one of the world’s most reputed trading platforms today is Binance.
But if you want to start out trading on it, the first thing you need to do is to figure out how to get Bitcoin (BTC).
This article will try to guide you about how to buy Bitcoin (BTC) on the Binance Bitcoin (BTC) platform.
Opening a Binance account is the initial step you must complete.
Registering to the platform is very simple: check the following instructions.
Search for the "Register" button in the Binance main page and click on it to begin the registration process.
You have the direct access here.
Once on the Binance platform click on the "Register with a phone or email" button.
You can also do this using your iOS device.
In this guide, we’ll will describe how to do this using an e-mail account.
See the inbox at the email address you used for registration and search the activation code exclusive of your Binance account. Enter it in the corresponding line and press "Send"
You’re now a Binance subscriber!.
Take a time to get acquainted to the different options of the Binance platform by navigating through them.
That’s the best way to understand how practical the Binance platform is, and how quick you can begin trading Bitcoin (BTC).
The identity checking is a required step you need to fulfill to get access to all those options.
Please, take into account that it is only after you have fulfilled this safety step that you’ll be allowed to begin operating with Bitcoin (BTC).
In the following section, you’ll be guided on how to do that. Hassle-free.
Read the next instructions and become an authorized Binance trader:
On the main screen, place the mouse pointer on the user profile option and a list will immediately drop down where you will need to click on "Security"
Another alternative is to move to the top of the screen and click on the "Verify" button
Select "Identification" on the left options list.
Now you’ll have to select your country of residence.
On this screen you’ll will immediately see 3 verification levels:
Click on the "Start now" button below the "Verified" label, since this will be your beginning level.
A new window will pop-up, and there you’re going to enter your personal information: Nationality, first name and surname, second name and date of birth. Besides, make sure you enter the exact address of your residence
The next step is to support your identity using a legal document.
You can do this by using your ID card, passport, or driver’s license.
Follow the system guidance to take a selfie.
Once you have fulfilled the system’s requisites, you’ll have to wait a short time while your account is verified.
Now you must wait until your request has been accepted. Be patient, the platform will let you know via email.
Congratulations! Now you’re officially enabled to buy Bitcoin (BTC). The following guidelines will be helpful.
In this section you’ll discover how easy is to invest your money in Bitcoin (BTC).
The next step is to check your identity using a legal document.
You can do this with your ID card, passport, or driver’s license.
Now the platform will require you to take a selfie under certain conditions.
The final step will be carried out by the Binance system: a corroboration process that will just take a while.
So, be patient, Binance is going to let you know via e-mail once your application has been approved.
Congrats! Now you’re officially licensed to trade Bitcoin (BTC). See the guidelines that follow.
Understanding how to buy a Bitcoin (BTC) is not that hard.
You may find different alternatives throughout the process
To find out which options you have when buying, look for the "Buy cryptos" menu on the Binance main page.
Obviously, you’ll only be able to do this after you’ve logged in
Place your mouse over this button and a list of buying alternatives will be displayed.
The next step is to sustain your identity with a legal document.
You can do this by using your ID card, passport, or license.
Follow the system requirements to take a selfie.
The last step is on Binance’s side: a verification process that will take only a short time.
Now wait patiently, Binance will send you an email when your application has been accepted.
The following instructions will guide you through the Bitcoin (BTC) buying process. As soon as you’ve received the confirmation email, you have become a Binance licensed Bitcoin (BTC) trader.
Take a time to understand how to invest your money in Bitcoin (BTC).
Take into account that you may have more than one option for this process
The "Buy cryptos" menu on the Binance homepage should be your reference when making a purchase.
You have to, of course, try this once you are logged into your account
Move your mouse on this key and a list of buying alternatives will be displayed.
The first thing you will do to buy the Bitcoin (BTC) of your preference using a credit card, is to pick this option from the "Buy Cryptos" drop-down list.
After that, just observe these instructions:
In the next box, pick the currency you want to buy with and specify the amount you are going to invest.
Next, pick the Bitcoin (BTC) you are going to get
After you do so, the system will immediately display the number of Bitcoin (BTC) you’ll get, taking into account the amount of USD you’ve previously stated.
These guidelines will be helpful to continue the process:
In the next box, choose the currency you wish to use and enter the amount you want to invest.
The the Bitcoin (BTC) you would like to buy must be indicated in the second field
According the amount of USD you have recently stated, the system will immediately display the quantity of Bitcoin (BTC) you are going to receive.
Press "Continue".
To include your CC as a payment method, choose in the "Visa/Mastercard" field the option "Add card".
Enter your credit card data and press "Next".
In this step you must indicate the address the card is associated to. Enter it exactly as it is, then choose "Add card".
Click "Continue" once you check your card has been successfully included in your account as a new payment method.
The system will now show you the details of the buying order you are creating. The amount you are paying with the currency you’ve selected, and the Bitcoin (BTC) you will be credited.
Another important detail in this quick view is the percentage Binance will charge you as a commision for making the purchase.
At this point you have 1 minute to click on "Confirm", otherwise the order will automatically expire.
The following step must be carried out on the credit card banking webpage. Then you would make a standard on-line payment using your credit card.
You can take a look at your Binance digital wallet (called the «Spot Wallet») as soon as the banking process is complete to find your recently purchased Bitcoin (BTC) already there
The platform will now show you the details of the buying order you are creating. The amount you are paying with the currency you have chosen, and the Bitcoin (BTC) you will get.
Another detail of relevance in this summary is the amount you’ll be charged as a commision for making the operation.
Within the next 60 seconds click on "Confirm", from then on the order will be automatically canceled.
The following step needs to be done on the credit card banking webpage. Follow the instructions in the same way you would generate a payment with your card.
You can take a look at your Binance e-wallet (called the «Spot Wallet») after the banking procedure is complete and you’ll see your recently bought Bitcoin (BTC) already there
Now that the new payment method has been added to your account, go to the top part of the screen and hover on "Buy Crypto" to drop-down the list of options and press "Trading P2P". Then see the following guidelines:
After you have made a payment to the trader, they will be able to release the Bitcoin (BTC), by confirming invoice of the payment.
You may see your wallet account balance to confirm reception.
Take into account that your Bitcoin (BTC) must be in your Spot Wallet in case you want to get others, so you will need to send them there before.
To accomplish this, you only need to press "Transfer to Spot Wallet" right after the purchase order is completed.
If you didn’t do this, don’t get worried, you can do it later.
The seller, upon confirming money reception, will automatically release the Bitcoin (BTC).
You may check your wallet Binance balance to confirm reception.
However, in order for you to buy any other Bitcoin (BTC), you will need to move them to your Spot Wallet.
You can move them immediately once the purchase order is completed just by clicking "Transfer to Spot Wallet".
In case you didn’t do this, don’t be anxious, you can do it at any other moment.
That’s it! Now you will have funds in the Spot Wallet so you will be able to trade any of the huge selection of Bitcoin (BTC) within the Binance platform.
To purchase Bitcoin (BTC) from Binance what you just have to do is described below:
That’s it! This way you will have money in the Spot Wallet so you will be able to buy any of the several of Bitcoin (BTC) within the Binance platform.
To purchase Bitcoin (BTC) from Binance all you have to do is described below:
You’ve already seen how easy is to begin doing business with Bitcoin (BTC) on Binance.
Cryptos are the future, and Binance is a safe and practical platform to do business. Begin right now!
If you like to earn money by purchasing cryptocurrencies, you should be able to operate the Kucoin platform. This exchange is delivering good benefits for all its users, and it is showing increasingly more progress in all its operations.
If you need to learn easily how to buy a Bitcoin (BTC) in Kucoin, you should read this post.
After you have created your account into the Kucoin platform and met the security requirements, you must deposit your money. This method is very easy, good news is that there are several alternatives to accomplish that.
One of them is to go to the «Assets» or «Balance» section at the top right from the screen and select the "Deposit" button. From then on, choose the Bitcoin (BTC) you would want to transfer into your personal account to buy new cryptos, for instance, USDT.
After that, you will pick the network you will utilize for making the operation. All of us suggest Tron (TRC20) for it requires the lowest commissions.
Next is the the address you have to put in the "Exchange" where you currently have the USDT you wish to send to Kucoin. Once you have already done this, you are going to instantly obtain the funds in your main account.
If this is not working in the country you’re currently living, you can try moving the money to your account via P2P trading. This kind of purchase means that you actually make a conventional bank transfer to one of the documented traders to receive any of the genuine cryptos.
Once you get the money in your account, it’s time for you to start navigating the Kucoin platform.
Before buying a Bitcoin (BTC) on Kucoin you must transfer the money you’ve just purchased to the trading account. To get this done you have to navigate to the "Balance" menu, click on the main account, enter the cryptocurrencies and choose «Transfer». This last option can be situated on the same line than the currency you will use for the purchase.
If this is not working in your country, you may attempt transferring the money to your account via P2P trading. This type of purchase means that you make a traditional bank transfer to any of the listed traders to get any of the genuine cryptos.
Once you get the money in your account, it’s time to learn how to work with the Kucoin platform.
Purchasing a Bitcoin (BTC) on Kucoin you must transfer the money you’ve just purchased to the trading accounts. To achieve this you have to go to the «Balance» menu, click on the main account, enter your cryptocurrencies after which choose "Transfer". This last button can be found on the same line than the currency you’ll use for the purchase.
Next, you will be sent to a window to select where you are going to send the funds. You must transfer from the «Main Account» to the "Trading Account", and add the currency and the amount you want to send to operate. Then visit "Confirm".
Now that you got the funds in the account, you can purchase your crypto and start trading.
Now you will learn how to buy Bitcoin (BTC) in different ways. To begin, you have to go to the «Trade» menu and choose «Spot trading» (Spot Market). After that enter the word Bitcoin (BTC) in the search box in the top corner of the page.
The platform will highlight the crypto pairs you can trade with.
In short, you will only be in a position to purchase Bitcoin (BTC) only with the crypto pairs showed there.
With this case, you can do it with «USDT», «USDC», «KCS», and «BTC».
We choose ADA/USDT as we’ve got funds in this two. When we accomplish that, it immediately loads the crypto graph data and the order book with all the buy and sell procedures.
In order to be able to complete the operation, you need to enter the trading key.
At the bottom-right, the financial markets to trade crypto can be seen, enabling immediately «Spot». There we now have 3 options to purchase Bitcoin (BTC). The options are as follows:
You can also establish the order activation yet process it at the greatest market price. You do this by selecting «Stop Market», and indicating in "Stop Price" the amount you wish the Bitcoin (BTC) to arrive to trigger the order and the amount of USDT to pay. By hitting Buy Bitcoin (BTC), your buying order will be executed at the market rate once it is the same as the stop price you have set.
With any of these options, you already have the Bitcoin (BTC) tokens you’ve just purchased available in your trading account. From now on you can make transactions with that or you may want to buy any other cryptos. Bear in mind that with Bitcoin (BTC) you’ll only be authorized to get the cryptos available in their pairs. Probably you will have to sell your Bitcoin (BTC) for a crypto that commonly appears in the Bitcoin (BTC) pairs, such as BTC, USDT, and BNB, and you can purchase the one you really wish.
You can now buy a Bitcoin (BTC) via Kucoin.
| Exchange | Market Pairs | Buy |
|---|---|---|
| Binance | BTC/USDT | Buy here |
| FTX | BTC/USD | - |
| Coinbase Exchange | BTC/USD | - |
| KuCoin | BTC/USDT | Buy here |
| Huobi Global | BTC/USDT | - |
| Bybit | BTC/USDT | - |
| Kraken | XBT/USD | - |
| Gate.io | BTC/USDT | - |
| Bitfinex | BTC/USD | - |
| Bithumb | BTC/KRW | - |
| Liquid | BTC/JPY | - |
| bitFlyer | BTC/JPY | - |
| Coincheck | BTC/JPY | - |
| Bitstamp | BTC/USD | - |
| FTX US | BTC/USD | - |
| Gemini | BTC/USD | - |
| Binance.US | BTC/USD | - |
| Coinone | BTC/KRW | - |
| Poloniex | BTC/USDT | - |
| Bittrex | BTC/USD | - |
Bitcoin is a decentralized cryptocurrency originally described in a 2008 white paper by a person, or group of people, using the pseudonym Satoshi Nakamoto. It was released shortly after, in January 2009.
Bitcoin is a peer-to-peer online currency, which means that all transactions take place directly between equal and independent network participants, without the need for any intermediary to allow or facilitate them. Bitcoin was created, in Nakamoto's own words, to allow "online payments to be sent directly from one party to another without going through a financial institution."
Some concepts for a similar type of decentralized electronic currency predate BTC, but Bitcoin has the distinction of being the first cryptocurrency to actually be used.
The original inventor of Bitcoin is known under the pseudonym Satoshi Nakamoto. As of 2021, the true identity of the person, or organization, behind the alias is unknown.
On October 31, 2008, Nakamoto published the Bitcoin whitepaper, detailing how to implement a peer-to-peer online currency. They proposed using a decentralized ledger of transactions packed into batches (called "blocks") and protected by cryptographic algorithms: the entire system would later be called a "blockchain".
Just two months later, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, known as the genesis block, thus launching the world's first cryptocurrency. The price of bitcoins was $0 when it was first introduced, and most bitcoins were obtained through mining, which only required moderately powerful devices (eg PCs) and mining software. The first known Bitcoin trading transaction took place on May 22, 2010, when programmer Laszlo Hanyecz exchanged 10,000 Bitcoins for two pizzas. At the current price of Bitcoin in mid-September 2021, those pizzas would be worth a staggering $478 million. This event is now known as "Bitcoin Pizza Day". In July 2010, Bitcoin began trading, with the price of Bitcoin hovering between $0.0008 and $0.08 at the time.
However, although Nakamoto was the original inventor of Bitcoin, as well as the author of its first implementation, he handed over the network alert key and control of the code repository to Gavin Andresen, who later became the main developer of the Bitcoin. Bitcoin Foundation. Over the years, a large number of people have helped improve cryptocurrency software by fixing vulnerabilities and adding new features.
The Bitcoin source code repository on GitHub lists more than 750 contributors, including some of the top ones: Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli, and others.
Bitcoin's most unique advantage comes from the fact that it was the first cryptocurrency to appear on the market.
It has managed to create a global community and give birth to a whole new industry of millions of enthusiasts who create, invest, trade and use Bitcoin and other cryptocurrencies in their daily lives. The emergence of the first cryptocurrency created a conceptual and technological foundation that later inspired the development of thousands of competing projects.
The entire cryptocurrency market, now worth more than $2 trillion, is based on the idea realized by Bitcoin: money that can be sent and received by anyone, anywhere in the world without relying on trusted intermediaries such as banks and financial services. companies.
Due to its pioneering nature, BTC remains at the top of this energy market after more than a decade of existence. Even after Bitcoin lost its undisputed dominance, it remains the largest cryptocurrency, with a market capitalization that surpassed the $1 trillion mark in 2021, after the price of Bitcoin hit an all-time high of $64,863.10 on Jan 14. April 2021. This is largely due to the growing institutional interest in Bitcoin and the ubiquity of platforms that provide use cases for BTC: wallets, exchanges, payment services, online games, and more.
The total supply of Bitcoin is limited by its software and will never exceed 21,000,000 coins. New coins are created during the process known as "mining": when transactions are sent over the network, miners collect and package them into blocks, which are themselves protected by complex cryptographic calculations.
As compensation for spending their computing resources, miners receive rewards for each block they successfully add to the blockchain. At the time of Bitcoin's launch, the reward was 50 bitcoins per block; this amount is halved for every 210,000 new blocks mined, which takes the network about four years. As of 2020, the block reward has been halved three times and includes 6.25 bitcoins.
Bitcoin was not awarded, which means that no coins were mined or distributed among the founders before it became available to the public. However, during the early years of BTC's existence, competition among miners was relatively low, allowing early network participants to amass significant amounts of coins through regular mining - only Satoshi Nakamoto is believed to own more than a million Bitcoins.
Bitcoin mining can be very profitable for miners, depending on the current hash rate and price of Bitcoin. Although the Bitcoin mining process is complex, let's discuss how long it takes to mine a Bitcoin on CoinMarketCap Alexandria: As we wrote earlier, Bitcoin mining is best understood as the time it takes to mine a block, as opposed to a Bitcoin. As of mid-September 2021, the Bitcoin mining reward is capped at 6.25 BTC after the 2020 halving, which is around $299,200 at the current Bitcoin price.
Bitcoin is protected with the SHA-256 algorithm, which belongs to the SHA-2 family of hash algorithms, also used by its Bitcoin Cash (BCH) fork, as well as many other cryptocurrencies.
In recent decades, consumers have become more curious about their energy consumption and the personal effects on climate change. As the news began to swirl around the possible negative effects of Bitcoin's power consumption, many became concerned about Bitcoin and criticized this power consumption. One report found that each Bitcoin transaction requires 1,173 KW of electricity, which can “power the typical American household for six weeks.” Another report calculates that the annual energy required by Bitcoin is higher than the annual hourly energy consumption of Finland, a country with a population of 5.5 million.
The news drew comment from tech entrepreneurs, environmental activists, and political leaders alike. In May 2021, Tesla CEO Elon Musk even stated that Tesla would no longer accept cryptocurrencies as payment, due to his concern about his environmental footprint. While many of these people condemned this problem and moved on, some suggested solutions: How can we make Bitcoin more energy efficient? Others have simply taken a defensive stance, saying that Bitcoin's energy problem may be overblown.
Right now, miners rely heavily on renewable energy sources, with estimates suggesting that Bitcoin's renewable energy use could range from 40 to 75 percent. However, at this point, critics say that increasing Bitcoin's use of renewable energy will eliminate solar sources that power other sectors and industries, such as hospitals, factories, or homes. The Bitcoin mining community is also attesting that the expansion of mining may help lead to the construction of new solar and wind farms in the future.
Additionally, some Bitcoin advocates argue that the gold and banking sectors individually consume twice as much energy as Bitcoin, making criticism of Bitcoin's energy consumption a nonstarter. Furthermore, the energy consumption of Bitcoin can be easily tracked and traced, which cannot be said for the other two sectors. Those who defend Bitcoin also point out that the complex validation process creates a more secure transaction system, which justifies the energy consumption.
Another point made by Bitcoin proponents is that the required energy use of Bitcoin is all-encompassing in such a way that the process of creating, protecting, using and transporting Bitcoin is understood. Whereas with other financial sectors, this is not the case. For example, when they calculate the carbon footprint of a payment processing system like Visa, they do not calculate the energy needed to print money or power ATMs, smartphones, bank branches, security vehicles, among other payment processing components and The bench. supply chain.
What exactly are governments and nonprofits doing to reduce Bitcoin's energy consumption? A congressional hearing on the issue was held earlier this year in the United States in which politicians and tech figures discussed the future of cryptocurrency mining in the United States, highlighting in particular their concerns about cryptocurrency consumption. fossil fuels. The leaders also discussed the current debate over the trend from coal to cryptocurrencies, particularly regarding the number of coal-fired power plants in New York and Pennsylvania that are in the process of being converted to mining farms.
In addition to congressional hearings, there are private sector crypto initiatives dedicated to solving environmental issues, such as the Crypto-Climate Agreement and the Bitcoin Mining Council. In fact, the Crypto Climate Accord proposes a plan to eliminate all greenhouse gas emissions by 2040, and due to the innovative potential of Bitcoin, it is reasonable to believe that these grandiose plans can be realized.
Bitcoin is the first peer-to-peer decentralized digital currency. One of its most important functions is that it is used as a decentralized store of value. In other words, it grants property rights as a physical asset or as a unit of account. However, the latter reserve-of-value feature has been discussed. Many cryptocurrency enthusiasts and economists believe that the large-scale adoption of the major currency will usher in a new modern financial world where transaction amounts will be denominated in smaller units.
The smallest units of Bitcoin, 0.00000001 BTC, are called Satoshis (or Sats for short), in a nod to the creator of the pseudonym. At the price of Bitcoin now, 1 Satoshi equals around $0.00048.
The best cryptocurrency is considered a store of value, like gold, by many, rather than a currency. This idea of the first cryptocurrency as a store of value, rather than a payment method, means that many people buy cryptocurrency and hold it for the long term (or HODL) rather than spend it on items like they normally would with a dollar. . - treating it like gold. digital.
The most popular wallets for cryptocurrencies include hot and cold wallets. Cryptocurrency wallets vary from hot wallets and cold wallets. Hot wallets can be connected to the web, while cold wallets are used to keep large amounts of coins offline.
Some of the best cryptocurrency cold wallets are Trezor, Ledger, and CoolBitX. Some of the best crypto wallets include Exodus, Electrum, and Mycelium.
Still not sure which wallet to use? Check out CoinMarketCap Alexandria's guide to the best cold wallets of 2021 and the best hot wallets of 2021.
A hard fork is a radical change in the protocol that makes previously invalid blocks/transactions valid and thus requires all users to upgrade. For example, if users A and B disagree on the validity of an incoming transaction, a hard fork could make the transaction valid for users A and B, but not for user C.
A hard fork is a protocol update that is incompatible with previous versions. This means that each node (computer connected to the Bitcoin network through a client that performs the task of validating and forwarding transactions) must be upgraded before the new hard forked blockchain becomes active and rejects any block or transaction. the old blockchain. The old blockchain will still exist and will continue to accept transactions, although it may be incompatible with other newer Bitcoin clients.
A soft fork is a change to the Bitcoin protocol where only previously valid blocks/transactions become invalid. Since old nodes will recognize new blocks as valid, a soft fork is backward compatible. This type of fork requires only the majority of miners to upgrade to enforce the new rules.
Some examples of major cryptocurrencies that have forked are: Bitcoin hard fork which led to Bitcoin Cash, Ethereum hard fork which led to Ethereum Classic.
Bitcoin Cash has been a hard fork since its original fork, with the creation of Bitcoin SV. Read more about the difference between Bitcoin, Bitcoin Cash and Bitcoin SV here.
Taproot is a soft fork that bundles BIP 340, 341, and 342 and aims to improve the scalability, efficiency, and privacy of the blockchain by introducing several new features.
The two main changes are the introduction of the Merkelized Abstract Syntax Tree (MAST) and the Schnorr Signature. MAST introduces a condition that allows the sender and recipient of a transaction to jointly sign its settlement. Schnorr Signature allows users to add multiple signatures in one for a single transaction. This results in similar to normal or more complex multi-signature transactions. By introducing this new address type, users can also save on transaction fees, as even complex transactions appear simple, with a single signature.
While HODLers may not notice much of an impact, Taproot could become a key milestone in equipping the network with smart contract capabilities. Specifically, Schnorr Signatures would lay the groundwork for building more complex applications on the existing blockchain, as users begin to switch primarily to Taproot addresses. If adopted by users, Taproot could, in the long run, lead the network to develop its own DeFi ecosystem that rivals those of alternative blockchains like Ethereum.
The Lightning Network is an off-chain tiered payment protocol that manages two-way payment channels that enable instant transfers with instant reconciliation. It enables private, high-volume, trustless transactions between two parties. The Lightning Network scales transaction capacity without incurring the costs associated with transactions and interventions on the underlying blockchain.
The current valuation of Bitcoin is in constant flux, all day, every day. It is a truly global resource. Since its inception at less than a penny a coin, the price of BTC has risen thousands of percent to the numbers you see above. The prices of all cryptocurrencies are quite volatile, which means that anyone who understands how much Bitcoin is will change minute by minute. However, there are times when different countries and stock exchanges display different prices and understanding how much Bitcoin is going to be a function of a person's location.
Bitcoin is becoming more political by the day, particularly after El Salvador started accepting it as legal tender. The country's president, Nayib Bukele, announced and implemented the decision almost unilaterally, rejecting criticism from his citizens, the Bank of England, the IMF, Vitalik Buterin and many others. Since the Bitcoin law was passed in September 2021, Bukele has also announced plans to build Bitcoin City, a city entirely based on Bitcoin mining with geothermal energy from volcanoes.
Countries like Mexico, Russia, and others are said to be candidates to accept Bitcoin as legal tender, but so far El Salvador stands alone.
Bitcoin is, in many ways, almost synonymous with cryptocurrency, which means that you can buy Bitcoin on virtually all cryptocurrency exchanges, whether for fiat money or other cryptocurrencies. Some of the major markets where BTC trading is available are:
If you're new to crypto, use CoinMarketCap's Alexandria educational portal to learn how to get started buying Bitcoin and other cryptocurrencies.