How to buy Bitcoin (BTC)? Detailed instructions for buying Bitcoin

How to buy Bitcoin (BTC)? Detailed instructions for buying Bitcoin

Buying Bitcoin (BTC) is no longer a foreign concept to many Taiwanese investors. However, for those who are new to cryptocurrency, it can be confusing to know how to buy Bitcoin safely and easily. In this article, we will explain in detail how to buy Bitcoin (BTC), including every step from choosing an exchange to completing the transaction. We'll walk you through the major exchanges on the market, how to set up your account, how to choose the right payment method, and teach you how to protect your Bitcoin assets. Whether you're new to cryptocurrencies or already have some experience, this article will provide you with a practical guide.

Why Bitcoin?

Before we get into the specific steps of buying, let's first understand why we chose Bitcoin (BTC). Bitcoin is one of the world's most recognizable and market-capitalized cryptocurrencies and is often regarded as digital gold. Since the total number of Bitcoins issued is limited (21 million), it is considered an inflation-resistant asset and has attracted the attention of many long-term investors. In addition to this, the decentralized nature of Bitcoin, which is not controlled by any government or institution, makes it an attractive option for investors seeking financial freedom.

Choose a Bitcoin Exchange

Choosing a safe and reliable exchange is the first step in buying Bitcoin. For Taiwanese users, there are several well-known international exchanges that offer easy purchasing options, such as Binance, Coinbase, and the local Maicoin. When choosing an exchange, it is recommended to pay attention to the following points:

1. safety: Choose an exchange with a good security record and preferably enable dual authentication to enhance account security.
2. Transaction Fee: Trading fees vary greatly between exchanges, so please compare carefully.
3. payment method: Confirm that the exchange supports payment methods you are familiar with (e.g. credit card, bank transfer, Line Pay, etc.).
4. Mobility: Choose an exchange with a high trading volume to ensure that you can trade quickly when you need to.

Register and open a trading account

After choosing an exchange, the next step is to register and open your trading account. Most exchanges will require you to provide some basic personal information (such as name, phone number, email address, etc.) and complete an identity verification process. This is to ensure platform compliance and to avoid unscrupulous behavior. Usually, you will need to provide valid identification documents, such as a Taiwan health insurance card, driver's license or passport, and undergo facial recognition or photo confirmation. After completing these steps, your account will be ready for use.

Recharge and choose payment method

Once the account registration is complete, you can start topping up your account. Most exchanges offer a variety of top-up options, including bank transfer, credit card, and e-wallet (e.g. LINE Pay, Street Pay, etc.). When choosing a top-up option, please note the following:

1. Recharge Fee: Depending on the payment method, there may be different fees for top-ups. Bank transfers are usually cheaper, while credit card top-ups have higher fees.
2. Recharge speed: Some payment methods (e.g. credit card) can be credited immediately, while bank transfers may take 1-2 business days.
3. Recharge quota: Top-up limits may vary for different payment methods, so please be aware of this in advance.

Select a pair and place an order for Bitcoin

Once your account has been funded, you can start choosing pairs and placing orders for Bitcoin. Usually there are several pairs available on the exchange, such as "BTC/USDT" or "BTC/TWD", depending on the type of currency you are using. You can choose between a market order or a limit order to trade:

1. Market Price List: This is a real-time trading method where you buy Bitcoin immediately at the current market price.
2. limit order: This is to set a specific price and the order will only be executed when the price of Bitcoin reaches your set price.

Once you have set the quantity and price of the Bitcoin you want to buy, confirm your order and complete the transaction. Most exchanges provide a transaction log so you can check your trading status at any time.

Keeping Your Bitcoin Safe

After a successful Bitcoin purchase, you need to keep your Bitcoins safe. Exchanges usually offer both hot and cold wallet options:

1. Hot walletThe online wallet is convenient for daily transactions, but it is relatively insecure.
2. Cold walletThe Bitcoin is a bitcoin that is stored in an offline wallet on a physical device, which is more secure and suitable for long-term storage of Bitcoin.

If you plan to hold Bitcoin for a long time, it is recommended that you use a cold wallet to protect your assets. Common brands of cold wallets include Ledger and Trezor, which are devices that ensure that your Bitcoins will not be lost due to an attack on an exchange.

Frequently Asked Questions Q&A

Q1: Can I sell Bitcoin immediately after buying it?
A1: Yes, you can sell your Bitcoins on an exchange at any time and convert them to other cryptocurrencies or fiat currencies. Please note, however, that selling Bitcoins may incur a handling fee and may result in a loss or gain depending on market price fluctuations.

Q2: How can I improve the security of my exchange account?
A2: You can enable Dual Authentication (2FA) so that even if a hacker gets your password, he or she can't log in to your account easily. Changing your password regularly and avoiding simple passwords are also effective ways to improve your account security.

Q3：What should I do if I forget my login password?
A3: Most exchanges offer a "Forgot Password" option, which allows you to reset your password using the email or cell phone number you registered with. If you have dual authentication enabled, you will need to complete the appropriate authentication steps to reset your password.

I hope this article has helped you to better understand how to buy Bitcoin and manage your Bitcoin assets safely. If you have any questions, please feel free to leave a comment or contact us.