The most well-known cryptocurrency in the world, Bitcoin, is becoming increasingly popular in the US. An increasing number of people want to invest in Bitcoin as a result of its surge in popularity. The most significant methods to purchase Bitcoin in the US in 2024 will be covered in this post.
You must select a Bitcoin wallet, use a Bitcoin exchange, authenticate yourself, contribute money to your account, purchase Bitcoin, and store Bitcoin securely to obtain it. It would be best if you had these procedures to invest in Bitcoin and profit from its increasing market value.
Check out our in-depth guide on buying Bitcoin in the USA if you want additional information about obtaining the cryptocurrency there.
Step 1: Select a Wallet for Bitcoin
Choosing a suitable Bitcoin wallet is a prerequisite to starting the Bitcoin purchase process. A Bitcoin wallet is a digital wallet that makes transferring, receiving, and storing it easier. The cryptocurrency industry provides a variety of Bitcoin wallets, including hardware, mobile, and desktop versions. Notable options include Trezor, a reliable hardware wallet; Ledger Nano S, a well-liked hardware wallet with strong security features; and Coinbase, which is well-known for its user-friendly design.
Step 2: Select a Bitcoin Exchange
The next important step is choosing a Bitcoin exchange after creating a desired Bitcoin wallet. A Bitcoin exchange facilitates the buying and selling of Bitcoin by serving as a platform for transactions. There are numerous Bitcoin exchanges in the US, and each one has pros and cons of its own. Notable possibilities include Coinbase, a well-liked option for novices; Binance, a well-known exchange worldwide; and Kraken, renowned for its sophisticated trading capabilities.
Step 3: Ascertain Your Nationality
It must abide by know-your-customer (KYC) and anti-money laundering (AML) requirements before transacting with Bitcoin on an exchange. To verify their identification, users must carefully provide personal details such as their name, address, and birthdate. This critical step creates a secure transactional environment and guarantees regulatory compliance.
Step 4: Increase Your Account’s Balance
Users must fund their Bitcoin exchange accounts after completing the identification verification process. Bank transfers, credit cards, debit cards, and unconventional means like PayPal are just a few of the financial options available. This flexibility lets Users select the funding method that best suits their needs.
Step 5: Purchase Bitcoin
Once an account has been funded, users can start buying Bitcoin. Two options are buying at the going rate on the market or setting a limit order at a particular price. This transactional flexibility takes individual preferences and market circumstances into account. The purchased Bitcoin can then be moved to the designated Bitcoin wallet for safekeeping.
Step 6: Protect Your Bitcoin
The significance of strong security measures is highlighted by recognizing Bitcoin as a valuable asset. Enabling two-factor authentication (2FA) on the exchange account, storing Bitcoin in a secure wallet, and protecting private keys with the highest secrecy all contribute to the protection of this digital asset.
US-based Bitcoin exchanges: With a wide range of exchanges catered to their requirements, Americans interested in Bitcoin can access some of the most popular cryptocurrencies. The preferred website for those purchasing Bitcoin for the first time is Coinbase, a trailblazer since 2012. It has an easy-to-use interface and accepts various deposit and withdrawal options, such as PayPal, wire transfers, debit/credit cards, and ACH bank transfers. Although Coinbase’s customer service has come under fire for handling a large user base, the company’s regulated position guarantees compliance with KYC and AML regulations.
Gemini: Based in New York and subject to stringent laws, Gemini was established in 2015 by the Winklevoss twins. Gemini, a well-known platform for compliance, trades using an order book approach. The exchange actively works with authorities to influence the law as it changes, strongly emphasizing regulatory compliance and trust.
Kraken: A San Francisco mainstay, Kraken provides a sophisticated Bitcoin and other cryptocurrency trading platform. Although it doesn’t have the same user-friendly interface as Coinbase and Gemini, Kraken accepts deposits by debit cards, FedWire, and ACH bank transfers. Except for Washington State and New York, owing to strict licensing requirements, Kraken offers complete services throughout the majority of the United States.
