How to Buy Bitcoin

Posted on July 10, 2020 in Articles, Digital Assets 101
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Cryptocurrency’s popularity is evidenced by its skyrocketing prices and roller coaster drops. More people are drawn to purchasing and trading cryptocurrencies than ever before. Bitcoin is at the top of the crypto market with a market value of $9,312.75 (at the time of writing this article).

The launch of Bitcoin was on the 9th of January 2009, after the global financial crisis of 2008. The person(s) behind the invention was a mysterious entity by the name of Satoshi Nakamoto [1]. Blockchain was the technology behind the decentralized digital currency which no government could control. This unique feature is what separates the crypto market from the national economy and any crisis that it undergoes.

Buying your first Bitcoin can be quite overwhelming and exciting at the same time. There are multiple steps to buying your first Bitcoin, but the initial step is to set up an account on Zipmex.

Signing up on Zipmex is very easy. You need to navigate to Zipmex and click on the sign-up button at the top right and provide your email and set up a strong password. Once you click on sign up to submit the details, you need to verify your email address via the link sent.

After verifying your account, you need to complete a KYC (Know Your Customer) verification asking who you are and where you live. Zipmex takes every measure to prevent fraud and be fully compliant with KYC and AML regulations for trading of digital assets.

A Secure Wallet

Before you purchase any amount of bitcoin, you need a secure wallet to store your Bitcoins. In this way, they will be safe from hackers. When you buy any amount of Bitcoin from Zipmex, you can store them in your Zipmex wallet.

Your Zipmex wallet will be encrypted and even protected by your Zipmex password. This level of security provides you with total control of the wallet and your crypto coins.

How to buy Bitcoin?

  • Once you have successfully set up your account and wallet, you can head over to the buy and sell section on the trading page of Zipmex to purchase Bitcoin.
  • Select the asset that you are willing to purchase in this case – Bitcoin/United States Dollar. The value of 1 BTC shows against the United States Dollar (for ex: 1 BTC = X USD).
  • Enter the amount that you wish to spend. The amount of BTC that you will receive after the fee of 0.2% will be displayed.
  • You can then click on BUY, and the amount of Bitcoin will be transferred to your Zipmex wallet upon successful transaction.

How to Secure your Bitcoin?

Over the years, many instances of Bitcoins have been reported as stolen due to a lack of security or safe storage. Here are some ways that you can secure your Bitcoin.

Secure wallet

To store any amount of Bitcoin, it is necessary to have a secure wallet that is encrypted and can only be operated by you. You may need to provide a secure password that only you know.

We highly recommend turning on 2FA – Two Factor Authentication on your Zipmex account using the Google Authenticator app on your phone. By doing so, you add an extra layer of security to your account, making it harder for anyone to steal your Bitcoin.

Back up wallet

There are chances that you may lose access to your bitcoin wallet when you lose your mobile phone or your laptop. In such situations, a backup of your bitcoin wallet may help you regain access.

Most online wallets help you export the private keys that help operate the wallet. You may also be provided with the option to backup the wallet. You can then save this backup to a USB drive or another encrypted storage device.

This backup consists of private keys and will help you move the Bitcoin from the previous wallet to a new wallet.