The journey toward understanding how Bitcoin and cryptocurrencies, in general, work can take some time. It typically begins with an initial state of confusion, followed by a subsequent understanding of how everything operates. However, one could remain in a state of perpetual confusion if they do not find the right platform for buying, selling, and comprehending Bitcoin.
If you are new to crypto and want to figure out where to begin or to buy your first Bitcoin, let the following guide you.
What is Bitcoin?
Bitcoin is like digital money, similar to the value you have in your Mobile Money Wallet or Banking App, except no government or bank controls it, and it is subject to value volatility. Blockchain technology manages it instead, ensuring secure and transparent transactions.
Wallets
Think of a Bitcoin wallet as a digital bank. It’s where you store your bitcoins. You can choose from different types of wallets by downloading wallet apps on your phone or using special devices like Hardware or paper wallets.
How can I buy my first Bitcoin?
Now that you understand what Bitcoin is and how to store it in a wallet, let’s walk you through the process of buying your first Bitcoin:
Choosing an exchange platform
Cryptocurrency exchanges are platforms where you can buy bitcoin, sell bitcoin, send bitcoin, receive bitcoin, and convert. The most trusted exchange in Ghana is Mybitstore. Others also choose Coinbase, Binance, and Kraken.
Sign Up
Create an account on the exchange. You’ll need to provide some basic information, like your email and maybe a photo of your valid ID, and get your account verified. Once you’ve set up your account, you must load your wallet with money. You can do this by linking your MoMo account or bank account or using a debit or credit card.
Buy Bitcoin
Once your money is in your account, you can use it to buy your first Bitcoin. Just click on the “Quick Buy” section on the ‘Home screen’, and enter an external wallet address to buy into any wallet. Select the cryptocurrency you want to purchase, enter the desired amount, and choose your payment method. Preview the trade, complete KYC if not done, and finish the process by inputting your Mobile Money PIN or completing the payment process. And get your first Bitcoin instantly!
Please note that when purchasing your Bitcoin, it’s crucial to ensure its safety. You can do this by transferring it to your own external Bitcoin wallet. This adds an extra layer of security and ensures you have full control over your Bitcoin.
Extra Tips:
Start Small
It’s okay to start with a small amount of Bitcoin until you get the hang of things. You can start buying coins like USDT, Bitcoin, and many more on the Mybitstore app.
