How to Buy Bitcoin and How to create a Bitcoin Address and Wallet

Crypto-currency is growing and you made the right choice of joining the space. With new blockchain projects and use cases that keep on increasing. There is no other better time to join.

Over the past few months that we have been operating, we keep getting asked how to start with Bitcoin. Whether it be online or in person, with this article we will guide everyone who is new to Bitcoin to walk the right way and also properly secure their coin!

START

HOW TO BUY BITCOIN?

Buying Bitcoin is easy, especially with ELLIPAL. Here’s how you can do it:

1. Buy Bitcoin on ELLIPAL:
On ELLIPAL, you can purchase Bitcoin directly using services like MoonPay and Simplex. Simply create an account and choose your preferred payment method—Visa, Mastercard, Apple Pay, Google Pay, or SEPA. This method offers flexibility and convenience, allowing you to buy Bitcoin securely without the hassle of multiple verification steps.

2. Buy Bitcoin on Exchanges:
Another popular way to buy Bitcoin is through exchanges like Coinbase. Download the app or visit their website to create an account. After verifying your identity, you can buy Bitcoin using your bank account. Keep in mind that not every exchange is available in every country, so it’s important to find one that supports your location and currency.

3. Other Methods:
If you prefer alternatives, websites like Changelly and CoinMama allow you to buy Bitcoin with credit or debit cards, without the extensive verification processes that exchanges might require. However, be aware that the rates and fees might be higher.

No matter which method you choose, buying Bitcoin is accessible and can be tailored to your needs. Just make sure to choose a trustworthy platform that works best for you.

I NOW HAVE BITCOIN!

HOW TO CREATE A WALLET

The safest way to store Bitcoin is on a wallet not on an exchange. You need to send it from the exchange to your Bitcoin wallet.

(A wallet is where private keys are generated. Private keys are needed to verify every Bitcoin transaction so wallets are like your personal bank. It gives you full control over you Bitcoins because you have the private key. In contrast, if you left your Bitcoins inside the exchange after you have bought it, those private keys will be with the exchange. As your private keys are with the exchange, if they lose it, got it stolen or decide to stop their services, your Bitcoins are forever lost.)

The first thing you need is to find a Bitcoin wallet to use. There are many to choose from both on mobile and on desktop. As ELLIPAL provides a mobile wallet for its users, we will use ELLIPAL wallet as an example.

Creating a Bitcoin wallet on ELLIPAL is simple, just download the App and create an account on the ELLIPAL App. Select Bitcoin and joint down the mnemonics (these are a simpler form of your private keys in which acts as a backup to your account) and you are set! You can select your Bitcoin account on the App and copy the address or bring up the address QR code.

 

DEPOSIT BITCOIN TO YOUR NEW WALLET

At this point, you can go back to the exchange and select Withdraw. It will ask where to send it to so just put your new Bitcoin address and finish the process. The Bitcoin should arrive in your ELLIPAL wallet very soon.

TAKING A STEP FURTHER

KEEPING YOUR BITCOIN SAFE IN COLD STORAGE

As mentioned, the private key is what gives access to your Bitcoin. Now it is safe inside your new wallet and also in a form of mnemonics where you wrote down. However, for a skilled hacker, it is possible to hack into your phone or desktop to steal your private keys.

So if you bought a lot of Bitcoin, it is strongly recommended by everyone in the crypto-industry to use a hardware wallet. These are similar to the wallet you have on your phone or PC but instead, it is completely offline. Due to the offline nature, even the most skilled hackers find it impossible to steal your private key.

ELLIPAL also provides one of the most secure hardware wallets around. It is like an addition to ELLIPAL’s mobile wallet, only that this time your private keys are generated and stored inside the hardware wallet which is completely offline.

DO YOUR OWN RESEARCH AND BE RESPONSIBLE

Cryptocurrency is well known for being decentralized. This means everything will be in your own hands and you will hold all responsibility of what happens to your Bitcoin. This can be both good and bad so make sure to study well before making any decisions and don’t forget to keep learning!