How to Buy Bitcoin (BTC): Exchanges, Fees and Steps

How to buy Bitcoin step by step

1. 1

   Choose an exchange and sign up with a referral link

   Pick one of the exchanges above and use its button on this page so the referral is applied. Each exchange has its own fees, features and country restrictions; its guide page explains what to check.

2. 2

   Secure the account

   Confirm your email or phone, set a strong password you do not use anywhere else, and turn on two-factor authentication.

3. 3

   Complete identity verification if asked

   Most exchanges require verification (KYC) for withdrawals or higher limits. The rules vary by exchange and by country, so check them before you deposit.

4. 4

   Add funds

   Deposit crypto you already own, for example USDT, or use a card, bank transfer or P2P option if the exchange offers one in your country. These on-ramps usually cost more than a spot order, so compare the total cost.

5. 5

   Open the BTC/USDT spot market

   Search for BTC in the spot markets. If the pair is not listed on that exchange, pick a different exchange rather than buying through another route.

6. 6

   Choose the order type

   A limit order waits at the price you set and, when it rests on the order book, is usually charged the lower maker rate. A market order fills immediately and is charged the taker rate. Check the fee shown before you confirm.

7. 7

   Confirm and check your balance

   Once the order fills, the BTC appears in your spot balance. Start with a small amount while you learn how the exchange works.

8. 8

   Optional: withdraw to your own wallet

   When you withdraw BTC, choose the Bitcoin (BTC) network and double-check the address format your wallet gives you. Send a small test amount first: coins sent on a network the receiving wallet does not support can be lost.

About Bitcoin (BTC)

Launched

3 January 2009 (genesis block)

Creator

Satoshi Nakamoto (pseudonym)

Supply cap

21 million BTC

Consensus

Proof-of-work (SHA-256)

Target block time

About 10 minutes

Halving

Every 210,000 blocks (about four years)

What it is

Bitcoin is a decentralized digital currency described in a 2008 white paper by the pseudonymous Satoshi Nakamoto. The network went live in January 2009. No company or government issues it: transactions are verified by a global network of computers and recorded on a public ledger called the blockchain, which is secured by proof-of-work mining.

Background

The first block, the genesis block, was mined on 3 January 2009. In May 2010 a programmer paid 10,000 BTC for two pizzas, the first widely cited purchase of a physical good with Bitcoin, which the community now marks as Bitcoin Pizza Day. Every four years or so the reward miners receive for a block is cut in half (the halving). In January 2024 the US securities regulator approved the first spot Bitcoin exchange-traded funds, which made Bitcoin available inside ordinary brokerage accounts.

How it works

Bitcoin uses proof-of-work with the SHA-256 hash function. The network aims for a new block roughly every ten minutes and adjusts its mining difficulty every 2,016 blocks to keep that pace. The total supply is capped at 21 million coins, and each BTC is divisible to eight decimal places. The Lightning Network is a separate layer on top of Bitcoin that is used for faster, cheaper small payments.

What people use it for

People use Bitcoin as a long-term store of value (often called digital gold, a description that is debated), to send money across borders without a bank, and as collateral or the base pair for trading other assets. On most exchanges BTC/USDT is the most liquid market, which is why it is the usual first purchase.

Background facts are general reference information, not market data. Check the project's own documentation for current details.