How do I buy Bitcoin?
Cryptocurrencies are traded like shares on crypto exchanges. In order to buy Bitcoins, you have to register with a reputable provider and verify your identity. This verification is usually done by showing your identity card or passport and serves to prevent money laundering and criminal transactions.
There are 100s of crypto exchanges where you may buy Bitcoin. There are differences in the respective providers in terms of variations in price and trading volume, fees, reputation and, consequently, the trustworthiness, security and complexity as well as clarity of the platforms. As the owner and operators of Self-Custody, we have had personal good experiences and can therefore recommend the crypto exchange Coinbase.
GOOD TO KNOW: You don't have to buy a whole Bitcoin. A Bitcoin can be divided into smaller units, the so-called Satoshis. This means that smaller sums, such as 100 EUR, can also be converted into Bitcoin. Please find below an conversion table of Satoshi to Bitcoin:
- 1 Satoshi = 0,00000001 BTC
- 10 Satoshi = 0,00000010 BTC
- 100 Satoshi = 0,00000100 BTC
- 1.000 Satoshi = 0,00001000 BTC
- 10.000 Satoshi = 0,00010000 BTC
- 100.000 Satoshi = 0,00100000 BTC
- 1 Million Satoshi = 0,01000000 BTC
- 10 Million Satoshi = 0,10000000 BTC
- 100 Million Satoshi = 1,00000000 BTC