You can purchase Bitcoins through the app you’ve just downloaded, or via the Bitcoin.com website. Some people feel their smartphone isn’t as secure as their desktop computer, or vice versa. Choose the best option for you.
Within the app, all you need to do is tap the Buy button in the top right corner. You’ll need to use a credit or debit card to make your purchase. Just follow the instructions provided. Your Bitcoins will be sent directly to your wallet. Note that, as a new user, you’ll be able to purchase only a small amount of Bitcoin instantly. Once you verify your identity, you’ll be able to make larger purchases. Verification usually takes a few business days.
If you choose to purchase them through the website, you’ll need to go to bitcoin.com, choose Buy, then select the cryptocurrency you want to purchase (BTC, BCH, ETC, LTC, etc.). Next, enter the amount you want to spend on it (not the amount you want to buy). A summary will be provided, showing how much you’re buying and what it costs.
For example, if you want to buy BTC, and enter the amount as 200 CAD, the summery might look like this:
~ 0.00471 BTC @ $39,440.07 CA$200.00
This means you’re buying 0.00471 BTC’s, where one whole BTC is currently worth $39,440.07, and it’s costing you $200 to buy it.
BTC or BCH – Does it Matter?
Yes, it most definitely matters! Here’s the difference…
BTC Bitcoin: BTC is the trading symbol for what we refer to today as Bitcoin. This is the digital currency that everyone talks about; the one that has fluctuated so heavily in price over the years.
A single BTC is worth around $10,000 (at time of writing). In December of 2017, some of you will remember it driving all the way to $19k, before plummeting back under $4k by 2019. This is the version most people buy if their looking to play to market. Fortunately, you don’t need $10k to buy one. You can get it in increments, as implied by the summary example in green text above.
BTC is also preferred for its speed. The BTC Blockchain is capable of recording up to 100 BTC transfers per second, so most transactions complete instantly, or at worst, in under a minute.
BCH Bitcoin Cash: BCH stands for Bitcoin Cash. This is actually the original Bitcoin. You see, way back when, as more and more users adopted cryptocurrencies, Bitcoin’s developers decided it was time for an update. They couldn’t agree on how to do it, so they split it into two currencies. BCH is the updated version. It is far more stable and, at the moment, worth about $245 per BCH. This is the better choice for long-term investors, as well as online casino enthusiast seeking out an anonymous payment method.
BCH transactions aren’t as fast, with the Blockchain only capable of recording 3-7 BCH transfers per second. Depending how many people are sending it at that very moment, it could take anywhere from a few seconds to half an hour for the transfer to go through.