Bitcoin is one of the most popular cryptocurrencies and is often the entry point for new consumers and seasoned traders.
Bitcoin has taken the financial world by storm with its innovative use of blockchain technology to decentralize the management of currency.
What is Bitcoin?
With a current market cap of $6,900, bitcoin was developed by Satoshi Nakamoto in 2009 and is the world’s most well-known cryptocurrency.
(A cryptocurrency is a digital asset designed to function as a medium of exchange like traditional currencies).
Traditional currencies, like the U.S. dollar, are created and issued by central banks. Cryptocurrencies like bitcoin work under a decentralized model, which uses cryptography to manage the generation of units of currency and verify the transfer of bitcoins between accounts.
The technology behind bitcoin is known as the blockchain. A blockchain is a public ledger of transactions shared on a peer-to-peer computer network around the world. Adding to the blockchain requires advanced encryption techniques. Those that add to the blockchain are rewarded in bitcoin. If you’re interested in buying bitcoin, Uphold makes it easy for anyone and you can get started with as little as $50!
How to Buy Bitcoin on Uphold
Step One: Sign up for an Uphold account
Signing up for an Uphold account is free and will give you more ease, security, and confidence when buying, selling, and holding bitcoin along with 30+ other currencies. You can transfer funds into your digital wallet on Uphold via your bank account, debit/credit card, or even a cryptocurrency from an external address/wallet.
Not only is Uphold easy to navigate, it gives members access to 30+ currencies and commodities and you can start small purchasing fractions of any supported currency, with as little as $50.
Step Two: Get Verified
Verified members have full access to all of the benefits available on Uphold, including increased funding limits, methods and more! To learn more about the verification process you can visit our FAQ: How Do I Become a Verified Member?
Step Three: Buy Bitcoin
Buying bitcoin with Uphold is very straightforward:
- Transfer funds to your digital wallet on Uphold. You can fund your wallet with a bank deposit or via credit/debit card. You can even fund your wallet with a cryptocurrency or utility token. Funding methods can vary by country so you may have to check to see which payment methods are available in your country. For example, U.S. -based members may choose “Fund from a U.S. Bank Account” whereas international members will choose “Fund with Bank Account (SEPA).”
- Buy bitcoin by converting your funds between cards. Your digital wallet contains a set of cards representing different forms of currency. Let’s say you transfer funds denominated in U.S. dollars into your digital wallet. Your U.S. dollar card will now contain this money. Select the U.S. dollar card and click the Transfer Between Cards option. You can now convert your dollars into bitcoin easily and quickly. Once you’re done, the money will show up on your BTC card.
Then, you can hold bitcoin for as long as you like in your wallet. You can also use your money in many other ways:
- Send bitcoin (or any other supported currency) to anyone, anywhere who has an email address
- Purchase other cryptocurrencies, traditional currencies, or even commodities
- Send money to your bank account
One Platform For All of Your Currencies
With Uphold, it’s easy to diversify your portfolio between 30+ currencies, cryptocurrencies, and commodities!t This enables you t0 minimize potential risk during volatile markets and currency fluctuations. You can instantly buy or sell bitcoin or other cryptocurrencies all from within your wallet, and send money instantly to another Uphold member (or anyone with a crypto address).
Uphold makes it’s easy for members to customize their dashboard and portfolios, and it’s easier than ever for members to start growing their digital wallet holdings. By following this guide, you’re off to the right start in diving into cryptocurrency.
This article should not be used as or considered investment advice. If you have questions regarding cryptocurrencies, tokens or any financial investments please consult your financial advisor.