How To Invest in Bitcoin – Beginners Guide (2024)

The best time to plant a tree was 20 years ago. The second best time is now.

This advice in an old Chinese proverb is most appropriate for users planning to start investing in Bitcoin. If you are someone who has heard about Bitcoin, irrespective of when but have never invested in it, this tutorial will guide you on how to exactly do that.

Bitcoin, a digital decentralized currency based on Blockchain, is growing in market size. It has been called digital gold because of it’s underlying properties:

  • Fixed Supply
  • Easy to transact
  • Getting wider adoption
  • Store of value
  • Regulated in many countries including the U.S.A., Japan, UAE and many others.

Once you know how Bitcoin works, it is a no-brainer to understand that Bitcoin is here to stay.

If we try to understand the technology and its underlying principles, it is right to say that the price will keep rising over the years to come.

One of the major reasons for the claim is the finite amount of Bitcoin, making it a great store of value (only 21 million Bitcoin) and viral adoption around the globe.

If you are ready and excited to invest in Bitcoin, this guide will help you get started. Treat this as a blueprint for Bitcoin investment. Do customize it according to your current financial situation that suits your needs.

Here is what you need to start investing in Bitcoin:

  1. An exchange or website to buy Bitcoin
  2. A wallet where you can store Bitcoin

These two are must-haves to get started with. Under no circumstances should you miss the understanding of the correct website and a safe wallet, or you might fall prey to some MLM (Multi-level Marketing) or scam, resulting in losses.

What you need to understand is Bitcoin is like keeping money with you. Unlike USD, INR or other currencies that you keep in the bank, Bitcoin is different. And you are responsible for buying, selling and securely storing it.

For now, let’s discuss point #1 and #2. And In the coming days, you would also learn how much money you should invest in Bitcoin.

What do you need to start investing in Bitcoins?

1. Exchange from where you can buy Bitcoins:

If you are living in a country where you have an official Bitcoin exchange, you don’t need to worry much about buying Bitcoins. You can quickly sign up for these exchanges and transfer money from your bank account to buy Bitcoins.

Listed below are a few country-wise exchanges from where you can buy Bitcoins:

However, the problem is for people residing in countries where there are no Bitcoin exchanges and users have no option of transferring funds from their bank accounts to purchase Bitcoins.

This makes it really hard for the users to hold Bitcoins now and with the prices surging at a rapid pace, it might be too late for many to get hold of Bitcoins.

But that is where we come to rescue.

How you may ask.

We have come up with other options through which you can buy Bitcoins.

Below are a few websites from where you can buy Bitcoins in other ways such as:

Initially, when it was not as easy to purchase Bitcoins in my country, I used a credit card to buy Bitcoins from Cex.io.

This worked pretty well as the Bitcoin price difference between the International market and in my country was significant. If you are in a country where you can’t buy Bitcoins directly, you can use these international sites where they accept credit & debit cards.

Here is a list of sites that allows buying Bitcoins using Credit/Debit card:

Another method that works for most countries in the world is a P2P exchange. Think of this P2P exchange as eBay, where you connect directly with the seller to purchase Bitcoins.

The one that I have used in the past and recommend

These exchanges support various methods of payment such as :

…and many other methods.

As we discover new working methods, we will keep sharing it on CoinSutra.

For now, what’s important is that you need to pick an exchange/website from where you can buy Bitcoin on a regular basis. This will take care of our #1.

Note: If you are in a country where you have no option to buy Bitcoin, do let us know in the comment section below. We will do our best to find a solution for you.

2. Keeping/Storing your Bitcoin in a secure wallet:

After purchasing Bitcoin, you should store it on a secure wallet.

If you search online for Bitcoin wallets, you will get plenty of options but you need to be careful with choosing the right one. With many wallets being a fraud, you will end up losing your Bitcoin. Just search on Google play store for the Bitcoin wallets and you will be shocked to see the number of results.

This is a big mistake to pick any random Bitcoin wallet just because it’s listed on the Google play store or that it is on the first page of Google.

Another big mistake that even experienced users make is by keeping the wallet in an exchange. Most of the exchanges like CEX, Binance,  and numerous others offer an in-built Bitcoin wallet and lets you store Bitcoin in their wallet. The problem with holding Bitcoin in exchange is if tomorrow one of these exchanges shut down, you would lose access to your Bitcoin. This has happened in the past, and it may happen in the future. These exchanges are safe, but they should not be used as a wallet.

Since very few countries in the world are working on the regulation of Bitcoin and Cryptocurrency in general, these exchanges can be shut down. This happened in China sometime in September 2017. Exchanges are also at risk of getting hacked and you might lose your Bitcoin if you store it on an exchange. You can read about the biggest Bitcoin hacks here.

As I mentioned earlier, Bitcoin is not like a typical currency that you keep in your bank. You are responsible for the security of your Bitcoin and that’s why you keep it in a wallet that you have 100% control over. This is done by having the ownership of seed word or private key.  For the first-timer, it may sound very technical, but it is actually easy to understand and learn.

To simplify your understanding of Bitcoin wallet security, you just need to use a well-recognized wallet that lets you, and only you, keep the seed words. This seed word is the password for your Bitcoin. Even if you lose your phone or hardware wallet, you can recover your Bitcoin using the seed words.

We have a few dedicated resources for understanding this. Here are a few hand-picked articles for you to learn everything about Bitcoin wallet seed word and private key:

There are different kinds of wallets for Bitcoin.

The challenge with the mobile app-based wallet is the security that is partly dependent on the security of mobile OS that makes it not so secure. The same is the case with the desktop-based wallet. The most secure way to keep your Bitcoin in a hardware wallet.

If you are someone storing more than 0.1 BTC, which is worth more than $4000 in today’s time, you should order a hardware wallet like Ledger Nano X or Trezor.

The problem with the hardware wallet is availability.

It takes a few weeks to get delivered as the demand is very high. If you are starting now, you can use a mobile wallet to store Bitcoin and later transfer the Bitcoins to a hardware wallet.

If you need Bitcoin for daily use and need to store a smaller amount, you can use a mobile wallet such as the Muun wallet or Trust wallet.

Few important things before you start investing in Bitcoin:

  1. Bitcoin is an excellent investment in today’s day. With the adoption of Bitcoin increasing across the globe, prices are continuously surging.
  2. You can buy Bitcoin in the fraction as well. Ex: 0.1 Bitcoin or even 0.005 Bitcoin.
  3. It will take time to learn about all the aspects of Bitcoin. For starters, you need to buy Bitcoin and hold it in a wallet which I have recommended above.
  4. You are responsible for the safety of your Bitcoin. You should read my earlier guide on things not to do after investing in Bitcoin. This will stop you from making rookie mistakes that many are making after buying Bitcoin.
  5. Only buy from an exchange that is trusted and recommended by reliable resources. I take pride in my recommendations as I understand that even a single dollar is hard-earned money by the user.
  6. Just remember, you are putting your money into Bitcoin. Even if the price reaches a great level, you shouldn’t miss out on doing what you are supposed to do. Treat your Bitcoin investment like any other investment and be wise with your money.

FAQ’s related to investing in Bitcoin:

How much can you invest in Bitcoin?

There is no lower or upper limit as such in Bitcoin. The minimum that could invest is as low as $10, and you could buy a large volume like 10 or more BTC using OTC brokers.

How to invest in Bitcoin for beginners?

Your country determines where you should buy Bitcoin. There is an exchange called Binance, which is ideal for everyone to invest in Bitcoin. Users from India could buy from Wazirx. Users from the USA could invest in Bitcoin using CoinBase.

Where to store Bitcoin after investing?

Using a Bitcoin hardware wallet is the best way to store your Bitcoin. You can order Ledger Nano which is the most modern secure way to store BTC.

Is Bitcoin a Good Investment for 2024?

Yes, Bitcoin is worth investing even for 2024 and future.
Bitcoin has been a high-risk, high reward investment until now. It started at mere few cents and now Bitcoin is worth more than $30,000. Bitcoin should be part of everyone’s portfolio under high-risk, high-reward investment. As suggested by many professionals, you should invest only that amount in Bitcoin that you are ok losing. And make sure to read everything about Bitcoin before investing.

I hope this guide helps you clear your doubts about investing in Bitcoin. In the coming days, I will share more tips and ideas about Bitcoin investment.

For now, if you have any questions, it’s a good time to ask and clarify using the comment section below.

You can subscribe to our updates on Telegram by following @CoinSutra or subscribe to newsletter from this page.

Also, see:

Was this helpful?

Thanks for your feedback!

25 thoughts on “How To Invest in Bitcoin – Beginners Guide (2024)”

  1. meng

    I am living in China, as you know, the government has shut down all the exchanges, could please give me some advise on availble exchange, where I can buy use CNY cash or Alipay? Besides, the Bitcoin price is rising these days, it confused me when I should buy my first BTC. What about ETH or EOS?

    1. Harsh Agrawal

      Meng
      You can buy from Localbitcoins (Pick a trusted seller)
      Start buying ASAP. Even though price is rising its more of psychological barrier. If you are waiting for a dip so that you could buy Bitcoin, that could or couldn’t happen. However, what you can do here is:
      Lets say you wish to buy Bitcoin worth $10000
      For now, you can buy worth $2000
      and then after one week for $2000 and hope that you get a good entry point in between. This way, you are mitigating your risk of not being able to buy if the price keeps going up and doesn’t dip for long.
      I like ETH and it should be part of your portfolio. I haven’t looked much in EOS so can’t comment on it.

  2. Jim

    Where can I purchase IOTA in the USA now that NOVA is closing and Bitfinex is exciting USA clients?
    jim

  3. Deepanker

    I was looking for few good websites to learn more about Bitcoins and cryptocurrencies and landed here. Awesome work. Most of the topics covered and everything one should know is already here.

    Thanks, harsh.

  4. Santosh

    Thanx for such a great info.

    what are the international exchanges where i can buy/sell bitcoin from India

    1. Harsh Agrawal

      @Santosh
      CEX
      Changelly
      Coinmama
      Bitstamp

  5. Soumen Siddhanta

    Should I invest bitcoin right now? Is it legal in India?

  6. Venurocky

    Excellent!!
    I heard that leniex is good one for wallet or storing bitcoin in.do u recommend?

    1. Harsh Agrawal

      I would not recommend that for holding your Bitcoin. You should use your own wallet such as
      Ledger Nano S (The preferred one)
      Coinomo
      MyCelium

      else you may lose your coins in future.

  7. Raghvendra singh Jadon

    Great article
    Is it safe time to invest in Bitcoin now ?
    What is bitcoin mining. can you suggest any article on that.

  8. Anu

    Which one I should go to buy Bitcoin or Ether from Bangladesh?

  9. Shivam

    Informativ blog but I don’t have money to invest.

  10. Ali Kgophane

    Hi There, My name is Ali From South Africa can I buy Bitcoin from Localbtcoin.com or Coinbase from these companies as long as am South African Citizen. Or even though to register to buy Bitcoin or Ether from other companies that are helping people to buy and sell Bitcoin.

    1. Harsh Agrawal

      LocalBitcoins.com is a good one to start in South Africa

  11. Kenque Shafique

    am a beginner from Uganda and would love to invest in bit coin, what is the best websites to use for purchasing bitcoins.
    I will be glad to receive a response from you.

  12. Muniru Mohammed Faisal

    Pls I have 1500$ which I want to invest in bitcoin but I don’t have any idea about it, how to start? Where to start? What you supposed to do?. I live in a country Ghana, where we are yet to have a legislative instruments on crypto currency. Also, I will like to know after learning how to trade in bitcoin, will I be pay with money directly which I can make easy cash out bcoz we don’t have any legislative instruments yet.
    Thanks very much!

    1. Harsh Agrawal

      Why don’t you try Luno exchange

  13. I should like to start buy Bitcoin but only from a platform within the UK. How do I find the most reliable? Is one on the Isle of Man advisable

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to stay updated

Learn Profitable Crypto Trading and receive our free resources to master automated bot 🤖 trading strategies.

(We respect your privacy.)

Coinsutra logo

CoinSutra provides general cryptocurrency and blockchain information for educational purposes only. Content on CoinSutra’s website and social media is not financial, investment, trading, or professional advice. Readers should conduct independent research and consult a licensed advisor before making investment decisions.

CoinSutra does not recommend or endorse specific cryptocurrencies, projects, platforms, products, exchanges, wallets, or other offerings. Opinions shared by CoinSutra writers are their personal views only and should not be relied upon for financial choices.

CoinSutra writers are not certified financial advisors or brokers. Cryptocurrency activities like purchasing, trading, holding, and selling have inherent risks. Readers should exercise due diligence before participating. CoinSutra and its writers are not responsible for any investment losses from acting on website or social media content. Visitors participate at their own risk.



Scroll to Top
253 Shares