Bitcoin revolutionized the financial world by introducing a decentralized, peer-to-peer digital currency. As the first cryptocurrency, it is still the most dominant coin in terms of market capitalization and adoption. Its price keeps growing through the years, and many consider buying it. Let’s learn where and how to buy BTC without KYC and all about its features.
What Is the BTC?
Bitcoin ($BTC) is the world’s first decentralized digital currency, created by an anonymous person known as Satoshi Nakamoto in 2009.
It introduced the concept of a peer-to-peer (P2P) financial system, letting users send and receive funds without intermediaries like banks or governments.
It means that unlike traditional currencies issued by central banks, Bitcoin is not controlled by any authority or government. Instead, it relies on a decentralized network of nodes (computers) that validate transactions using a process called Proof-of-Work (PoW).
Bitcoin works on a blockchain, a public ledger that records all transactions in a secure and transparent way.
BTC Key Features
Bitcoin is unique not because it was the first cryptocurrency but because of its special features, including:
- Fixed Supply: Only 21 million BTC will ever exist, making Bitcoin scarce and resistant to inflation.
- Decentralized and Permissionless: Anyone can use Bitcoin without requiring approval from a central authority.
- Immutable and Transparent: Bitcoin transactions are recorded on the blockchain, making them tamper-proof and publicly verifiable.
- Digital Gold: Due to its limited supply and growing adoption, Bitcoin is called digital gold, working as a store of value and hedge against inflation.
- Global and Borderless: Bitcoin can be sent anywhere in the world instantly using exchanges, with lower fees than traditional financial systems.
How Does Bitcoin (BTC) Work?
Bitcoin transactions are recorded on a public blockchain maintained by a decentralized network of nodes (computers).
Miners validate transactions by Proof-of-Work (PoW), solving complex mathematical puzzles to add new blocks to the chain. This process secures the network and rewards miners with newly minted BTC.
How to Buy Bitcoin ($BTC)?
You can buy Bitcoin ($BTC) from various cryptocurrency exchanges. On Coinlocally, you can buy Bitcoin instantly via credit/debit cards or by using the market.
You can choose BTC from your account or Coinlocally Market. Here is a step-by-step guide to buying BTC instantly:
- Create an account by visiting Coinlocally and clicking on sign up/ register. Enter the information needed and complete registration.
- Click on the Buy Crypto button from the homepage or other pages.
- Enter the amount you want to spend and choose the currency (e.g., USD).
- Use the search bar to find $BTC and select the desired trading pair (e.g., $BTC/USD).
- Click “Buy Now” and accept the Terms of Use.
- Choose the payment method and enter your card information.
- Receive $BTC and store it in the Coinlocally wallet or transfer it to a personal wallet.
You can also buy Bitcoin from the Coinlocally Market. After registering, you just need to click the ‘Market’ button on the taskbar at the top of the page.
Then, search for the coin on the search bar and click trade, as the image above shows.
Where to Buy BTC?
BTC is available on various exchanges, including Coinlocally (where you can spot-trade BTC and other digital assets), Binance, Coinbase, Kraken, Bybit, and KuCoin.
Can I Buy Bitcoin without KYC?
Yes. Coinlocally allows users to purchase Bitcoin (BTC) without mandatory Know Your Customer (KYC) procedures, enabling anonymous transactions.
Methods for Buying $BTC (Bitcoin)
You can buy $BTC instantly using credit/ debit cards or by using the market. You just need to:
- Select a Supporting Exchange: Choose a platform that lists BTC, such as Binance or Coinlocally.
- Create an Account: Register by providing the necessary details and completing any required verifications. (You don’t need verification to buy coins on Coinlocally.)
- Fund Your Account (for trade): Deposit funds using bank transfers, credit/debit cards, or other cryptocurrencies. You don’t need to deposit using Coinlocally Instant Buying.
- Purchase BTC: Search for the BTC trading pair and execute your buy order.
Is BTC a Good Investment?
Bitcoin is widely considered a strong long-term investment due to its scarcity, adoption, and institutional backing. It has outperformed almost all traditional assets over the years.
Although BTC seems like a confident long-term investment, it is wise to consider risk and price changes in the short term.
Can I Purchase BTC Using My Local Currency?
Yes. Coinlocally supports deposits in various fiat currencies, so you can buy Bitcoin using your local currency (if it is among the supported currencies).
Conclusion
Bitcoin has been the number one cryptocurrency since its launch. It has attracted a lot of attention because it offers security, decentralization, and a hedge against inflation.
Bitcoin will shape the future of finance, whether as a means to store value or exchange. However, market fluctuations make it essential to research before investing, especially if you want to buy and sell BTC and have short-term investment goals.
FAQs
Below, you can find answers to the most frequently asked questions about how to buy BTC/ where to buy BTC.
What Is $BTC (Bitcoin)?
Bitcoin ($BTC) is the first decentralized cryptocurrency, created in 2009, enabling peer-to-peer transactions on a secure blockchain.
Can I Buy $BTC without Verification?
Yes, platforms like Coinlocally allow purchases without mandatory KYC procedures.
What Are the Fees for Buying $BTC (Bitcoin)?
Fees vary by platform and payment method. Check fees on Coinlocally.
Is $BTC Worth Buying?
Bitcoin is a scarce asset with long-term value potential. Many investors consider it a good investment, but its price is volatile in the short term. Always conduct thorough research before investing.
How Long Does It Take to Buy $BTC on Coinlocally?
You can buy $BTC quickly and hassle-free on Coinlocally, especially because you don’t need KYC for trading.
