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If you are planning to invest in cryptocurrency, chances are you are considering buying Bitcoin. This is one of the most well known and popular forms of cryptocurrency. Of the 200,000–300,000 Norwegians who own crypto, a large proportion of them have Bitcoin.
If you are new to the field, you may be a little unsure where and how to buy Bitcoin. Here we will explain the process step by step!
Bitcoin is a digital currency, and is based on a peer-to-peer network that is decentralized and controlled by the users themselves. In other words, no bank or government agency controls the transactions.
There is no intermediary between sender and recipient in transactions. The transactions are also made public within the network. This is to make sure that the same money is not used over and over again.
All valid transactions will be stored in so-called blocks, and new blocks are generated approximately every ten minutes. Each of these blocks has information about the transactions, also from the previous block. The blocks will therefore be linked together in a “block chain”.
Bitcoin is the first form of cryptocurrency to be launched and first introduced in 2009. Bitcoin uses blockchains, a technology that was barely experimented with during the 1990s.
Bitcoin was the first to launch a network that was both decentralized and open, and it was Satoshi Nakamato who launched the first block in January 2009. This block was named “Genesis Block”.
If you are considering buying Bitcoin, you should first and foremost get an overview of where you can buy it. There are various marketplaces where the purchase and sale of cryptocurrencies such as Bitcoin is carried out .
Before you decide on a trading platform, you may want to check that it is registered in Finanstilsynet’s register of approved crypto pages. This gives you extra security, and you can buy Bitcoin without worrying about security.
eToro is perhaps the most well-known marketplace for buying and selling Bitcoin in Great Britain . Here you can, among other things, buy, sell and store Bitcoin.[etoro]
Once you have found the virtual currency service you want to use, there are only a few steps left before you can start buying Bitcoin .
Here’s an overview of how to proceed, at 1-2-3!
The first thing you need to do is create a user account. You can do this at eToro , for example, and the process only takes a few minutes. You then click on “Register now”, and then enter a desired password and username, as well as e-mail.
You must also confirm that you have read the terms and conditions of the service, before confirming and creating a user account. It is also possible to register a user account via Facebook or Google if you register with eToro.
Also, keep in mind that user account verification is required before you can start buying Bitcoin. The verification process is simple: you just need to follow the link you receive at your email address.
Before you can buy Bitcoin, you must also make a deposit. With sites like eToro, you can deposit money with traditional solutions such as Visa and bank transfer. You can also use e-wallets like PayPal and Skrill, if you prefer.
Check what is the minimum amount you can deposit. As a rule, you must deposit at least 400 kroner or similar.
Once you have deposited money in the marketplace, you are ready to buy Bitcoin. If you have registered with eToro, you only need to click on the menu item «Trading markets». Here you will then have to press “Krypto” from the drop-down menu.
You will want to bring up a number of different cryptocurrencies. Bitcoin (or “BTC”) is one of the top options emerging. By clicking on “Buy” under BTC, you can buy Bitcoin. Simple and easy, right?
There are several good reasons to buy Bitcoin over other cryptocurrencies. First and foremost, Bitcoin is best known for the various cryptocurrencies, and therefore also has the most users.
Many people have invested in Bitcoin with great success. If you bought one Bitcoin in 2013 for NOK 1,000, it would be worth NOK 50,000 in 2017, and over NOK 500,000 in 2021. However, it is important to note that the market fluctuates a lot, and that the Bitcoin exchange rate can go both ways.
In any case, Bitcoin can be an exciting investment project over time. It is normal for cryptocurrencies to have very fluctuating value. Invest an amount you can afford to lose, and keep up with developments.
Many people also want to buy Bitcoin to have a lightning fast and secure means of payment. If, for example, you want to play at an online casino , you can in many cases pay with Bitcoin.
If you want to buy Bitcoin, it’s playfully easy to get started. Find a marketplace that offers buying and selling Bitcoin, and create a user account there. Make sure that the site is registered with Finanstilsynet before you deposit money.
Once the money has been deposited and you have verified your user account, you are ready to buy Bitcoin. Bitcoin is the most popular form of cryptocurrency, and can be exciting to invest in. It is also a fast and secure means of payment, which is worth noting.
Fiat money is distributed, stored and controlled by the central bank in the country to which the currency belongs. Cryptocurrency, on the other hand, is decentralized and is not controlled by the bank – but by the users.
It is primarily supply and demand that affect the value of Bitcoin. Demand can be affected by both the national economy, trends, news and the like.
Yes, if you want to test a cryptocurrency other than Bitcoin, we can recommend Ethereum , Stellar, Dogecoin and Litecoin , among others. Visit CryptoRunner to compare crypto exchanges before buying cryptocurrency.
eToro is a multi-asset platform that offers both investment in stocks and crypto-assets, as well as trading in CFDs. Please note that CFDs are complex instruments and have a high risk of losing money quickly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past results are not an indication of future results. Presented trading history is less than 5 full years and may not be sufficient as a basis for investment decision. Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorized and regulated by the Cyprus Securities and Exchange Commission. Investing in crypto assets is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk. eToro USA LLC does not offer CFDs and makes no representation and assumes no responsibility as to the accuracy or completeness of the content of this publication, which has been prepared by our partner using publicly available non-entity specific information about eToro.