How to start buying bitcoin in 2024
Bitcoin is a word everyone has heard, but not everyone understands. Some call it "digital gold," others think it's a financial pyramid, and some just nod along, pretending they know everything. If you're someone who's not entirely in the loop but wants to figure it out, welcome. In this article, we’ll explain where to buy Bitcoin, how it works, why it’s so popular, and how to invest in Bitcoin in Russia and other countries.
What is Bitcoin and How Does It Work?
Bitcoin is the first cryptocurrency, or digital money. Think of it as gold, but without the need to dig it out of the ground, carry it in sacks, or fear losing it. Everything happens online, thanks to blockchain technology.
To make it simpler:
- Blockchain is like a big digital ledger where all Bitcoin transactions are recorded. Each page of this ledger is called a block.
- This ledger isn’t kept by just one person or a bank. It’s simultaneously maintained by thousands of users worldwide, and everyone ensures the records are accurate.
- New blocks are added through mining, a process where powerful computers solve tasks and verify transactions.
So, Bitcoin is money you can send without banks or intermediaries. Want to send some to a friend in Australia? Go ahead, and no one will ask, "What’s this transfer for?"
Why is Bitcoin So Popular?
Bitcoin's popularity is like the phenomenon of the first iPhone. It was the first, opened up a new world, and still sets trends. Here are the main reasons:
- Decentralization.
No bank or government controls Bitcoin. Your money is truly yours. Want to send it across the planet in the middle of the night? No problem. - Security.
Every transaction is encrypted and recorded on the blockchain. Hacking the system is almost like blowing up the sun—technically possible, but no one has succeeded. - Limited Supply.
Only 21 million Bitcoins will ever exist. They can’t be “printed” like regular money. The fewer coins left, the more valuable they become.
All of this makes Bitcoin resemble digital gold: rare, valuable, and appealing to investors.
How to invest in bitcoin and earn interest?
Your first interaction with Bitcoin can feel like an exciting quest, like Alice’s journey down the rabbit hole.
Step 1. Choosing a Platform.
Start by registering on a crypto exchange (for example, Bybit or Binance are good options for beginners). These platforms allow you to buy Bitcoin with rubles, dollars, or other currencies. In other words, an exchange is like an online store for cryptocurrencies: you browse, choose, and buy. There are plenty of sites where you can buy Bitcoin in Russia and other countries.
We recommend registering on one of the following exchanges:
- Binance
- Bybit
- Gate.io
- HTX
- Bitfinex
- KuCoin
- MEXC
- Bitget
- BingX
- LBank
- Bitmart
- XT.com
- Deepcoin
- ProBit
- CoinW
- BVOX
- LATOKEN
- Weex
- BitMEX
- P2B
- Poloniex
Most exchanges provide information on whether Bitcoin purchases are available in Russia.
Step 2. Creating a Wallet.
To store Bitcoin, you’ll need a crypto wallet. Think of it as your personal safe, but instead of a key, you have a password. There are online wallets (convenient but less secure) and cold wallets (like a USB drive that can’t be hacked unless connected).
You can check out ratings for the best crypto wallets on the CryptoBigBox portal.
Step 3. Buying.
The question of how to buy Bitcoin is one of the simplest in this process. Enter your card details, choose the amount—and voilà. Don’t start with large amounts, especially since Bitcoin has grown significantly in price. Begin with a small fraction, like 0.001 BTC—symbolic, but enough to get started.
Step 4. Waiting.
Then comes the emotional rollercoaster. Bitcoin can rise significantly or drop sharply in a short time. But that’s part of the charm: cryptocurrency is about patience.
Useful Tips
If you want to “touch the future,” here’s a simple plan:
- Choose a reliable and trusted exchange.
- Create a wallet. Start with a hot wallet, but for long-term storage, consider a cold one.
- Don’t start with large amounts. Invest wisely. Sometimes, 1,000 rubles is enough to get started.
- Keep an eye on the exchange rate and news. The crypto market has its own rhythm, and prices can fluctuate even from a single Elon Musk tweet.
Why is bitcoin more popular than other cryptocurrencies?
Yes, there are thousands of cryptocurrencies now, but Bitcoin remains the "big brother." Here’s why:
- It was first. Bitcoin is the legend that started it all.
- Reliability. Bitcoin’s network is the largest and most secure.
- Limited Supply. Remember? 21 million coins, and no more.
- Recognition. Many companies already accept Bitcoin as payment, and some countries (like El Salvador) have made it an official currency.
Conclusion
Bitcoin isn’t just digital money; it’s a symbol of a new financial era. It’s more popular than other cryptocurrencies because it’s reliable, secure, and scarce.
My advice? If you want to dip your toes into the world of crypto, start with Bitcoin. Buying it is no harder than buying a movie ticket: pick a platform, transfer money, and wait. It might turn out to be your best investment—or just a fun story to share with friends.
Remember: Bitcoin is a marathon, not a sprint. Be patient, and who knows—your small purchase today might turn into a real treasure tomorrow. After all, the decision to buy Bitcoin now or wait is yours to make.
