Bitcoin has seen meteoric growth in recent years. In May 2016, you could buy one Bitcoin for about £400. As of April 2022, a single Bitcoin was worth over £30,160. That’s growth of more than 7,000%.
Some analysts believe the price of Bitcoin could rise even more as cryptocurrency and blockchain technology become a bigger part of people’s daily lives. But buying Bitcoin comes with big risks. Along with impressive gains, Bitcoin has also experienced devastating declines. After almost reaching a value of almost £16,000 in 2017, for example, the value of Bitcoin plummeted to around £2,400 just about a year later.
Bitcoin remains a highly volatile asset. If you want to buy Bitcoin, experts recommend that you invest no more than a small percentage of your net worth in the leading cryptocurrency.
How to buy Bitcoin (BTC) in 4 steps
1. Choose a crypto exchange
To buy Bitcoin (BTC), or any cryptocurrency, you’ll need a crypto exchange where buyers and sellers meet to exchange pounds for coins.
There are hundreds of exchanges out there, but as a beginner, you’ll want to opt for one that balances ease of use with low fees and high security. Be sure to check out our top picks for best crypto exchanges, like eToro, Binance.com, or Coinbase, if you don’t already have an exchange in mind.
Make sure to check if your exchange has a Bitcoin wallet built into its platform; if not, you’ll need to find one of your own. You may also choose to buy your crypto on a platform like Robinhood or Paypal, though buying crypto this way often means you cannot withdraw your coins and move them to another platform. If you want to hold your crypto in a different wallet, you’ll need to sell your holdings and then re-buy them on a different exchange.
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