How to buy bitcoin ? Step by step tutorial with FTX

FTX was still a small name in the crypto brokerage market two years ago. After a few ingenious moves, including the takeover of Ledger X , its creator is now one of the richest crypto owners in the world. Today, the name FTX constitutes one of the heavyweights of the crypto exchange.

In 24 months, FTX went from unknown platform to Super Bowl ads.

Sam Bankman-Fried, 29, $9 billion

Who would have bet a year ago on the irresistible rise of the FTX platform ? This tool, already tested and rated favorably by Clubic, has the advantage of simple ergonomics and hassle-free management. Its founder, Sam Bankman-Fried, has all the characteristics of the American Golden Boy, with an MIT degree in his pocket and several investment companies on the clock.

It was at the beginning of 2019 that he launched FTX, and the platform offers the trade of hundreds of cryptos. By announcing a fundraising of 421 million euros from renowned investors, FTX demonstrates that the world of finance is increasingly open to digital assets. Until 2017, financiers still moved forward in the crypto world with suspicion, because the regulations were not always clear for this particular market.

Several nudges of fate eventually helped Bankman-Fried amass an estimated fortune of 9 billion euros. The rise of Bitcoin, which has doubled in value since the bearish phase of the summer of 2021, is surely no stranger to this. The number of users of the FTX platform has also doubled since the summer of 2021, and its capitalization is announced at 25 billion dollars at present.

PREREQUISITES AND TIPS BEFORE BUYING BITCOINS

Before any purchase of bitcoin or other crypto-currencies online, you must meet a few prerequisites. First, your computing environment must be protected. If manipulating his bank details or other personal data on a corrupted computer is a very bad idea, doing it with his cryptos is even more so. Make sure your operating system is up to date, as are your antivirus and firewall. Also, use a VPN to leak as little personal data as possible on the web.

BUY BITCOIN (BTC) WITH FTX

We’ll show you how to use the FTX exchange to buy Bitcoin (BTC). Once your FTX account has been created, all you have to do is go to your wallet located in the drop-down menu at the top right. Then, the first solution is to make a deposit by credit card. This method has the advantage of its speed. The money should arrive in your FTX account within seconds. For this, it is necessary on “card deposit”.

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A menu will then appear asking you to add your credit card details and then indicate the amount to be credited. The maximum amount authorized for purchase is $2,999 (or around €2,760 at the current price). Please note that a 3.3% fee will be charged for this service.

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A second way exists, free but slower, the SEPA transfer. To do so, you must click on “FIAT” then on the line corresponding to the currency you wish to deposit, here in this case the euro, you must press “DEPOSIT”.

buy bitcoin fiat ftx

A window asking you to choose between a Wire transfer or a SEPA transfer then appears. Note that if your bank allows it, it is possible to make a SEPA (Instant) transfer, that is to say instantaneous. Tested and approved, your money arrives within two seconds in your FTX account. Thus, depending on your bank, this means of transfer is much more interesting than using a bank card because it saves you the 3.3% fee on the amount transferred.

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Note: at the time of the capture, the SEPA (Instant) service was undergoing maintenance, hence the gray bar on the view.

Once the choice of transfer has been made, FTX indicates the bank details to which to direct your transfer appears. Make sure that the person making the transfer has the same name as the one holding the FTX account. Otherwise, the return costs charged by FTX will be €60. In addition, you will need to indicate the amount transferred and add a file containing proof of your transfer. This can be a pdf file or a screenshot of your transaction. Finally, you will need to click on “Confirm EUR deposit” once all these steps have been completed.

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After receiving your amount in euros, this is where the serious (or fun) things begin! You are ready to buy Bitcoin. Indeed, FTX offers the purchase of Bitcoin directly with your euros (EUR).

For that, it is not very complicated. You have to go to the Markets tab and then to SPOT. Then, uncheck all the boxes except the EUR which you leave highlighted in blue. You will then see the famous BTC/EUR trading pair appear. Click on it to go to the next one.

You will land on an interface that seems complex at first glance, but rest assured, the manipulations are actually very simple. Indeed, the FTX interface is very complete, it shows you the graph of the Bitcoin price against the euro as well as the order book. However, for what you want to do in this case, this information does not matter to you. It is the right part of the interface that will interest you. Select “Buy BTC” then “Market order”. Finally indicate the amount in EUR that you want to convert into BTC and press the “Buy” button.

And hop, it’s in the pocket! Your precious BTC are now in your wallet! Well done young budding investor! We can only hope that you have made a good deal, which I have no doubt about. Be careful, buying cryptocurrencies always represents a share of risk, due to their upward and downward volatility.

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WHAT IS BITCOIN?

Bitcoin was created by a mysterious Satoshi Nakamoto who published the White Paper in 2008, he produced the first bitcoins in 2009, and the first purchase in BTC took place in 2010, 2 pizzas bought 10,000 BTC, a value of 36 euros or 0 €.0036 per bitcoin, 11 years later it reached $69,000.

2008, after the subprime crisis – systemic crisis of international scope – our system based on the deregulation of the financial markets, and on their self-regulating efficiency, almost collapsed, it was then that a mysterious Satoshi Nakamoto entered the scene so that such a tragedy never plays out again.

Satoshi Nakamoto believed that governments had shown their incompetence in monetary management, by creating currencies beyond the reach of the people, which printed at will, corrupted the heart of our interconnected economies.

Nakamoto then created the Bitcoin network (with a capital B) distributing bitcoin tokens (with a lowercase b), a digital currency, universal, limited, and inviolable, then once this enterprise was completed, Nakamoto disappeared, and no one ever knew his identity. But Satoshi disappeared for a good reason: that no one can ever control this system by the force of his influence, only the vote between the owners of bitcoins can allow the update and modification of the functioning of the network, therefore the basic rules such as the limit on the number of bitcoins to 21 million cannot be changed, except perhaps if the owners decide otherwise.

So what is Bitcoin? Bitcoin is a currency that wants to be from the people for the people, a digital currency entirely generated on a distributed network, an economical, fast, transparent and secure currency. To fully understand the philosophy behind this first cryptocurrency, we can only recommend ARTE’s free animated documentary series which traces the entire thrilling genesis of the all-powerful Bitcoin.

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HOW DOES BITCOIN WORK? WHAT IS BITCOIN MINING?

minage bitcoin

Buying bitcoin is good, understanding how it works is better! Bitcoin is based on the blockchain invented in 1982. The blockchain allows you to create a chain (and yes), each link contains data recognized by the next link, and if you try to change a link, then you will have to change all those who follow on pain of being recognized as a cheater and being prevented from exchanging the link, and you have 10 minutes to change all the links because a new one is created every 10 minutes and this new link identifies the link before which identifies the front link and so on.

In addition, thousands of copies of this channel are available in this distributed network. And each copy identifies the others to verify that there is no change. So if you want to change a channel you have to change 51% of the channels on the network, and always in less than 10 minutes. This is how the Bitcoin blockchain works , to hack it you must:

  • Go up the chain to falsify all the links called blocks (spoiler: the older the transaction, the further it is in the chain, the more complicated it is)
  • Falsify the majority of the chains called nodes, because it is the majority of the nodes which makes faith to validate a new node of transaction.
  • Be quick, because a new block appears every 10 minutes. 

To record transactions, and mine (produce), bitcoin, “miners” organize themselves into a mining pool and solve difficult mathematical calculations produced by a network algorithm, each mining team (pool) tries to offer blocks containing the transactions by solving the calculations and whoever succeeds in the calculations offers his block to the miner community. If the block is valid, the miner collects the transaction fees with a bonus in BTC, currently producing a block yields 6.25 BTC.

CONCLUSION: THE BEST WAY TO BUY OR TRADE BITCOIN

The best way to buy bitcoins is therefore to go to Binance.com or FTX and follow our step-by-step tutorial. Then it’s up to you to move your BTCs, exchange them, spend them, or keep them in your safe. There is only one thing left to say to you: Welcome to the future.

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