Things To Know About Buying Bitcoin On Kraken

Things To Know About Buying Bitcoin On Kraken

Bitcoin is an open-source software that since 2009 has enabled the exchange of an entirely new form of money (BTC) over the internet.

Created by an unknown individual or group operating under the pseudonym Satoshi Nakamoto, Bitcoin sought to offer a “peer-to-peer digital cash system” that removed middlemen from online commerce through the clever use of public key cryptography and peer-to-peer networking.

The result was that, for the first time, money could be introduced to an economy on a schedule immune to the influence of any central bank or operator. As set out in the rules of the software, only 21 million bitcoins, divisible into many more smaller units, can ever be created.

By creating true digital scarcity, Bitcoin would go on to entice a new generation of traders who now see BTC as a viable alternative to gold and traditional monies.

How to buy Bitcoin on Kraken

We make buying bitcoin safe and easy. Just follow these simple steps to get started:

  1. Sign up for a Kraken account
    Provide an email address, choose a username, and pick a strong, secure password.
  2. Verify your account
    With “Starter” verification, you can buy BTC with other cryptocurrencies. All you need to do is provide your name, date of birth, country and phone number. If you’d like to use fiat currencies, like USD or EUR, you’ll need to provide additional support documents verifying your identity. For more information, see our verification levels documentation.
  3. Deposit fiat or cryptocurrency
    To deposit crypto, just create a deposit address and send the funds to this address. Funding your account with fiat currencies for trading can be done in a number of ways, including SWIFT, SEPA and domestic wire transfers. The option you select will be based on your location and preference.
  4. Start buying bitcoin!
    Once your fiat or cryptocurrency hits your account, you’re ready to start buying bitcoin. With your Kraken account you’ll also have access to our charting tools, 24-hour global client support, advanced order types, and leveraged trading.

Where do I keep my BTC?

Once you’re done buying bitcoin, you should look for a way to secure it. The best way to do this is with a wallet. A wallet is a device or software application that stores your crypto but also allows you to spend it.

There are many types of wallets you can use to keep your digital assets safe. Mobile and web-based wallets make frequent transactions easy. Hardware wallets are best suited for secure, long-term storage. When you’re choosing a crypto wallet, think of what you plan to do with your tokens. A wallet that best suits your needs is always the right choice.

SOURCE: How To Buy Bitcoin On Kraken

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