How to buy Bitcoin in Jamaica (2021)
You might be from Jamaica and already willing to invest in crypto, but the question on how to buy bitcoin, the world foremost crypto has gotten your attention. In this guide we will put you through the steps involved in successfully purchasing your first bitcoin in 2021.
This easy beginners guide will take you safely and step by step through the process of buying Bitcoin. When you follow these steps you’ll own your first Bitcoin today! How exciting!
How to buy Bitcoin (BTC) for beginners in Jamaica
- Step 1 — Create & secure an account
- Step 2 — How much Bitcoin BTC should I buy?
- Step 3 — Payment methods buying Bitcoin
- Step 4 — Trade or buy your first Bitcoin
- Step 5 — Prepare for the crypto future!
- Step 6 — More information about buying Bitcoin
Step 1 — Create an account
Binance is one of the biggest platforms in the world. Big benefit is that it is very easy to buy Bitcoin on Binance. Just like when you’re trading normal fiat currency you pay a small fee on every trade you make and Binance has excellent rates. Once you bought Bitcoin you can choose to keep your coins online or send them to a offline wallet if available for your coins.
Below in super simple steps explained, how to create a new and safe account.
1.1 Safe account
Click on this link to go to Binance Exchange to create an account.
1.2 Strong password
Enter your email & strong password, tick off I agree to the Binance Term of Use and click register.
1.3 Verify your email address
After this step is completed a verify email will be send to you.
Check your inbox and confirm your email address
1.4 Secure your account
Awesome your Binance account is created! Now follow the next steps and make sure your account is 2FA secured. This is highly recommended.
What is 2FA?
With 2FA you will generate a security code every time you login with a new session. This will help to prevent other people to get access to your account. Most used 2FA authentication options are SMS and authenticator apps like Google Authenticator.
1.5 You’ve an account now!
You’re account is ready to use and buy Bitcoin (BTC)
Step 2 — How much Bitcoin (BTC) should I buy
The good thing on cryptocurrencies are that you can divide them and buy just a (small) piece. This way you still own your piece of Bitcoin and you can use it or hold it.
To build up your confidence its good to try with a small amount of Jamaican Dollar to learn about the process of buying Bitcoin after that you know the process and can easy scale up your transactions and buy more Bitcoin. (be aware of the fee’s that are involved when you buy and sell cryptocurrencies)
Two SMART reasons it’s good to be active on multiple exchanges
The demand of people are increasing and sometimes you want to trade quickly. As some exchanges have waiting times for approval what can take weeks. Therefor its good to have already accounts on multiple exchanges.
Another reason to have an account on multiple exchanges is that not all exchanges list the same cryptocurrency coins. When you discover a new coin that you want to buy with your Jamaican Dollar (JMD) you don’t want to end up in line waiting for approval but just take action before the price goes up.
Step 3 — Payment methods buying Bitcoin
Binance has over 100 payment options to deposit money and purchase your Bitcoin. Easily select your preferred currency (in your case from Jamaica probably Jamaican Dollar) and the payment option you want to use. Of course they also provide the most used payment options like Credit Card, Bank Transfer & PayPal.
Note: every country has different payment options, simply login and check the payment methods for Jamaica. In the cryptoworld and on exchanges like Binance you can’t buy every coin directly with FIAT currency. Therefor they created stable coins like Tether USDT.
These are cryptocurrencies you can buy to later swap them over to the currency you want to buy. Before buying your preferred coin its good to look-up what what coins are paired to the coin you want to buy.
Step 4 — Trade or buy your first Bitcoin from Jamaica
In the cryptoworld and on exchanges like Binance you can’t buy every cryptocurrency directly with FIAT currency. Therefor they created stable coins like Tether USDT.
These stable coins are cryptocurrencies you can purchase to later swap them over to the currency you want to buy. The name stable-coin is from the USD as the price of these coins just use the price of the USD. Before buying your preferred coin its good to look-up what what coins are paired to the coin you want to buy. For example some coins only pair with Bitcoin and Ethereum other also pair with stable coins.
Benefit of using stable-coins
As some cryptocurrencies can be volatile stable coins are often linked to the USD. Therefor their price stays very similar what will reduce the risk while trading fiat currency into other crypto coins and visa versa.
Step 5 — Prepare for the crypto future!
As mentioned earlier this guide is all about purchasing Bitcoin(BTC), prepare yourself and create multiple secured accounts on exchanges. This way you will be prepared for the future when you want to buy a new cryptocurrencies that are not listed on the one platform you are using
Top 5 — help yourself
List of exchanges including our TOP 5 to buy Bitcoin (BTC) or other altcoins. Most of these exchanges have large trading volumes.
Step 6 — More information about Bitcoin
DYOR — Do Your Own Research
When investing in Bitcoin always make sure you do your own research on the coin, technology of the coin and the team behind the coin. Before you’re investing in a coin its important to do you your own research on the coin, technology of the coin and the team behind the coin.
DCA — Dollar Cost Averaging Strategy
Dollar Cost Averaging is a strategy that is popular in the investment- and crypto-world. It’s a tactic where you purchase systematic a certain amount of a certain coin / investment you believe in. For example every month 100 Jamaican Dollar. As you buy systematic it will reduce the emotional involvement and as you spread the money you invest you spread the risk of a unstable market.
- Invest small amounts
- Less stress about volatile markets
- Less chance on losses as you never purchase full amounts on peaks
- Won’t make optimal trades as you don’t invest all on the bottom
- Takes longer, as you’re not rich after one trade
- If you DCA on one investment you can pick a loser investment what will only go down. Better is there to spread your investments while doing DCA.