Bitcoin is in the news today more than ever. Thanks to skyrocketing prices and roller coaster dips, everyone and their dogs are interested in learning how to buy and sell Bitcoin. As the most popular form of cryptocurrency (and the blockchain technology that powers it), Bitcoin is now widely accepted around the world and has a growing number of applications. If you want to take advantage of that though, you first need to know how to buy Bitcoin and what to do with it when you have.
Step 1: Find a reliable Bitcoin wallet
Digital “wallets” store Bitcoin until you are ready to spend them or exchange them for another currency. Wallets range in terms of features, platforms that accept them, and level of security, so it’s essential to choose one that works for you — though you should probably steer clear of the one evangelized by John McAfee.
For those just getting started, your best bet is to use the wallet that’s automatically provided to you on our recommended exchange, Coinbase. However, it’s also a good idea to set up a wallet that’s not linked to a crypto-exchange to ensure you’ll have ready access to your Bitcoin even in the event of overwhelming traffic or site closure.
Here are our recommended options:
Exodus: An all-in-one offline application with support for several cryptocurrencies, including Bitcoin, Exodus is free to use, has built-in shape-shift trading, and includes some simple graphing tools to help you visualize your cryptocurrency portfolio.
Mycelium: This one is a popular mobile wallet known for being compatible with more advanced tech, like Trezor hardware wallets (for maximum security) and Tor.
Bitcoin Core: A free and open-source choice that serves as a Bitcoin node, Bitcoin Core does an excellent job at verifying payments, only accepting payments from valid blockchains.
Note: Although an online wallet is excellent for your first Bitcoin purchase, if you find yourself with a lot of valuable cryptocurrencies because of trading or an upswing in value, make sure to store it in an offline “cold storage” wallet for maximum protection.
Step 2: Choose the right Bitcoin platform
Create XanPool Account + Verify Account. (As this is the easiest way to buy or sell bitcoin in hong kong)
Start by clicking the “Sign Up” button on the top right-hand corner to sign up for your XanPool account. And make sure you follow the process to verify your account with XanPool.
Read More: How to Buy and Sell Bitcoin in Singapore
Start a Transaction
Navigate to the XanPool website where you can buy Bitcoins in Hong Kong and click on the Large “Xchange” button circled in Diagram 1.0
Next, click on the “Buy Crypto” tag displayed next to the red “1” displayed in diagram 2.0 to make sure you are buying cryptocurrency.
Select how much Bitcoin you want to buy in HKD, as displayed in diagram 2.0 next to the red “2”.
Verify again that you are selling in Hong Kong, as displayed in diagram 2.0 next to the red “3”. Take note that the code will be emailed to you shortly that you can use at any FPS accessible system or App;
You can also choose to use XLP to reduce the transaction fees as displayed in diagram 2.0 next to the red “4”.
Once you are satisfied with the details of the transaction click on the “Xchange” button on the right side of the page, as displayed in diagram 2.0 next to the red “5”.
Make sure you make the payment within three minutes in order to lock in the rate of the Bitcoins. If your payment gets sent after the three minutes are over, your HKD (Hong Kong Dollar) to Bitcoin (BTC) rate may change. Don’t worry it should not take longer than 3 minutes! All you have to do is:
Manually send the money to the address next to the red “1” by either entering it to the FPS ID as seen in the example above
WARNING: *Please complete the transfer within 3 minutes to assure the current rate. If the funds are transferred after 3 minutes and the price of Bitcoin moves more than 1 percent at this time. Your transaction will be adjusted to the new market price.
And THAT is how you buy Bitcoins in Hong Kong instantly using FPS! (compatible with all local bank accounts)