Top Ways to Buy Bitcoin (BTC) in 2024: A Comprehensive Guide

Explore the best methods to buy Bitcoin (BTC) in 2024, including centralized exchanges like KuCoin, P2P trading, ETFs, payment apps, and more. Find the option that suits your BTC investment needs.

Bitcoin has reached remarkable new heights in 2024, cementing its reputation as a top-tier financial asset and a driving force in digital innovation. On November 22, Bitcoin soared to an all-time high of $99,500, marking a year-to-date increase of over 150% from its January price of around $40,000. This growth reflects its widespread appeal among institutional investors and retail enthusiasts. The combined assets under management (AUM) of Bitcoin exchange-traded funds (ETFs), which surpassed $100 billion in less than a year since their launch in January 2024, underscores the accelerating demand for regulated Bitcoin investment vehicles.

Once perceived as a fringe experiment for tech enthusiasts, Bitcoin has become a global symbol of financial independence and digital transformation. Nations like Bhutan and El Salvador are embracing Bitcoin as part of their strategic reserves, with Bhutan holding over 13,000 BTC worth approximately $1.3 billion and El Salvador continuing to invest in its Bitcoin reserve of 5,875 BTC. These developments signal a growing recognition of Bitcoin's role as "digital gold" among sovereign entities, further legitimizing its position in the global economy.

MicroStrategy’s Bitcoin holdings | Source: SaylorTracker

Institutional participation has been a key driver of Bitcoin's meteoric rise. MicroStrategy, a leading business intelligence firm, holds over 386,000 BTC, including a recent acquisition of an additional 134,480 BTC in November 2024 for around $12.5 billion. Other major players, such as Fidelity and BlackRock, have also entered the Bitcoin market through ETFs and direct investments, signaling a shift in traditional finance's perception of cryptocurrency. This institutional backing has contributed to Bitcoin's resilience and growth, even as regulatory scrutiny intensifies in some regions.

These milestones, coupled with Bitcoin's inherent scarcity—only 21 million BTC will ever exist—have amplified its appeal as a hedge against inflation and an innovative store of value. As Bitcoin nears the $100,000 mark and is expected to rise even higher - up to $1 million per Plan B’s prediction, it not only highlights its transformative impact on global finance but also opens the door for millions of new investors looking to be part of the cryptocurrency revolution.

The growing variety of ways to acquire Bitcoin in 2024 further highlights its mainstream acceptance. From using payment apps and peer-to-peer (P2P) platforms to advanced trading tools and ETFs, acquiring Bitcoin has never been more accessible. Whether you’re a first-time investor or a seasoned trader, there are options tailored to every skill level and preference. Bitcoin ATMs, decentralized exchanges (DEXs), and even recurring buy plans cater to diverse audiences, ensuring that anyone can participate in the Bitcoin economy.

This guide dives into the top methods to buy Bitcoin, providing detailed insights into how each works, who it’s best suited for, and the pros and cons of each approach. Whether you're drawn by its potential as a store of value, a hedge against inflation, or a decentralized investment opportunity, this guide will help you navigate the growing landscape of Bitcoin acquisition methods.

With Bitcoin’s latest rally pointing to further price appreciation, there’s no better time to explore how you can join the movement. Read on to discover how to buy Bitcoin in 2024, and choose the method that aligns with your goals and experience level.

Cryptocurrency exchanges, such as KuCoin, are centralized platforms that serve as a gateway for buying, selling, and trading Bitcoin and other cryptocurrencies. These platforms provide a secure and user-friendly environment where users can create accounts, deposit funds using fiat currencies or other cryptocurrencies, and place orders to buy Bitcoin. The process is straightforward: users select their desired amount of Bitcoin, choose a payment method (e.g., credit card, bank transfer, or stablecoins), and execute the transaction. Leading exchanges like KuCoin cater to millions of users globally, offering robust trading tools and high liquidity to ensure competitive prices and seamless transactions. For those new to the crypto market, these exchanges often feature educational resources and customer support to guide them through the buying process.

Pros and Cons of Buying Bitcoin on Crypto Exchanges

Cryptocurrency exchanges are particularly well-suited for beginners and intermediate users due to their ease of use and security features. Platforms like KuCoin offer intuitive interfaces, allowing first-time buyers to navigate the market confidently. The high liquidity on these exchanges ensures that users can buy or sell Bitcoin at competitive prices, even during periods of market volatility. Additionally, exchanges often provide access to a wide range of cryptocurrencies beyond Bitcoin, enabling users to diversify their portfolios. However, it’s important to note that most exchanges require Know Your Customer (KYC) verification, which involves submitting identification documents for compliance purposes. While this adds an extra layer of security, users should also be mindful of potential transaction and withdrawal fees, which vary by platform and payment method. Despite these considerations, cryptocurrency exchanges remain one of the most convenient and reliable ways to buy Bitcoin in 2024.

Brokerage accounts offered by traditional financial institutions provide a seamless way for users to invest in Bitcoin alongside more conventional assets like stocks, bonds, and ETFs. Platforms such as Fidelity and Charles Schwab have integrated Bitcoin trading into their services, enabling investors to buy, sell, or hold Bitcoin through the same accounts they use for managing their broader investment portfolios. This integration eliminates the need for additional platforms, allowing users to manage their Bitcoin investments within a regulated and familiar environment. Transactions are conducted with the same security and compliance standards applied to traditional financial products, ensuring a straightforward and secure process for users.

Pros and Cons of Getting BTC via Brokerage Accounts

Brokerage accounts are particularly suited for investors already using traditional financial platforms who wish to add Bitcoin to their portfolios without adopting entirely new tools or services. These accounts simplify portfolio diversification, allowing users to view and manage their Bitcoin investments alongside other assets in one place. The regulated environment provides an added layer of security, appealing to conservative investors seeking compliance and transparency. However, these platforms typically offer fewer cryptocurrency options compared to dedicated exchanges, focusing primarily on Bitcoin or other top digital assets. Additionally, brokerage accounts may charge higher fees for crypto transactions, which can impact overall returns. Despite these limitations, brokerage accounts are an excellent choice for investors prioritizing convenience, security, and integration within traditional finance.

Payment apps like PayPal, Venmo, and Cash App have made it easier than ever to buy, sell, and hold Bitcoin. These apps integrate cryptocurrency features alongside everyday financial tools, allowing users to purchase Bitcoin with just a few clicks. Payment apps simplify the process by enabling users to fund their accounts directly through linked bank accounts, credit cards, or digital wallets. Once purchased, Bitcoin can be held within the app, and users can monitor its value or sell it back into fiat currency when needed. These platforms are designed for accessibility, making them an attractive option for those looking to dip their toes into cryptocurrency without navigating complex trading interfaces.

Why Use Payment Apps to Buy Bitcoin?

Payment apps are best suited for casual investors and users who want to incorporate Bitcoin into their everyday financial activities. They are especially popular among beginners because of their extremely user-friendly interfaces and quick onboarding processes. These apps also support small investments, making it easy for users to purchase fractional amounts of Bitcoin with minimal effort. However, some limitations exist—on many platforms, Bitcoin cannot be withdrawn to external crypto wallets, restricting the ability to transfer or spend it outside the app’s ecosystem. Additionally, transaction fees on payment apps tend to be higher than those on cryptocurrency exchanges, which may affect long-term profitability. Despite these drawbacks, payment apps remain an excellent choice for those seeking simplicity and convenience in buying Bitcoin.

Trading and investing apps like Robinhood and Revolut enable users to buy, sell, and hold Bitcoin alongside other financial instruments such as stocks, ETFs, and commodities. These multi-asset platforms integrate cryptocurrency into a familiar environment, allowing users to manage diverse investments in one account. The process is straightforward: users can fund their accounts through linked bank accounts or cards, search for Bitcoin, and execute trades with just a few clicks. Designed for simplicity, these apps provide an approachable entry point for those interested in both traditional and crypto investments, often offering commission-free trades as a key feature.

Pros and Cons of Trading Apps to Purchase Bitcoin

Trading and investing apps are ideal for users who value convenience and cost efficiency. The commission-free or low-fee structure makes them particularly appealing for casual investors looking to experiment with Bitcoin without incurring significant costs. Additionally, the ability to manage traditional and crypto investments on a single platform streamlines portfolio management. However, these apps often lack advanced trading tools such as stop-loss orders or detailed market analytics, making them less suitable for professional traders. Furthermore, most of these platforms restrict cryptocurrency withdrawals to external wallets, limiting options for users who want full control over their assets. In addition, trading apps support a limited number of cryptocurrencies due to regulatory concerns and have more stringent KYC procedures in place, which limit the Bitcoin buying experience they offer. Despite these limitations, trading and investing apps offer an excellent balance of simplicity and functionality for those seeking a hassle-free way to integrate Bitcoin into their investment strategy.

Bitcoin ATMs are physical kiosks that enable users to buy Bitcoin using cash or debit cards, making them a convenient option for individuals who prefer in-person transactions. To purchase Bitcoin, users simply visit the ATM, input their desired amount, and follow on-screen instructions to deposit cash or swipe their debit card. Once the payment is made, the Bitcoin is transferred to the user’s provided wallet address, or a new wallet can be generated on the spot if needed. Examples of popular Bitcoin ATM providers include Bitcoin Depot and CoinFlip, which have established networks in various cities worldwide to expand access to Bitcoin purchases.

Pros and Cons of Using Bitcoin ATMs

Bitcoin ATMs are ideal for users who value privacy and prefer transactions without creating an online account. These kiosks are easy to use, often requiring no prior technical knowledge, and can be an excellent choice for those without access to traditional banking services. However, the convenience comes at a cost—transaction fees can range from 5% to as high as 20%, making this a pricier option compared to online exchanges. Additionally, Bitcoin ATMs are not available in all locations, which can limit accessibility for some users. Despite these drawbacks, Bitcoin ATMs offer a quick and straightforward solution for acquiring Bitcoin, especially for individuals who prioritize speed and simplicity in their transactions.

Peer-to-peer (P2P) platforms like KuCoin P2P connect buyers and sellers directly, enabling Bitcoin transactions without the involvement of centralized intermediaries. These platforms act as a marketplace where users can browse offers, select a preferred payment method, and negotiate directly with the other party. Transactions are secured through an escrow system, which holds the seller's Bitcoin until the buyer completes payment, ensuring a safe trading environment. Users can choose from a variety of payment options, including bank transfers, mobile wallets, or even cash, making P2P platforms highly versatile for local and international transactions.

Why Buy Bitcoin on P2P Platforms?

P2P platforms are particularly well-suited for users who prioritize privacy and flexibility in their transactions. Some P2P platforms like KuCoin P2P offer zero trading fees, making it an especially cost-effective way to acquire Bitcoin.. Additionally, the wide range of local payment methods supports users in regions where traditional banking services may be limited. However, there are risks involved, such as dealing with unverified sellers or encountering delays due to the manual nature of the transaction process. While escrow systems mitigate some of these risks, users should remain cautious and ensure they trade with reputable counterparts. Despite these challenges, P2P platforms are an excellent option for users looking for a secure and customizable way to buy Bitcoin.

Bitcoin ETFs and investment trusts offer a simplified and regulated way for investors to gain exposure to Bitcoin without directly owning or managing the cryptocurrency. These financial instruments are designed to track Bitcoin’s price, allowing investors to participate in its performance through traditional brokerage accounts. Spot Bitcoin ETFs, launched in 2024, have become particularly popular for their simplicity and accessibility. Similarly, the Grayscale Bitcoin Trust (GBTC) provides exposure to Bitcoin through an investment trust structure. Investors can buy shares in these funds, which represent fractional ownership of the Bitcoin held by the fund, making it easier to incorporate Bitcoin into diversified portfolios.

Pros and Cons of Bitcoin ETFs

ETFs and investment trusts are best suited for traditional investors and institutional buyers who prefer regulated investment products. These instruments eliminate the complexities of managing private keys or crypto wallets, providing a familiar and secure avenue for Bitcoin investment. Moreover, they are accessible through standard brokerage accounts, making them ideal for those already involved in traditional markets. However, the availability of Bitcoin ETFs may be limited depending on regional regulations, and some funds may experience tracking errors, where the fund’s performance deviates slightly from Bitcoin’s market price. Despite these minor drawbacks, ETFs and investment trusts remain an excellent option for investors seeking a hassle-free and regulated way to benefit from Bitcoin’s price movements.

Crypto wallets with built-in purchasing features provide a seamless solution for managing and acquiring Bitcoin. Popular wallets like Ledger Live, MetaMask, and Phantom allow users to purchase Bitcoin or Bitcoin-related assets directly within the wallet interface, eliminating the need for external exchanges. These wallets typically support purchases through linked payment methods such as debit cards, bank transfers, or third-party payment providers like MoonPay or Ramp. Once the purchase is completed, the Bitcoin is automatically stored in the wallet, giving users full control over their private keys and enhancing security.

However, it’s important to note that many Web3 wallets, including MetaMask and Phantom, do not support native Bitcoin (BTC) due to their focus on Ethereum or Solana-based ecosystems. Instead, these wallets enable users to buy wrapped versions of Bitcoin, such as WBTC (Wrapped Bitcoin) on Ethereum or BTC.b on Avalanche. These wrapped assets represent Bitcoin on their respective blockchains, allowing users to integrate Bitcoin-like assets into decentralized finance (DeFi) protocols, staking, and liquidity pools.

Should You Buy BTC on Your Crypto Wallet?

Buying Bitcoin directly within a crypto wallet is ideal for enthusiasts who prioritize security and convenience. These wallets combine the ability to purchase Bitcoin with secure storage, streamlining the process for users who want a single platform for both functions. The private key management ensures enhanced control over funds, making this option particularly attractive to users seeking a higher level of security. However, this convenience may come with higher transaction fees compared to traditional exchanges, and payment options are often limited to select methods. Despite these drawbacks, crypto wallets with integrated buying features are an excellent choice for users looking for a secure and seamless way to acquire and store Bitcoin in one place.

Decentralized exchanges (DEXs) are peer-to-peer platforms that allow users to trade cryptocurrencies without centralized intermediaries. Operating on blockchain networks, DEXs leverage smart contracts to enable direct transactions between buyers and sellers. To use a DEX, users connect their Web3 wallets, such as MetaMask or Trust Wallet, fund them with supported cryptocurrencies, and swap assets through the platform. Popular examples include Uniswap and PancakeSwap, known for their decentralized nature and integration with DeFi services like staking and liquidity pools. However, it’s important to note that DEXs do not support the purchase of native Bitcoin (BTC). Instead, they offer access to wrapped versions of Bitcoin, such as WBTC (Wrapped Bitcoin) on Ethereum or BTC.b on Avalanche, which are tokenized representations of Bitcoin designed to work on specific blockchains.

These wrapped assets allow users to integrate Bitcoin’s value into DeFi ecosystems, providing access to staking, lending, and liquidity pools on platforms like Uniswap or SushiSwap. While wrapped Bitcoin maintains its value pegged to native BTC, users seeking actual Bitcoin transactions or storage will need to transfer to platforms that support native BTC withdrawals. This distinction makes DEXs an attractive option for those interested in DeFi opportunities rather than direct Bitcoin ownership.

Pros and Cons of Trading Bitcoin on DEXs

DEXs are ideal for advanced users familiar with decentralized finance (DeFi) and managing Web3 wallets. They provide users with complete control over funds and eliminate the need for intermediaries, offering privacy and flexibility. Additionally, DEXs enable access to DeFi services, such as yield farming and liquidity pools, allowing users to earn passive income through their wrapped Bitcoin holdings. However, using a DEX requires technical knowledge, as users must navigate wallet integrations and blockchain transaction fees. Furthermore, the lower liquidity on DEXs compared to centralized exchanges can result in higher price slippage during trades, particularly for large transactions.

While DEXs offer a decentralized and private way to trade Bitcoin-related assets, they are not suitable for users seeking to acquire native Bitcoin. The reliance on wrapped Bitcoin limits their utility for those looking for direct ownership or external transactions involving BTC. Despite these limitations, DEXs remain a popular choice for users exploring the broader DeFi ecosystem and leveraging Bitcoin’s value within these networks.

Mining Bitcoin involves using specialized hardware to validate transactions on the blockchain and secure the network. Miners solve complex cryptographic puzzles, and in return, they are rewarded with newly created Bitcoin and transaction fees. This process, known as proof-of-work, is fundamental to Bitcoin’s decentralized nature. Successful miners must invest in high-performance mining rigs, such as ASIC devices, and ensure access to a stable and affordable electricity supply to maximize profitability. As Bitcoin's mining difficulty adjusts periodically based on network activity, mining requires constant optimization and monitoring to remain competitive.

Should You Mine Bitcoin (BTC)?

Bitcoin mining is best suited for tech-savvy users who have access to advanced hardware and regions with low electricity costs. It offers a direct way to earn Bitcoin without purchasing it on the market, appealing to those looking to actively participate in the blockchain ecosystem. However, the high upfront costs of purchasing mining equipment and the ongoing energy requirements can make it a less accessible option for casual users. Additionally, the environmental concerns associated with energy-intensive mining operations have prompted some jurisdictions to impose restrictions. Despite these challenges, Bitcoin mining remains a viable and rewarding avenue for those with the resources and expertise to navigate its complexities effectively.

Read more: How to Mine Bitcoin in 2024

In 2024, there are more ways than ever to buy Bitcoin, catering to a wide range of needs and experience levels. Whether you prefer the convenience of cryptocurrency exchanges, the familiarity of brokerage accounts, or the privacy of peer-to-peer platforms, there’s a method for everyone. Payment apps and trading platforms provide easy entry points for beginners, while advanced users can explore decentralized exchanges or direct Bitcoin mining for greater control. Even traditional investors can participate through regulated instruments like ETFs and investment trusts. Each method comes with its unique advantages and considerations, allowing users to choose the approach that best aligns with their financial goals and technical expertise.

No matter your level of experience, now is the perfect time to join the Bitcoin revolution. With Bitcoin’s growing adoption and new all-time highs, the opportunities to invest and participate are more compelling than ever. Choose a method that fits your needs, whether it’s KuCoin’s user-friendly platform or another option, and take the first step toward financial independence. Start your Bitcoin journey with KuCoin today, and explore the future of digital assets with confidence and ease.