Bitcoin Buying Guide 2020: Best Exchanges for Buying BTC

Despite numerous contenders Bitcoin remains the king of the cryptocurrency world in terms of users, market cap and value. Some of the newer cryptocurrencies, sometimes referred to as alt-coins, boast about having faster transaction rates, more efficient mining and better overall technology but everyone always seems to come back to Bitcoin. Will the king remain king? That’s the question as competing coins from around the world continue to be released but for now Bitcoin is the league leader in the cryptocurrency space.

Our Favorite Cryptocurrency Exchange for Buying Bitcoin

Coinbase is our favorite exchange for buying Bitcoin. You can view our in-depth reviews of alternative cryptocurrency exchanges on our best cryptocurrency exchanges listings page.

Coinbase

  • User-friendly
  • Great customer service
  • Low services fees
  • Diverse and consistently updated choice of coins

BTC Pros & Cons

The Benefits PRO's
  • The first cryptocurrency
  • Thriving ecosystem and marketplace
  • Every other coin is measured against Bitcoin
  • Unmatched liquidity
The Downside CON's
  • Limited network capacity
  • Less features than newer coins
  • Moderate fees

Bitcoin Ratings

Price:

High: $20,089.00 USD — Dec. 17, 2019
Low: $0 USD – Jan. 3, 2009

Market Cap:

$165+ Billion USD

Supply:

Current Supply: ~18 Million
Total Supply: 21 Million
Max Supply: 21 Million

Network Speed:

Rating: LOW
Average Transaction Per Second: 7

Disbursement:

Rating : HIGH
Reason: 10 Million+ active addresses, fair distribution

Social:

Rating: HIGH
Reason: First to market, most popular, most accepted

Liquidity:

Rating: HIGH
Reason: Most liquid coin, many trading pairs, many exchanges

What is Bitcoin?

The first and most popular cryptocurrency, Bitcoin is the brainchild of pseudonymous founder Satoshi Nakamoto. Free of third party oversight, Bitcoin offers a unique alternative to world government currencies. It’s the first cryptocurrency to dent the mainstream and easily the most famous cryptocurrency in the world. It’s renowned for its legendary swings that have seen its value increase and decrease at an exponential rate over the years. Over the years other cryptocurrencies have surpassed Bitcoin in terms of speed and features but no coin comes close to its market cap, number of users and overall popularity.

History of Bitcoin

Bitcoin was officially announced to the world in a whitepaper by anonymous inventor (or group of inventors) Satoshi Nakamoto in October, 2008, titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. This whitepaper also alerted the world to the invention of the blockchain, the network backbone of Bitcoin.

In May 2010, the first real-world product was purchased with Bitcoin when one individual paid another individual 10,000 Bitcoins for delivery of two pizzas, priced ~$25 USD. Over the intervening decade, the price of Bitcoin has fluctuated significantly, peaking at around $20,000 USD in 2017. As of December 2019, 10,000 Bitcoin were valued at over $100,000,000 USD.

The current supply of Bitcoin (as 2019) is numbered at around 18 million, out of the total that will ever be available of 21 million. This scarcity, and the fact that all other cryptocurrencies are compared against Bitcoin, has led some to call Bitcoin “digital gold.”

Advantages of Bitcoin

Bitcoin’s market cap, or the total number of Bitcoin held by users multiplied by its value in USD, peaked at an astounding $235 billion in 2017. It’s gone up and down since then but it’s easily the most valuable cryptocurrency in the world. The Bitcoin community is large and active, with abundant social media conversations, constant source code repository activity, and countless dedicated media publications aiding its adoption and popularity.

Where to Buy Bitcoin

Bitcoin is available on most major cryptocurrency marketplaces, including:

Bitcoin FAQ

About the Author

Arthur Crowson

Arthur Crowson is an award-winning writer and editor who hails from the Pacific Northwest. His career began in traditional news media but he transitioned to the online arena in the mid-2000s and has written extensively about the online poker boom and the rise of cryptocurrency.