(1) Background: This article explores the qualitative dimensions of bisexual identity through the lived experiences of bisexual and plurisexual individuals. (2) Methods: Drawing on an online questionnaire completed by 226 participants from Latin American and Spanish contexts, the study uses a grounded theory–based analysis of participant narratives. (3) Results: The analysis identifies key components of bisexual identity, such as self-recognition, fluidity, and community belonging, as well as recurrent experiences of invalidation, promiscuity stereotypes, and intracommunity discrimination. The findings highlight the processes by which participants navigate and define their bisexuality, emphasizing the interaction between personal introspection, contact with audiovisual media, societal perceptions, and external validation in identity formation. (4) Conclusions: These results provide a nuanced exploration of how bisexual identities are constructed amid persistent challenges of invalidation, erasure, and limited community recognition.