Investing in bitcoin cryptocurrency is increasing day by day and will show an upward trend in the upcoming years. Instead of stacking money on the stock market, people prefer to buy bitcoin, one of the most popular cryptocurrencies that can make them a lot of money. At an initial stage, one finds it a complicated task to choose and buy any currency, but it is an easy task if one gets in steps. To buy bitcoin, one needs a trading account, and a private key is there, which helps access the account.
Bitcoin was introduced in the year 2009, and now it has become one of the most popular popularity of bitcoin; its price is increasing daily, and nowadays, it has become a source of payment. There is a limited amount of bitcoin currency, and because of that, its demand is growing. Here are steps that depict how to buy bitcoin, which are simple and easy to follow.
Steps To Buy Bitcoin
- One Must Have Bitcoin Wallet
Do you know what a bitcoin wallet is? Well, for trading in crypto, one needs to have a wallet in which they can store the cryptocurrency that is bought. Similarly, a bitcoin wallet is a virtual storage area in which the bitcoin that the individual buys is stored until they are sold. One can compare it with cards that hold money. Likewise, it is a virtual card that saves the bitcoin bought by an individual.
Some examples of bitcoin wallets are Coin base, electrum, cold storage, etc. Coin base is one of the most preferred bitcoin wallets, which is free, and one can trade in bitcoin. Cold storage is for those who don’t want to store their currency in wallets, and it is one of the safe places to secure your bitcoin currency.
- Bitcoin Exchange
Choosing a bitcoin exchange is important because it is the place that allows the user to buy or sell bitcoin. Bitcoin exchange is a company that allows the user to deal in cryptocurrency by accepting regular money; the currency can be in any form like dollar, euros, sterling, etc. Some of the trusted bitcoin exchanges are eToro, Coin base, Gemini, etc., which people use.
If an individual is new to the cryptocurrency world, Coin base is one of the best bitcoin exchanges that make buying simple and easy. However, some of the things that one must look at choosing a bitcoin exchange are the fee it charges; there are fees like cash advance fees and buying fees charged the bitcoin exchange.
- Complete Security Check After Register
After finding an exchange, one needs to register with it to buy bitcoin. Firstly, to register with the exchange, visit the home page and select the option, register. After selecting this, one needs to fill in some details like the email address, and a password needs to be added on registration. After that, a confirmation mail will be received by the investor.
After registration completion, there are additional steps like the security check; one needs to check the know-your-customer rules before investing. An additional check involves linking a phone number to the account so that no one can have access without a password and phone number on which an OTP is received.
- Payment Method And Start Investing
The last step involves choosing a payment method, which can be a debit card, credit card, etc. so that you can start investing in bitcoin. While adding a payment method, one must know that a credit or debit card is fine for smaller payments, but for large sums, one must add a bank account as the charge is low.
One must enter the details of the bank account, in which the fee for the transfer is very low, like 1%. After adding bank details, one can invest in bitcoin and save the bought bitcoin in any wallet.
To conclude, buying bitcoin is an easy task. If one looks at the steps, it is a source that can make an individual millionaire or can lead in debut. So investing in bitcoin is a risky and tricky task. To buy bitcoin currency, one needs to follow some steps like choosing a bitcoin wallet, bitcoin exchange, and after this registering with the exchange and looking for security to invest in cryptocurrency.