Six simple steps to start buying Bitcoin
Are you a beginner in the crypto world? Bitcoin has its risks, but starting trading is very simple.
The price of Bitcoin continues to rise, and the fear of missing the opportunity to invest in cryptocurrency is growing day by day.
On November 18, Bitcoin (BTC) surpassed the $18,000 level for the first time since December 2017, less than 10% away from its all-time high of $20,000.
Some analysts believe that the $20,000 milestone is not the end but the beginning of Bitcoin’s imminent explosion into the $1 trillion asset stock: it is not yet too late to invest in BTC.
Bitcoin’s offer is limited to 21 million coins, but you don’t need thousands of dollars to buy some. You can start investing in Bitcoin even with only $15, receiving about 0.0008 BTC depending on the price at the time of writing.
Starting to invest in Bitcoin is much easier than you think. Here are some simple tips to buy Bitcoin easily.
1. Choose a reliable crypto currency exchange
The first step to buy Bitcoin easily is to choose the right crypto currency exchange.
You’ve probably already heard of the world’s largest crypto exchanges, such as Binance and Coinbase, but according to CoinMarketCap there are about 400 trading platforms globally.
When choosing a digital asset exchange to buy Bitcoin on, make sure the company has a good reputation and offers services to clients in your country. Using tools such as CoinMarketCap or CoinGecko, you can also control trading volumes on a given platform.
Do some research, read articles and updates on the company’s website or on its Twitter account to get more information, such as the cost of commissions on the platform, deposit methods and security protocols.
2. Register to a platform and complete security checks
Once you have chosen the crypto currency exchange, prepare to create an account and follow the necessary verification processes. Opening an account on most crypto exchanges is absolutely free: it only requires an email address and a phone number.
Some crypto currency exchanges such as BitMEX and Coinbase have Know Your Customer checks for certain transactions, so you will need to have your passport or other official identification at hand.
3. Don’t forget to activate 2FA
Use a secure password to protect your account and remember to activate two-factor authentication, or 2FA. Enabling 2FA reduces the risk of a breach or cyber attack by introducing an additional level of security to your account. Google Authenticator is one of the most popular 2FA applications, and offers users two-step verification from smartphones.
4. Consider your preferred payment option
There are several ways to buy Bitcoins with fiat currencies Bitcoin Profit such as the US dollar or the euro. Some crypto currency exchanges allow users to buy Bitcoin using a debit or credit card in addition to a bank account. To use one of these methods you will need to link a bank account or card to your account on the platform.
Some global exchanges also allow users to purchase Bitcoin directly from other people through a peer-to-peer service, where customers consult offers posted by other users.
Several crypto exchanges allow users to buy Bitcoin through third-party payment solutions such as Simplex. Some large payment companies such as PayPal also allow users to buy crypto currencies.
5. Start buying Bitcoin
Now you’re ready to buy some Bitcoin. First, however, you should decide how much you would like to invest. Remember that this is a high risk investment, and it is best to start with a thorough research and honest calculation of how much you are willing to risk. In the past, famous investors and entrepreneurs such as Mark Cuban have recommended investing up to 10% of their savings in Bitcoin.
6. Don’t keep large amounts of crypto on an exchange
After buying Bitcoins, take care of it. By keeping funds on an exchange, users risk losing them for various reasons, such as a possible cyber attack or a security breach: in such cases the platform could freeze withdrawals or even go bankrupt.
To protect your Bitcoins, consider using a cold wallet or paper wallet. Read the Cointelegraph article on how to keep your crypto safe for more security advice.