Looking to start your journey into cryptocurrency and take charge of your financial future? Cryptocurrencies have helped countless people take control of their portfolios, savings, and potential earnings over the past few years. Buying cryptocurrencies can be a great investment tool for anyone with any financial background. Due to the simple process of owning crypto, and the straightforward and anonymous market features, it is a very attractive investment for so many.
Thankfully, for those interested, the process of purchasing cryptocurrencies (and particularly Bitcoin) is a simple and straightforward one. Read on to learn all about how to buy Bitcoin easily, and all the things you should keep an eye on before you take this financial step.
Decide where you would like to buy Bitcoin from.
Buying Bitcoin can be as simple as having an internet connection, yet there is some decision making that goes into the process. First off, you have to decide where you would like to buy your Bitcoin from. Bitcoin can be purchased using online cryptocurrency exchanges or from traditional brokers. Many brokers charge a flat fee or a percentage of the purchase price, while exchanges can have more competitive prices. Linking an existing bank account to your exchange can be relatively straightforward.
Buying on an Exchange
In order to buy or trade Bitcoin while using an exchange, you will need to sign up to one. Exchanges are online platforms that enable you to buy, trade, and hold Bitcoin and other cryptocurrencies. Popular exchange platforms include Coinbase and Binance, with each having its own set of unique features. Selecting the right exchange for you depends on what features you are looking for, so be sure to do your research before signing up.
Buying using an ATM
Bitcoin ATMs have become more and more popular, with 7,000 existing around the US. They work like normal ATMs, you insert a bank card or cash and purchase Bitcoin. You can check coinatmradar.com in order to find the nearest Bitcoin ATM to you!
Buying Bitcoin peer-to-peer
Another interesting way to buy Bitcoin is buying directly from owners. All you need to do is set up a wallet so that you have a place for them to send the coins to, and for you to store your crypto in. There are specific outlets such as Bisq and LocalBitcoin that help connect you with Bitcoin sellers that are looking for buyers. Something to be weary of though is scams, as the crypto market is lush with phishing scams and hackers. Always be sure to do adequate research, and only do business with trustworthy profiles and vetted individuals. Reading reviews and forums is always helpful!
Selling your services or products for Bitcoin
Another wise way to earn Bitcoin would be to begin selling your goods or services for the cryptocurrency. It is as simple as setting up a digital wallet and charging your clients in crypto, as opposed to cash or card.
Some other things to keep in mind are:
Adequately weigh out the risks and gains.
As many of you already know, investing in cryptocurrencies in general and Bitcoin in particular can be a risky activity. Due to the lack of centralization and regulation, prices in the crypto market tend to increase and decrease dramatically over short periods of time. Studying market trends and understanding that sharp highs and lows of the market are normal are your best bet. Making sure that you only invest what you are comfortable with is a good first step, and then it is all about minimizing risks by staying up to date on the latest happenings in the crypto world so that you can make solid financial decisions.
Think about where you would like to store your Bitcoin.
Much like physical money that you keep in your wallet, purse, or pocket, digital wallets exist for you to hold and store your Bitcoin. There are various different types of wallets to choose from, each having varying degrees of security and different types of features. Always be sure to select a wallet that is reputable and secure, and be sure to back it up. Losing access to your wallet means losing your crypto, something that can be catastrophic and will result in you losing all your investment!
Have a trading strategy before you make your purchase.
Having a trading strategy is also important when dealing with Bitcoin. Decide on a strategy that you are financially comfortable with. Buying and holding Bitcoin is one tried and tested way that can set you up for major gains. People who invested just $1000 in Bitcoin back in 2011 have become millionaires several times over today.
All in all, we find that it is relatively straightforward to buy Bitcoin, an activity that can have major returns and an impressive upside.