You can invest in Bitcoin technology with some simple steps. You can open an account on a crypto exchange by verifying your KYC and funding your account through your bank account. There are multiple payment options available and you can also use your debit or credit card to buy BTC with fiat currency. Once you place an order to purchase BTC, you have to wait for a few hours to get your account credited with Bitcoins. Then you can transfer your coins to your wallet.
So You Want To Invest In Bitcoin: Here’s What You Need To Know
Similar to stock exchanges, you need to open an account on a crypto exchange to trade bitcoin. Once you open a crypto account, you can buy, trade, and sell your coins from your account. Even, if you find other cryptocurrencies on the same platform then you can add such cryptos to your account to diversify your portfolio.
You can buy and hold your coins to get the best returns, but you should not leave your coins in your exchange account. With the use of a digital wallet, you can easilystore your coins. You can use hot or cold storage for the same.
Most of these exchanges are decentralized and they do not require any personal information while you make transactions with bitcoin. You can keep your identity anonymous. Your public keys will be stored and visible in the ledger, but you can keep your personal information safe and private with your exchange account.
Bit By Bit: Your Guide To Investing In Bitcoin
- When it comes to investing in Bitcoins, you must choose a platform after having checked essential security measures. You must choose an exchange where two-factor authentication is available and you use lowercase, uppercase, special characters, and numbers in your password to keep your account protected.
- Once you are done opening an next what you need to do is link your bank account with your chosencrypto account. You can use your debit card to link your account and fund your crypto account with fiat currency. Else, you can also use your credit card to buy bitcoin, but you need to pay an additional fee for the same. You cannot fund your crypto account without verifying your KYC. In this case, you can use your ID proof such as your driving license or passport to verify your account. Documents required to activate your account can vary from state to state, and you need to maintain the norms applicable in your state. When choosing an exchange platform, you should make sure the platform is legal in your state.
- Once you activate your account and fund your crypto account with fiat currency, you can place a purchase order. You can find different types of orders and ways to invest on such a platform and you can make a purchase order to buy BTC. Along with the purchase orders, you can find some other types of orders on these platforms like stop-loss orders, limit orders, and take-profit orders. You can make use of such orders when you are dealing with bitcoin trading.
- Now you have your coins in your exchange account and you have to choose the best wallet to keep your crypto safe. In case, you are a beginner, it is advised that you choose a cold wallet as it is known to be safer wallet. Most of the exchanges offer various features with their wallets and they mainly offer such features to trade their coins and properly maintain the circulation. Security is not their primary focus and you can lose your funds overnight due to hacking activities. Therefore, you must choose a wallet that is secure and encrypted.
Conclusion
So, these were some detailed, helpful points you needed to know in order to buying Bitcoins. When planning to buy your first piece of Bitcoins, you can click here to make the most out of your investment. Buying Bitcoinsrequire dealing with a reputed platform, and that is what you can get from the link attached. So, what are you waiting for? Buy your first piece of Bitcoin today!
