Today, the world of virtual stock is flooded with thousands of different cryptocurrencies. If you are a beginner and your next step is to trading cryptocurrency like Bitcoin, you must be aware of the simplest ways to start with it. If you look at the virtual currencies market, you will find that Bitcoin is the most valuable and widely accepted crypto to invest in.
Before we get into the beginner’s guide to learn about the simplest ways to become a Bitcoin investor, you must be aware of the true value of Bitcoin in the marketplace. If you look at the performance of Bitcoin in the last couple of years, you will find the stats quite staggering.
Many high-profile individuals and organizations like Tesla and SpaceX have recently shown interest in Bitcoin. Want to become a Bitcoin investor? Here is our beginner’s guide to becoming a Bitcoin investor. Follow the steps and start like a pro.
Find an Exchange
This is the first step you need to take to start your journey to the world of cryptocurrencies. You have to choose an exchange to purchase BTC. Since Bitcoin is an open-source technology, you will find no official platform to invest in or trade Bitcoin. So, you can use cryptocurrency exchange platforms to buy or sell Bitcoin.
Such exchanges act like a stock brokerage or a middle man who helps investors to make Bitcoin transactions easier. When browse across to find a reliable platform to invest in Bitcoin, you will come across hundreds of such exchanges. However, you can go with some popular ones like Gemini, Coinbase, Kraken, etc to make the transaction faster, cheaper and safer. If you are new to Crypto trading and investments, you can check BITCOIN-MOTION.DE.
Acquire a Bitcoin Wallet
Crypto wallets are a safe place to store digital currencies like Bitcoin. There are two types of wallets available: hot and cold, and you can choose one according to their features and functionalities and your preferences.
Hot wallets are operated by a provider or cryptocurrency exchanges, and cold wallets are handy hardware devices that can store crypto coins. Cold wallets are considered safer than hot wallets, and if you are planning to trade a large amount, cold wallets can be a smart choice.
Add Money to Your Account
To fund your account, you must provide personal information like national ID, Social Security Number, etc., that can validate your identity. Most cryptocurrency exchanges allow investors to link their bank accounts or cards to fund their exchange accounts.
However, in some cases, account holders need to pay a fee to add funds to their exchange accounts. For example, if you prefer the bank transfer method to transfer money, it will cost you less than other methods like debit or credit cards. Here, you must remember that, unlike traditional bank accounts, you cannot leave your money unmoved in your exchange account. If you have money in your exchange account, you must exchange it for Bitcoin.
Place an Order
Now it is time to buy Bitcoin. Once you have funded your account, you can place your first order to buy BTC or other cryptocurrencies. The process of investing in Bitcoin often depends on the exchange platform you have chosen. In most cases, you will be allowed to enter the amount you wish to invest in Bitcoin and buy the digital currency at the current rate.
Bitcoin can cost thousands of dollars, but if you are not ready to invest hugely, you can buy a percentage of a single coin. For example, if you invest $1000 in a Bitcoin worth 34,000, you win 0.29% of the coin. Once you have invested or purchased Bitcoins, you can use them for online transactions, day trading, or hold them for future transactions.
These are the simplest ways to invest in Bitcoins. It would be best if you found a trustworthy cryptocurrency exchanger to open an account and transfer funds to purchase Bitcoins. Remember, even though you are using a third-party platform to invest in Bitcoins, you will be the sole owner of the coin you have purchased until you sell it out.
This article is for informational purpose and may contain links to external websites which we have no control over. Users are advised to make a proper research before making any financial decisions.