HOW TO BUY BITCOIN?
Tags: Blockchain, Cryptocurrency, Bitcoin Mining, Bitcoin, Ethereum

Executium

A few years ago, in 2009 bitcoin was launched by a programmer named “Pseudonym Satoshi Nakamoto”. It was the very first cryptocurrency that was launched and it’s a way of sending money peer to peer without any third party.

The cryptocurrency was created to come up with alternative payment methods between counterparties. Many people don’t know yet that how to buy a bitcoin. There are many press releases and news regarding cryptocurrency, also a lot of companies and businesses aren’t aware of it yet. Bitcoin, A Digital Gold, worth was $0 when it was first introduced and then after the investors started trading in it. In February 2011, it’s worth hit the level of $1 for the very first time.

HOW CRYPTOCURRENCY WORKS?

Well, cryptocurrency is a highly decentralized and properly encrypted form of exchanging money without any banks or any third party, and transactions of cryptocurrency are safe. You can store/hold any crypto coin in your crypto wallet easily.

The most popular cryptocurrency to date is bitcoin and has a market cap of around $893.66B. The process is the same as we purchase goods physically through paper currency, we can purchase any crypto coin through fiat currency through P to P trading. Bitcoin can be traded with crypto wallets that you have on your mobile phone, laptop, or anywhere. All the transactions are done through blockchain technology and the process of tracking all the transactions is called mining.

HOW TO BUY BITCOIN?

Before you buy bitcoin or any other cryptocurrency, I’d suggest you go through all the information, data, and statistics about them. It will be easy to understand the process of how to buy bitcoin if we break it down into several steps.

Account making and verification:-

There are multiple exchanges on which you can make your account to buy, sell and hold cryptocurrencies. The best exchange would be that allows you to transfer funds without interfering with any third party. Also, that allows the user to withdraw their crypto to their own personal wallets.

Every beginner asks the same question that how to buy bitcoin. Well, there are multiple exchanges on which you can make an account and can start trading like Coinbase, Gemini and Binance, etc. Although Binance is one of the most popular and professional platforms for buying and selling cryptocurrencies. It requires KYC and double-step verification to prevent your account from scammers and make your money safe.

One of the most important factors while doing this step is that choose your internet connection stable and account password should include uppercase, lowercase, numbers, and special characters.

Select Payment Options:-

When the exchange has been chosen, then comes payment options. Credit Card and Debit card is the most common options to buy or sell bitcoin but in case the region you are living in doesn’t allow or support the banking system then P2P trading comes in.

It is the most convenient and easy way to buy or sell bitcoin. You need to select the area you live in and select that currency that supports your region. After that, You need to buy a stable coin called USDT.

Place Cryptocurrency order:-

Many people think a lot about that how to buy bitcoin. So, after buying the stable coin, now comes multiple options of trading like Spot trading, Margin trading, and Future trading. I’d recommend you to start with spot trading if you are a beginner because there’s less chance of loss instead of going in the future or margin trading. You have a stable coin called USDT and now you can buy bitcoin or any other cryptocurrency through that in-the-spot trading which gives several options like stop loss, take profit, market, and limit, etc.

Let me quickly tell you the brief difference between them. Stop Loss is the option in which you put a specific amount which means you don’t want to bear loss more than that.

Take profit is another option you get while trading in which you put a specific amount of profit that you want and when the market will go high up to that amount, your order will automatically be completed with that profit that you had put in.

The limit is that you will put the amount while buying or selling. It means that if the market price will touch the limit that you have entered, your buying or selling will be done automatically even if your mobile phone is off or you are sleeping.

The market is the finest option in my opinion because there’s no need to wait for anything, you just need to make sure that when the market will be high or low in the second you will click buy or sell. When you will click on buy, cryptocurrency will be there in your wallet at the exact rate when you clicked on the buy button and there will be the same case in selling. That’s how you can buy a bitcoin.

Selection Of Safe Storage:-

So now the most important step comes in that where to store or hold your cryptocurrencies. There are two types of wallets called Hot wallet means an online wallet and the other one is called a Cold wallet means hardware or physical wallet.

The main differences between both of them are that in a hot wallet you are able to make transactions quickly and easily. It also saves your transaction fee but, there’s a need for strong private keys and passwords because more likely there’s a chance of hacking. So, you need to stay away from scammers.

In cold wallets, there’s nothing like an internet connection, you just save your funds in the physical wallet and there will be a transaction fee in every transaction which you will do, and also there will be a third party as well.

HOW TRANSACTIONS OCCURS?

This particular aspect of cryptocurrency is very reliable and authentic that the way of sending and receiving money from any corner of the world is pretty easy and quick. The transactions on multiple cryptocurrency exchanges are so quick that there’s no need for banks or any other platforms.

Let me get you more detail that how you can buy a bitcoin. You have to do this process through fiat currency. Fiat currency is the currency of the region in which you live. First, you need to buy the stable coin and after that, you will be able to buy the crypto coin you want. The seller would have given his details of sending money. You just need to send money according to the details and the transaction will occur in no time then the seller will be the release that stable coin and now you are ready to dig into the trading world.

The peer-to-peer method of cryptocurrency is safe and sound in a way that once the transaction is done, the amount can’t be changed or replaced. All the transactions are controlled by the miner which takes place in the broadcast.

Well Liked Cryptocurrencies:-

There are few specific cryptocurrencies that are popular all around the world. With no doubt, Bitcoin has to be on the top of the list. Other than that, ADA, ETHEREUM, DOT, XRP, USDT, LTC, BNB, LINK, and BCH are also on this list.

The Future of Cryptocurrency:-

Cryptocurrency is not the future, it’s the present. Let me give you an example that why it’s kind of the same as other investments. See, the thing is when you invest your money in any business or real estate, loss and profit are there.

It’s the same in the crypto market, you will face the loss as well as profit. When the demand for anything goes high then its rate would be high as well and as other NFT’s(Non-Fungible Tokens), BTC went up to $60,000 in April 2021 and fell to $30,000 in July. Also, experts say, you should invest only 5% of your money in the crypto world because if you face loss in the first hand then you can deal with it.

Bill Noble says, “It can happen that bitcoin goes to $75,000 at the end of this year.