Bitcoin is not a very unfamiliar term today, with the digital money having taken the course of constant growth towards economic prosperity. Bitcoin has undisputedly headed the race, but the ones that followed too upheld the name of cryptocurrency. The face of cryptocurrency or digital money has always been the “B” of Bitcoin, though the torso has several coins hustling through the thousands to at least reach up to the neck. Even after a decade of Bitcoin’s entry into the market, not many know the techniques with which one can make digital assets and a good fortune out of it. Forex Academy can help you in the process of buying Bitcoins. Let’s now take a look at the steps to adopt while buying Bitcoins.
- The very first step to be taken while planning to purchase Bitcoins should be to install a functional wallet from some reliable sites like that of Blockchain.info or Coinbase (also mobile apps such as Bitcoin Wallet which is supported on both Android and iOS) which also offers an exchange facility within it. Sign up into it by entering the necessary details and get started with your profile. Due to the volatility within the exchanges such as Coinbase, many experts recommend the use of wallets that are not connected with any exchanges. This way, our Bitcoin stays out of the risky zone of being inaccessible when the exchange crashes. Exodus and Mycelium are two popular wallets that are ideal for this purpose. No wallets should be used on a long-term basis since it can pose risks of security; instead use wallets that can keep your Bitcoin reserves and key under extra protection.
However, it’s important to remember that since cryptocurrencies are unregulated and not backed by any regulatory body or government, you’re solely responsible for protecting them from hackers and other threats. One of the best ways to do that is by using a VPN for cryptocurrency.
With one, you can prevent your crypto activities from being tracked and secure your crypto traffic using encryption. In fact, these tools even allow you to access crypto exchanges that are unavailable or blocked in your region.
- Bitcoin traders should be chosen wisely, as this is the platform where you buy and sell your Bitcoins. Check the authenticity of the exchanges that you decide to trade through, and sign up into it by filling out a form for identification purposes. Coinbase stands as a good option for buying through exchanges. In contrast, LocalBitcoin and BitQuick are sites that offer direct trading options without a third party or exchange handling your transactions, and it also deploys various modes of payment through a peer-to-peer format of trade. Apart from Coinbase, there are several other exchanges that the experts recommend for safe trading which include Binance, Coinbase Pro and Robinhood.
- When Bitcoin wallets are used for trade, discretion has to be used upon the conditions of when and where these wallets are logged into and is used up for commerce. So, make sure to log in through a secure internet connection to keep your accounts safe from the reach of hackers.
- Exchanges offer quite a few numbers of payment methods, among which some were used in the past to deceive the sellers/buyers into fraudulent schemes. Before stepping into the final phase of buying the Bitcoin, make sure to choose the payment methods that have had the best performance records on the exchange.
- Once you are done with the above steps, you will be ready to go to the final stage of buying the Bitcoin. Set the limit/range of money that you are prepared to spend on Bitcoins and then click the “Buy” button, which will then take you to the screen of fortune. Bitcoin rates can differ with time since the market conditions possess the quality of sheer volatility, which makes it difficult for an average user to decide on what to do with the Bitcoins in-store. So always purchase the Bitcoins only to a limit that you can afford and don’t let greed subdue your instincts in this case.
As discussed above, there are various avenues available online through which you can buy Bitcoins, but choosing the right one would be a strenuous task, for each person’s perception differs. Surf through some of the best guides online and also consult any experts if that feels necessary so that you narrow down to the best option and get your cash registers jingling.