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As Bitcoin (BTC) continues to gain momentum, the fear of failing to invest in the world’s largest cryptocurrency grows daily.
On November 18, Bitcoin (BTC) broke the $ 18,000 mark for the first time since December 2017, below 10% of its all-time high of $ 20,000.
As some analysts believe that a next threshold of $ 20,000 is not the end but the beginning of Bitcoin’s upcoming explosion in $ 1 trillion asset, it may not be too late to enter yet. in Bitcoin.
Bitcoin’s supply is capped at 21 million coins, but you don’t need to have thousands of dollars to own it. You can start buying Bitcoin with as little as $ 15, getting around 0.0008 BTC in return, depending on the BTC price at the time of posting.
Getting started with investing in Bitcoin isn’t as difficult as you might think. Here are some simple tips on how to easily buy Bitcoin.
1. Choose a reputable crypto exchange
The first step to easily buying Bitcoin is choosing the right crypto exchange.
You may have heard of the world’s biggest crypto exchanges like Binance and Coinbase, but there are around 400 crypto exchanges around the world, according to leading crypto data website CoinMarketCap.
When choosing a digital asset exchange to buy Bitcoin, check if the company is reputable and provides services to customers in your country. Using tools like CoinMarketCap or CoinGecko, also check the trading volumes on a certain platform. Do research, read news and updates on a company’s website or on Twitter for more information like platform transaction fees, deposit methods, and security protocols.
2. Register on a platform and carry out security checks
Once you’ve chosen a crypto exchange, get ready to create an account and complete the required verification processes. Opening an account on most crypto exchanges like Binance is free, requiring only an email and phone number.
Some cryptocurrency exchanges like BitMEX and Coinbase require Know Your Customer checks for certain crypto transactions, so you’ll want to have your passport or other form of official identification handy.
3. Don’t forget to activate 2FA
Use a strong password for your account on a crypto exchange, and don’t forget to enable two-factor authentication, or 2FA. Enabling 2FA reduces the risk of a security breach or hack by putting an extra layer of security on your account. Google Authenticator is one of the most popular 2FA apps, providing users with two-step verification on a phone.
4. Consider your preferred payment option
There are several ways to buy Bitcoin for fiat currencies like US dollars or euros. Some crypto exchanges allow people to buy Bitcoin using a debit or credit card as well as a bank account. Using any of these methods will require linking an account or card to your account on the platform.
Some global exchanges also allow users to buy Bitcoin directly from users through a peer-to-peer service, in which customers browse through offers posted by other users.
Other crypto exchanges allow users to buy Bitcoin through third-party payment solutions like Simplex and a few large payment companies like PayPal also allow crypto purchases.
5. Start buying Bitcoin
You are now ready to buy Bitcoin, but first you need to decide how much you want to invest. Remember, this is a high risk investment and it is best to start with some important research and an honest calculation of what you are willing to risk. Major investors and entrepreneurs like Mark Cuban have previously recommended investing up to 10% of their savings in Bitcoin.
6. Don’t keep a lot of crypto directly on an exchange
Once you own Bitcoin, take care of your crypto. By keeping holdings on a cryptocurrency exchange, users risk losing access to them for a number of reasons such as a possible hack or security breach, which can lead to frozen withdrawals or Other problems.
To protect your Bitcoin, consider using a cold wallet or a paper wallet. Read Cointelegraph’s article on How to Protect Your Crypto for more crypto security tips.
Disclaimer: Investing in Bitcoin is associated with a high level of risk and may not be suitable for all investors due to the high volatility of BTC prices. Before investing in crypto, you should carefully consider your investment goals and the risks of losing money.
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