Easy Guide for Bitcoin Newbies
The crypto-currency industry has been on the rise for the past few years.
Bitcoin’s value, in particular, has grown massively and caught the attention of retail investors.
In fact, major financial institutions in the investment industry have been trying to discredit the worth of bitcoin because of the threat it poses to conventional money. They say it’s a bubble ready to burst anytime. They say it’s a tool for criminals to execute their transactions without being traced. They say it’s too risky and several times have warned the public not to engage in bitcoin trading.
But they couldn’t stop the phenomenon, a lot of people became more interested in bitcoin, the major and most valuable cryptocurrency today. Its performance in the past few months attracted and gained the attention of big and small-time investors.
On the other hand, there are those that are hesitant not because of the risks involved but more of not knowing where to start.
In reality, buying and selling bitcoin is not that complicated. It involves the very basic rule in trading, “Sell high, buy low”.
Good news, we came up with an easy guide to help those who want to make their money work for them through bitcoin:
1. Open a Bitcoin Wallet
The very first thing you need to do is to open a bitcoin wallet.
It’s technically a digital bank where you can store, receive, send and convert cash to bitcoin.
As it is a bank, you will also be required to provide necessary information supported by documents for verification and security purposes of your account, similar to the process of banks. This digital wallet is a software, an application that you can install or download on your computer or smartphone. Be cautious in choosing your digital wallet provider. Choose one that has a good reputation and robust security features for your own protection. Another option is the hardware wallet which sometimes looks like a flash drive disk, that comes with a fee.
2. Choose a Payment Method
The next step is to pick a payment method for your wallet.
Most bitcoin wallets will ask you to go through another set of verification steps, this time for deposit and withdrawal purposes so you could choose a payment method for your account.
The easiest option is by connecting an existing bank account with Visa or MasterCard logo to your wallet or depending on the requirements per location.
You can also go with a Paypal account, debit or credit card, but this option has some disadvantages like higher transaction fees and limited purchasing ability.
3. Pick an Exchange
You can buy bitcoin through various methods like 3rd-party websites that act as an exchange where your bank account is charged so you can get bitcoin.
Certain individuals and retailers offer bitcoin to anyone who is interested to buy this crypto-currency.
When picking an exchange, there are some things you need to take into account before you invest and trade.
Check out the transaction costs, reputation, availability, transparency, cash flow situation, and location of the exchange.
Open an account with the exchange of your choice and you can then move on to the last step
4. Start Buying and Selling Bitcoin
Once you’re done with the previous steps, you can start purchasing and trading bitcoin.
You can trade different currencies vs. bitcoin, like dollars, pounds, and euros.
Another option is through wire transfers or online payment processors like Paypal.
You can also use debit and credit cards where your bank account is charged in exchange for bitcoin.
Any bitcoin you buy will then be automatically transferred to your bitcoin wallet.
Starting your own bitcoin investment is not as complicated as most people think.
The best part about it is that several retailers and crypto-currency companies are continuously finding ways to make it easier for people to open their accounts and start the bitcoin investment experience.
You don’t even have to buy one bitcoin, you can start small because it is being offered in partial amounts to make it more affordable.
Finance experts are chiming into the fact that bitcoin will continue to thrive and has a good chance of being a long-term investment. In fact, some financial giants have confirmed offering bitcoin futures.
Don’t be left behind and start investing in this amazing way to earn huge profits.
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