5 Easy Ways to Buy Your First Bitcoin In 2020
Bitcoin is one of the most famous assets that is being purchased on a regular basis. Since its inception, it has been kind of attracting fame towards it. But recently that has boosted, and many people have decided to purchase bitcoin as their primary asset to be ready for the future and withstand the strong economic blows.
However, bitcoin is also a risky asset that depends on a few things and the volatility could be scary. But the volatility has been a good thing in this market as soon as the prices of bitcoins fell people started purchasing it abundantly. This resulted in an increased demand raising the value of bitcoin. So, you seem ready to take the first step. But before that register for availing the exciting offers on bitcoins.
Then follow this set of techniques to easily purchase bitcoins.
- Get a Bitcoin Wallet
Before you start investing you must purchase a bitcoin wallet that will help you store the bitcoins that you purchase. The wallet is the first point, as this element needs to be the safest so that your private key cannot be stolen at any cost. There are some popular kinds of wallets that you can choose from.
Such as cold storage, a hard drive that is encrypted, secured, and coded to keep a backup. There are other wallets like desktop wallets that stay on your desktop outside the internet world. Another type is a paper wallet that can be kept safe with the user, in a primitive manner.
- Find a Bitcoin Exchange
Just like the website, I shared with you in the introduction, are the bitcoin exchanges. These are the places from where you can buy and sell bitcoins. There is an option of keeping the bitcoin in the exchange, but you should consider otherwise. The bitcoin exchanges are best for conducting trading and purchasing coins but storing it here can expose you to hackers.
Even though the bitcoin technology is unhackable, the exchange might. So, when you are affirmative with the exchange you want to use, just visit their website and register yourself as a user by providing your details, such as your name, number, address, etc. This is needed for the security purpose, but you will be able to trade anonymous on the blockchain network.
- Choose a Payment Option
After making your account you will have to choose the method of payment you like. Exchanges are very flexible about payments, so they offer you different choices such as credit, debit cards, online payments, account transfers, etc. When you are done with the registration, from the options you will have to choose one mode of payment, say online payment.
Then you have to fill it up with the link, from where the money will be deducted. This will help you to make easy payments, and the exchange will remember your credentials so that you don’t have to enter it again and again.
- Start purchasing bitcoins
After you have successfully entered the platform you will be able to make bitcoin purchases. If you feel you can buy 1 bitcoin or go down the line up to 0.00000001 bitcoin fraction (known as Satoshi). If you look at the prices and decide to wait, even that is an option. But I would suggest purchasing it to the earliest before the prices go even higher.
After you have decided the fraction you will purchase available the easy payment method and complete the payment. As soon as your payment gets approved the private key to the bitcoin will be sent to you. This private key has to be stored in the vault that you had purchased before entering the trading platform. Remember this key has to be kept safe at all costs as it is the only way to access your bitcoins.
- It’s time to sell!
When you see it is the perfect time to sell while bitcoin is at its peak and a few other people are also selling, take your first step. When you are comfortable with the market cap, and you find a potential buyer you can sell you bitcoins making a huge profit.