Firstly, it seemed as if the buying of Bitcoin is quite difficult. But when I moved into it by following the steps one by one, the process seemed quite easy.
Especially, nowadays bitcoins have gained much popularity so their buying and selling has become much more simple. And it has become able to earn the trust of people by providing an authenticated platform for people to perform transactions without getting exposed.
Let us go through these steps one after the other to help you make a purchase for a bitcoin.
1. Select an Exchange Rate System
Piking up an exchange system is important because the https://bitiqapp.com/ the one that determines your crypto at the time of transaction. The cryptocurrencies are sold and bought by using this exchange rate system.
Even if you want to hold your cryptocurrency you will need an exchange system. The exchanges of cryptocurrency are of many types. The first type of exchange is decentralized exchanges.
Most of the people switch to virtual money to protect their identity so this type of exchange keeps the identity of users fully protected and does not ask about their personal information.
So, the exchanges are not having any proof of who is behind the transactions and in this way, it retains the individual sovereignty and is called decentralized. You also need to focus on the passwords that you use.
Your internet connection should be safe for this anonymous transaction and you are advised to activate your two factor authentication to be able to protect your bitcoins from hackers.
2. Link Payment options with the selected exchange rate system
Setting up an account for bitcoins is similar to that of a brokerage account. In the first step, you will collect all relevant information.
These personal documents will depend on the exchange rate system that you have opted for. One way of setting up your account is to link it with your existing traditional banks. Since you are buying bitcoin you can also connect it with your credit cards but this way is not much recommended.
Prior to choosing the payment option, you will need to explore the fallbacks that are associated with the particular type of payment option. Keep the taxes in mind that you will have to pay with every single transaction. If you want to read more about this topic.
3. Place your order of bitcoins
So, now you have set up your account and have selected your exchange rate system as well as your payment option, and have successfully linked the exchange system with the payment option you are good to go to buy the bitcoin. T
he same method is opted for buying other cryptocurrencies. These are quite safe to buy now and its image of being a place for scammers has been replaced by the most authenticated and transparent way of investing.
Although bitcoin is a new phenomenon but it is competing with the stock brokerage counterparts with almost the same features. Also, there are a couple of types through which you place orders for virtual currency.
Some let you order again in a couple of weeks while some others are larger investments that you will need to place an order after months and so on.
4. Keep your private key safe
Bitcoin wallets are the virtual pouches that keep your virtual currency safe.
To ensure more safety it is better that you keep that virtual wallet out of the purchase of cryptocurrency so that only you will be able to access your private key and it will become unapproachable by the hackers and your assets will stay safe.
While having bitcoins in these wallets you can also use them for other exchanges. Also, different wallets have different features. So, choose the wallet according to your needs.
To buy a bitcoin you will first of all need to sign up to the most trusted site and then you will set up your exchange rate system for making transactions easier.
Then you will link that exchange rate system with the method of payment that you will select. And you should keep in mind that you will have to pay taxes with all transactions so select the payment option which charges the least amount of money.
Then you can buy your bitcoin but do not forget to keep your bitcoin wallet safe.
Editor’s note: Our publications do not offer investment advice. R&AN’s goal in publishing articles like this is only to provide information for individuals who wish to pursue investments at their own risk in the future.