Nowadays Bitcoin has become the most profitable investment surpassing real-estate and stocks. One good investment and boom you can be a rich very next day. But you need to be careful bout the risk involved too.
Similarly, Bitcoin mining is also a very profitable business if you have money to invest. But I recommend you to invest in bitcoin instead of bitcoin mining.
Let’s first have a look at how to buy bitcoin step-by-step in the simplest way.
Things needed to buy Bitcoin
In order to buy bitcoins, you need to have the following things:
A Digital WalletYou need to have a Cryptocurrency wallet in order to store your wallet.
Personal DocumentsYou need to verify your identity in order to buy any cryptocurrencies.
Secure Internet ConnectionAs you are investing your money you need to have secured connection. Don’t use any wifi to buy any cryptocurrencies.
Bank account, Credit card or Debit cardYou need to have either one of the following in order to buy bitcoin.
How to buy Bitcoin?
These are the 5 simple steps to buy your first ever bitcoin
Step 1: Making a Bitcoin WalletTo store your bitcoins you need a wallet. You may try out any of the wallets present online and store your bitcoins. But we recommend these 2 wallets Coinbase and Blockchain. If you are investing more than $1000 you definitely need a hardware wallet. Check it out here.
Step 2: Verify your IdentityAfter creating the account you need to verify your identity through your personal documents. Don’t worry your data will not be leaked.
Step 3: Connect your Bank AccountNow connect your bank account with the cryptocurrency wallet. To convert your cryptocurrency to fiat money you need to have a bank account.
Step 4: Join a Cryptocurrency ExchangeThe next step is to join a Cryptocurrency Exchange. You can join any cryptocurrency exchange as per your location. We recommend you Binance, as it is one the secured and easy to use a cryptocurrency exchange.
Step 5: Buy Bitcoin
- Login to your Binanace account and Click on the Buy Crypto tab.
- Select any of the channels and you are ready to buy bitcoin with your Master Card or VISA card.
- Enter the number of bitcoins you want to buy and then click on the Buy now button.
- Confirm your order and click on Go to payment.
- Now enter your personal details and card details and complete verification of the order.
Hurray! Now you are the proud owner of the Bitcoin. Spread the word around to your familyand friends and teach them also about how to buy bitcoin.
Safety Measures While buying Bitcoin
Buy bitcoin is easy when you know the correct way. But you can easily fall into a scam and can lose all your money. Follow our simple tips so that you don’t lose your hard-earned money.
- Visit the genuine website only while creating your wallet and registering for a cryptocurrency exchange. Check the URL of the website to confirm you are in the correct place.
- While creating an account have a very strong password. Always combine letters, numbers and special characters in your passwords.
- Avoid using any Wifi.
- Enable 2FA in the wallet and cryptocurrency exchange if it is available to ensure more security.
- Don’t save your credit or debit cards on any websites.
- Invest the money that you can afford to lose.
Investment vs Trading in Bitcoin
Investment and trading are two different things but most of the beginners didn’t know about it. Let’s find out what is investing and trading and which fits best to you.
Investment is the process in which you buy something with your money and keep it for a long period of time. As you are keeping your money for more time it is more likely that you will earn a profit.
- Money kept for a Long time.
- More likely to get profit.
- Less risk than trading.
- The analysis is done by Fundamental analysis.
Trading is the process in which you buy something and immediately sell when you have profits. It is done more faster than Investing.
- Money is kept for a short period of time.
- It can get a huge profit or may even suffer from a loss.
- Riskier than investing.
- A technical analysis is done.
Should you Invest or Trade Bitcoin?
We have 2 short and simple suggestions for you.
- If you are a beginner you should always invest in bitcoin rather than trading.
- You need to learn how to trade and learn to control your emotions before trading in bitcoin or any other thing.
What is the Right Time to Invest in Bitcoin? Secret Revealed
So you now know how to buy Bitcoin and we also know that Bitcoin Investment is better than trading for beginners. Beginners have the following questions while they want to invest in bitcoin:
- What is the right time to invest in bitcoin?
- Should I invest when bitcoin price is low?
- Should I invest when bitcoin price is rising?
These questions always come into the minds of the beginners and here’s where they fail. So what to do? At which time you should invest in Bitcoin. So here is the secret answer.
There is no good or bad time to invest in Bitcoin.
Yes, it’s true. If you invest in bitcoin right now I bet you will be enjoying your profit in the next year or two or even in 6 months.
Bitcoin price will increase because it is in a limited amount like Gold. But as Bitcoin is more volatile you will earn more profit. It depends on you how much profit do you want. Bitcoin has given a profit of 5,895.33% to its early investors.
Don’t think much and invest in bitcoin right now.
- You need a wallet, personal documents, secured internet connection, and bank account, debit or credit card in order to buy bitcoins or any other cryptocurrencies.
- To buy your bitcoin make a wallet.
- Verify your identity and connect your bank account.
- Join any cryptocurrency exchange and buy bitcoin.
- Trading and investing are 2 different things.
- If you are a beginner you should always invest in bitcoin.
- You should invest in bitcoin right now.