In recent years, Bitcoin became one of the most popular cryptocurrencies that even started the popularization of this type of payment. There are a lot of people that are interested in trading or buying Bitcoin. Also, it is very popular to mine this cryptocurrency, because of speculations, it’s worth is around 10,000 dollars, and the highest value of it was in 2018 when 1 BTC was priced at around 20,000 dollars.
Almost everyone has heard of Bitcoin, it’s common news today to hear how this currency had some big rise or fall in price, but not everyone is sure how exactly they could buy it. Many people are mining the Bitcoin, but this trend is fading away slowly.
Nonetheless, if you want to buy a Bitcoin, there are some steps first for this process. Before you buy a BTC, you will need a wallet and a platform where you can trade with cryptocurrencies. In this article, we are going to present to you all of the following requirements for buying a Bitcoin or any other cryptocurrency.
Install a Digital Wallet
The crypto wallet is necessary for storing your coins in a safe place. There are many different kinds of wallets, and it is very important to check if some of them are safe before start using it. Also, you should check if some wallets can be used on various devices such as iOS, Android, and PC together.
Some of the best crypto-wallets currently on the market are Coinbase, Electrum, Trezor, Robinhood, Blockchain, and Exodus. And each one of them has some special features, such as advanced security, or it is more user-friendly, so you won’t make a mistake when you choose any of them for sure.
Choose a Platform for Trading
When you finished the set-up of your crypto-wallet, the next step is to choose a trader platform for exchange. There are a lot of exchange platforms, so you should be careful to choose a proper one. When you want to register on some trading site, you will need to share some of your data, such as ID, photo, and in some situations, a live photo from your camera.
It is also important to have a secure connection to the internet; you should always use some kind of protection like an antivirus program.
Most of these sites are intermediaries between buyers and sellers of Bitcoin, but there are also ones that could buy or sell Bitcoin directly, which is a lot faster. In today’s world, investing in Bitcoin represents one of the biggest trends, and you should check ProfitRevolution if you are interested in earning some additional money from trading with this cryptocurrency.
Choose a Method of Payment
The best way for payments of crypto coins is to connect your wallet with your credit card. The reason for that is because a lot of traders don ‘t support PayPal or some methods where you can get your money in cash.
Also, if you really need to use PayPal for your transaction of BTC, there are some wallets and exchange traders who support this way of payment too, but most of them prefer to use credit or debit cards because of their security.
However, there are special Bitcoin ATMs that could convert your BTC into any other currency, but there are still not so many of these machines, they are only available in some bigger cities. On the other side, many wallets don’t support any kind of withdrawing any amount of BTC in cash.
The Buying Process
When you have finally finished the process of choosing a proper wallet, and a platform for exchange, you are available to buy a Bitcoin. Your trader is the one who can inform you about the current value of this cryptocurrency, which has a very turbulent value that can change a few times during one day.
When you decide how many of BTC you want to buy, you will have to place that amount in the app and just click the buy button. It is a very simple process. Also, due to its constant change in value, some traders offer you the ability to set some limitations on buying, so the app will make a purchase when the price of the Bitcoin goes below the limit.
It is important to know that if you want to buy some big amount of BTC, like 20 or more, which is a high amount of money, you should then contact some big exchange or a broker company.
After your successful purchase, your Bitcoin is going to be stored on the wallet, also you will have to pay some small fee after you transfer the BTC on your private offline crypto-wallet. Also, sometimes the buying process can be slow because every transaction must be written in the blockchain, which is the technology that makes this crypto so attractive for everyone, and because it is safer than any other way of paying.
How to Use It?
There are a lot of people who are buying the Bitcoin only to store it and wait for it to get some bigger value. This is natural since the BTC rose from 10 dollars to the current 10,000 dollars in 10 years. Also, in one moment, the price of one BTC was around 20,000 dollars, so everyone is expecting that at some moment, this cryptocurrency will reach even bigger value.
However, if you want to trade with your BTC, and not wait to get some profit only from storing it, there are a lot of places that accept this currency like any other official one. There are a lot of stores, especially online shops that accept BTC.
A lot of people have earned a lot of money just for keeping their BTC in the wallet, but currently, no one is sure about what will the price of BTC in 2020, there are only some speculations about its possible rise to the price of more than 20,000 dollars.