As some analysts believe an upcoming threshold of $ 20,000 is not the end but the beginning From the upcoming explosion of Bitcoin to a $ 1 trillion asset, it may not be too late to get into Bitcoin.
Bitcoin’s offering is capped at 21 million coins, but you don’t have to have thousands of dollars to own a few. You can start buying Bitcoin with as little as $ 15, and you will get about 0.0008 BTC in return, according to the BTC price at the time of publication.
Starting to invest in Bitcoin is not as difficult as you may think. Here are some simple tips on how to buy Bitcoin easily.
1. Choose a reputable crypto exchange
The first step to easily buy Bitcoin is to choose the right crypto exchange.
You may have heard of the world’s largest crypto exchanges such as Binance and Coinbase, but according to the major crypto data website, there are around 400 crypto exchanges worldwide. CoinMarketCap.
When choosing a digital asset exchange to buy Bitcoin, check that the company is in good standing and providing services to customers in your country. Use tools like CoinMarketCap or CoinGecko and also check the trading volumes on a particular platform. Do some research, read some news and updates on a company’s website or Twitter to learn more, including the platform’s transaction fees, deposit methods, and security protocols.
2. Log into a platform and perform security checks
After choosing a crypto exchange, prepare to create an account and proceed with the required verification processes. Opening an account on most crypto exchanges like Binance is free and only requires an email address and a phone number.
Some cryptocurrency exchanges such as BitMEX and Coinbase require Know Your Customer checks for certain crypto operations, so you will want to have your passport or some other form of official identification ready.
3. Don’t forget to enable 2FA
Use a strong password for your account on a crypto exchange and don’t forget to enable two-factor authentication or 2FA. Enabled 2FA reduces the risk of a security breach or hack by putting an extra layer of security on your account. Google Authenticator is one of the most popular 2FA applications that provides users with two-step verification on a phone.
Consider your preferred payment option
There are a number of ways to buy Bitcoin for fiat currencies such as the US dollar or the euro. Some crypto exchanges allow people to purchase Bitcoin with a debit or credit card, as well as a bank account. Using any of these methods will require you to link an account or card to your account on the platform.
Some global exchanges also allow users to purchase Bitcoin directly from users through a peer-to-peer service, with customers browsing offers from other users.
Other crypto exchanges allow users to purchase Bitcoin through third party payment solutions such as Simplex and a few major payment companies such as PayPal also allows crypto purchases.
Start buying Bitcoin
Now you are ready to buy some Bitcoin, but first you need to decide how much to invest. Remember that it is a high risk investment and it is better to start with extensive research and a fair calculation of how much one is willing to risk. Major investors and entrepreneurs like Mark Cuban have done that before recommended investing up to 10% of someone’s savings in Bitcoin.
6. Don’t keep a lot of cryptocurrency directly on an exchange
Once you own some Bitcoin, take care of your crypto. By holding holdings on a cryptocurrency exchange, users run the risk of losing access to it due to a number of reasons, such as a possible hack or security breach, which could lead to frozen withdrawals or other issues.
Consider using a cold wallet or paper wallet to keep your Bitcoin safe. Read the piece from Cointelegraph further how to keep your crypto safe for more tips on crypto security.
Disclaimer: Bitcoin investments come with a high level of risk and may not be suitable for all investors due to the high volatility of BTC prices. Before investing in crypto, carefully consider your investment objectives and risks of losing money.