Bitcoin was launched in 2009, and since its launch, it has experienced tremendous growth. Its price reached from zero in 2009 to $50,000 in 2021. Bitcoin’s growth has been incredible compared to other cryptocurrencies, and even crypto analysts believe that bitcoin will rise more in coming years. The ultimate reason behind the growth of bitcoin is its blockchain technology on which the bitcoin network is based. Blockchain technology has helped bitcoin reach mainstream and start getting accepted as a medium of exchange by people.
Even though bitcoin has become the largest and most popular cryptocurrency but investing in bitcoin comes with risks of a volatile market. If bitcoin has experienced skyrocketing prices, it has also experienced disturbing lows. In bitcoin’s price history, there were only two times when bitcoin’s price skyrocketed that in 2017 and 2021, and as soon as its value rose, it falls to more than half of it, which disappointed people. Many people lost all their investments with a fall in bitcoin’s price. Despite its upward trend, it is a volatile cryptocurrency that can make you face losses. You can invest in bitcoin with Bitcoin Trading System as it is a great trading platform.
In 2021, Elon Musk, CEO of Tesla Co., announced that it would accept bitcoin payments but only after few months, the company put a pause on accepting bitcoin. Tesla Co. even invested around $1.5 billion in bitcoins, but crypto experts recommend only invest a small amount of money in digital currencies.
If you still want to invest in bitcoin and own bitcoin, the following are the steps to buy bitcoin.
How To Buy Bitcoin? Guide For Beginners
Find A Reputable Crypto Exchange
One of the safest options to buy cryptocurrencies like bitcoin is through crypto exchanges. These are marketplaces located online where buyers and sellers meet and can get their crypto coins in exchange for fiat currencies. You may find hundreds of options in crypto exchanges, but you must get advice from experts about choosing a crypto exchange if you are a beginner. Choose the exchange that offers high security and low charges fees.
Also, check if the crypto exchange you are choosing provides an in-built bitcoin wallet. Even if your exchange doesn’t provide you bitcoin wallet, you can choose the wallet that provides you complete ownership of your coins.
Choose The Payment Option
After deciding on the crypto exchange, choosing the payment option to add funds to your exchange account is next. Every exchange offers different payment options to investors, and you must check before buying bitcoin or other cryptocurrencies. Note that crypto exchanges charge high transaction fees according to payment options. You must check the charges or fees that exchange charges for every payment option and then select one that is suitable.
High fees charged by exchange can impact the money that you desire to invest, so it is better to avoid options that charge high interest than regular charges.
Place Your Order To Buy Bitcoin
Once you have added funds to your account, the next step is to buy bitcoin by placing an order with crypto exchange. It would be best if you learned about placing an order according to the platform that you are using. Some exchanges allow users to directly make a purchase by entering the number of bitcoins they wish to buy, and some ask users to fill in Bitcoin’s ticker symbol. The amount you input is the amount that you want to invest in bitcoin or other cryptocurrencies.
You will get notified by bitcoin exchange when your transaction gets completed, and then you will be the owner of bitcoin.
Select Secure Storing Option
Some crypto exchanges provide their bitcoin wallet to investors to safely store their bitcoins, but not everyone chooses to store bitcoins in the wallet provided by exchanges. The exchange wallets are connected to the internet, which increases the risk of hacks or malware attacks. You can choose to store your crypto coins in offline or online wallets that are safe and convenient to store your coins. The bitcoin wallet does the work of storing information of public and private keys.
Never use a storage option that provides access to your private keys to third parties, as they can get access to your coins by hacking your private keys.