Satoshi Nakamoto created Bitcoin, the digital currency and peer-to-peer payment system, has been in the limelight for quite some time now. Perhaps because of this, the process of investing in Bitcoin has become easier than ever before. Bitcoin has to be taken in the same vein as an extremely unstable commodity. Therefore, you would be well advised to understand the risks before you dive headfirst.
Buying & selling BTC
Create a Bitcoin ledger wallet
It would be best to sign up for a wallet. The wallet is a digital wallet that makes it easier for you to buy, store, and sell your Bitcoin. This might be deemed a universal checking account. It is a relief that initiating a wallet usually takes a blink of an eye, and can be done online, sans fuss.
If you go scouting for the best places to go begin your Bitcoin journey, you can seldom light upon a better place than Coinbase.com. Close competitors are Coinmarkt.com, Blockchain.info, Hivewallet.com.
Linking your bank account to your wallet
Congratulations on your first BTC wallet! How about filling it up? You will need to supply your KYC details. Don’t forget the routing number for your account!
It is a given, that you are to provide your phone number; linking your wallet to your bank account is just as safe as online shopping. Encryption is a stated strong suit of all good Bitcoin service providers.do not let thoughts of hacking get to you.
Purchasing Bitcoin with your bank account money
Following the verification of your bank details by the service, you are good to go as far as buying BTC is concerned. As a rule, on your wallet page, there ought to be an option labelled ‘Buy Bitcoin’. This ought to be the simplest router for you to make that transaction towards the first BTC purchase.
price has a marked tendency to change, even from day to day.
Buy from BTC compatible retailers
In the last few years, a growing number of businesses have started to accept Bitcoin as a legitimate form of payment.
You could buy Bitcoin when its price is low. can buy from retailers when the Bitcoin value is high. You might even consider re-selling these goods.
Selling your Bitcoin to another user
Selling Bitcoin is more of a challenge. you will have to seek out a buyer who is willing to pay for your BTCs with money/goods/services. An online Bitcoin marketplace will connect you to them. Upon finding a buyer, you will continue to deal with him directly. For this to work for you, you will be registering a seller account.
For selling service, the US is served best by Coinbase, CoinCola, Local Bitcoins for UK residents, the service providers to seek out are Bittylicious and BitBargain.
Selling your BTCs on an exchange
A Bitcoin exchange works by coupling sellers with prospective buyers. When you find a seller, the exchange behaves like an escrow service, holding the money till the time both parties are verified and the transaction finished. generally, a fee comes attached to this service.
Kraken, Virtex, and Circle are some of the better BTC exchangers.
You might want to trade your BTCs for other cryptocurrencies at well-known exchanges like Binance, Bitfinex, Bittrex, Bitcoinshop.
Stand-in options
Your own regular purchase scheme
In case you are intent upon investing in Bitcoin, you may want to allocate a portion o the paycheck towards the purchase of digital currency. Coinbase and other wallet sites provide you with the option to establish regular withdrawals for the express purpose of buying Bitcoin. As a rule, this works like this – you set down a certain amount of money, and the money is withdrawn from your account at regular intervals and is used to buy BTCs automatically.
How about buying Bitcoin locally?
In case you would like to work within the confines of the local community, choose a service that permitted you to sell to folk in the vicinity. Localbitcoins.com is the go-to website in this case. This site covers 6000 cities worldwide.
How about buying into a Bitcoin investing company?
Putting money into an investment agency is thought to be less risky than buying/selling directly. You could buy/sell stock in the Investment Trust. The stock price is tied directly to the price. Also, investment experts at the Trust know what they are about, and presumably, lead you to better profit.
Conclusion
You will have by now begun to see that investing in Bitcoin is in no way different from buying/selling stocks and commodities. You will have to invest time and effort in educating yourself and planning out trading strategies. Volatility makes Bitcoin an inherently challenging investment tool. We cannot gainsay, however, that the rewards are not short opf stupendous.
