How to Buy Bitcoin?

In today’s world, buying and investing in Bitcoins is a common activity. The number of Bitcoin investors has increased over the years. Bitcoin has shown considerable growth over the years. Many investors have been attracted to this growth. The most profitable are the ones who had invested in Bitcoins right after the discovery was made. They had bought Bitcoin at around a dollar value. Today, Bitcoin is no less than $10,000 in value.

Prerequisites of Buying Bitcoins

These are necessities you will need before you can invest in Bitcoins. With the lack of even one of them, your journey as a Bitcoin investor may not even begin.

  • A Cryptocurrency exchange account
  • A personal wallet apart from the above
  • Personal identification documents with KYC (Know Your Customer) done on the platform
  • A strong internet connection at all times
  • Secure mode of payments like Debit cards and bank accounts should be ensured.

Why these requirements become quintessential is because of the fact that even though Bitcoin is not a tangible asset, many instances of theft, scam and fraudulence has been witnessed in recent times. It is always advisable to take all safety precautions necessary to maintain one’s Cryptocurrency wallet.

The Blockchain Technology records all transactions in a public ledger. Without a private key of your own, you will not be able to make transactions or know the identity of the people making transactions. However, the anonymity of the person behind the transaction is maintained by giving no access to his personal account when you do not have the private key. People who possess the private key can trace back the person’s wallet account which will then indicate their true identity. This is no more a concerning issue since Bitcoin and other Cryptocurrency has been legalized in most nations.

Steps to Get Started

Following the steps one can easily set up an account and start buying, selling or accumulating Bitcoins on . Ever since the consistent rise in the value of Bitcoins, more and more investors are showing interest in the Cryptocurrencies, and the most popular Cryptocurrency, Bitcoin is stealing the show.

1 Choose an exchange: There are many applications available on the internet, is one of them. To sign up on these applications, you have to fill up your personal details including your name, email address and other basic information. There are various kinds of applications. Some of them take care of the investor’s trading completely, leaving the investor nothing to worry about. In certain cases, the investor gives complete autonomy to the application based on its estimation regarding the rise and fall in value of Bitcoins. In other cases, the experienced investors like to track their own investments. They are mostly updated and making changes in their investments, which is no more a difficult task owing to its easy accessibility on the mobile phones.

  1. Connect your exchange to a Payment Option: Your trading account should be connected to a Payment option using which you will be able to transfer funds to invest in the trading account. Without funding the trading account, you will have no money to begin your investment journey. Right after creating a trading account, it is imperative to ensure a smooth functioning transfer from personal wallet to the application wallet. This will also ensure that the profit amount is smoothly transferred to the personal wallet. Whether the bank will allow such a thing depends totally on the bank’s discretion. Remember to have a talk with your bank before engaging in this.
  2. Start Trading: Once the first two grounds are secured, there is nothing that needs to be done. Create an account, fill it with money and start trading.

Initially, it will seem difficult. Depend on the application to make decisions based on the parameters you will set, and you will eventually get a hang of it.

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