Bitcoin can be easily bought or sell by using bitcoin trading sites. The process of buying or selling bitcoins is very easy for beginners or experts, The number of buying or selling bitcoins markets is many.
The price of bitcoin is volatile. You can invest your savings in the bitcoins market. When you see the price of bitcoin is high. You just sell it and get more profit. You can use bitcoin as payment or investment in both methods.
Before You Buy Bitcoin?
There is a lot of things that you need to know before investing in bitcoins. If you are going to use the Know Your Customer (KYC) platform. Then you need personal identification documents, a secure internet connection, or a payment method. I suggest you use your bitcoin personal wallet. You can use a bitcoin wallet to buy bitcoins from a bank account, credit, or debit card. You can also use this wallet to buy bitcoins from BTMs.
You can use Bitcoin ATM (BTMs) at any time for any amount of transaction. As I discussed above there are no physical shapes of bitcoins. So, it is a very bad idea to buy a high amount of bitcoins from one wallet. Because maybe someone can gain your bitcoin private keys with a public address. Everyone who has private keys with public addresses can be authorized for any transaction. Many hackers track public addresses and the number of bitcoins. If they see a large number of bitcoins in one account, they try to hack it. So, use a different account if you want to buy a high amount of bitcoins.
Anyone can transfer any amount of bitcoins at any time. When someone transfers bitcoins, the amount of transaction and address can be stored on the blockchain. Anyone with the internet can see this public address or amount of transaction. There is no private information provided by a blockchain. But it does not mean you are anonyms. A perfect hacker can track your private address and get personal information. So, you to be highly secured with any transaction.
International researchers and the FBI claimed they can track any transaction. That is recorded on the bitcoin blockchain. Even they can track transaction that is done by using a bitcoin code. Let’s take an example if you use to transfer some amount of bitcoin by using Coinbase. Your public address can be recorded on the bitcoin blockchain. They can track your public address and come to your Coinbase account. They get your id proof information from Coinbase. But it is not a big problem. Because bitcoin is legal in the US and other countries.
Step 01: Choose an Exchange
There are many bitcoin exchanges available in the online market. They allow their users to buy, sell, or hold bitcoin cryptocurrency. Every exchange allows its users to withdraw their crypto to their wallets. That keeps safe their money from hackers.
Some of these exchanges required personal identification to verify yourself. They provide a centralized system to their customer. These exchanges can easily trackable by a digital well-knowledged person. Most of the famous exchanges can be required to verify your identity. Like Coinbase, Kraken, Gemini, and Binance. These are exchanges that required your identity.
But some exchanges provide a decentralized system. They allow their users to create an account without any identity verification. They completely keep you anonyms. It is most preferred but less awarding exchanges. Because no one can reach your personal information by using your public address. It is the safest way to keep yourself safe.
When you are going to create a cryptocurrency exchange account. It is very important to use a safe internet connection. It includes two-factor authentication and a unique password. Make sure your password unique and long. It must be consist of lowercase or uppercase letter with special characters and numbers.
Step 02: Connect your Exchanges to a Payment Option
After selecting the best exchanges for you. You need to get some personal documents. These personal documents depend on your region. It may include your driving license, social security number. And also you need to provide details about your employees and your source of Fund. The details may be different according to your region.
When the exchanges ensure your identity. You need to choose the payment option for your exchange. You can connect your exchanges with your bank account, credit, debit card. But some banks don’t allow any transaction for cryptocurrency. So, you need to choose a good bank that can provide you to deposit funds in exchanges.
The fee of transactions is varying according to your transaction method. Different sites take different charges for bitcoin transactions. But Coinbase is the most famous exchange in the United States. It takes a 1.49% fee for bank accounts. And 3.99% for credit or debit cards. That’s why it is very important to research a good payment method. That can overcome your transaction fees.
Step 03: Place an Order
First, you need to choose an exchange for bitcoin trading. Then, you need to choose the best payment option. And the third step to place an order for bitcoins. Crypto exchanges offer many order types to their investors. But two order types are the same on every exchange.
- Limit Order
- Stop-loss Orders
But some famous exchanges like Kraken provide some extra order types. Kraken offers to market, limit, stop-loss, stop-limit, take profit, and profit limit orders. You can invest any of these orders
Step 04: Safe Storage
After buying bitcoins, you need safe storage to keep them safe. There are a lot of wallets that provide you different security levels for your bitcoins. You just need to save your bitcoin outside the exchanges. Because it can save your cryptocurrency from hackers. Store your bitcoins on wallets to avoid the loss risk of your funds.
I hope you will understand all about bitcoins. This thing is very important for you to buy bitcoins. When you completely follow these points. You can see less risk in trading. It will help you to keep safe yourself from hackers. I hope this article is helpful for you and easy to understand. If you have any queries about this topic, please ask them in the comment section.
Follow TechStrange for more Technology, Business, and Digital Marketing News.