If you’re looking to buy bitcoin, there are opportunities to buy bitcoin through exchanges and stockbrokers, or from other owners. Regardless of the method you choose, small businesses that start accepting cryptocurrency can reap significant benefits.
Buying Bitcoin is a refreshing step into the world of cryptocurrency, and it might be an unfamiliar landscape to some who have only used traditional financial products.
Bitcoin has moved up from $3,237 in December 2018 to just recently breaking the $65,000 mark after November 2021. Like other cryptocurrencies, bitcoin is highly volatile and can be unstable when used as an investment or when traded shortly after a major shift in price.
One rule of thumb is to invest only 10% of your portfolio in individual stocks or risky assets. If you’re new to investing, find out more about how invest money. You should also plan where you will purchase Bitcoins.
How to buy bitcoin in 4 steps
1. Deciding where to buy bitcoin:
Deciding where to buy bitcoin involves What kind of exchange they are operating off of and what form they’re in. Once you’ve made that decision, both Cryptocurrency exchanges like Coinbase and brokers like Robinhood can get you started investing in bitcoin.
Buy Bitcoin and other cryptocurrencies at many locations including exchanges and traditional brokers. There are three main ways to buy Bitcoin based on your specific needs.
You can purchase bitcoin with just a click of the button on several cryptocurrency exchanges. Make sure to start with trustworthy exchanges, since there are pitfalls with fees and protections during the purchase.
The choices to purchase Bitcoin are dwindling. Robinhood is the first mainstream investment broker to offer cryptocurrency trading (Robinhood Crypto is available in most, but not all, U.S. states). Like its stock-trading platform, Robinhood charges no fees for Bitcoin trades.
Other ways to buy or invest in bitcoin
- Bitcoin ATMs
- Peer-to-peer bitcoin owners.
- Exchange-traded funds.
- Grayscale funds.
2. Which type of storage you would like to partake in
With a type of digital wallet, you can store your bitcoin in a hot or cold location. A hot wallet typically has a faster deadline for transactions to go through, while a cold wallet incorporates extra security steps that take a longer amount of time to successfully send the available coins from your account.
If you want to buy Bitcoin, there are many hot wallets out there. Here are a few to check out:
A cold wallet is a small, encrypted portable device that allows you to download and carry your bitcoin. You can spend as much as $100 for one or they are usually considered more secure.
Cold wallet providers include:
- Ledger Nano
3. Make your purchase.
To buy bitcoin on an exchange, you first need to link your wallet. The last step is deciding how much bitcoin you would like to buy. Bitbuy does not charge commissions on trades, so your investment could be as affordable as $25 per bitcoin.
4. Manage your investment and decide what long-term plan to follow.
Deciding how to invest in bitcoin can be challenging. Consider your plan for the future of bitcoin, as well as the complexity of its tax situation. Investing now could be the benefit you’re looking for, just know that time is crucial to success.
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