Guide

Beginners Guide to Owning bitcoin

For the nomads, it might be hard to start investing in bitcoin for the very first time when you enter the market. So if you are a beginner and trying to find an easy way to invest in bitcoin, then don’t worry. With the help of this article, you will be guided through the steps and how you can make money out of this leading digital cryptocurrency, which has been dating back to 2009.

What is bitcoin?

Before starting on the topic of investing in bitcoin, you have first to know what it is. Bitcoin is a leading digital currency that is used by marketers and traders. It is based on blockchain management, and it is going places. Bitcoin is an added type of cryptocurrency that can get you a lot of profit if you invest in it for the long run. Cryptocurrencies have the kind of potential where people can invest in them overnight and then come out as millionaires. So to educate the investors as much as possible, they first have to understand how they can invest in it rightly. There are only 21 million bitcoins present in the market, and that is the reason why it has excellent value and viral adoption from all around the world.

How to buy bitcoin in 2020?

Looking for options to where you can buy bitcoins for investment? Well, you will have plenty of options, right in front of you. So before you get started, here is something which you should know. When you are beginning to invest in bitcoin, then there are two ways through which you can go with it. One is to find an exchange website to buy your bitcoins, and the next one is to get a bitcoin wallet. Bitcoin wallets are the software wallets where you can store your bitcoins so that they can be safely kept from the prying eyes.

Here is a quick added summary of how you can proceed with the following.

  1. Step one will be to get a bitcoin wallet for yourself.

  2. Then you need to locate your bitcoin address.

  3. After you have done with it, you can go to any website where you can buy these bitcoins.

  4. Enter the bitcoin address and make the payment.

Minutes later, the bitcoins will be sent to your wallet. You don’t have to worry about the transaction because when you have made the payment, you can rest with it. Your amount won’t be assessed by the source of any third party if you are buying your bitcoin from a trusted source.

From where can you buy your bitcoins?

First things first, you have to find a live site and a proper, integrated platform from where you can buy your bitcoin. You can find it in the following few countries which produce bitcoins to users.

  1. USA: Coinbase.

  2. India: WazirX or CoinDCX.

  3. UK: Bitit

  4. Israel: CoinMama.

  5. South Korea: Bithumb.

  6. Russia: Yobit.

  7. Nigeria: Binance

  8. Japan: Coinmama.

However, you have to find a suitable platform and where you reside. These platforms are only for people who are living on them. So if you are from the USA, then Coinbase is the best site to buy bitcoins. And if you are from India, then platforms like Bitcoin circuit, Wazir x, and so on, can help you with the bitcoin collection, accordingly. But there are some problems which the consumers can face during buying. Suppose you don’t have the intended cash with you right then, it will be hard since you won’t be able to buy the bitcoin. So here is an immediate solution.

  1. You can get bitcoins with the help of cash. It is a risky way, but it works at a time during emergencies.

  2. You can even use your PayPal account to pay for the bitcoins.

  3. There are credit cards and debit cards that are used by certain websites, but it is better not to share all your card information with a third party.

Where can I store my bitcoins?

After you have purchased your bitcoin, you might be thinking as to where you can store it. Well, it is quite easy. With the advent of digital trading, it has become convenient for the users to store all their bitcoin into one place. That is done with the help of a secured wallet. If you search online, then you will get a lot of choices where there are a ton of bitcoin wallets available, but you have to be extremely sure whether you can use them or not. Most of the wallets are a fraud, and you cannot usually trust these sites. There is a big mistake that can be committed from your end if you pick a random wallet out of the blue.

Here is how you can store your bitcoins safely in a functional wallet.

  1. Don’t trust all the sites which show that you can store your bitcoins there. It is mostly a scam, 70% of the time.

  2. If you are buying bitcoins from a site, then you will be presented with a small wallet with it. But it is only done for a temporary period of time.

  3. Make sure that you ask your fellow traders about the type of wallets that they use. They are sure to give you a handful of recommendations.

You are responsible for the whole security

Remember when it is being said that bitcoins are not like your traditional cash, which you can keep safely in your home. These are the digital currencies that are being used for investment and trading purposes, so you are 100% liable for your bitcoin collection.

Trade smarter, invest better

Bitcoins have been here in the market for a long time now, and even though the prices of bitcoins have dropped, they are sure to rise again later in the future. Treat your bitcoin investment like you treat your other options as well. Make certain that you use it wisely and in terms of perfect service so that you can yield better results from it in the later future.

Dane
About author

Dane Judd is a creative writer for SBI Marathon. She has been in the industry of communications for 5 meaningful years and counting. Aside from writing, Dane also loves to surf.
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