HOW TO BUY BITCOIN

Bitcoins can be bought through:

1.      Exchanges

2.      Stockbrokers and

3.      Other owners



These are my own opinions and my personal research. You can conduct your own research for being on the safer side. This blog is being written in July 2020. So, the data can change in near future.

It is always fun to be rich. Very soothing, very invigorating indeed. But there should a warning when making purchases of cryptocurrency online; don’t buy more than you could afford to lose.

It is way more volatile than bonds, mutual funds, and stocks. But still, greater the risk, greater the fruits. There are many investment agents that suggest that you should never invest in cryptocurrency more than %10 than your total assets. So, if you lose, you the shock could be bearable.

 

1.      WHERE TO BUY CRYPTOCURRENCY FROM?

There are brokers and online exchanges for buying Bitcoin and Cryptocurrency.

Online Digital Currency (Cryptocurrency Exchange) Exchange

COINMAMA

Coinmama trades in the following currencies.

1)      Bitcoin

2)      Bitcoin Cash

3)      Ethereum

4)      Ethereum Classic

5)      Cardano

6)      Litecoin

7)      Qtum

8)      Ripple

9)      Tezos

10)  Eos

It requires a minimum of $60 purchase. Its charges %5.9 as transaction fee it charges an additional %5 on credit card purchases..

GEMINI

Gemini is a US-based cryptocurrency exchange. It sells and purchases Ether, Bitcoin, and Bitcoin Cash. Its transaction fee ranges from $1 to $1.50 plus an additional %0.5 fee.

COINBASE

It is very popular among US buyers of Bitcoin. The main factor is that because the buyer can easily link his or her bank account with Coinbase. It offers the following products.

1)      Compound

2)      Orchid

3)      Tezos

4)      Dai

5)    Eos EOSIO is a protocol designed for fast and free blockchain apps. 

6)      Stellar is a platform that connects banks, payment systems, and people. 

7)      Zcash is a cryptocurrency with strong privacy features.

8)      Basic Attention Token

9)      Ox


BINANACE

Binance is the world’s largest cryptocurrency exchange. Let me amaze you further, it charges only a 0.1% fee for all cryptocurrency trades. There is an option where you can purchase through credit cards. In some US states, this option is not available.

TRADITIONAL STOCKBROKERS

Currently there are less traditional choices for the buyers of cryptocurrency. The first investment broker was Robinhood. Strangely satisfying is the notion that it charges no fees for trading for bitcoin trades like its stock-trading platform.

Crypto trading is offered by Tradestation as well. It deals in Bitcoin as well.


SOME OTHER WAYS TO PURCHASE OR INVEST IN BITCOIN

BITCOIN FUTURES

A way for investors to trade on Bitcoin Futures is provided by TradeStation. Don’t bother to look up if you are an amateur. It is professional level stuff, my dear. What is Bitcoin's Future? Simply, as the name itself suggests, it is an agreement to buy or sell your cryptocurrency in the future.

GRAYSCALE FUNDS

It is a Digital Currency Asset Manager. The following are publicly traded over the counter like regular products.

GBTC: Grayscale Bitcoin Trust

ETCG Grayscale Ethereum Classic Trust

It means different brokers can offer you different levels of discounts.

BITCOIN ATMs

These bitcoins ATMs work like our regular ATMs. The only difference is you can use them to buy and sell your Bitcoins. There are more than 3,000 Bitcoin ATMs located in the USA. CoinATM-Radar can help you locate them.

PEER TO PEER BITCOIN OWNER

The simple and the easiest way is, you can purchase Bitcoin from another Bitcoin owner in your locality or PR. Extreme caution is advised by me if you buy Bitcoin from the person you know. Don’t tell me later that Hassan Khawaja didn’t tell you.

WHAT TO KNOW BEFORE YOU BUY BITCOIN OR CRYPTOCURRENCY

INFORMATION

It takes only a few minutes to set up an account for cryptocurrency. But some personal information is required. Social Security number, bank account, and some companies ask for a picture ID.

Don’t forget to secure your passwords, they are the only key to your financial assets.

CREDIT CARD USE

My advice for you is, please do not use a credit card while investing in cryptocurrency”. If it is necessary, borrow something else of the same monetary value, and with that thing, purchase your cryptocurrency to make secure your banking information.

CRYPTOCURRENCIES AND BITCOIN

Whether there is theft or exchange failures, cryptocurrency is not insured by SECURITIES INVESTOR PROTECTION CORPORATION. Some private insurance are provided by other companies. You can search online for cryptocurrency insurance.

SECURE AND PRIVATE INTERNET CONNECTION

The last advice in this regard is NEVER FAIL TO USE SECURE INTERNET CONNECTION. You would be amazed to know that hackers used accounts of BARRACK OBAMA, JOE BIDEN, ELON MUSK, BILL GATES, and OTHERS to fetch money. As I told you about the security of cryptocurrency, the blockchain system is impenetrable. So, they hacked the accounts of these famous people and lured the laymen to double the money. So, it is advisable to always use a secure internet connection.


HOW TO STORE BITCOIN

These can be stored in two kinds of wallets: a hot wallet and cold wallet. The hot wallet is faster and cold takes extra security measures.

HOT WALLET FOR BITCOIN

Here you can store your coins with a provider or an exchange. You can access your bitcoins through an app, browser, or internet. All most all the exchange which sell bitcoin offer you hot wallet facility. But I don’t why most buyers prefer third party storages.

My advice is, bitcoin sellers’ facility is secure. Don’t trust third parties, they are hot cakes for hackers. There are tons of hot wallet providers, I have shortlisted 4 of the famous for you.

BLOCKCHAIN It is an online hot wallet service. It is not an exchange, so it is less vulnerable and attractive to hackers.

MYCELIUM It can only be used through cell phones. A mobile-only service that provides hot wallet. For both android and iPhone users.

ELECTRUM It is a software that can only be used in PC.

COINBASE It is a very popular exchange. It also offers hot wallets, insurances against theft, security breach, and hacks.

 

COLD WALLET FOR BITCOIN

It is a small electronic device that helps you to store your coins. It is comparatively very secure. The device can cost you up to $100. You can even download your bitcoins in it. These two are the famous cold wallet providers.

LEDGER NANO It has been designed like a USB. They sell cold wallets from $60-$120.

TREZOR It sells cold wallets from $80-$170. They have designed their cold wallets like a key.

PURCHASE BITCOIN

You might have now linked your wallet to your exchange of liking. It is now the last step. Make your mind and make a decision. How much you want to invest in bitcoin? A single bitcoin has gone to multi-thousand dollars. But you can buy a fraction of it. Say, a share of $20. The trading symbol of bitcoin is either BTC and XBT.

MANAGE YOUR ASSETS OF CRYPTOCURRENCY

Do you know what is day trading? It is, you buy bitcoin now, and sell them when their prices soar.

But if you want to make a good fortune, make a purchase now and hold your assets for quite a long time.

THE MARKET OF BITCOINS IS HIGHLY SPECULATIVE, HIGHLY VOLATILE NOWADAYS. Always make a wise decision.

Please read my other article. If you want to learn how the bitcoin technology works or what is blockchain.

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