Bitcoin is the newly found gem of digital treasure hunting. The digital store of value that Bitcoin is, offers a p2p decentralized payment method with a limited amount of Bitcoin token circulation in Blockchains worldwide.
Since you are reading this, you may already have an idea about the sky kissing value of Bitcoin, and you are inclined to buy Bitcoin. Bitcoin investment is now one of the most popular ways to make money. Investors are using Crypto Arbitrage VIP to increase their Bitcoin and earn more.
Now, if you are new to the world of Bitcoin, you might need some Bitcoin buying guide to start investing in bitcoin. In this article, we have discussed how you can invest in Bitcoin and make some money.
Things You Must Have Before Buying Bitcoin
Before buying Bitcoin, you need to have several important things that will complete your investment. Here are those important things-
- You need to have an account on a cryptocurrency exchange platform.
- Personal identification is necessary if you are using a platform with KYC.
- An excellent & secure internet connection is essential.
- We recommend that you keep a personal wallet outside the exchange platform.
- Valid and comfortable payment method; for instance, bank account, credit or debit card, etc.
- Private keys are vital; holding one offers you to authorize transactions on a blockchain.
How To Buy Bitcoin Steps
The below steps are all about helping you to buy Bitcoin and sell them according to your wish. But it would help if you remembered to do your research before making any trading decisions. Bitcoins are volatile, so you need clear insight and accurate predictions to pinpoint the best time to buy and sell Bitcoin.
Here are the steps.-
Choose A Cryptocurrency Trading Platform
You need to choose a platform where you can buy or sell your Bitcoin. There are three most popular cryptocurrency trading platforms-
- Cryptocurrency exchanges.
- Cryptocurrency brokerage.
- Payment services.
Cryptocurrency exchanges are the most-used platform for trading Cryptocurrencies. The exchange platforms come with several features, and there are several of them on the internet.
Once you sign up to a cryptocurrency exchange platform, you can buy, hold and sell your Bitcoin. We advise you to look for a cryptocurrency trading platform that allows you to withdraw your Bitcoin to your personal wallet for safekeeping.
Some of the best cryptocurrency exchange platforms are-
Coinbase, Gemini, these platforms follow government laws requiring users to submit their identification documents.
Include A Payment Option To The Exchange
Once you have chosen your platform, you need to gather your documents; the platform will need your identification proof. Based on the laws of your country, the required documents may vary. You may need to provide your-
- Driving license.
- Your employment information.
- Social Security number.
Once the exchange has done your identity verifications, you will need to provide them with an active payment method. You can directly add your bank account, or you can add your debit or credit cards. We recommend using your bank account.
Although Bitcoin is legal in the USA, some bank accounts block depositing your money to cryptocurrency exchange websites. Therefore, it is always best to check if your bank allows transactions on a cryptocurrency exchange website.
Order Your Bitcoin
When you are done setting up the platform account and submitting your payment method, the next thing you need to do is to place an order. Cryptocurrency exchanges offer different types of orders for you to invest in Bitcoin or altcoins.
Both market and limit orders are available on most cryptocurrency exchange platforms. Some platforms also offer stop-loss orders. There are many types of orders available in Kraken. Market, limit, stop-limit, take-profit limit, stop-loss orders are available in Kraken. Some platforms also offer recurring investments and purchases.
Holding Your Bitcoin
Once you have purchased your Bitcoin, you can keep it in holding for several months. Waiting for Bitcoin’s price to rise is the best way to make the most out of your investment.
If the exchange allows you to store the Bitcoin to your personal wallet outside the platform, then you should take advantage of that feature. If the exchange were to get hacked, then you would be able to safely keep your Bitcoin in your personal wallet.
Although most of the platforms offer the best security, we recommend that you choose a personal wallet for safekeeping your Bitcoin for a long time.
Sell Your Bitcoin
The ultimate step in the Bitcoin money-making process is to sell your Bitcoin for a higher price than what you paid to buy it. You can sell your Bitcoin on the same platform where you bought it. Or, you can do crypto arbitrage and sell it to another platform for an even higher price.
To sell your Bitcoin, You need to move it to the exchange and set an order type. Usually, the platforms charge a specific percentage of transaction fees.
There are also monthly withdrawal limits. If you sell on a large scale, you may not receive the cash instantly after the trade because of the withdrawal limits.
Bitcoin’s price is only rising. The value may face ups and downs, but eventually, the price is going upwards. This process will surely help you buy and sell Bitcoin with ease.
Signing up to an exchange platform, buying bitcoin, safekeeping it for selling in the future, and ultimately selling it for a satisfactory amount is the simplest way to make a profit in Bitcoin trading.
Author bio:Ani Johnson is a passionate blogger. She loves to share her thoughts, ideas, and experiences with the world through blogging. Ani Johnson is associated with Gossipment, TheParentsmagazine, ThePetsMagazine, TheDatingDiary, TheLegalGuides, EssayWritingGuides.