When you hear the word “Bitcoin”, you immediately start searching for information on the cryptocurrencies such as what are cryptocurrencies, how to buy them, how to buy in Bitcoin, etc?
If yes, then you’ve come to the right place.
There are a few steps to consider and follow.
But first, you need to make sure you’re into a good investment before you plunge into the cryptocurrency market.
Join a Bitcoin Exchange
To invest in Bitcoin, you must join a Bitcoin exchange. You should not invest in a pump-and-dump scheme or pyramid scheme, which are illegal.
While investing in cryptocurrencies is not against the law, you should not invest your money in these scams, as you may be subjected to an IRS audit or criminal investigation.
Therefore, you should learn how to invest in Bitcoin safely and ethically before you begin.
To purchase bitcoin, you must first sign up for a cryptocurrency exchange. The exchange will then ask you to connect a payment option. Most exchanges will accept debit cards, credit cards, and bank accounts.
Be careful with the exchange you choose, as cryptocurrency prices can fluctuate quickly and cause your total investment to rise or fall.
Moreover, while it is legal to invest in cryptocurrency in the United States, some banks will doubt your eligibility and stop you from depositing money on their website.
Register into a Bitcoin Wallet
First, you should open an account with a cryptocurrency exchange. Most exchanges come with a Bitcoin Wallet where you store your digital assets. You will need a few basic details, including your name, email address, social security number, and credit card information. Some exchanges may require you to upload a picture of your ID or passport. Registering into a Bitcoin wallet is very similar to opening a brokerage account. Once you’ve registered, you’ll be able to trade and purchase Bitcoin instantly.
Once you’ve registered with the exchange, you’ll need to gather all of your personal documents. These documents will include pictures of your driver’s license, your Social Security card, and information on your employer or source of funds.
You may be required to present these documents, depending on your region and local laws. The process for setting up an account with a cryptocurrency exchange is similar to that of opening a traditional brokerage account.
Buy Bitcoins and Hold For the Future
When to buy Bitcoins? When is the best time? If you’re looking for the best price, buying them early in the week will give you the best chances. However, buying on Monday or the middle of the week can also bring you a better deal.
During the week, the market is very active, and you’ll find more people buying Bitcoin than usual. On Monday, the price of Bitcoin will increase as more people are considering buying it. But once the week is over, the demand for Bitcoin will drop. And this cycle repeats itself each week.
If you’re looking to profit from Bitcoin, you can purchase it directly or purchase a derivative that provides you with a return on currency movement. Both ways can provide you with a profit – though you’ll be able to see much more gains if you buy bitcoins directly.
Owning bitcoin directly means that you’ll have a higher profit for every dollar that the currency increases in value. But buying bitcoins via futures allows you to make more money faster without investing as much capital. While owning Bitcoin directly has its benefits, futures can come with more risks.
The traditional finance world will have to adopt cryptocurrencies. Whether you choose to buy bitcoins depends on your personal risk tolerance and how you view the future of humanity.
Interestingly, Russia has stated that it’s considering cryptocurrencies because they want to cut its dependence on the US dollar. And this is a positive sign for the future of mankind. So, is now the right time to buy bitcoins and hold them for the future?