When I heard the term “Bitcoin” for the first time, I had no idea what it was, just like everybody else. While my friends were speaking about Bitcoin’s potential, to be truthful, I did not believe that Bitcoin will ever reach $20,000 as it did in 2017.
There was a lot of skepticism about Bitcoin at the beginning. Still, as time went by, Bitcoin proved itself a valuable asset, and those who invested initially are the real winners now.
But it is never late to invest. Since you are here reading this article, you probably are looking to invest in Bitcoin but don’t know where to start. Below I am going to explain how to invest in Bitcoin and other cryptocurrencies.
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Buying Bitcoin through a cryptocurrency exchange
Before buying Bitcoin on a cryptocurrency exchange, you need five things:
Bitcoin address – A series of numbers unique to you that enables you to receive Bitcoin (acts like a bank account number). They are differently known as a ‘public key.’
Bitcoin wallet – A safe place to store your Bitcoin (acts like a bank account).
Bitcoin exchange – A site to convert old-school cash into Bitcoin (acts like a bureau de change).
Payment method – A debit or credit card to buy Bitcoin.
Form of identity – You’ll need your passport or driver’s license to hand.
This is the easiest and most common way worldwide. First, before you pick a cryptocurrency exchange, make sure you already have a wallet to store your Bitcoin.
According to Cryptoapi Exchanges, these are the top 10 cryptocurrency exchanges from 318 that exist in total:
- Huobi Global
- Coinbase Pro
Now, you just have to pick one of these exchanges. Open an account where you have to fill necessary information about yourself, such as your name, email address, phone number, and use a credit or debit card to purchase Bitcoin or any other cryptocurrency. Skilled traders buy and sell in short periods as they know what they are doing. If you are a beginner, you can hold the Bitcoin you purchased, wait for the value to increase, and then sell the Bitcoin at a higher price.
Bitcoin ATMs are like kiosks, where people buy Bitcoin using their credit or debit card. There are Bitcoin ATMs also that allow selling Bitcoin, not just buying. They are differently known as bi-directional Bitcoin ATM’s. You can buy Bitcoin using cash, but you will need to install a wallet first to transfer the coins to your chosen address. The first publicly Bitcoin ATM to exist was on October 29, 2013, in the Waves coffee shop in downtown Vancouver, Canada. The ATM operated until 2015, when it terminated operations.
Back in the days when Bitcoin was just released, this was a modern method of buying and selling Bitcoin. If you had a wallet and were interested in purchasing Bitcoin and preferred to be anonymous, you could just meet a local seller and buy it from him. You can still do it now. There is a website such as LocalBitcoins, where you can find local sellers.
It is preferred to meet the seller in a public space, and parties should take all the precautions they’d usually take when carrying and exchanging significant amounts of cash. A smartphone or a laptop with internet access is preferred to be carried as the buyer will need to store the coins in the wallet. If you don’t like meeting a seller face-to-face, you find discussions about cryptocurrencies in your city and buy crypto.
Cryptocurrencies are growing and getting more appreciation. Investing in cryptocurrencies now is one of the smartest moves one can make, as it expected that they would only have a more significant impact in the financial world in the future. Cryptocurrency exchanges are the most preferred and most practical way if one wants to buy or sell cryptocurrencies.