How to Buy Bitcoin?

With the prices rising high, Bitcoin is turning to be popular worldwide. People of the United States are not behind and they are doing everything to have hold on this cryptocurrency. A few years back, buying it was a bit difficult but the popularity has become the game changer and buying it is now quite easy. For all the newbies out there, this blog is a guide here for helping to buy Bitcoin.

The first two things you will need are an exchange that is a place for buying and a wallet to store it. You may have to register on your desired site to get the right product.

Suppose you want to convert CAD to Mexican pesos. You then take the cash to the foreign exchange and convert the money. The exchange takes their cut and returns the rest of the amount. Buying bitcoin is similar but it happens in the digital platform and the transactions are also digital.

Get a Wallet

You can get your choice of wallet such as Coinbase. There are apps that are not so good from the security viewpoint but if you are a beginner, try an app that has wallet and exchange both at the same place. Finding this type of app will make the first bitcoin buying experience a good one.

The prime objective of bitcoin is to protect your money. No one can take your money from you. If you own a private key, this will be true as it will work as a password to the money. Find a wallet that will store the private key for you. The advantage of the private key is your money protection. In most of the apps, if you lose the private key, consider the money gone forever. This is like an impenetrable locker and you forgot the combination key. You know your money is there but unable to get it. There is another side also. In such an app that stores your private key, if get hacked, you will be left with no money. If the app disappears or goes bankrupt, your money will be forfeited. These all the risks involved. Let cut it short, if you are a beginner this is your learning process.

Sign up for an account

Can you remember the very first time you opened a bank account? That is quite easy but if you recall the process was intense. You have to visit the branch physically in the working hours. You have to show up with your identity proof. You have to register for the account followed several paper work. Having a bitcoin account is no different but it all happens in a digital platform.

To get the process kick started, let the email account get verified like any other random app. There could be questions regarding regulatory compliance. Now follow the steps and complete registration

Some of the apps may need your identity verification. Take a photograph of your ID and the app will verify if you are a human. The time span of this verification process depends on minutes, hours, days or weeks. You do not know how long it will take, therefore, be prepared with your account always.

Money Source Connection

While buying cryptocurrency you need a way to buy it, specifically to pay for the currency. On the account, add a payment method. This is done the same way you add your credit card on a shopping site or to the Uber account. You can either add a debit card or a credit card. Due to some of the risk factors adding a credit card is always recommended.

Now comes the most important rule. If you are interested to invest in cryptocurrencies, prepare yourself to lose the money completely. Most people who are already dealing with it for a good time have experienced disappearance of half of the invested money overnight. This is not something to rejoice but knowing the factor will keep you prepared mentally. This is one of the downsides of this volatile market. If you are not good at handling this money loss, you need your money safe always in case you need it in an emergency, this cryptocurency trend is not for you.

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