what do you have to know before investing in Bit coin?
How to Invest In Bit coin ?what do you have to know before investing in Bit coin?
1) get a wallet:
Just like any other currency, you have to have a place to store your Bit coin, or more accurately, store the private keys you can use to access your Bit coin. These aren’t the type of wallets you buy at Target, though. The software comes in many different forms, most of which can be downloaded on your smartphone, tablet, or computer desktop.
Hardware: These are physical devices that look similar to a flash drive. If you are planning on buying high-value Bit coin for a long period of time, this type of hardware is the way to go. Because they’re offline and completely controlled by you, they’re the most secure option for long-term storage and large sums of Bit coin.
Online Storage: Websites like GreenAddress act as an online wallet for users. While this is a convenient option for those looking to quickly buy and sell a small amount of Bit coin, keep in mind that wallets that live entirely online are far more likely to be hacked than hardware or apps.
Apps: Probably the most popular form of Bit coin storage, wallet apps can be downloaded onto your smartphone or tablet. Samourai and Mycelium are solid options for Android users, while Breadwallet and Edge are the best options for iOS users.
Desktop: These wallets combine the technology of hardware and app wallets. You download an application to your computer’s desktop, allowing you to use your house your Bit coin wallet digitally, yet offline. Electrum is currently the top desktop wallet available.
2) register with an exchange:
Next, you need to sign up for an account with an exchange. A Bit coin exchange is an online marketplace where Bit coin is bought and sold. There are a lot of different options out there, but make sure that the exchange you choose is reputable with a solid number of users.
3) ID verification:
Bit coin used to be a way to anonymously send currency, but most exchanges now require identity verification before you can buy or sell. Transactions still offer slight anonymity, but Coinbase (and many other exchanges) are required by U.S. compliance laws to have a record of users on their platform.
4)specify payment method:
Lastly, you’ll have to connect a payment method. For years, credit cards were the most common way to pay for Bit coin. Recently, however, credit card issuers and some international governments have put strict regulations on using credit cards as a buying option. Most credit cards are no longer accepted as a method of payment, meaning people have had to look into other options.We give you an overview of the most common methods of payment below to help you decide which is the best option for your investment.
5) buy Bit coin:
From there, you’re ready to buy and sell Bit coin based on the current market value. Rather than paying for a set amount of Bit coin, you will tell the exchange how much money you want to trade, and they’ll break down how much Bit coin you can buy. Unless you’re investing thousands of dollars into the crypto currency, you’re likely to be buying a fraction of one Bit coin.
How to Invest in Bit coins and Where to Buy?