The blockchain is the need and the future of our generation. Cryptocurrencies are roaring around in the market from last 2 years. The heart of cryptocurrency, Bitcoins, is the most popular coin in the entire blockchain Technology. almost 95% beginners in the cryptocurrency market go to invest and make money through Bitcoins. This is because of the massive return which Bitcoins gave to its investors, back in 2017. So are you willing to invest in Bitcoins and want to know how to do it? In this post, we will explain to you how to buy Bitcoins for the first time.
Cryptocurrency is a very vast sphere and beginners often get lost in this. There are hundreds of factor which you have to keep in mind and look at when you are investing in Bitcoins. You might probably be confused between which Bitcoins exchange to choose and if you can buy Bitcoins using Fiat currencies. Don’t worry, we will guide you step by step and explain to buy Bitcoins for the first time.
How to invest in Bitcoins for the first time?
Step 1: Find a suitable Bitcoin exchange
You might be thinking what is a bitcoin exchange. A bitcoin exchange is a platform where you can exchange your Fiat currency for Digital currency like Bitcoin. There hundreds of cryptocurrency exchanges. However, you will have to choose the best one for buying cryptocurrency for the first. While choosing the Bitcoin exchanges you have to keep in mind that the wallet is 100% safe and does not a scam. Most Bitcoin exchanges take the money and never gives you the Bitcoin. Hence, you need to be cautious.
However, you don’t need to worry about the cryptocurrency exchanges because we have listed down the best cryptocurrency exchanges here. Choose any one of these from the list and get started with buying Bitcoins for the first time.
Step 2: Sign Up & Complete Details
All the cryptocurrency exchanges require you to sign up on the website. After signing up, you have to complete certain formalities like filling up your personal details and verify OTP via mobile number. You might also have to upload a government ID proof to verify that you are a citizen of a particular country.
Step 3: Select your Payment option
Before you can trade in the cryptocurrency exchange, you have to load money in your cryptocurrency wallet. Most cryptocurrency websites have the option to pay via PayPal or any other local payment option. Coinbase does not accept Paypal. You can pay from your Credit card, debit card too. So, load the amount based on how much Bitcoin you want to buy.
Step 4: Place Exchange Order
Once you have loaded money in your wallet, you can exchange it with a cryptocurrency, like Bitcoins. Go to the Bitcoin option and select the amount you want to purchase. Then select confirm the trade. Boom! Your order will be placed on the exchange. As soon as it is matched with someone who is selling at the exact rate at which you want, Bitcoins will be added to your wallet. You have successfully bought Bitcoin for the first time.
- There is a lot of scams associated in the cryptocurrency market hence be on the same side and use platforms which are highly rated and popular.
- Always be sure to trade when the rate is flexible.
- Most people lose the money because they think that they can make quick money in the Bitcoin market. But end up losing all the money.
- Always be aware of the news going around in the cryptocurrency market because news plays a very crucial role in setting market trends. You can find the best cryptocurrency news websites here.
- Read out the pro tips for trading in the cryptocurrency market.