Cryptocurrency has been an internet sensation for the past couple of months/years. Almost everyone is talking about it and how they’d want a piece of the industry. Some have stated how much of a craze it is that it might end up as a bubble burst. On the other hand, some pundits are optimistic about the fact that this digital currency will grow so much in the future. So much that it might even one day overtake fiat currencies. Regardless of which side of the equation is right, you, as a beginner, have probably admired the chance to join this bandwagon. Maybe because you see the potential, or maybe just because of the fear of missing out (FOMO). Whichever your reason to join is, you need a Bitcoin Cryptocurrency app platform to aid your journey.
You really don’t need a lot to start investing in Bitcoin. At most, you need a bank account or funding source, a secure internet connection, and a Bitcoin Cryptocurrency app or an exchange. In the event that you’re using your typical money transfer app, then it would mean that your details are already with them, and that you don’t have to supply any new information – unless they ask you for it. So, here’s a step-by-step guide on how you can invest in crypto, specifically Bitcoin for that matter:
Step One: Use a Bitcoin Cryptocurrency App or Exchange
Whichever goes well with your soul, you can trade crypto using either a Bitcoin Cryptocurrency app or an exchange. Because of its open-source nature, there’s no specific ‘official’ Bitcoin Cryptocurrency app. There are just several apps, brokers, and exchanges that you can use. Therefore, to ensure that you choose the right one, you need to place a few things at the top of your priority list.
For starters, security is very important when you’re making a decision on which Bitcoin Cryptocurrency app or exchange to choose. You want a platform that will secure the resources of their clients and ensure them against theft and loss.
Next, you need to check on the fees. How much are they charging for bank deposits or credit/debit card refills? You need to choose an affordable Bitcoin Cryptocurrency app or exchange. But note that fees only come into consideration after you have certified their levels of security.
Step Two: Get a Bitcoin Wallet
After you have selected your preferred Bitcoin Cryptocurrency app or exchange, next you will need to select a Bitcoin wallet that you can use to store your proceeds. While this is not really a must, as you can store crypto through your exchange or Bitcoin Cryptocurrency app, some just prefer wallets.
Under wallets, you’ll get the option to choose a hot or cold wallet. Hot is available online and maintains your crypto online. The latter holds your resources offline in a device that almost resembles a USB hard drive.
You need to note that the offline option to store your crypto is safer because it is away from the online preying eyes of cybercriminals and scammers. But still, a good online wallet will also put in measures to counteract any possible scams and theft of cryptocurrencies.
Some Bitcoin Cryptocurrency app platforms and exchanges will not allow you to move your crypto assets off of their platform to another service. So, you might want to check this factor in their terms and conditions before you can sign up to use their services.
If you decide to go the wallet route, then you’ll need to connect it to your bank account after acquiring it. In this way, you can easily buy and sell coins. On the other hand, you can link your cryptocurrency exchange or app to your bank account if you choose not to use a wallet.
Step Three: Place Your Bitcoin Order
Using your Bitcoin Cryptocurrency app or exchange, you can place an order for the Bitcoin amount you’re able to buy. Normally, you will buy a portion of a Bitcoin rather than the whole coin. This is because of the expensive cost of acquiring an entire Bitcoin. But if you have the financial muscles to do so, then why not?
Again, because of Bitcoins high pricing and market value, you might want to consider other cryptocurrencies such as Altcoins. Ethereum, Litecoin, and Dogecoin are some examples of alternatives to Bitcoin that you can consider.
Step Four: Manage Your Bitcoin Investments
The last step after you have bought Bitcoins is to manage the investment. You can opt to use your coins to purchase goods and services online, send it to an individual, or hold your coins for a period of time in the hopes that it will increase in value and pricing. Whichever your decision is, you need to take into account the volatility of the cryptocurrency space. Make decisions based on market news and changes.
Final Thoughts
There you have it! That’s how you get into the crypto space as if you were a pro. Note that crypto trading is a risky venture, and you need to be careful with the investments you make. All in all, remember to trade with the right Bitcoin Cryptocurrency app or exchange.