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Here’s how to safely buy bitcoin online (step-by-step)
Are you excited by the idea of purchasing Bitcoin online? For a majority of people, it is! However, sketchy websites and shady dealers abound in this domain, making it more of a risky gamble than a smart move. Nevertheless, with the right steps and knowing where to look out for, you can easily ensure a better experience in this domain. In this blog, understand, how you can make your Bitcoin buying experience smooth, seamless, and protected, with a few simple steps. Get ready to feel more confident about purchasing your first Bitcoin!
Step 1: Understanding Bitcoin
Would you purchase any new dress without knowing the material you are dealing with? No, right? Similarly, when you are entering the world of Bitcoin, knowing the ins and outs of the same is essential. In simple terms, Bitcoin is a form of digital currency, which has been crafted to enable people to send currency directly to one another, without the need of an intermediary. By leveraging the power of blockchain technology, which is a fancy public ledger you can record each transaction you are making using Bitcoin.
The reason for purchasing Bitcoin is different for different people, including as a long-term pecuniary decision, as a method of fast international payments and more. You must remember that Bitcoin prices are fluctuating, going up and down constantly, which means that setting a clear goal before starting is crucial!
Step 2: Choose a safe crypto wallet
Stashing Bitcoin and storing it requires a crypto wallet, as you can store it in a bank. Two main types of wallets that you can purchase are hot wallets and cold wallets. The former is super convenient but might be exposed to vulnerabilities, whereas the latter is extremely protected.
Step 3: Pick a trusted Bitcoin exchange
Where can you actually buy Bitcoin from? This is a stage where people, and especially beginners mess up a lot! You must know one fact not all the platforms that offer you a chance to purchase cryptocurrency are legit. Sticking to well-known exchanges that have appropriate reviews is extremely essential.
The well-known exchanges follow strict protocols for protection and have appropriate customer support to help you through all your needs. Check for a clean and easy-to-use website and positive user reviews before selecting any exchange. Besides, ensure that the exchange is compliant with all regulations and have no sneaky charges involved.
Step 4: Set up and verify account
After choosing the exchange you want to stick to, create an account by entering your email address and setting a password. Besides, you need to verify your identity as well. KYC or this Know Your Customer process is extremely essential for preventing any kind of fraudulent activities and cleaning up the space totally!
Identity verification is an extremely important process, and legitimate platforms allow a smooth and protected verification process altogether. After verification make sure that the 2-factor authentication is turned on, for adding an extra layer of protection.
Step 5: Fund your account
Before buying Bitcoin, it is essential to fund your account after it has gone completely live and is verified. There are multiple payment options that you can use to deposit the funds to your account like credit or debit card, bank transfer, or any digital wallet!
With each method, different fees and processing times are involved and you need to make sure that the payment method you use matches your exchange account. Bank transfers generally have lower charges, whereas, credit and debit cards have higher charges. Know all charges before proceeding.
Step 6: Buy Bitcoin
Still, wondering when you will actually buy a Bitcoin? Well, that time has arrived, once you have funded your wallet. You can now buy a Bitcoin or a piece of it as you don’t have to buy a whole Bitcoin which is extremely expensive!
Check the minimum price at which your chosen platform lets you buy Bitcoin and start purchasing it after funding your account with that amount! All you need to do is go to the Buy or Sell section of your platform, choose Bitcoin as the coin, enter the amount of Bitcoin you want to buy, review the fees, and confirm the transaction. Simple!
Step 7: Transfer your Bitcoin to your wallet
This is a part that you as a beginner might skip and then regret later. You cannot leave your purchased Bitcoin on the exchange, as it exchanges are vulnerable to getting hacked. Besides, there is a greater chance of your account getting frozen, which can be a major cause of bother!
As soon as you purchase any Bitcoin, just make sure that you transfer it to your personal wallet. You are in full control of your Bitcoins, once you place it in your wallet.
Step 8: Stay safe and stay smart
Are you happy that you purchased your first Bitcoin? Don’t get too relaxed! The job isn’t completely done yet! Always remember certain things to ensure maximum protection of your assets.
Do not share your recovery phrase with someone else and ignore random messages and emails asking for crypto help. Always cautiously select browser extensions and apps if they are asking for wallet access. Finally, back up your wallet and store the recovery phrase offline and in a safe manner.
Never panic when there is a price swing! Do your homework well and know when to hold and when to sell for better results.
Bonus tip
You should use the DCA technique when purchasing Bitcoin. In this technique, you buy a little bit of Bitcoin regularly, no matter what price you need to pay! This will be beneficial in building your position slowly and safely.
Final thoughts
If you think that buying Bitcoin online is hard, its time to rethink about it! Always protect your wallet and use trusted platforms for maximum impacts. In order to ensure greater control over your funds, using a wallet that is protected and is less vulnerable to hacking can be beneficial. Bitcoin is a popular choice for many individuals and making sure that you are buying it in the right manner ensures higher chances of profits!