Nowadays, people are getting more and more curious about Bitcoin. If it interests you, you might be thinking about how to start trading in this digital currency. This article will let you understand how to buy Bitcoin. But before learning about the buying process, you must be well aware of its advantages.
Bitcoin is now excellently performing both as a currency and an investment. It has captured the attention of conservative as well as liberal or institutional investors all across the globe. As an investment scheme, it offers the following advantages:
- Low Inflation Risks
Everyone knows the risks associated with world currencies. Meanwhile, Bitcoin is comparatively a less risky option. It is not regulated by the government of any country, and therefore, it can resist inflation. Besides, the blockchain system is flexible, and it does not make your cryptos lose their values.
- New Scopes
Bitcoin or Cryptocurrency, in general, is a comparatively new investment scheme. Therefore, new coins are getting mainstream regularly. This new approach may bring unpredictable swings in price and volatility, which brings opportunities and paves your path to massive profits.
Bitcoin is the most reliable liquid investment asset in global trading platforms, exchanges, and online brokerages. Trading Bitcoin for cash or assets, including gold, at low charges, is hassle-free. Having high liquidity has made it an ideal investment option, especially when you are seeking short-term profit. Shortly, digital currencies may become a prominent long-term investment because of their high market demand.
- Simple Trading
For stock trading, you will need to gain a certificate or license. You may also need the help of a broker for trading the shares of a company. However, trading Bitcoin is simple. You can buy or sell them from exchanges and put them in your wallet. Moreover, you can transact Bitcoin instantly.
Buying Bitcoin in 3 Steps
- Wallet Setting
Before buying Bitcoin, you need to set up a wallet where you will store, receive, and transfer it. You can sign up for an exchange, and for that, you need to provide your personal details and must verify your identity to strengthen your security.
- Bitcoin Purchase
In this step, you need to purchase Bitcoin. And here are some ways you can buy:
Online bank transfer: You can opt for this secure method when trading online.
Cash: If you want to pay cash, you should visit a participating bank branch to convert your money into Bitcoin.
Newsagent: You can buy through any participating newsagents. In Australia, more than 1,200 newsagents are dealers, and most of them accept cash.
Flexepin: Also, you can buy a Flexepin voucher from a participating retailer and redeem that one online for getting Bitcoin.
Once you have decided on the payment method, you will be asked to provide an email and wallet address, mobile number, and the amount of Bitcoin you want to buy. Also, if you are purchasing for the first time, you will be required to go through a once-off verification process for security purposes.
Now when you have bought Bitcoin, it is vital to maintain its safety. To keep it safe, you may consider the following tips:
Prepare backups of your private keys: If you want to protect your coins from robbery, hard drive issues, or fire, you should create a backup of your private keys. Also, you must keep the backups off-site.
Your keys must not be used by someone else: If you give your private keys to somebody, they can easily get access to your Bitcoin. Therefore, make sure nobody has access to your keys.
Use technology: You can keep your wallets (both online and offline) updated with the help of the latest software. It will help you ensure the security of your coin.
You can follow these easy steps to buy Bitcoin. However, before purchasing, don’t forget to analyse your current financial state and existing investments.