Purchase of BTC requires only a few methods, but choosing the most secure way will make you superior to other emerging investors. Undeniably, investing in this decentralized cash does not seem like a piece of cake if you are new to the cryptocurrency community. Still, the process becomes easier if you choose to perform smaller steps. If you want to start bitcoin trading, check how China’s economic growth is affected by bitcoin
Each method enabling you to invest in digital currencies has some necessities and pros and cons. People are only aware of a cryptocurrency exchange method; however, an investor can also choose other methods to purchase BTC. You can check more info here to get a deep analysis of bitcoin trading. Here listed is a complete stepladder instructing an emerging investor to purchase bitcoin with complete security?
Key Takeaways!
- The spot value of bitcoin relies upon several factors; mass adoption and supply and demand are the most important ones.
- Even if bitcoin itself is a self-sufficient software that is not prone to hacks and scams, the majority of the hacks occur due to a lack of security offered by cryptocurrency exchanges and other trading venues.
- Now payment services like Cash app and PayPal have allowed users to invest in this digital currency.
- An indirect way to invest your capital in BTC is to buy stocks of bitcoin mining firms, multinational companies like Tesla holding BTCs. When it comes to companies holding the most considerable amount of bitcoin, Microstrategy tops the table holding more than 100K BTCs. So you can correspondingly buy stocks of such companies.
Buying bitcoin!
As discussed, buying bitcoin might not seem a piece of cake to every new investor, but there are only two secure methods to purchase bitcoin. In addition, two types of trading venues are present in the industry, allowing you to invest in bitcoin.
The first type of trading venue enabling a cryptocurrency investor to purchase bitcoin is a dedicated full proof virtual currency exchange. The second trading venue includes payment services like the Cash app and PayPal. Besides Cash app and PayPal, Robin Hood is another famous trading venue allowing you to invest in bitcoin. If you want more features while buying bitcoin, then a dedicated cryptocurrency exchange is the optimal choice for you. On the other hand, if you want to invest in bitcoin without focusing too much on features, you can choose any of the above-listed trading venues.
Purchasing BTC with these trading venues is straightforward as the UI of platforms like PayPal and the Cash app is straightforward. But when it comes to a cryptocurrency exchange, you might get confused while purchasing bitcoin. It is because the desktop and mobile versions of cryptocurrency exchange differ. So here is how you can invest your money in bitcoin through a cryptocurrency exchange.
Go for a secure cryptocurrency exchange!
You don’t have to panic if you cannot find any local cryptocurrency exchange. Some international exchanges like binance are famous for offering services all around the globe except the regions that have imposed an implicit and absolute ban on digital currencies. At first, you should always explore the mandatory features of digital currency exchange and then move to fancy features.
KYC is mandatory on centralized exchange!
For new investors, it is recommended to go for a centralized cryptocurrency exchange. And centralized cryptocurrency exchange always incurs a KYC program. The KYC program in cryptocurrency exchange introduces only quality users and reduces the prospects of scams and frauds on such a platform. But cryptocurrency exchange also gets your details after you perform the Know your customer program, so you have to be extremely careful before choosing any virtual currency exchange. Moreover, this program is a bit chaotic as it necessitates a verified identity of the user.
Moreover, most cryptocurrency exchanges perform facial recognition to check the live status of the user. So a profound cryptocurrency exchange takes no time to complete the KYC after submitting all the required aspects. But few cryptocurrency exchanges take a lot of time to perform KYC.
Connect Bank Account or Debit Card!
After KYC, you can link your bank account or debit card with the user account. In addition, there are other options also available when linking payment methods with the user account of a cryptocurrency exchange.Â
