Quick Start Guide to Investing in Bitcoin

Bitcoin, the first-ever cryptocurrency, got introduced by Satoshi Nakamoto in the year 2009. Bitcoin was first published in the concept of a whitepaper. Since then, Immediate Bitcoin has grown exponentially. Bitcoin is also the first cryptocurrency that is completely secured with cryptography, having the same option to get exchanged as other forms of tradeable currencies.

If you are a Bitcoin trader, you should note that Bitcoin isn’t ruled by any administrative authority or any financial institution. This is what makes Bitcoin a complete decentralized form of cryptocurrency. 

Those who own Bitcoins are usually anonymous, and there are no account names or numbers, any identifying features, or any social security numbers attached to them. The owners of Bitcoins use blockchain technology and some encryption keys get in connection with sellers and buyers. And just like gold or diamond, Bitcoins also get mined. 

The number of Bitcoins that is currently in circulation is approximately 21 million.

In this article, we will give a brief idea of how Bitcoins can be used, and this will be very helpful and informative if you are a first-time investor.

Step 1- Sign Up With A Reliable Online Crypto Trading Platform 

The first step to follow before investing in Bitcoins is signing up at a Bitcoin trading platform. Nowadays, there are several options from where you can create your Bitcoin wallet. It is more of a digital wallet that you can get from several available apps. One of them is that gives you to have the option to keep a detailed track of the transaction that you take forward. You should choose a platform that meets all your specific needs and requirements.

There are primarily two types of wallets- Software wallets and Hardware wallets. Talking about the software wallets, these are mostly mobile wallets that are connected to bank accounts. On the other hand, hardware wallets are like traditional wallets and are safer as the entire transaction takes offline.

Step 2- Link YourBank Account

After you have got a wallet, you need to connect your wallet to your bank account and a debit or credit card. This is for purchasing your Bitcoins. The method of the transaction is similar to any other transaction. 

The transactions that are made using a bank account usually take four to five business days for first-time investors. But after the first time, you link your bank account with the wallet; buying and selling become a much easier process.

If you are using your debit card or credit card, the process of buying Bitcoins becomes an instant process. But with debit and credit cards, you can only buy Bitcoins. Furthermore, this process will not allow you to sell your Bitcoins and deposit the money to your bank account, and you will need to follow the transaction through the bank only.

Step 3- Link Your Bank Account To A Bitcoin Exchange

The Bitcoin exchange is a virtual place for trading your Bitcoins in exchange for traditional currencies, such as exchanging bitcoins for dollars. When you are buying a Bitcoin on the Bitcoin exchange, you will be offered two options. You must know that no two Bitcoins Exchanges are similar, and also, the services each Bitcoin offers differ from the other. Each Bitcoin Exchange varies in processing fee, reliability, cryptocurrencies available, reputation, security for trading, and reputation. Thus, before choosing your Bitcoin exchange, do proper research.

Step 4- Buy Your First Piece of Bitcoin

By now, you have completed the setup now, and you can move forward to buying and selling your Bitcoins. While investing, you should note that the bitcoin market is highly volatile, and if the prices reach the sky's limit, you can still buy a micro fraction called Satoshi.

Conclusion

The steps mentioned above are a guide for those who enter the market of cryptocurrencies and are investing in Bitcoins for the first time. It is always wise to know all minute facts and processes that are involved in Bitcoin investment. Also, you should keep in mind that Bitcoin investment involves some technical issues and security. Thus, as a first-time investor, it is always recommended to understand every detail before you go ahead with it. Happy and secure Bitcoin investing!