How to buy Bitcoin – While It Is Cheap!
Bitcoin is the highest rated cryptocurrency available today and it is taking the world by storm. Bitcoin has been in the investment economy since 2009. As of late, it is the most talked about and sought after cryptocurrency. Currently, 1 BTC costs around $8K USD. However, you don’t need to shed millions to buy a Bitcoin because you can even buy a part of a Bitcoin. You can begin investing in Bitcoins starting for as low as $10.
With the world moving towards a cashless economy, digital currency exchanges allow you to buy Bitcoins and other cryptocurrencies with ease. Due to its sky rocketing popularity, Bitcoin is supported by almost all digital exchanges. Even Google furnishes the live exchange rate of Bitcoin to any other currency of the world. Bitcoin works on a decentralized economy allowing direct transfer between the sender and the receiver without the involvement of any other central authority, known as the peer-to-peer transfer technology.
Cryptocurrency exchange or brokers like Bitstamp, Coinbase, Kraken, Zebpay, Gatehub, etc. allow you to buy BTC. These exchanges have apps as well that are supported by mobile handsets giving you an ease of transaction and accessibility. You can but BTC directly from such digital exchanges through your credit card. For this, you need to set up your account in any of these digital exchanges. Few exchanges require validation of your account by uploading details of your KYC like Identification Card number and bank account details. Once you have a verified account, you need to go on to the buy/sell page and choose the quantity of BTC that you wish to purchase. The current rate will be displayed on your screen, after selecting which you will be directed to the payments page. Once the payment is through, the BTC will be credited to your online exchange account. You then need to transfer the BTC and any other cryptocurrency that you purchase into a wallet to secure them. No matter where you buy your Bitcoins, you need a wallet to store your digital currencies. The wallet contains a numeric address and secret key which provides access to your BTC or other crypto currency that you may purchase. You can use the wallet to further change or exchange your BTC for any other currency. Never store your BTC online.
You can also buy BTC directly from Bitcoin ATMs by depositing cash and in an anonymous way. They charge a fee of about 5-10% for each transaction. Alternatively, you can buy BTC through a broker, just like we buy from the stock exchange broker. However, you must ensure that the broker is a trusted one and your money is safely returned to you in the form of digital currency and not lost in wrong hands.
Money in any form must be handled safely. Given the volatility of the cryptocurrencies, be prepared to sell your BTC instantaneously at any given point of time in case you feel the need to let go of your Bitcoins. The future of cryptocurrency is unpredictable. Plan ahead, act ahead and stay ahead!
Michelle writes about cyber security as well as how to protect your data online. She has worked in internet technology for over 20 years Michelle earned a B.S. in Engineering from Rensselaer Polytechnic Institute. She published a guide to Cyber Security for Business Travelers