WHAT ARE THE 6 STEPS TO BUY & SELL BITCOINS?

Bitcoin is more popular than ever, with approximately 400,000 transactions every day. Even though cryptocurrency enthusiasts have been purchasing and selling Bitcoin since 2010, many potential investors are still perplexed. This concern is primarily attributable to the increase in frauds and untrustworthy online exchanges and services.

Bitcoin is a digital asset primarily utilised for online buying and investment for those unfamiliar with cryptocurrency. Bitcoin is not backed by the government and operates on a community-based basis. People in that community can earn coins by "mining" them or purchasing them with regular cash. Keep on reading if you want to understand how to buy and sell Bitcoin. This post will teach fundamental and vital procedures to buy and sell Bitcoin.

STEP#1: GET A BITCOIN WALLET 

Before you can buy or sell Bitcoins, you must first create a Bitcoin "wallet." A Bitcoin "wallet" is simply a virtual storage facility, similar to how your actual wallet stores your cash, debit and credit cards. When it comes to these wallets, you have a few options:

• A "wallet" created from programs on your computer's hard disc.
• Companies such as Coinbase and Ledger provide an online wallet.
• An offline alternative that functions as a vault. These employ unique "keys" that only you have entry to, adding an extra degree of security to your crypto (this is also known as "cold storage").

As long as you don't require total anonymity and don't mind the lengthy setup processes, online services are your best alternative for regular use. However, some argue that this defeats the purpose of Bitcoin and its privacy.

STEP#2: SELECT A BITCOIN EXCHANGE

After you've created a wallet, you'll need to sign up for a 'fiat-to-crypto' exchange. This is a business that takes cash in exchange for cryptocurrencies such as Bitcoin. In the crypto world, 'fiat' currency refers to government-issued money, such as US dollars, Pesos, or sterling. The corporation offers you cryptocurrency from its holdings when you purchase Bitcoin through a fiat-to-crypto exchange. This implies they can determine their price and demand a fee for their services. As a result, fiat-to-crypto exchanges are often known as 'broker exchanges.' Some examples of dependable, trustworthy, and safe crypto exchanges are as follows:

• Binance 
• Coinbase 
• Etoro 
• Gemini 

STEP#3: REGISTER AND GO THROUGH SECURITY CHECKS

Once you've selected an exchange, you must register and go through security procedures. The specifics will differ from one exchange to another. In essence, though, you must go to the exchange's webpage and click on "Register." The platform will send you a confirmation email when you input your email address and choose a password. Then, go to your email's inbox and click on the link. This will lead you to your new Bitcoin exchange account's dashboard page.

On your primary page, the dashboard, you'll see that there are a few more steps to take before you can start purchasing Bitcoin. These stages differ between exchanges, but they always include complying with anti-money laundering and 'Know-Your-Customer' regulations in the nation where the exchange is based.

Most exchanges need you to enter your mobile number. This enables two-factor authentication (2FA) and stops anybody from entering your account without your login and phone number. When you sign in to your profile or make a large purchase, 2FA instantly provides extra protection to your account by forcing you to enter your password as well as a short code texted to your phone. Following that, you'll be prompted to submit a picture or copy of your ID, such as your citizenship or driver's licence. Some exchanges want a selfie, while others hire staff to undertake an ID check via webcam.

STEP#4: ADD A PAYMENT METHOD

Most exchanges need you to add a bank account, debit card, or credit card before making your first Bitcoin purchase. Adding a bank account is advised when purchasing significant quantities of Bitcoin since transfer fees are lower. Because of the increased costs, credit and debit cards are only suggested for smaller purchases. It's not a good idea to use a credit card if you're buying a substantial amount of Bitcoin.

STEP#5: DEPOSIT FUNDS 

Choose a quantity of cash and send it to the exchange for this stage. The fees and time required will be determined by the method of payment you select. Card transactions may be made instantly. However, bank transfers may take some time. Once you've finished this process, you'll have money in your exchange account's 'fiat' wallet. You may use the money to purchase Bitcoin.

STEP#6: BUY BITCOINS OR GET PAID IN BITCOINS

The last step is to utilise the funds in your exchange wallet to purchase Bitcoin. Select the 'Buy/Sell' button and enter the number of cryptocurrencies you want to purchase. Once you've consented to the transaction expenses, such as transaction cost, click "Buy" and wait for the purchase to finish. Those without the expertise or knowledge of complicated computer software can purchase Bitcoins with money, credit or debit cards (apps like Coinbase presently allow Visa and Mastercard), and wire transfers. You may invest as much as you like, and you don't have to buy an entire Bitcoin. Bitcoin fractions can be purchased.

FINAL THOUGHTS:

Buying and exchanging bitcoins is becoming more straightforward due to advanced applications. All you have to do is get a wallet for safekeeping, and you're ready to go shopping. However, like with any investment, ensure that you understand the dangers and receive sufficient instruction on how to buy and sell Bitcoin.