Detailed instructions on how to buy bitcoin or other digital currencies and photos

Detailed instructions on how to buy bitcoin or other digital currencies and photos


Buying Bitcoin or other cryptocurrencies can be very interesting to explore for new experimental investments. But it is also important to note that any investment in cryptocurrency should carry a warning sign like a cigarette: “This product can be harmful to your financial health. Never buy more than you can afford to lose.”


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The price of the world's first and most famous bitcoin is now breaking new records after rising from $3,237 in December 2018. Like all cryptocurrencies, Bitcoin is experimental and more volatile than many real, proven investments such as stocks, bonds, and mutual funds. The rule of thumb is not to invest more than 10% of your portfolio in individual stocks or risky assets like bitcoin.




Bitcoin price today



Bitcoin spot price crossed $40734.40 for the first time on -5-20 2022. Here is the US dollar price to buy 1 Bitcoin today:



Steps to buy Bitcoin and other digital currencies




Decide where to buy bitcoin. Invest in Bitcoin on cryptocurrency sites like Coinbase, binance, and Gate.io.




Think about how your cryptocurrency is stored. Will you store your bitcoins in the platform's internal wallet or in the external wallet?




to make a purchase. Find out how much you want to invest in Bitcoin.




Manage your investments. Determine your long-term plan for the asset you are buying.




Decide where to buy bitcoin




1- Cryptocurrency exchange



You can buy Bitcoin from many cryptocurrency exchange platforms. Many people charge a percentage of the purchase price. Do your due diligence to find the right person for you. Some of the most popular exchanges are located on the following platforms:




Coinbase: This is a popular option for Bitcoin buyers, in part because you can easily link your bank accounts. Coinbase also provides access to Ethereum, Litecoin, and other cryptocurrencies. On each transaction, Coinbase charges a difference of approximately 0.5% (adjustment to the purchase or sale price of the investment), plus fees. The fee is a variable maximum percentage based on the region and type of payment - for example, 1.49% for purchases funded from a US bank account - or a flat fee ranging from $0.99 to $2.99, depending on the amount of the transfer.




Binance is the world’s largest platform for all cryptocurrency transactions by volume, and Binance charges a fee of 0.1% for all cryptocurrency transactions (with some discounts available) in addition to withdrawal fees. The platform contains a selection of more than 50 cryptocurrencies, as well as a range of cryptocurrencies.




Gate.io Gate.io uses a fairly low transaction fee system that supports a flat transaction fee of 0.20%. This is slightly below the global average of 0.25%, but not enough to give Gate.io a significant competitive advantage.




What to know before buying Bitcoin or other digital currencies



Creating a cryptocurrency account takes a few minutes, but you will need to provide some information, including your bank account number, debit or credit card, to fund your Bitcoin account. Some providers may also ask you to provide a photo ID. Record and protect any new passwords for your encrypted accounts or digital wallets.



Some exchanges like Coinbase offer private insurance, but this does not prevent personal online abuse, such as someone stealing your passwords.




It is important to use a private and secure Internet connection when you are making financial decisions online. It is not recommended to buy bitcoins in a coffee shop, hotel room, or while using other public internet connections.



Decide how to store Bitcoin



Bitcoins can be stored in two types of digital wallets: hot wallets or cold wallets. With hot wallets, transactions are generally faster, while cold wallets often include additional security steps that help keep your assets safe, but also take longer.



hot wallet



With a hot wallet, bitcoins are stored in the cloud by a trusted exchange or provider and accessed through an application or computer browser on the Internet. Any trading exchange you join will provide a free hot bitcoin wallet where your purchases will be stored automatically. But many users prefer to transfer and store their bitcoins through third-party hot wallet service providers, and this is often also free to download and use.



Why choose wallets from providers other than exchanges? While advocates argue that the blockchain technology behind Bitcoin is more secure than traditional electronic money transfers, hot Bitcoin wallets are an attractive target for hackers. Bitcoin.org also warns: “Many online exchanges and wallets have had security breaches in the past, and often these services do not provide adequate security and security for storing funds as banks do.”




hot wallet model



Coinbase: A popular bitcoin exchange site Also, Coinbase offers free online hot wallets and insurance against losses due to security breaches, hacking, employee theft or fraudulent transfers.


Electrum: A program that allows you to store bitcoins on your laptop or desktop computer.


Blockchain: Like Coinbase, Blockchain is a popular online wallet; Unlike Coinbase, Blockchain is not a currency exchange and is considered less attractive to hackers.


Mycelium: A mobile-only bitcoin wallet with versions for Android or iPhone users.



cold wallet



A cold wallet is a small crypto mobile device that allows you to download and hold bitcoins. Cold wallets can cost up to $100 but are considered safer than hot wallets.


cold wallet model



Trezor: This company offers compact cool wallets that range from $80 to $170.




Ledger Nano: Designed like a thumb drive, the Ledger Nano has a great portfolio and prices range from $60 to $120.
Make a purchase


After linking your bitcoin wallet to the bitcoin exchange of your choice, the last step is the easiest - decide how many bitcoins you want to buy. Although Bitcoin made the news when it first crossed $40,000 in January, Bitcoin (trading symbol BTC or XBT) can be bought and sold in fractional stocks, so your initial investment can be as low as $25.


Manage your investments



If you like the idea of ​​day trading, one option is to buy bitcoin now and sell it when its value increases. But if you see the future of Bitcoin as a digital currency, perhaps your investment plan is to buy it and hold it for the long term.



Should you buy bitcoin?



Bitcoin is an incredibly speculative and volatile purchase. Stock trading can give you a similar thrill - choosing stocks in existing companies is generally less risky than investing in bitcoin.

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