5 Steps to Buy Bitcoin in 2020

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If you haven’t figured out by now: Bitcoin is a massive presence on the currency market! If you opt to mine or trade Bitcoin, you can make substantial amounts of money, which is why people are flocking to do precisely this. In recent years Bitcoin gained popularity and trust as a well-accepted currency in all corners of the planet. You can use it all over the world for purchase without a fault. So, if you are eager to get started with Bitcoin, you came to the right place. We’ll guide you through the five steps to buy Bitcoin in 2020.

If this is your first purchase, you’ll be glad to have us lead you through all the way. After reading this article, you’ll be ready to make a Bitcoin purchase and consequently earn money. Let’s start!

Step 1: Finding a Perfect Bitcoin Wallet

Source: Medium

Same as with any other currency, you’ll need a wallet to store this one, and keep it safe. The first step is not about your regular pocket wallet. This one would be used to store cryptocurrency until the moment you’ll ready to sell it, exchange it, or outright buy something with it. Bitcoin Wallets are important because they offer you security in addition to other features they provide. Upon deciding which app or platform you’re going to trade Bitcoin, you’ll probably receive a wallet offer from them. In addition to theirs, you should also ensure to have a separate on where your Bitcoin will be safer. After attaining a Bitcoin, you’ll be advised to move it to your separate wallet from the one your exchange provided. Some of the options we can recommend for you are Exodus, Bitcoin Core, and Mycelium.

Step 2: Find and Stick to the right Bitcoin trader

Source: Forbes

Exchange is the place where you should start your Bitcoin travel. There are many options on the web, and they all differ in terms of performance. Because of this, it is essential to pick the right one, which will provide security and be in the limits of what you desire. While it’s not easy to find the right partner, we would suggest that you try out thebitcoincode, who are one of the best options available on the market. Signing in into their account is an easy feat, but you’ll need to provide personal information to confirm your identity. This is a perfectly legal step as the security of your persona, and your Bitcoin, are essential for good business.

Step 3: Selecting a payment method

Source: PayPal

There are many scam sites out there who pose as exchanges, and you should go around them if you don’t want to lose money. This information is why you should be careful about your payment method and to whom you are giving your money. Most exchanges accept various types of payment, including paying through a bank account, debit or credit card, PayPal, or even with cash. Cash payment is possible if your city has a Bitcoin ATM. The first thing you need to do is to link one of the paying methods to your account. Selecting a paying method is crucial for your advance in the world of cryptocurrency and a step you mustn’t skip.

Step 4: Buying Bitcoin and storing them in your wallet

Source: CoinDesk

The exchange you select will keep you informed on how much Bitcoin you can buy for a specified amount of money. Bitcoin is known for gaining and losing value in short periods. This is something you need to look after. At most times, Bitcoin has a high value, so even if you have large amounts of money at your disposal, you’ll only be able to buy only a piece in one moment. This is quite normal, as only someone rich can by a Bitcoin or a few from one purchase. When you come to the moment of your first purchase, your Bitcoin will be automatically stored in your wallet provided by your exchange. After you buy a cryptocurrency, it would be wise to transfer it to your separated wallet. This action comes with a fee, but that’s also part of the Bitcoin trade.

While all of this sounds like a piece of cake, it’s not at all like that. You’ll need the patience to get into buying Bitcoin. It is not rare that many people trade at the same time. Because of this, your transaction will sometimes take hours to be completed.

Step 5: Get ready to use it

Source: Wall Street Journal

The last step in buying a Bitcoin is actually to do something with it. The sole goal of owning cryptocurrency is not only to have it but also to make use of it. The choice is up to you. Bitcoin can be exchanged for another cryptocurrency, sold for money, or can purchase something directly. Once you decide what to do, it’s essential to act quickly. Bitcoin’s value fluctuates at rapid rates, and it can change during the course of one day. To avoid surprises, you’ll also need to create a seller’s account. By doing this, you’ll set yourself up for purchase before the moment comes. If you don’t do this, you might regret it because it could prevent you from doing with your Bitcoin what you intended. Furthermore, you could also get familiar with places where you can spend your Bitcoin so that you won’t waste any time when the time comes.

Conclusion

The world of buying and selling of Bitcoin is not something new. This cryptocurrency is present in the currency markets for more than ten years. By now, it is quite normal to trade with Bitcoin as it’s with oil and gold. Some users even find trading Bitcoin to be more secure than some of the things that are available on the stock market. If you are ready to go into Bitcoin adventure, we hope that these five steps we provided give you enough security to push forward. All that you need now is the money to make your first purchase. When you decide to do this, remember this article, go through the steps listed above, and embark on Bitcoin’s adventure.

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