Beginner’s Guide to Buying and Selling Bitcoin


As our tech-savvy world continues to evolve, the impacts of technology cannot be denied, especially when it comes to the rise of digital currencies. Cryptocurrency has evolved over the decade to become a household term. It has become more popular compared to 2009 when few people were passionate about digital currencies or investing in them. Cryptocurrency is a digital currency whose transactions are verified and records are housed in a decentralized structure through cryptography compared to traditional or physical money held by centralized banks.

Recent years have witnessed an increase in the type and value of cryptocurrencies. However, of all, Bitcoin is the most popular, influential and valuable currency in the cryptocurrency market. You are on the right page if you want to know how to buy bitcoins without stress. Below you will find our step by step guide on how to buy Bitcoin as a newbie.

Choose a verified crypto exchange

Cryptocurrency exchanges are online platforms where people can buy or sell bitcoin, and this works by exchanging asset for asset, for example Ethereum to bitcoin and bitcoin to dogecoin. You can also convert your fiat currency in bitcoin on these platforms; You can buy bitcoins with dollars.

Therefore, the first and foremost thing to do to start trading bitcoins is to select a verified crypto exchange. You will find several options online; make sure you choose a reliable and secure exchange. Most platforms will require you to register before you can trade on their sites.

Select your preferred payment method

After signing up and verifying your account, the next thing you need to do is buy Bitcoin. You can do this using any of the payment options available on the platform. Most verified crypto exchanges support local bank accounts for wire transfers, ACH, and debit/credit cards. Other accepted banking platforms include PayPal, Neteller, Apple Pay, and several others. After selecting your preferred payment option, you can deposit money into your account to be able to buy and sell bitcoins.

ask for bitcoins

Most cryptocurrency exchanges have a unique UI/UX design that offers a “buy and sell” button. You can click the button and proceed through the three steps of buying and selling bitcoins. You must set the market order (indicate whether you prefer to buy bitcoin at its current market price or not); stop order (indicate the exact price at which you want to buy or sell bitcoin) and limit order (specify the minimum price at which you want to sell it to buy bitcoin). Once you have selected your options in all three categories, you can click the Submit button.

Store your bitcoins safely

Growing data privacy concerns continue to make the security of crypto assets a problematic issue. Hackers, fraud, and theft continue to be a major source of concern for cryptocurrency traders and buyers. This is why bitcoin buyers and sellers are advised to store their bitcoins themselves. So, as a newbie, you are urged to store your bitcoin with a verified and trusted cryptocurrency wallet. After you buy or sell, you can transfer your bitcoin from your crypto exchange to a cold wallet, also known as an offline Joy wallet, or hot wallet, also known as an online wallet.

However, expert recommendations favor withdrawing your bitcoin after buying or selling to your cold or offline wallet. Buying Bitcoin is just the beginning. To fully understand how you can trade Bitcoin and sell it at the right time, you need to invest in cryptocurrency trading guides. You can do this by reading more tutorials on where and how to buy bitcoins online. Remember to adopt a buy and hold strategy so that you are not frequently affected by market declines.

Why do people invest in bitcoin?

Bitcoin remains the cryptocurrency asset of choice for beginners, and that’s for a number of reasons. First, bitcoin has gained a lot of stability in the market since it debuted in 2009. Currently, bitcoin has the highest crypto market capitalization at $723 billion.

An asset with a market capitalization of $723 billion is not likely to crash anytime soon. Also, the fact that bitcoin is widely accepted as one of the main payment options for purchases and services. This makes investing in Bitcoin more attractive to people.

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