A Beginner’s Guide To Buying Bitcoin.
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The very fact that you are reading this guide shows us that you are interested in investing in cryptocurrencies. These immutable and exchangeable cryptographic tokens promise to become hard and non-manipulatable global money.
Their advocates see a future in which Bitcoin or other cryptocurrencies will replace fiat currency and create the first free and hard world currency.
Besides what was already said, there are three major good reasons to invest in cryptocurrencies.
Because you want to hedge your net-worth against the fall of the Dollar.
Because you support the social vision of decentralized finance for the whole world.
Because you understand and like the technology behind it.
Although, the options available to purchase Bitcoins and other assets do differ from one country to another due to the laws that exchanges operate under. The options to buy Bitcoin with credit cards, debit cards, or transfers from a bank account also differ from country to country and between exchanges.
Choosing the Best Bitcoin Exchange.
There are three steps involved at this level;
First off, you have to find an exchange or trading platform that supports the deposit and withdrawal of your local fiat currency.
You should also check if they have a license and are regulated.
Also, check out the different deposit and withdrawal methods they support, their fees, trading commissions, and their Bitcoin price.
These subjects might sound a little mundane, but it is important to remember that crypto exchange has to operate under similar rules to a stockbroker.
Is It Possible To Buy Bitcoin Instantly?
It often takes a few hours or days to fully open and verify an account with an exchange because of their KYC processes.
In this light, we will make Patricia a case study. After you create a free account with us, it is possible to fund it quickly via bank transfer, debit card, or transferring crypto held elsewhere. After this, you can then buy, sell or make a trade very quickly.
What You Need to Do to Purchase Bitcoin.
Now that you have decided to trade with Patricia, You'll need to complete our KYC process, this is what we call “Know Your Customer”. The process will involve you submitting photos to prove your identity. After submission, the process may take a few hours or up to a few days to complete.
After KYC is complete, you would now be allowed to deposit money into your account. Once money is deposited, you are set to buy your first Bitcoin!
Remember, you don’t have to buy an entire Bitcoin, you can buy part of a Bitcoin, as each Bitcoin is broken down into 100 million Satoshis!
Ways to Store Your Bitcoin.
Bitcoin exchanges like Patricia allow you to store your crypto coins with them, which is probably the most convenient storage method for those new to crypto.
You could opt to keep your BTC on an external wallet.
If you plan to purchase BTC or other assets for trading purposes, then you will need to store them on the exchange. However, if you plan to buy cryptocurrency in large amounts, or you plan to use it to buy goods and services online, then you
Instead of keeping your digital assets on a Bitcoin exchange, you could keep your BTC in a cold wallet.. Cold storage of your new Bitcoin is possible by using hardware wallets, but online wallets are potentially more user-friendly for crypto newbies.
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