How to invest in Bitcoin: Step by step guide
Author: @Mycryptoview Token
Last Updated: March 30, 2021
If you have just found this how-to content, it means you are searching for information on how to invest in Bitcoin. We are not going to provide details about what is bitcoin however we will provide the details that you will need before investing in bitcoin. Here are the steps on how to invest in bitcoin.
- Understand bitcoin history:- This is one of the first step people seem to ignore. Before investing in bitcoin you will need to understand the history of bitcoin including the price history. Why is it important? short answer- Buying into anything that you heard from others without doing proper research is a recipe for disaster. The first step would be to read the bitcoin white paper https://bitcoin.org/bitcoin.pdf and look into the price history as most people panic sells at every price dip. You can use a website such as Coinmarketcap or Coingecko to go through previous bitcoin price history.
- Find and register on a good crypto exchanges:- There are different ways you can buy bitcoin including peer-to-peer but the easiest option is to buy through an exchange. Exchanges such as Coinbase and Binance is a good starting point as both exchanges are the most popular. Both Coinbase and Binance is easy to use if you have questions about exchanges you can signup on to our platform here https://mycryptoview.com/register and get help from other crypto users. If you decide to use either Coinbase or Binance you can check out the how-tos below to get started.
How to use Binance for buying and selling cryptocurrency
How to buy bitcoin on coinbase
3. Buy Bitcoin:- Once you have registered on an exchange you can buy bitcoin. You don't need to buy a whole bitcoin for a start e.g you can buy $10 or less worth of bitcoin. Due to the unpredictable nature of Bitcoin it is important to have a buying strategy e.g cost averaging.
4. Get Bitcoin wallet:- After purchasing bitcoin you will need to store it in a cold or hot wallet.
Hot wallet:- is a wallet that is accessible or connected to the internet.
Cold wallet:- is a wallet that is not accessible or connected to the internet.
It is recommended to store bitcoin in a cold wallet such as Ledger Nano or Trezor. However, if you don't want to use a cold wallet you can use a wallet such as Exodus or Atomic wallet to store your bitcoin.
5. Keep track of your Bitcoin:- After buying your bitcoin you can keep track of the price by using a price tracker app such as Blockfolio or any other price tracker app.
If you have any question about bitcoin, you can use the ask button below to ask your question and earn our native tokens(MCV).
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