You don’t need thousands of dollars to invest in Bitcoin, and getting started can be really easy. Here are some simple steps to buy Bitcoin easily.
As Bitcoin price increases, the fear of missing out on investing in this cryptocurrency is growing each day.
As some analysts believe that an upcoming $20,000 mark is not the end but the start of Bitcoin’s upcoming explosion to a $1 trillion asset, it may still not be too late to get into BTC.
Bitcoin’s supply is capped at 21 million coins, but you don’t need to have thousands of dollars to invest. You can get started buying Bitcoin with as little as $15.
1. Pick a reputable cryptocurrency exchange
The first step to buy Bitcoin easily is to select the right crypto exchange.
You might have heard of the world’s largest crypto exchanges such as Binance and Coinbase, but there are about 400 crypto exchanges all around the world. You can find the best crypto exchanges here.
When choosing a digital asset exchange to buy Bitcoin, check whether the platform is reputable and provides services to customers in your country. Using tools such as CoinMarketCap or CoinGecko, also check trading volumes on a certain platform. Do some research and read some news and updates on a company’s website or Twitter to get more info, including the platform’s transaction fees, deposit methods and security protocols.
2. Sign up with a platform, and complete security checks
When you’ve chosen a cryptocurrency exchange, prepare to create an account and proceed with the required verification processes. Opening an account on most crypto exchanges, such as Binance, is free, requiring just an email and a phone number.
Some cryptocurrency exchanges such as BitMEX and Coinbase require Know Your Customer (KYC) checks for certain crypto operations, so you need to have your passport or another form of official identification ready.
3. Don’t forget to enable 2FA
Use a complex password for your account on a crypto exchange, and don’t forget to turn on two-factor authentication, or 2FA. Enabled 2FA reduces the risk of a security breach or being hacked by putting an additional layer of security on your account. Google Authenticator is one of the most popular 2FA apps, providing users with two-step verification on a phone.
4. Consider your preferred payment option
There are a several ways to buy Bitcoin with fiat money like the U.S. dollar or euro. Some crypto exchanges allow people to buy BTC using a debit or credit card as well as a bank account. Using one of these ways will require linking a bank account or a card to your account on the platform.
Some exchanges allow users to buy Bitcoin directly from users through a peer-to-peer service, wherein clients browse offers posted by other users.
Other crypto exchanges allow users to buy it via third-party payment solutions such as Simplex and a few major payment firms like PayPal also allow crypto purchases.
5. Start buying Bitcoin
Now, you can buy some BTC. But first, you have to decide how much you want to invest. Remember that it is a high-risk investment, and it’s better to start with a lot of research and an honest calculation of how much one is willing to risk. Major investors and entrepreneurs such as Mark Cuban have previously recommended investing up to 10% of one’s savings in Bitcoin.
6. Don’t keep a lot of crypto directly on an exchange
Once you own some Bitcoin, take care of your cryptocurrency. By keeping holdings on a cryptocurrency exchange, users risk losing access to them due to various reasons, like a possible hack or security breach, which can result in frozen withdrawals or other issues.