Bitcoin has witnessed an enormous surge in fame over the past few years. In May 2016, acquiring a single BTC would cost you only $500. Presently, one Bitcoin is valued at around $40,000 which amounts to an astounding increase of 7,900%. If you are keen on commencing your journey with Bitcoin trading or investing then we have broken down the process into four simple steps for easy understanding:
- Choose a Crypto Exchange: Select a cryptocurrency exchange to purchase and trade Bitcoin. Popular choices include eToro and Coinbase.
- Fund Your Account and Secure Your Bitcoin: You must first deposit funds into your exchange account and obtain a secure wallet for storing BTC. Several exchanges provide built-in wallets, while others suggest using an independent hardware or software wallet to strengthen security measures.
- Place Your Bitcoin Order: Find the “buy Bitcoin” category on your exchange’s platform and input either the amount you wish to invest, such as $1,000 or a specific quantity of Bitcoin, like 0.025 BTC.
- Consider How You’ll Store Your Bitcoin: Although certain exchanges offer wallets, some individuals opt to store their Bitcoin offline using a hardware wallet for optimal protection. Noteworthy selections of hardware wallets are Trezor and Ledger.
Important Note: Purchasing Bitcoin directly through PayPal may limit your ability to transfer it elsewhere. Nonetheless, certain exchanges enable you to link your PayPal account as a payment method for funding Bitcoin purchases.
Are you prepared for a plunge into the Bitcoin universe? Conduct extensive research, select an exchange with good standing and securely preserve your investment!
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