Welp MagazineWith the growing popularity of cryptocurrency, many people want to know whether cryptocurrency should be bought or not. Even if they want to buy there is no information widely available as to how one should buy a bitcoin, what all things to be kept in mind before buying a bitcoin and what all things are required before buying it. Although it seems as if the whole task of buying a bitcoin is hideous, breaking it down in steps and then following it makes the whole procedure a cakewalk. The only big requirement one has to fulfil is to get an account on a service platform or an exchange platform specifically dedicated to cryptocurrency, and just like that, you are good to go. Yes, just like a normal bank account, tight security practices must be followed. Other requirements that one must be aware about is that sometimes to develop a security shield many exchange platforms require you to follow the path of KYC procedure, a safe internet connection is mandated and a wallet that is safe and secure is a must. Many people use wallets outside the platform for their convenience.
Things to remember even before buying Bitcoin
When it comes to bitcoin purchases many people are worried about its security features plus if you add the privacy woes it looks like a dangerous investment. Every person who stores his amount in his or her wallet must protect his private key because if that key is lost then your entire amount is lost. Public addresses can have their side effects. Those public addresses can be used to create multiple public addresses for themselves. It is very important to note that those public addresses can be used to distribute their bitcoin in many make public addresses created of one original.
Steps to Buy a Bitcoin
STEP 1
It is very important to choose an exchange platform that trades in cryptocurrency. Although other platforms provide specific cryptocurrency-related services, the best practice is to go for exchange platforms that in return provide you with the stealth of services like brokerage and payment services. Once you develop an account you would be allowed to easily perform a variety of activities like buying cryptocurrency, selling them and storing them as well. More importantly, it is often advisable to use an exchange that offers you the facility to transfer your crypto into your safety wallet. Some of the emerging Crypto exchange platforms include bitcoinscircuit.com/, Coinbase, Gemini and FTX US. All of these exchange platforms have grown very quickly and in a fair amount.
STEP 2
The next step is to connect your exchange to your down payment options. For this, a lot of documents like your driving licence, social security number or your employer card would suffice. This whole process is very similar to setting up your brokerage account. Once you have identified yourself you would then be asked to connect a payment option, It is advisable to link your bank accounts. In many countries, banks do not provide services storing or services relating to bitcoin so it is important to see if your country’s regulation before buying an account
STEP 3
Now, this step includes buying bitcoin after choosing a good service platform and connecting your payment options. This is the moment that every person was dreaming of, buying crypto. Nowadays the whole crypto market has become more liquid. Not only do people now invest in crypto they use them to buy a wide range of products and treat them like any other currency.
STEP 4
Whenever cryptocurrency comes to mind, we think of frauds and cheating. The only way to stop that is to have safe storage that is very secure. Saving your crypto into your wallets provide you with a sense of comfort in which you keep control over your private keys, another feature of storing your funds in the personal wallet is that in case the exchange platform is hacked you don’t have to worry a lot since your money is stored in a personal wallet rather than that of an exchange platform
