Bitcoin has quadrupled this year, and over the past 5 years, it upped more than 100 times. In this article, I will tell you about the 3 easiest and safest ways to buy bitcoin and make money on it! Hey, guys, my name is Ash, and here you’ll get all the information you need about investing and learn how to increase your capital.
Today you will learn the 3 best ways to buy bitcoin, but before we start – press the line button and subscribe not to miss anything important. Let’s start! Before buying bitcoin, you must decide where you are going to store it.
There are special cryptocurrency wallets for this. Essentially, a crypto wallet is a program that contains your public and private cryptographic keys.
The public key is something like your wallet address, and a private one is like your password. It is important to understand that the currency in a crypto wallet is not the same as ordinary money in your pocket. Your wallet is, in fact, just two keys, and it does not contain any money.
If you want me to tell you how bitcoin and blockchain work, write about it in the comments. There are three types of cryptocurrency wallets: First one, called hot wallets. It’s the easiest wallet type that you could use to store your cryptocurrencies. They are served by various online services. They are called hot because you can use money anywhere and from any device – you only need an Internet connection.
To start a hot wallet, you just need to register on the service website or install a special program. The main cons of this type of wallets are convenience and affordability. Still, they are less secure, and you will depend on a third party service. You can easily google hot crypto wallets on the Internet and find the one that suits you best.
The Second type of crypto wallets is called: warm wallets. Guess how the third type will be called. Warm wallets are located on your device but are connected to the Internet. Software or mobile wallet is a utility installed on a computer, smartphone, or any other device that stores public and private keys and processes required transactions.
In general, such local wallets are suitable for both storing cryptocurrency and paying for goods and services. Warm wallets are slightly safer than hot ones, but they are tied to a specific device that can be lost or broken.
Third type: cold wallets. These are separate physical devices. Usually, a cold wallet is a flash drive that plugs into a computer or smartphone. These wallets are safer than software wallets because the keys are stored in devices that are not connected to the Internet. This is the safest way to store cryptocurrency.
Still, it requires a separate device, and the cost of cold wallets is typically more than $100.Decide which type of wallet suits you best, and let’s go directly to buying bitcoin options. The first one is the peer-to-peer exchanges. This means that you will make an exchange directly with another person. One of the most famous services for such peer-to-peer exchanges islocalbitcoins.com.
It’s a list of offers to buy and sell bitcoin from real users with a convenient and intuitive interface. For a start, I advise you to register to keep track of all your transactions. To increase the exchange limits and use some payment methods, you will have to go through the verification process.
It won’t give you any trouble. Just follow the prompts. Then just go to the main page of the site and press the “Buy bitcoins” button. Here you will see the list of all current offers. To find a suitable offer, fill in the purchase amount, your country, preferred payment method, and press the search button.
Pay attention to the selling price of bitcoin and the minimum and maximum exchange limits. When I recorded this article, the bitcoin price was close to $29,000, and here you can see the guy who wants to sell me bitcoin for $47,000. Perhaps we will refuse this advantageous offer and choose a different payment method. Always pay attention to the selling price and compare it with the current bitcoin price. When you select a suitable offer, click on the “Buy” button, and you will be taken to the detailed description.
You will receive bitcoins to your LocalBitcoins account, and from there, you will be able to transfer them to your wallet. This method works best for those who don’t plan to trade bitcoin actively and just want to buy and hold them in the long term.
The second option is to buy bitcoin via Bitcoin ATMs. They work just like regular ATMs, and you can use them to buy and sell bitcoins. But don’t forget to choose and create a cryptocurrency wallet first because you must specify the bitcoin address to receive the funds. The significant advantage of Bitcoin ATMs is that there is no verification process. They allow you to remain anonymous while buying and selling bitcoins.
It is also a fast and convenient way to exchange cryptocurrency. That’s why they became so popular in recent years. To quickly and easily find the nearest Bitcoin ATM, just use the following website. Also, for your convenience, you can download the mobile applications of this service.
I will leave for you all the necessary links in the description. The third option to buy bitcoin is to use cryptocurrency exchanges. It is suitable for active investors who constantly monitor the bitcoin rate. Also, this method allows you to buy bitcoin at the exchange rate with minimal commissions.
For this option, you don’t need to create a wallet cause cryptocurrency exchanges provide you with a type of hot wallet where you can store your bitcoins. You could use the following popular and safe cryptocurrency exchanges: Coinbase, Coinmama, Kraken, and Binance. Register in all and choose the one that you like the most. Links to all these exchanges will be in the description.
The sequence of actions for all exchanges is approximately the same. First, you need to register and confirm your email or phone. Then fill in your personal data like first and last name and address. After that, you may be asked to go through the verification process. This usually requires a photo of your personal id. The verification process itself takes from 15 minutes to several hours. When you finally passed all this, I recommend enabling two-factor authentication at your account.
This will provide additional security for your funds. Two-factor authentication is an extra layer of security for your account. Just download the google authenticator app and follow the instructions on your exchange to enable it.
In general, you will need to scan the QR-code from your exchange instruction with the application. Then you will see a new entry in the application corresponding to your account. Every time you log into your account and perform transactions, you will need to enter one-time codes from the google authenticator app.
odes are stored only on your phone, so they cannot be hacked via the Internet. Now that your account is protected, you can proceed directly to buying bitcoin. All the exchanges listed by me have a convenient and intuitive interface, so this will not cause you any problems – just follow the instructions.
I wish you to make a lot of money on this purchase.
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