Bitcoin has increased since its debut in 2009, with its value increasing by about 30,000% between October 2013 and early June 2021, for example. While this is a significant increase, some analysts predict Bitcoin’s value will skyrocket as cryptocurrencies and the blockchain technology that drives them become more prevalent and interwoven into people’s daily lives.
However, while acquiring Bitcoin, one essential buyer beware: while it has experienced tremendous highs, it has also witnessed awful lows.
After exceeding $20,000 in 2017, its value fell and rose to no more than half that amount until 2020. Though it has since recovered, it is still a very volatile investment, and an ill-timed tweet from Elon Musk may wipe away its value. As a result, experts recommend investing just a tiny amount of your money in Bitcoin. If you still want to join in on the excitement, here’s how to get your hands on some Bitcoin.
Buy Bitcoin in 4 Easy Steps
Choose a Crypto Exchange: –
There are hundreds of exchanges to select from, but as a beginner, you should pick one that combines ease of use with low charges and high security. If you don’t already have an exchange in mind, look at our top picks for the best cryptocurrency exchanges, including Unocoin, WazirX, ZebPay, and CoinDCX.
Bitcoins may be transferred from one exchange to another. To move bitcoin from your WazirX wallet to another crypto exchange, you must first withdraw your bitcoins from your WazirX account. Get the deposit address from the cryptocurrency exchange where you want to send your coin. Once you have the deposit address, you are ready to share your funds.
Choose a Payment Method: –
Before investing in Bitcoin, you must fund your account after choosing an exchange. Depending on the business, you may finance your account via bank transfers, online banking, Mobikwik, a cryptocurrency wallet, or UPI.
Platforms may, however, impose extra transaction fees for specific funding options. For example, CoinDCX does not charge a fee if you use UPI or bank transfers. However, it charges 0.5% for online banking and 1% for transactions above INR 2,000 using the Mobikwik wallet.
Place an Order: –
After funding your account, you may make your first purchase to obtain Bitcoin. Depending on the platform, you may be able to purchase it by just pressing a button, or you may be required to enter Bitcoin’s ticker symbol (BTC). The amount to be invested must then be entered.
After completing the transaction, you will have a fraction of a Bitcoin. This is because the initial cost of acquiring a single Bitcoin today is so expensive. For example, if the current price of Bitcoin is $38,000, you would need to pay that amount to obtain one. If you invested less, say $1,000, you’d get a fraction of a Bitcoin, in this case, 0.026%.
Choose a Secure Storage Method: –
Your cryptocurrency exchange most likely has a built-in Bitcoin wallet or a selected partner where you may safely keep your Bitcoin. On the other hand, some users are apprehensive about leaving their bitcoin linked to the internet, where hackers may rapidly steal it.
The majority of customer assets are maintained offline in what is known as cold storage by bitcoin exchanges. If you want the most security, store your Bitcoin in an online or offline Bitcoin wallet of your choosing. You may be charged a small withdrawal fee if you withdraw bitcoin from a business.