Buying Bitcoins for The First Time! – If you are new to bitcoin, you must still be struggling to understand how it works. With so much information available on the internet, you will be overwhelmed. Every ‘expert’ gives such a huge volume of assisting information that things overlap and confuse the readers. In simple words, crypto atm is a protocol backed by groundbreaking technology. It is slowly gaining so much fame that it is being predicted to be the most sought-after digital currency used by people for transactions.
Some things that you, as a new bitcoin trader, need to learn regarding bitcoin are how you can use it as a financial asset, where you can buy BTC, what are the ways to sell it and how to make the transactions. Things will get quite easy for you once you get the hang of these.
Table of Contents
If you have decided to buy Bitcoins and this is the first time you do so, you need to decide where you need to buy the bitcoins from. There are numerous exchanges available that let you buy the required coins. From the conventional exchanges like Robinhood to the traditional ones like Coinbase, the options available are highly trustable.
There are numerous ways to buy bitcoins apart from the traditional exchanges. You can get them through Traditional stockbrokers as well. Though there are limited choices available right now, some of them are quite sought-after, for instance, Robinhood. Apart from the stockbrokers, you can buy bitcoins through the Bitcoin ATMs, Exchange-traded funds
Grayscale funds and Peer-to-peer bitcoin owners. However, before you decide which seller you are going to choose for your first bitcoin purchase process, you need to be aware of all the features that they offer.
Choosing The Wallet To Keep Coins Safe
Once you have chosen an exchange, it is time to think about how you will store your crypto coins. You must decide whether you want to opt for the hot wallet or the cold one? Each of them comes with its features, advantages, and disadvantages. Having a wallet is indeed crucial! It ensures that your coins always remain safe and secure. There are several hot wallets available, which ensure that no matter how long you keep your coins, they stay safe. For instance, you can choose from Coinbase, Blockchain, Electrum, etc.
One thing you need to be aware of is that many hot wallets provide insurance offers to users. However, the insurance covers only the large-scale hack. Often, such insurance may not cover the unauthorized access of your account by the one-off case.
You have trustable and easy-to-operate options like Trezor and Ledger Nano in terms of the cold wallet. Though they require you to pay more money to use them, they surely are much more reliable and safer.
Making The Purchase
The third decision that you need to take in becoming a bitcoin trader is about the way you are going to make your purchase. This means that you need to decide how many coins you need to buy and which ones. Ensuring that you make a wise decision in this regard, keeping a safe financial backup for yourself is mandatory.
Deciding The Investment Route
The last decision to make is regarding the investment! First, you need to be sure of how you’re going to go about it in terms of the investment point of view. This requires a long-term plan to keep the assets and use them to gradually enhance your profit margin.
If you are new to crypto, it’s always recommended to play safe initially. You shouldn’t go over-whelmed and put all your savings into it. Rather, it is a better idea to go slow! This means that you only put 5 % of your savings into it initially as you are still learning. Once you get the hang of the processes, you can gradually increase this amount. Alongside this, make sure to keep a safe reserve for your retirement before choosing how much you will eventually invest in crypto. This is a necessary thing to consider as the market is highly volatile and unpredictable.