Bitcoin investing may be the better option in this website of ekrona app, but it is riskier for beginners. Millions of people are using bitcoin for different purposes, and they also encourage new people to buy bitcoin and use it as domestic money. New people curiously read WP Dev Shed posts to know about bitcoin technology because of its value fluctuations, but they do not know where to invest and how to invest in bitcoin. Before buying bitcoin, they have tons of doubts, like how to invest in it safely without losing a bit.
Bitcoin is a famous coin known as digital gold, which only exists in digital form. We use physical notes or cash for daily transactions, but you can only access these coins through electronic gadgets such as smartphones or computers/laptops. The demand and supply decide the value of this digital coin on the blockchain network, and not a single one is controlling or managing it.
Read: Can You Buy Bitcoin At Walmart?
For many beginners, there is a question: can we do more things with this digital currency than just earning money? The answer is always yes since it came by ensuring that everyone would do multiple things. There are the following list of working or things of bitcoin you can do given below:
- First, you can pay in bitcoin to the merchants through your bitcoin wallet to buy goods or services or do online shopping.
- You can invest money for the long-term to earn massive cash because bitcoin is a deflation currency.
- Buying bitcoins to earn money in a short period is called trading.
- If you want to earn a massive amount of dollars, then start mining through your programming and mathematical skills since every miner gets 6.25 bitcoin as a reward for solving the required amount of transactions.
- You can send the coin to any other person who wants to buy or receive it and can receive bitcoin from another bitcoin user like we send digital fiat currency through payment apps.
There is a vast list of usage of bitcoin, but these above are some crucial usages of bitcoin.
Read: Explain About Bitcoin Mining? Detailed Guide
How to invest in this cryptocurrency?
There are the following steps you must follow if you want to invest money in bitcoin cryptocurrency given below:-
- Sign Up for Bitcoin exchange:- Bitcoin exchange and bitcoin blockchain are different because bitcoin exchanges are third-party applications or software that provide the extra feature by charging some fees. These exchanges will charge when you do a bitcoin transaction through their platform.
- Complete your KYC:- KYC is necessary to grab all the bitcoin exchange features; otherwise, you will get only limited features. You required some identification documents to complete your KYC process. When your KYC gets approved, you will do bitcoin or other cryptocurrency transactions. Therefore, you need some documents such as Identity proof, License, passport size photo, live selfie, signature, etc.
- Add bank details:- Adding the bank details is necessary to buy bitcoin or other cryptocurrencies. You can directly add money from your bank account to the exchange wallet by providing the bank details. After adding your bank account, click on deposit or add money, enter the amount you want to add and process the payment by filling the OTP sent to your registered mobile number with the bank.
- Buy bitcoin:- You will see an exchange tab on the exchange where all the cryptocurrencies appear and search for bitcoin through the search bar. Click on bitcoin and enter the amount of money you want to buy, such as $100, and the exchange will automatically count the units of bitcoin worth $100. Next, click on the place order or purchase button to buy the bitcoin, and after placing an order, the bitcoins will appear on your exchange wallet.
- Bitcoin wallet:- Many bitcoin separate wallets are available on the internet. Since you are using an exchange wallet that is not safe and secure enough, you must transfer your purchased Bitcoin to another wallet. You can also send these bitcoins from your exchange wallet to a blockchain wallet because blockchain is the only safest wallet on the internet. If you want to hold bitcoin for more than one year, you must go with offline wallets such as paper wallets or hardware wallets