Want to buy and sell bitcoin? Here is the guide you need to follow
Being new in the World of cryptocurrency must be daunting. You would see everyone buying and selling Bitcoin block with great ease, but it’s all extremely complicated and confusing for you. Trust me; it’s completely normal! You don’t need to get worried about not knowing how to use Bitcoin. The good thing is that you have realized the importance of having a passive income stream and want to explore this arena.
This article has a complete guide that helps you know how to buy and sell bitcoin to make it work in your favour.
Understanding bitcoin
Simply put, Bitcoin is a protocol or network based on the groundbreaking technology of blockchain. It is one of the most popular digital currencies out there, which has gained the trust of traders. Though it has a lot of competitors, its credibility is top-notch. So much so that many traders prefer to buy multiple bitcoins and manage them through the bitcoin trading software.
You can easily use bitcoin as your financial asset. However, we will not recommend relying on it completely by making it your ONLY investment. Rather, you should always expand your portfolio and keep cryptocurrency a part of it. Though bitcoin is surely a groundbreaking technology, as an investor, you should never rely on it completely by spending all your money on buying it. Playing a safe game is always recommended.
There are many ways of buying and selling bitcoin. You should be well aware of these methods of transactions before you actually jump on the bandwagon. This article gives you complete detail on how you can manage your bitcoin trading but doesn’t claim to be an investment guide.
Buying bitcoins
You can buy bitcoins in a number of ways. There are several organizations offering this facility to the buyers. Alongside this, there are bitcoin ATMs in the United States of America and some European countries that offer quick purchases of bitcoin. These ATMs are similar to the regular ATMs in terms of appearance. However, they are not connected to any bank account. Rather, they have a connection with the internet and let the users make transactions in bitcoins be it through cash or credit.
In order to use the ATM machine, you need to pay some amount in terms of the transaction fee. As this whole method of buying bitcoin is quite easy, it charges for the convenience it offers. On average, if you buy bitcoin through an ATM, you may have to pay an amount that is seven per cent more than what the traditional sellers req pay.
Sending and receiving bitcoins
Sending and receiving bitcoin comes next now that you have bought some of it. There are loads of websites that offer discounted items if you are keen to save some money while sending and receiving bitcoins. There are bitcoin exchanges, seller platforms and marketplaces where you can sell off your bitcoins.
Using the bitcoin wallet makes things easier. It takes you beyond the traditional exchange platforms, helping you keep a stronger hold on your investments. For that, you will have to set up your bitcoin wallet. Through the process called transactions, you will be able to send and receive bitcoins across various accounts.
Every transaction that you make gets recorded in a public ledger. This ledger is also known as the bitcoin blockchain. As each transaction that a trader makes is irreversible and is recorded immediately, one can say that bitcoin is surely the most secure crypto to trade in.
What makes bitcoin so secure?
If you are still sceptical about the security of your investment, it’s high time you get to know about blockchain technology. This technology backs the working of bitcoin, leading to a higher level of protection offered to the users. Each and every transaction gets recorded through the bitcoin addresses used in them, making the security top-notch. No one can reverse a bitcoin transaction. Hence, double-checking the address before executing it is a must for everyone.
Final thoughts
Bitcoin’s popularity is on the rise. With more people getting aware of it, it’s becoming a reliable choice for anyone who wants to invest the extra amount sitting in the bank account. Now that you are well aware of the buying and selling process of bitcoins, you should definitely be a part of this digital currency world.
