Last updated on December 28th, 2023 at 07:34 pm
Investing in crypto is not a big deal, but you need to be mindful that the potential return on investment can be realistic. Here we will give complete information about how to set up a crypto wallet and how to buy some BTC.
Are you also the first person to step into the world of cryptocurrencies? While it may seem a bit complicated in the beginning, if you keep researching it, you should be able to buy and sell BTC in no time. Bitcoin is seen as the most digital currency on the market, so we’re about to walk you through how to buy, sell, and store it.
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What is important to know before buying bitcoin?
At the time of this writing, one bitcoin is worth $15,700. But even if this price seems high to you, there is no need to worry, because if you want, you can buy bitcoin in fractional quantities as well.
However, before you buy a piece of the BTC pie, here are a few things you need to do:
- First research a reputable crypto exchange to set up an account with.
- Know Your Customer (KYC) exchanges require you to have the necessary documents to fully verify your identity.
- Getting a crypto wallet.
- Setting up your wallet.
However, with all of this in mind, you should also be aware that cryptocurrencies—and BTC in particular—can be extremely volatile, with drastic changes in value from one day to the next.
Keeping such changes in mind, you should invest only as much as you are prepared to lose in the purchase of cryptocurrency.
Choose a Cryptocurrency Wallet
However, several crypto wallets have emerged. They also go by many names – software wallets, hot wallets, and hardware wallets – but there are two that stand out as the main types:
A cold wallet is a physical wallet and hardware wallet that is fully connected to the Internet to store cryptocurrency, using a high-tech flash drive to store cryptocurrency Same as a drive.
In addition, cold wallets involve multiple security layers and may be more difficult to hack than internet-connected wallets.
On the other hand, if we talk about the hot wallet, then it has come out in the form of a software-based digital wallet that is completely connected to the internet and it often comes out in the form of an app.
In the world of hardware wallets, Trezor is another big name. If you choose a digital wallet, most major crypto exchanges use your user account with an online wallet package. Furthermore, a Coinbase account is not required if you use this app.
How to Buy and Sell Bitcoin
When considering buying bitcoin, you should only buy as much bitcoin as you are willing to spend.
Some of them only offer “Buy” and “Sell” buttons where you specify the amount of currency you want to buy or sell.
Most of these are also cryptocurrency exchanges that allow buying and selling using three types of orders:
Placing an order to buy a specified amount at the current BTC price in the market. This process is considered very quick to perform and usually takes a minimal amount of time to occur.
This sets the price at which you are considering buying or selling BTC. This type of order is usually used when selling BTC higher before it drops, although it takes a long time to execute.
This instructs the exchange to purchase or sell Bitcoin at a specific price. Once the price of BTC decreases a bit then it can be a good option to buy BTC.