Since the Coronavirus pandemic, many businesses have shut down, which means lost of revenue for businesses and income for workers. But after this crisis, how can you quickly get back on your feet financially when the coronavirus lockdown is over.
Bitcoin has proven to be one of the ways to make some quick cash especially now, following the recent May 11, 2020 Bitcoin halving, which cuts the block reward to miners to halve from 12.5 BTC to 6.25 BTC, thereby increasing the demand and value of Bitcoins. Speculators have projected the price of Bitcoin to increase to a $10,000 – $10,300 significant resistance area and to confidently reach a new all-time high within 18 months, in the $20,000 – $50,000 region. According to industry experts, there is also a possibility that we’ll see the top of the next bull market topping out at $100,000 – $120,000.
Well, when it comes to digital currencies, we can’t always be sure due to the high volatility of the market. However, Bitcoin has proven to be the main cryptocurrency that is set to stimulate the financial markets over the years and even better after this Coronavirus pandemic. It is the latest technology that offers the world a new way of transferring digital assets from one Internet user to another in a safe and secure platform.
In many countries around the world, Bitcoin has become the currency of choice for online users because it offers faster transaction confirmation and low-cost international payments. Bitcoin has been trading since 2009 and its community is growing every day. Financial analysts have revealed that the market capitalization for Bitcoin has tripled that of the other cryptocurrencies. Even the value for Bitcoin has been increasing for the past few years. That makes Bitcoin an attractive investment that every investor is interested in learning.
However, many investors know very little about how to buy and sell Bitcoin online. This guide to buying Bitcoin will help you to make a wise decision in your trading. The good news is that you don’t have to be an expert in cryptocurrency before you can be successful in this business. It’s still possible to lose money in Bitcoin trading, so be cautious until you know exactly what you are doing.
If you are ready to make your first Bitcoin purchase and start trading in digital currencies then follow these steps below.
1) You need to install Bitcoin wallet
If you’re new to Bitcoin trading, your first step would be to install Bitcoin wallet. Bitcoins are virtual assets, so you must keep them safe. Bitcoin wallets are like a digital bank account that enables Bitcoin traders to store and manage their assets. You can use the wallet to secure your Bitcoin until you are ready to pay for goods or exchange them for another digital currency.
The Bitcoin wallets can store your assets either on your computer or in the cloud. Most importantly, Bitcoin wallets are developed to help traders to protect their assets from thieves. Bitcoins are most vulnerable to cyber-attacks, so your first priority should be safety. It is advisable to store your Bitcoin in an offline cold storage wallet for total security.
There are several different types of Bitcoin wallets you can use to protect your digital assets. They come with different features, so make sure you choose the one that has the essential security features. Digital wallets can help you secure all varieties of cryptocurrencies.
It’s important to have a Bitcoin wallet ready to secure your digital assets before buying them. Many investors have had their Bitcoin stolen before they could install a Bitcoin wallet. You don’t have to worry about how you can launch your wallet because Bitcoin wallet setup process is automated.
Your wallet will provide you with a seed of phrase which can be used to protect your funds and recover your Bitcoin in case you lose your wallet. The phrase you will receive is like your ATM card’s Pin, so you need to save it properly. Once your wallet has been set up, you can now start buying Bitcoin.
2) Open an exchange account
You will need a Bitcoin exchange that will facilitate your Bitcoin trading. A Bitcoin exchange is an online marketplace that allows you to buy and sell Bitcoin using various fiat currencies. A Bitcoin exchanges act as middlemen between Bitcoin buyers and sellers. Digital currency exchange can help link your bank account or credit card to enable you to buy and sell Bitcoin.
There are several Bitcoin exchanges you can find on the Internet. Make sure that you do your due diligence to find the exchange that is trustworthy because there are a lot of scammers online.
Signing up for an exchange account is easy, though you will need to provide identity proof and other personal data. That may involve uploading a copy of your identity cards such as an international passport or driver’s license. After submitting your personal information, it may take hours or days for your account to be created and verified.
You can link your bank account or credit card once your exchange account has been verified. Remember that the process of purchasing Bitcoin can change depending on the exchange you choose.
3) Buy Bitcoin with other digital currencies
You can use other popular cryptocurrencies such as ETH or USDT to buy Bitcoins. Remember that your exchange can charge you a small fee for verifying the transaction. Though, some exchanges don’t charge any fee when you do Bitcoin-Bitcoin trading.
4) Trade or hold your Bitcoin
After you have purchased your Bitcoins, you can use them to pay for goods and services online. You also have the option of storing them toward selling them for profit in the future. In the cryptocurrency world, the process of storing Bitcoins to sell them when prices are up is called holding. Holding is a great way of making money with your digital assets like Bitcoin. If you want to hold then ensure your Bitcoins are protected in a secure wallet, you will also need to be patient and always check the cryptocurrency market to see when prices increase so you can sell them at a profitable price.
With the current Bitcoin halving bull run, Bitcoin trading is an investment opportunity with the potential for massive returns within this period. There are many people who are making plenty of money by buying and selling Bitcoin. People are excited about Bitcoin because of the Bitcoin halving and the Bitcoins you purchase today have the potential to double or triple in price within a few weeks or months.