Investing in bitcoin seems very complicated for many people, but if you follow step by step, then it becomes much easier to invest in bitcoin. It is not required to understand the complicated computer programming to invest in bitcoin. Before investors begin, they should understand some basic technical and security involved in bitcoin transactions. Investors also need to buy bitcoin which achieved by connecting bank account, one can earn free bitcoin without much effort. Below are the steps to be followed while investing in bitcoin.
When it comes to investing in bitcoin, the first step you have to do is to get a wallet to store bitcoin. The wallets are available both in hardware and software. According to your choices, you can choose wallets. Software wallets are easily accessible, and you can connect with your traditional bank account. You have to choose a trustworthy software wallet, or you might get hacked. The beginners can choose coinbase, which is the best place to start, that simplifies the process of buying and selling. On the other hand, hardware wallets are considered as secured one because they are kept offline.
To purchase bitcoin you need to connect a bank account to your wallet, or else you can connect credit or debit card to your wallet. When you are using bank accounts, it takes nearly four to five days to complete the process. But if you are dealing with a large amount of money, then it is recommended to use a bank account.
You can buy bitcoin instantly by using credit or debit cards. But debit cards are used only for buying bitcoin in smaller amounts. When the wallet connected to debit card user cannot sell bitcoin or deposit money into their bank account.
Peer to peer trading:
If you have a wallet and not connected to either of your bank accounts or cards, you can buy bitcoin through the peer-to-peer exchange using cash. Buyers and sellers could meet up in one place to trade bitcoin for cash. But you have to be very careful because you are trading high-value currency with the unknown person. When you are trading peer-to-peer, then it is highly recommended to meet in a public place with higher visibility.
Thus, you are ready to buy bitcoin. It is crucial to keep in mind that free bitcoin can be divided into decimal points which are known as a satoshi.