Bitcoin is an exceedingly valuable cryptocurrency as the store value of bitcoin is more than $50000. Since its release, it has only shown exponential growth in the market value. Bitcoin was the first cryptocurrency, and there are now more than 10000 cryptocurrencies. Cryptocurrencies except bitcoin are correspondingly known as altcoins.
These altcoins are most probably clones of bitcoin with some permutation and combination. Bitcoin is also the first-ever cryptocurrency to halt the milestone of $1 Trillion. However, after the cryptocurrency market crash, the market cap of bitcoin is $800 billion.
Many people have a good amount of profits by investing and trading in bitcoin. There are websites like bitqs.io that can help you get better results in your trading venture. Although bitcoin is very popular and has exceeding profit potential, many people don’t know how to buy bitcoin. Here is a complete ladder that will help you in buying your first bitcoin.
Is it Challenging to Buy Bitcoin?
Since bitcoin comes up with decentralization and virtual aspects, buying bitcoin might sound like a very challenging task. However, buying bitcoin is very easy, and you can also buy your first bitcoin unit or fraction effortlessly.
Investing or trading in bitcoin is one of the utmost profitable businesses. All the more, you can buy bitcoin for even $10. Here is a complete step ladder that allows you to buy bitcoin units; let’s look.
Choose a Trustable Exchange
Bitcoin mining is the only method to bring new bitcoin units to existence. However, bitcoin mining is costly, and you cannot avail your desired number of bitcoin from bitcoin mining. Therefore, rather than perform bitcoin mining, you can acquire hold of a bitcoin unit commencing a trustable exchange.
Bitcoin exchange allows you to buy, sell and exchange bitcoin units. All the more, these exchanges offer you a great deal in terms of liquidity. Moreover, since bitcoin is very popular, there is ample trustable exchange on the web.
Even trustable exchanges are of two different sorts, the first comes up with a centralization aspect, and the second is politically independent. Decentralized trustable exchange levies you fewer transaction fees, whereas centralized exchange levies more transaction fees than a decentralized one. Therefore, you should choose a robust and secure, trustable exchange to buy bitcoin with total security and safety. All the more, your trustable exchange must offer you the desired payment method.
After choosing a secure and robust trustable exchange, you have to register yourselves on that explicit exchange. Registering on any trustable exchange is very easy as you have to fill in some basic information such as an email address or mobile number alongside your name.
After registering on the website, you have to verify your identity. To verify your identity, you have to provide a government-approved identity and your photograph. The verification process is also known as the Know Your Customer process.
Almost every trustable exchange performs KYC to know about its users. All the more, the KYC process helps to prevent fraudulent actions. However, only centralized exchanges know your customer process as the decentralized exchange is devoid of such progression.
KYC consumes a considerable deal of time, but the period of KYC varies from platform to platform. For example, some platforms complete the KYC process in just one day, and some trustable exchanges consume even a week to complete the KYC process.
Connect Payment Source
After knowing your customer process, you can link a payment method to buy your first ever bitcoin. As mentioned ahead, bear in mind that the trustable exchange you are about to choose offers you your favorite payment method. Make sure that the trustable exchange you are about to choose offers you a traditional payment method.
The trustable exchange you are about to choose must offer your card payments and bank account. If your credit card or debit cards are not working, you can link your bank account with the exchange to buy your first ever bitcoin. As per robust sources, you should avoid leaving your bitcoin units in your trustable exchange account. Instead, after buying a bitcoin unit, you should instantly transfer those bitcoins to your bitcoin wallet.
The portion, as mentioned earlier, is a complete step ladder to buy your first bitcoin.