You must be wondering about “How difficult it is to invest in the crypto field?” But, the reality is far away from your thinking. It is because investing in bitcoin is super easy and one can do it without any obstacle coming their way.
If you have got a basic knowledge of cryptocurrency and “How it works,” there shouldn’t be any problem when buying any currency.
You don’t have to understand programming or coding to invest in cryptocurrencies, but it can be done by breaking down the “Buying” process into different steps.
In this article, we will completely guide you on “How to buy Bitcoin and the best way to invest in bitcoin.”
So, without wasting any time further, let’s get started!
Something about Bitcoin
Most people still have no knowledge about “What really bitcoin is” and the answer is pretty simple; it is a digital currency.
But wait, it is more than a digital currency because it provides you with a decentralized facility and blockchain technology.
With encryption available in the crypto field, the breach of user’s privacy has now gone. No one on the planet would be able to get your data leaked because the data travels from one person to another is encrypted.
What’s more, you can transfer payments within a fraction of seconds, and that too with “Minimum Charges.” You don’t have to worry about the taxes even (In some parts of the world).
Bitcoin started to roll in the streets of cryptocurrency back in 2019 when the price was only $1 and now it’s too difficult to buy even a single one. The highest price that bitcoin reached was $20,000 but then it got a setback and the price was dropped to $10,000 in 2020.
Now, the price is stable and it seems like it’s going upwards. One can still buy a small piece of bitcoin to get started and see how things go.
Now, enough of the bitcoin introduction, and it’s high time that we discuss the possible ways of buying and investing in bitcoin.
Let’s rock and roll again.
Is it smart to invest in Bitcoin?
So, we were talking about the best way to invest in bitcoin, and here’s how you do it.
There’s no possible way that you buy “Bitcoin” from your local currency or bank account because you’ve to open accounts on different applications or buy it from crypto exchanges.
Note* According to the new law, you’ve to pay taxes for the bitcoin you hold or other cryptocurrencies in your wallet. The time is now gone when you were free to use the transactions without paying the taxes.
Now, you must have a wallet to buy and keep the cryptocurrency. Don’t know how to get yourself registered? We will help.
There are two types of crypto wallets available in the market: Hardware wallets and Software Wallets.
- Software Wallet: Software Wallets are also known as hot wallets and that means you have got the complete access to these wallets by sitting at your home and using them through your PC or Mobile Phone. To access the software wallet, you don’t have to rely on any third party.
- Hardware Wallet: Hardware wallets are also known as Cold Wallets and that means “you have the physical storage to store your data or cryptocurrency coins.” You can download the data of cryptocurrency and store it in a portable device.
So, these are the two types of wallets available these days and now you know the difference as well.
You can buy cryptocurrency with the help of different applications available and we are breaking down the names as well.
- Coinbase Application for Crypto Lovers: You must have heard about coin base if you’re a true crypto lover because every crypto lover has this application installed on their phones. Coinbase is a perfect platform for those who are willing to buy or invest in cryptocurrency without dealing with the complications. You can check the trends of different cryptocurrencies, if the trend is in your favor, you can buy the currency, or else, you have got the option to ignore it.
- Bitcoin ATM (New way but no convenient): There are around 3k bitcoin ATMs available in the world and there are chances that you may have or may have not accessed to these ATMs. One can easily buy bitcoin through the ATM. Personally, we do not like this method because it has a lot of struggle. You’ve to spot the ATM first and if it’s functional, you’ll then be able to get a coin. So, it’s better to look for other options.
- Robinhood Application for Bitcoin: After coinbase, Robinhood application is our favorite, and because of many reasons. Not only they offer bitcoin but they have a list of hundreds of “Cryptocurrencies” that you can buy and start trading immediately. So, if you’re striving to get the bitcoin, Robinhood is the best way of buying the bitcoin.
- Bitcoin IRA The New Sensation (Super Exciting): This is the best choice for the ones who are eyeing buying bitcoin with ease. Not only it helps you set up your bitcoin future but there’s a serious “Tax Advantage” one can have used Bitcoin IRA. They give you two types of preferences; tax-deferred and tax-free You can choose one according to your preferences and then start rolling.
So, these are the four best methods of investing in bitcoin, and do let us know in the comment section if you’ve any other way of buying bitcoin.
Is bitcoin a safe haven for investors?
If you’re a guy who can bear losses then this field is for you. Honestly, you don’t always go the “Losing way.” There are 70% chances in the crypto world that you get the profit of what you seed and invest.
So, an optimistic guy can survive in the crypto field and if you have got the knowledge too, then it’s always a plus.
That’s all from the topic “Best way to invest in Bitcoin” and if you still have any questions in mind, feel free to comment down below. We will answer your questions.