Want To Buy Bitcoin
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While buying bitcoin today can be as simple as logging into PayPal, where you buy cryptocurrency makes a difference. Some exchanges charge higher fees than others, and not every company selling crypto will transfer the assets to a crypto wallet under your own control. Instead, the company could hold it for you -- which may or may not be something you want.
The two buying options for beginners are crypto exchanges, such as Coinbase, or money apps, such as PayPal or Venmo. Exchanges require more know-how than money apps, but often charge lower fees and give you more control over your assets. If you don't want to take the time to learn about how to use a cryptocurrency exchange, you can just buy bitcoin on PayPal or Venmo.
With money apps like PayPal and Venmo, you can choose to buy only a few cryptocurrencies, such as bitcoin and ether. These assets are definitely more acceptable investments in the arena of mainstream finance -- but remember that almost all crypto comes with significant risk.
The financial industry continues to search for ways to integrate crypto into conventional investments. If you want exposure to the cryptocurrency market without immediately buying bitcoin, you have a couple options.
You can buy a bitcoin futures contract, which is an agreement to buy a set amount of bitcoin for a set price at a future date. You might also be able to buy into a few exchange-traded funds, or ETFs, that include bitcoin futures contracts. The first bitcoin futures ETF began trading on the New York Stock Exchange in November 2021. And Fidelity, one of the largest asset managers in the world, recently filed to list their own bitcoin ETF, but the proposal was rejected by the SEC in January 2022.
All in all, cryptocurrency comes with risk for investors. Compared to more traditional investment assets, such as stocks or property, crypto is extremely volatile. If you sell cryptocurrency, you'll need to keep track of the amount, transaction date and other details because you'll need that information for filing taxes. The environmental impact of bitcoin mining is also substantial.
If you plan to buy and sell bitcoin and other cryptocurrencies, expect to have to verify your identity. Coinbase, for example, requires identity verification of account holders in order to comply with Know Your Customer guidelines. Venmo has also begun to ask their users to verify their identities.
When dealing with cryptocurrency, it's important to prioritize security so you don't fall victim to scams. If you're trading small amounts, the wallet provided by your exchange or another software wallet (there are plenty to choose from) may offer enough security. But if you're going big, you almost certainly want a hardware wallet, and there are a number of encryption-related options.
You've learned what crypto is and how it works, and you're clear on the risks involved. You understand what it means to invest in crypto (i.e., ownership of a purely digital asset). You also understand how blockchain technology works, accept that there is a strong possibility of short-term price fluctuations, and know what percentage of your portfolio you want to invest.
The investing process on these platforms is similar to buying a stock. Investors looking to enter the market at a specific price may benefit from using limit orders, where your order is only filled if it can be bought at the desired price. Those looking to enter the market as quickly as possible may consider using market orders, as long as you understand your order may not get filled at the exact price you want.
First, let's talk about fees. Every exchange currently charges \"maker fees\" and \"taker fees,\" both of which are typically listed on their website. Maker fees are charged when you place a limit order, which is where your order is only filled if you can buy it at your specified price or better. For example, if you place a limit order to buy bitcoin at $30,000, the platform will only fill your order at $30,000 or lower. Maker fees typically range from as low as 0.01% to as high as 0.30% of your total order value.
Taker fees are charged when you place a market order, which means you're buying at the next available price. Note that market orders do not guarantee your order will be filled at your desired price. For example, if you place a market order to buy bitcoin at $30,000, your order could be filled at a lower price or a higher price. Taker fees range from as low as 0.01% to as high as 0.40% of your total order value.
In addition to fees, investors might also want to consider security. Not every exchange is created equal, and because crypto is relatively new, certain exchanges are more reliable than others. Consider sticking with exchanges that rank in the top 10 for global trading volume. This may reduce your chances of running into scams (i.e., fake exchanges that don't allow you to withdraw your funds), low-volume markets (where your market orders are more likely to get filled at prices you don't want), and other unwanted events.
Once an account is created, you're given the option to link a bank account and transfer the funds you want to invest. From there, you have the option of entering the market via a limit or market order. As a reminder, crypto markets are volatile, so you may want to consider only transferring an amount you can afford to lose.
Once you understand key crypto concepts, make sure you can tolerate the risks. Crypto is highly volatile. In general, it's not unusual for a cryptocurrency to go to zero. In light of this, you may want to limit your investments to only an amount you can afford to lose.
If you want to buy cryptocurrencies other than Bitcoin with your credit card, the process is almost exactly the same. Just select the coin you wish to purchase from the dropdown menu at the top of this page when getting ready to buy. And be sure to provide an address for a wallet that supports that coin. Otherwise, the process is identical to buying bitcoin with a credit card.
Creating a Bitcoin wallet is easy. If you prefer an online wallet, you can start by downloading Trust Wallet, Bitcoin.com Wallet, Changelly, or any other wallet that supports Bitcoin. If you want to store your Bitcoin in cold storage, you can use Ledger or another offline wallet.
While I had first heard about bitcoin in 2011, it wasn't until I watched a documentary and started reading forums about the cryptocurrency that I decided to buy it. It was easy to see how bitcoin could disrupt the entire financial system.
I decided to buy as a long-term experiment and used less than 1 percent of my net worth at the time to buy into bitcoin. Sure, I wanted to make money on it, but if I lost everything, it wasn't going to change the course of my life.
As of this writing, bitcoin is trading at $16,600, which makes my bitcoins now worth $1,148,720. It took me five years working 80-hour weeks to make over $1 million saving and investing in the stock market, but with bitcoin, my coins have increased to over $1 million in 2017 alone. It's by far, without a doubt, the easiest money I have ever made.
On my blog Millennial Money, I've received over 100 emails from readers asking about investing in bitcoin and other cryptocurrencies. I was even talking to a reader last week who told me he put his entire life savings into bitcoin, buying in at around $11,000. That's a terrible idea.
When the price of anything fluctuates 20-30 percent in one day, it's obviously unstable, so you could lose all of your money very quickly. Especially if you need your money in the next year, don't buy bitcoin. With the insane short-term fluctuations, bitcoin is short-term gambling, not investing.
Litecoin is a good example. Sure, bitcoin has an early mover advantage, but it was created to buy and sell things online securely, which no one is doing right now because the price is so insane and transaction costs are skyrocketing.
You might think that digital wallets are secure, but cryptocurrency exchanges and wallets continue to get hacked regularly. More than $70 million in bitcoin was hacked from NiceHash, a bitcoin mining marketplace, last week.
Just because exchanges like Coinbase have $200 million in venture funding and a nice shiny marketplace doesn't mean that they can't get hacked either. Because there is no central governing body guaranteeing your bitcoin, if you lose it, it can be difficult to get back. If it gets stolen, then you are out of luck. Hacks will continue to happen.
If you do decide to buy bitcoin, I encourage you to buy responsibly. Don't buy using more than 1 percent of your net-worth, and be honest with yourself: Bitcoin is a gamble, not an investment. It's super risky and there are far better places to invest your money securely for both the long- and short-term.
More inexperienced traders may wish to try a more general trading platform such as Robinhood. These have the benefit of being more user-friendly than the average crypto exchange, although their major downside is that many don't let users withdraw their bitcoin.
Once you're verified and have deposited cash into your account, you can then begin buying Bitcoin. This process varies according to the exchange you use, with some exchanges offering a process that simply involves clicking a Buy or Sell button and then specifying how much Bitcoin you want to buy (or sell).
Quick tip: All exchanges will let you buy a fraction of a bitcoin (BTC). So while the price of 1 BTC may seem prohibitively expensive right now, you will be able to choose to buy 0.1 BTC, 0.01 BTC or whatever else you type into the exchange's interface.
\"Experienced traders that are very good with cybersecurity might prefer to own their wallets, as this gives you the ability to move your cryptocurrencies whenever you want to and not be subject to an exchange. The saying 'Not your keys, not your coins' was popular last year, as many exchanges got hacked or shut down,\" says Moya. 59ce067264