Getting started with Bitcoin investing doesn’t have to be complicated, especially now in 2019
Bitcoin trading is actually pretty straightforward once you get the hang of it. Being the premier cryptocurrency , it is pretty straightforward to buy and sell them as and when you want to. Bitcoin has a history of volatility which has brought in a lot of traders and media interest into the ecosystem. It is extremely easy for anyone to trade Bitcoin as the barrier for entry is so low.
So, how do you get your slice of the pie? What do you have to do to make sure that you are going to trade bitcoin in an efficient manner? Well, this guide will help you make your trading decisions. The reason why you should invest in Bitcoin, and cryptocurrencies in general, is because there is nothing quite like it. There are several features that makes Bitcoin trading both exciting and unique. Binance Jersey allows users to trade euros and British pounds with bitcoin and ethereum and access digital asset management services.
Quite similarly, Australian markets lost USD 30 billion. However, Bitcoin was a whole different story. From all these three cases, we can make one simple and obvious conclusion.
People have a tendency to invest in Bitcoin when faced with unstable markets and obstacles confronting fiat currencies. Unlike stock markets, Bitcoin is open 24X7. The reason being stock markets are specific to the country they operate in and usually reflect the working hours of that country. Anyone can purchase bitcoin on most of the exchanges. Bitcoin and cryptocurrencies, in general, are infamous for its rapid and frequent price movements.
This volatility can help traders make an easy, quick buck. Before you invest in an asset, you should at least know how it works. We have covered the mechanics behind the crypto several times here in detail. However, for the uninitiated, we will give a brief overview. If you are already aware of the mechanics, then please skip to the next section. The blockchain is a time-stamped series of an immutable record of data that is managed by a cluster of computers not owned by any single entity.
Each of these blocks of data i. Ok, so what does that mean in simple terms? Imagine a universal ledger that anyone can download and write into. Anybody who has a copy of that ledger can:. That is what Bitcoin gave to us, the first proper implementation of a technology that can act as an immutable and transparent ledger.
This innovation gives us a system that is completely incorruptible and free from human corruption since each and every transaction made into the blockchain can be checked. Through public key cryptography. Every Bitcoin user has a private key and a public address that are both mathematically derived from each other.
So, how does it work? It is actually pretty straightforward. The public address is like your account number and the private key is like your PIN code When you receive Bitcoins, people will send it to your public address. You can then send your Bitcoins to anyone via your private key.
So, going by that explanation, we can make two observations:. This should give you a brief idea of what Bitcoin is and how it works. This is the reason why Bitcoin has become such a big deal. The exchange serves as one of the most critical functions in the crypto ecosystem. It acts as a portal between the Fiat world and the crypto world. A cryptocurrency exchange is similar to a stock exchange, but with a focus on cryptocurrency tokens rather than stock trades.
Put simply, a crypto exchange is a platform where customers can buy and sell cryptocurrency assets. Broadly speaking, there are two forms of crypto exchanges:. Fiat to Crypto exchanges helps you buy Cryptocurrencies in exchange for Fiat money.
These exchanges have been designed to be as beginner-friendly as possible. Coinbase and Bitbuy are perfect examples of fiat-to-crypto exchanges. Binance is a fine example of a crypto-to-crypto exchange. These are the exchanges that are geared more towards the experienced traders than the beginners.
Crypto exchanges deal with an insane amount of money on a daily basis. In fact, check out how much the top 5 exchanges ranked according to transaction volume in the last 24 hours measure up:.
So, where exactly do you get started? If you are Canadian then the answer is pretty straightforward. Bitbuy is a Canadian owned and operated digital currency platform. Founded in , Bitbuy has consistently provided Canadians a dependable and trustworthy platform to buy and sell their cryptocurrencies.
As already explained, Bitbuy was a fiat-to-crypto exchange where you can deposit Canadian dollars directly onto their website, to be exchanged for digital currency. Their headquarters are located in Toronto, Ontario and their services are available for Canadian traders across the country. Another interesting feature of Bitbuy is that there are no fees for withdrawing your cryptocurrency.
You can send your crypto to a private wallet , free of charge. This makes it ideal for long-term investors who want to hodl on to their cryptocurrency. Your first-time purchases will be held for one to three business days for security reasons.
If you have a verified account and have made more than three transactions on Bitbuy, your funds will be available in real-time. The moment you become a verified member, you are entitled to use any payment method you want to fund your Bitbuy account. For verfiication, you will need to submit the required KYC details. The documents you must submit are:. The entire verification process usually takes between one to three business days.
Bitbuy also has very prompt customer support. You can do the following to receive support on your query:. Bitbuy is a division of First Ledger Corp, which is a Toronto based blockchain and digital currency company. They have stated that the exchange complies with all Canadian laws.
They have also taken the following precautions to keep your data safe:. If you are a Canadian citizen, then you can go to Bitbuy right now and create your own account to start trading. Click here to create your account.
There are a lot of ways that you can trade Bitcoin and cryptocurrencies and it is entirely dependent on what you want to gain from your investments and how much time are you willing to give to trading. As per IG , there are four main kinds of trading:.
Day traders open and close their position within one single trading day. This strategy works for traders who want to take advantage of short-term opportunities in the Bitcoin market which may come about in light of developing news or emerging patterns. Swing traders catch trends in price movements the moment they form and hold onto it until the trend experiences a reversal.
This strategy is great if you want to take advantage of market momentum. Make several intra-day trades on minor price movements. If you are the kind of trader who would make several small frequent profits rather than wait for a big opportunity,. If you are a long-term holder or you want to just get into the crypto market and try out your hand then passive trading may be ideal for you.
The idea is as straightforward as it is timeless. Wait for the price to drop to a certain level and buy-in. Wait for the price to go up to a certain level and buy out. Unlike the other forms of trading, the time length between buying and selling can last for several days, weeks, months, and even years. The two most important tools to keep in mind while trading, are fundamental analysis and technical analysis. This analysis looks at the big picture instead of price movements.
When you are doing a fundamental analysis of a coin, you are looking at:. Keeping yourself up-to-date on all the current events is imperative for solid fundamental analysis.
Technical analysis is a tool, or method, used to predict the probable future price movement of a currency pair, cryptocurrency pair, or stock. It can be creative and dynamic which helps you gain a very deep perspective into the coin. You can read the first part of our two-part guide on technical analysis to gain more insight. Sure you can gain a lot but you can lose a lot as well.
Take your time and do some research. Learn about the coins and learn about certain trading strategies. Learn about the exchanges and choose the one which will benefit you the most.
Also, people tend to invest in the same coins that their friends are investing in. While there is nothing in taking advice, you should combine advice with your own research.
How to prepare for Bitcoin trading
Bitcoin and the Blockchain were originally invented to revolutionize the way we store and transfer value as humans. While there are folks who wiith use Bitcoin exclusively as an investment, the programmability of the coin API actually enables infinite possibilities of uses. For the time being, BTC can already be spent hoe a number of fun and exciting things. From online gambling to retirement investing, users are growing every day. You can read about it in depth. If you have been wondering where do you spend Bitcoin for the right purpose, well you could use it at Bitrefill.
Bitcoin has never been as popular as today. Demand increases as more and more understand the benefits and opportunities with the cryptocurrency. This is a guide to help you get started with Bitcoin. What is Bitcoin? Why should you use Bitcoin? How to get started with Bitcoin? Where do I buy Bitcoin? We will answer these questions and explain everything you need to know. This is a brief review of the digital currency to get started quickly.
Choose your wallet
Bitcoin has never been as popular as today. Traxing increases as more and more understand the benefits and opportunities with the cryptocurrency. This is a guide to help you get started with Bitcoin. What is Bitcoin? Why should you use Bitcoin? How to get started with Bitcoin? Where do I buy Bitcoin? We will answer these questions and explain everything you trdaing to know. This is a brief review of the digital currency to get started quickly.
We have simple step by step instructions, and at the end of the guide, we help you to buy Bitcoin instantly. A common excuse for not getting started how to get started with bitcoin trading new technology. It was the same at the beginning of the Internet. The only question is how long hpw will wait before you teading the cryptocurrency.
Past performance is no guarantee of future results. But there will never be more than 21 million bitcoins. If you only buy one bitcoin, you always own more than about You can, of course, buy less than one bitcoin.
Time to stop procrastinate and getting started with Bitcoin! Risk Disclaimer: Cryptoassets are highly volatile unregulated investment product. No EU investor protection. Your capital is at risk. Bitcoin was the first decentralized digital currencyalso called cryptocurrency. It works like cash or gold that can be transferred on the internet across the globe.
You can transfer money as easily as sending an email. This means that you can send money person-to-person without a middleman or involvement of any third party. In other words, you avoid expensive fees and long waiting times as at the bank. We can briefly describe Bitcoin as follows: Bitcoin is an independent, global and public ledger used to transfer and store value. Bitcoin is secure because how to get started with bitcoin trading is based on cryptography and mathematics.
All users decide together over the Bitcoin network and its rules. There is no central bank that can print more and more money to reduce the value. Protection against inflation is one of the benefits with the cryptocurrency. Read about more benefits and why everyone should use Bitcoin in the next section.
This is a brief description of Bitcoin. If you want to learn more, we have detailed guide about Bitcoin. There we go through what money is, where bitcoin comes from, why the cryptocurrency has value and much. There are many answers to that question because Bitcoin has many different uses. Below we summarize the main benefits of using Bitcoin. If you want to learn more about the advantages of using Bitcoin, read this guide. Good, now you know what Bitcoin is and why you should use it.
If you follow our guide with step-by-step instructionsit only takes a few minutes. First, we show you how to create or buy a secure Bitcoin wallet. Then trxding will help you buy your first bitcoin. Thereafter we will explain how to protect and store your bitcoin. We will help you all the way to avoid common beginner mistakes. Here are four steps to start using Bitcoin today :.
As you can see, getting started with Bitcoin is easy! In the following sections, we will go through all the steps in. We end with important about safety along with some tips and advice.
A Bitcoin wallet is needed to receive and send bitcoins. With Bitcoin, you have a private and public key that you keep in a wallet.
Simply explained, your public key acts as your email address and your private key as your password. This means you need to protect your private key and not show it to. If you want to buy Grt for a smaller amount, you can use an online wallet. That is automatically created when you open an account at a Bitcoin exchange. We help you choose a secure Bitcoin exchange. However, we strongly recommend buying a hardware wallet if you want to buy bitcoin on a regular basis or for a larger.
If you create your own online wallet or software wallet, you should back up your private key and keep it offline. You can get Bitcoin in three different ways. The stagted common and usually easiest is to buy Bitcoin on a marketplace. But you can also sell a product or service in exchange for Bitcoin. The third way is to earn Bitcoin through Bitcoin Mining. Then you wiht software on your computer to verify transactions and get rewarded with Bitcoin. We recommend that you buy your first Bitcoin on a trustworthy exchange.
There are many places to choose from, but not everyone is safe and reliable. We will help you choose the best exchange for you. Is it geg first time you buy Bitcoin? We have reviewed and compared all the best exchanges. There are simple step-by-step instructions. Do you want to buy Bitcoin instantly? You can buy Bitcoin and cryptocurrency easy, instant and secure.
Their exchange platform has received our highest rating. Open an account and start trading now! Have you bought Bitcoin? If the answer is no, scroll up! If the answer is yes, congratulations! Welcome to the future financial world where you can be your own bank. The next step is to secure your Bitcoin by taking control of your private keys. Now you need a secure Bitcoin wallet that we helped you with in the first step. When you buy Bitcoin on an exchange, the money private key is kept in your account at the exchange.
This is risky as the company stores and controls your Bitcoin. The whole purpose of Bitcoin is to control and protect your own money. If you keep your Bitcoin on an exchange, your account may be restricted or blocked. For your Startedd to be secure, you need to transfer them from the exchange to a secure Bitcoin wallet. Once you have bought Bitcoin on a marketplace, we strongly recommend that you transfer them to a secure hardware wallet.
The trrading way to learn about Bitcoin is to use Bitcoin. Therefore, you should make at least one Bitcoin transaction. We recommend that you send Bitcoin between two of your own wallets to learn how to send and startedd Bitcoin. You will learn here if you buy Bitcoin at an exchange and transfer them to your private Bitcoin wallet.
To receive Bitcoin, you only need to share your public Bitcoin address. It consists of a code between letters and numbers. The address can look like this:. Your private key looks similar but is shorter. Be sure to never share your private key! Most wallets create QR codes of the keys, to make it easier to send and receive Bitcoin. A Bitcoin can be divided into one-hundredth of a million 0.
When to transfer Bitcoin, the wallet usually recommends a transaction fee which varies depending on the market. The higher the fee, the faster the transaction is completed. The number of stores and services that accept Bitcoin is growing every year. To pay or send Bitcoin is also simple but requires a few how to get started with bitcoin trading steps:.
How to Invest in Cryptocurrencies - Getting Started Guide 2019
Choose your wallet
That is automatically created when you open an account at a Bitcoin exchange. Dental services, a brand new car, travel and even luxury real estate. Hello Kayiira, If you live in Uganda, we would recommend using Coinbase. Customer support Start learning. Every wallet has a public address and a private key. However, in general, you should be skeptical about ads for bitcoin. Silver Surfer says:. Leave a Reply Cancel reply Your email address will not be published. Best Cryptocurrency Exchange. Coinbase Buy Coinbase is one of the world's largest Bitcoin exchanges. How to trade bitcoin Bitcoin cash vs bitcoin Bitcoin halving. Open live and demo accounts in a few easy steps Wide range of payment methods Direct customer support.