Cryptocurrencies like Bitcoin have emerged as a class of assets that can give you an opportunity to invest and get significant returns. Although there is a lack of Government support, this class of assets has become very popular in the last few years.
The possibility of getting huge returns over a short duration has prompted many investors to jump onto the bandwagon and buy cryptocurrencies like Bitcoin.
Are you planning to trade in Bitcoins? Here are some easy steps that can help you to invest in Bitcoin in a proper way, without any risks whatsoever. If you’re interested in learning more about bitcoin trading, go to bitcoin-billionaire.com for a complete guide.
Choose a proper cryptocurrency exchange
In many countries, there is an absence of rules and regulations on cryptocurrencies, and there is no uniformity or fixed structure when it comes to Bitcoin trading.
Some of the popular cryptocurrency exchanges around the world are now being joined by many new ones. There are as many as 380 crypto exchanges around the world at the moment.
Open up a trading account
At the crypto exchange of your preference, you need to open up a trading account – which should be just like a bank account. At the time of signing up, your credentials will be verified by the exchange on the basis of:
- The services that you choose
- The coin trading options available
- The amount of money that you plan to invest
Sharing KYC data will be required and you have to also set up payment options. For the purpose of KYC, you might have to submit copies of:
- Your address proofs
- Your photo identity and
- Your PAN cards
Keep in mind that crypto exchanges operate 24/7 and on 365 days, as compared to traditional stock exchanges.
Finance your account
After setting up an account, you need to transfer some funds into your crypto trading account for buying cryptocurrencies like Bitcoin. You would possibly like to transfer the funds online to the crypto trading account from your bank account. However, you need to link both accounts.
Based on the policy, moreover, you might have to wait for some time before buying digital coins.
Buy and invest in Bitcoins
After setting up an account and money transfer, you have to decide on the coins that you plan to make investments on. Bitcoin is the most popular currency out there, followed by others like:
- Ethereum
- Tether
- Cardano
- Dogecoin
- Binance Coin
- XRP etc.
Store your Bitcoins
After you purchase your coins, you have to store the same and it is very important to do so in a safe manner. There is no formal institution backing crypto exchanges and there is no insurance policy that you can depend on to stay safe in case of emergencies. Also, crypto exchanges might get hacked from time to time.
Naturally, you need to store your codes to your own account and keep your assets secure. Generally, it is recommended and also safe storing the Bitcoins you have in your Bitcoin wallet.
If you go ahead and buy Bitcoins, you can choose between:
- Having your BTC stored in the same exchange account that you used for the purchase of the currency or
- A paper cryptocurrency wallet, hardware or external software. Offline storage with a hardware wallet, which is also referred to as cold storage, is regarded as the safest source where you can keep your Bitcoins in, with a lot of safety assurance.
Pick a proper strategy
It is very important to have a wonderful strategy in place, to get more profits. You can adopt the Elliott Wave Theory for this purpose – a theory that focuses on the psychology that drives the market sentiment.
Naturally it acts well enough for cryptocurrencies and other speculative assets. You can also get some important advice and guidance from crypto experts out there for expanding your investment portfolio in Bitcoins.
It is a good idea to always begin with small sized investments and make a careful market study, rather than following someone else’s advice blindly.
By following all these tips, BTC investment will seem hassle free and safe.