Bitcoin has been making the headlines a lot in recent days. The cryptocurrency is really starting to break into the mainstream, with El Salvador making history by becoming the first country in the world to accept Bitcoin as legal tender.
Are you considering going to a Bitcoin exchange and making your first investment? This article tells you everything you need to know about buying your first Bitcoin.
1. Use a Reputable Exchange
One of the most important things when buying Bitcoin is to use a reputable exchange. There’s no single best Bitcoin exchange website, as there are so many of them. Also, you might find yourself restricted by your country. You may need to look up a list of Bitcoin exchanges that accept customers from where you live.
You might also be able to find a local Bitcoin ATM as described by www.bytefederal.com.
2. Use a Good Wallet
It’s also important that you use a good Bitcoin wallet to store your coins. While you’ll technically have a wallet as part of your Bitcoin exchange account, you shouldn’t use these for long-term storage as they’re not a secure method.
For the best security, you should consider buying a hardware Bitcoin wallet. Not only do these wallets offer a safe way to store your coins, but they also come with apps that give you helpful information, such as the Bitcoin exchange rate.
3. Be Prepared to Hold Long-Term
One of the big mistakes you might make with Bitcoin is not being prepared to hold it long-term. Many first-time buyers make a reasonable first-time investment and then obsess over the bitcoin to the USD exchange rate.
If their coins start to drop in value, they may panic and sell at a loss. If you want to make serious money from Bitcoin, you’ll need to learn to hold long-term and avoid this mistake.
4. Start Small
When you first start dealing with Bitcoin, it makes sense to start small. In some cases, newcomers make mistakes, and in the world of crypto, you can’t get your money back if you transfer funds by accident.
When you start small, it helps you figure out how Bitcoin exchanges and wallets work. Once you understand the basics, you can take the next step to buy a more substantial amount.
5. Do Your Research
Whenever anyone makes a mistake with Bitcoins or other cryptocurrencies, it’s usually because they didn’t do their research before spending their money. The world of Bitcoin has many scammers, so you need to keep your wits about you!
Buy Bitcoin at a Bitcoin Exchange
Once you’ve learned the basics of Bitcoin, you’re ready to purchase your first piece of crypto at a Bitcoin exchange. Make sure you take your time and start small if you want to avoid scams and mistakes.
If you want to earn serious cash, you need to be prepared to hold long-term. If you want to learn more about other cryptocurrency-related topics, check out the rest of our blog posts.