Suppose you're one of the thousands of people new to Bitcoin investment and have recently bought some; congratulations!
There's never been a better time to get involved in this potentially life-changing cryptocurrency investment opportunity.
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| Investing in Bitcoins for the First Time: A Beginner's Guide: eAskme |
But, if you are a complete newbie to this crypto investment field, you should be like many new investors; you may still be wondering what to do next after you buy your first Bitcoins (BTC).
Here are some steps that can help you take advantage of this once-in-a-lifetime opportunity to get in on the ground floor of what could become the biggest technological and financial innovation since the creation of the internet itself.
Step 1: Set Up Your Wallet
Your bitcoin wallet acts as your gateway to store, send and receive bitcoins and participate in their value creation process.
Creating a bitcoin wallet is almost similar to creating a new email account which takes a few minutes to complete the entire process.
Once installed on your computer or phone, it will generate your first unique address, and you'll be able to transact with other users (or businesses) instantly.
Be sure to back up your wallet regularly by either printing out your wallet words or writing them down and storing them in multiple places.
Suppose you lose access to your wallet for any reason. In that case, it is difficult (and sometimes impossible) for anyone else to recover it—so protecting access to your trading account is very important!
Step 2: Choose an Exchange platform
Now that you have some fiat currency (USD, EUR, GBP) that you can exchange for bitcoin, it's time to select which exchange platform you'll use.
Keep in mind that most exchanges require some verification process.
This is not only because they need to adhere to know-your-customer (KYC) and anti-money laundering (AML) regulations but also because they want to ensure they're dealing with legitimate people who intend to use their service.
For example, if an account gets flagged as possibly having ties with terrorism and money laundering, these platforms may freeze your account until more details are provided. Having an established history of activity will help mitigate this.
Step 4: Buy your first Bitcoins
Now, once you choose an exchange platform, the next step is to buy Bitcoins.
The company has worked hard over the years to build up trust among users, and its platform makes buying bitcoins easy. After creating an account, you can start making purchases with ease.
Step 5: Hold your account
While you won't be able to spend your purchased Bitcoins, there are some benefits to having your account tied up for several days.
Bitcoins are completely digital and can be copied easily; they're a frequent target of hackers and scam artists who would love to get their hands on your digital wallet and steal your hard-earned money.
So if you think setting up two-factor authentication is too much of a hassle (especially when you need access right away), at least consider holding onto your bitcoins until you have them in hand.
For example, even if a person knows your login credentials, they still access your account without undergoing those extra hoops.
Conclusion:
Becoming a bitcoin investor can be tough. However, these aforementioned points would be good in the form of guidance.
The truth is that everything takes time, but at least there are resources out there that will help you find what you need.
Luckily for new investors who are planning to step into the crypto investment world, these days, there are several tools designed specifically for those who want to enter into cryptocurrency investing.
Whether it's day trading or long-term investing, it's important to educate yourself on how these platforms work before making your first trade!
But before we go any further, make sure you do your due diligence and don't invest more than you can afford to lose! Best of luck out there – and happy investing!
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