How To Buy Bitcoin: A Simple Guide

How To Buy Bitcoin: A Simple Guide
Trading bitcoin success story:

Erik Finman - Teenage Bitcoin Millionaire

In 2011, Erik Finman was just 12 years old when he received a generous gift of $1,000 from his grandmother. Most other kids his age would use the money to buy a new smartphone or the latest video game console, but Erik decided to invest everything in Bitcoin.
That decision had paid off big time because Bitcoin was valued at $1,200 a piece just two years later, which is when he decided to sell his Bitcoins and use the money his investment had earned him to launch an online education company called Botangle, a web venture providing video tutoring services.
It didn’t take a long time for Botangle to catch the attention of investors, who presented Erik with a seemingly difficult choice: sell the company for either $100,000 or 300 Bitcoins. For Erik, however, there was just one answer, and you already know what it was. Yes, Erik decided to bet everything on Bitcoin one more time. Why? Perhaps because he made a bet with his parents that if he turned 18 and was a millionaire, they wouldn’t force him to go to college.
“I can proudly say I made it, and I’m not going to college,” said Erik in an interview with CNBC. “The way the education system is structured now, I wouldn’t recommend it. It doesn’t work for anyone. I would recommend the internet, which is all free. You can learn a million times more off YouTube and Wikipedia.”

Bitcoin is a popular cryptocurrency that was introduced in the market in 2009. It is one of the ‘high end’ cryptocurrencies, without a solid match against it yet. Bitcoin is popular and many investors invest in it or have invested in it for future or immediate gains. It is also a popular choice of investment for buying and selling goods and services in many countries across the globe.

Bitcoin is priced at $10,947.57 today. It has a market cap of $202,474,335,841 and a market cap dominance of 56.72%. It is dominating the market amongst other cryptocurrencies. Furthermore, Bitcoin has a trading volume of $18655, 662, 081, and a market cap of 0.0922.

While Bitcoin is an expensive currency, it is a good choice of investment. This is because Bitcoin has a high worth, value, and regard. It has sustained its value and worth and today, it trades at a higher volume and capacity than other coins and currencies. 

Most people have become curious about Bitcoin and want to understand the process of how to buy Bitcoin. If you are one of them, keep reading below.

How To Buy Bitcoin: Process Defined

Bitcoin is a popular currency. It is widely accepted and more and more people want to buy it today.

The process of buying Bitcoin is simple and is listed below.

How To Buy Bitcoin

Choose The Right Bitcoin Trader

The first step in buying Bitcoin is to choose the right Bitcoin trader. There are plenty of Bitcoin traders out there but the best one is Coinmama. Furthermore, you can choose Bitcoin exchange comparison sites to essentially find out which exchange to go for but Coinmama is far and by far recommended.

 

Choose A Digital Wallet

Once you have registered on a cryptocurrency exchange say coinmama, the next step is to choose the right digital wallet.  

The best way to get a wallet is to use the one you get on the exchange you are registered on for buying the cryptocurrency itself.

Registering On A Bitcoin Exchange

The next step then is to register on a Bitcoin exchange. Registering on a Bitcoin exchange is easy. You can register for it by following the steps below.

To register on a Bitcoin exchange, you should have your ID card and image next to you. Start by filling in the registering form and submitting your details and you will be good to go. 

Coinmama gives you the choice of buying and selling Bitcoin and then signing up with a linked exchange platform that grants you greater access to your purchases.

Furthermore, if you are looking for a direct route to buy Bitcoin, you can go for a local peer to peer service such as BitQuick or say LocalBitcoin. Peer to peer grants you higher flexible access to buying Bitcoin but Coinmama is essentially and generally safer.

Then, when it comes to how to buy Bitcoin, the next step is to select your payment method.

At Coinmama, you can choose either transfer from a bank account or credit or debit card transfers. You have to add your payment method to your account to get started on buying Bitcoin. Coinmama has not added PayPal as a method of buying or selling the currency for now. 

Storing Bitcoin In Your Digital Wallet

Once you have understood how to register at a Bitcoin exchange and have registered at the exchange, the next step is to buy Bitcoin and store them in your digital wallet. Bitcoins are expensive and therefore, purchased in smaller amounts. Once you have purchased them, you can store them in your account or choose to get them delivered at your own home. It will require a fee but the process will be simple. Once you get the Bitcoin, you can go ahead and do whatever you want to do with them, save them, or use them for another purpose.

Bitcoin Price Prediction

Before investing in Bitcoin, you should always assess the Bitcoin price.

Bitcoin price prediction suggests that since Bitcoin is priced at $10,955 and it is a good buy.  According to various sources including Bitcoin.com, the price of Bitcoin will reach $20K this year and might rise to around $400K by 2030, which shows that the currency has a lot of potentials.

CRR Researcher, on the other hand, predicts that Bitcoin price may reach $19,044 in 2020, by 2025 it will reach $341,000 and in 2030, it will reach $397,727. 

Both estimates are close and show that Bitcoin is worth your time and investment in the coming few years.

Bitcoin today is more affordable than tomorrow so you might want to invest in it today. Furthermore, it is also predicted to rise in the coming month which again gives you another reason to buy it today.

Bitcoin price chart

Source: Bitcoin Price (Last 5 years): Ycharts.com

Bitcoin Value And Worth

As far as Bitcoin value is concerned, the Bitcoin value was over $11,000 on Saturday morning, above $10,900 to a day before. Bitcoin is definitely showing good momentum and grace this year.

Bitcoin value, after going above $4 billion in global trade volume, is a valuable cryptocurrency.

Other than that, Bitcoin’s standards and Bitcoin value have been discussed above only to show that the currency has the utmost potential in the years to come and is a must buy. Investing in Bitcoin is not easy but for those who have money; they can get started on investing in it today. 

Bitcoin price chart

Source: Markets.BusinessInsider.com

References 

https://www.digitaltrends.com/cool-tech/how-to-buy-bitcoin/

investopedia.com

https://www.okex.com/buy-crypto

https://cointelegraph.com/news/its-a-bull-trap-3-key-metrics-forecast-bitcoin-price-rejection-at-11k

https://news.bitcoin.com/bitcoin-price-20k-2020-398k-2030/

https://news.bitcoin.com/market-outlook-bitcoin-breaks-11k-whales-refuse-to-sell-downside-risk-remains/

https://markets.businessinsider.com/currencies/btc-usd

www.ycharts.com 

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