How to buy bitcoin

     
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Since its launch in 2009, Bitcoin has experienced meteoric growth: From October 2013 to early June 2021, for instance, its value increased by almost 30,000%. And while that growth alone is incredible, some analysts say Bitcoin’s value could rise even more as cryptocurrencies và the blockchain công nghệ that power them become more mainstream and integrated into lớn people’s daily lives.

Buying Bitcoin does come with one major buyer beware, though: While it’s experienced immense highs, it’s also fallen khổng lồ devastating lows.

After hitting an almost $đôi mươi,000 high in 2017, for example, its value plummeted & rose to lớn no more than about half of that until 20đôi mươi. Though it’s trended upward since, it remains a very volatile investment, and an ill-timed tweet from Elon Musk can decimate its value. That’s why experts don’t recommend you invest more than a small percentage of your money in Bitcoin.

With all of that said, if you still want to get in on the action, here’s how to lớn buy Bitcoin of your own.

How to lớn Buy Bitcoin in 4 Steps

1. Choose a Crypto lớn Exchange

To buy Bitcoin or any cryptocurrency, you’ll need a cryplớn exchange where buyers và sellers meet lớn exchange dollars for coins.

There are hundreds of exchanges out there, but as a beginner, you’ll want lớn opt for one that balances ease of use with low fees & high security. Be sure khổng lồ check out our top picks for best cryplớn exchanges, like Coinbase, Gemini and Binance.US if you don’t already have an exchange in mind.

Make sure khổng lồ check if your exchange has a Bitcoin wallet built inlớn its platform; if not, you’ll need to lớn find one of your own. You may also choose to buy your crypkhổng lồ on a platkhung lượt thích Robinhood, Paypal or Venmo, though buying crypto lớn this way often means you cannot withdraw your coins & move sầu them to another platsize. If you want to hold your crypto lớn lớn a different wallet, you’ll need to sell your holdings và then rebuy them on a different exchange.


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2. Decide on a Payment Option

After choosing an exchange, you have sầu lớn fund your tài khoản before you can begin investing in Bitcoin. Depending on the exchange, you can fund your account through bank transfers from a checking or savings tài khoản, PayPal, wire transfers, a cryptocurrency wallet or even a credit or debit card.

Keep in mind, though, that platforms may charge higher transaction fees for certain funding options. For example, Coinbase doesn’t charge a fee if you vì an electronic transfer from a bank tài khoản. However, it charges $10 on wire transfers and 2.5% of the transaction amount if you use PayPal.

Things get even pricier if you use PayPal or a debit card to make a direct purchase of cryptocurrency, instead of funding your tài khoản & then using transferred money to lớn make your purchase: Coinbase’s fee rises to lớn 3.99% of the transaction amount. Credit card transaction fees on other platforms often run at least this high.

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Because fees reduce how much money you can invest (và therefore also how much money you have lớn grow and compound), it tends lớn make sense to lớn use electronic transfers from a ngân hàng tài khoản rather than other methods. In addition, if you use a credit thẻ khổng lồ buy cryptocurrency, it generally will count as a cash advance & be subject to lớn a higher interest rate than you pay on regular charges. What’s more, taking on debt to buy volatile investments is extremely risky.

3. Place an Order

Once your tài khoản is funded, you can place your first order khổng lồ buy Bitcoin. Depending on the platform you’re using, you may be able to purchase it by tapping a button, or you may have sầu khổng lồ enter Bitcoin’s ticker symbol (BTC). You’ll then have sầu lớn input đầu vào the amount you want lớn invest.

When the transaction is complete, you will own a portion of a Bitcoin. That’s because it requires a large upfront investment to buy a single Bitcoin now. If Bitcoin’s current price was $38,000, for example, you’d need lớn invest that much to lớn buy a Bitcoin. If you invested less, say $1,000, you’d get a percentage, in this case 0.026%, of a Bitcoin.

4. Select a Safe Storage Option

The crypto lớn exchange you use probably has an integrated Bitcoin wallet or at least a preferred partner where you can safely hold your Bitcoin. Some people, however, vì not feel comfortable leaving their cryplớn connected khổng lồ the internet, where it may be more easily stolen by hackers.

Most major exchanges have private insurance khổng lồ reimburse clients if this happens, và increasingly, they’re also storing the majority of customer assets in offline so-called cold storage. If you want ultimate security, you can store your Bitcoin in an online or offline Bitcoin wallet of your own choosing. But keep in mind that if you move sầu crypkhổng lồ off of an exchange, you may have to lớn pay a small withdrawal fee. In addition, if you use a third-buổi tiệc nhỏ cryplớn wallet custodian, you may also be permanently unable lớn access your coins if you thua trận the private key that serves as your wallet password. This has locked some Bitcoin millionaires out of their fortunes.

Selling Bitcoin

When you decide you’re ready to lớn sell your Bitcoin, you can place a sell order through your exchange, much like you did when you originally purchased your BTC. Most exchanges offer multiple order types, so you can decide to sell only when Bitcoin reaches a certain price, or you can place an order that goes through immediately.

You can choose khổng lồ sell your entire holdings of Bitcoin or only a specified amount. Once the sale goes through, you can transfer the money khổng lồ your ngân hàng trương mục. Your exchange, however, may have sầu a holding period before you can make a transfer baông xã to your ngân hàng account. This isn’t cause for concern; it simply takes some time lớn make sure the transactions clear.

When you sell your Bitcoin, you may make a profit. If you do, you’ll be on the hook for capital gains taxes as cryptocurrency sales must now be reported on your taxes.

Should You Buy Bitcoin?

Especially when Bitcoin’s price is skyrocketing, investing in the popular cryptocurrency can be tempting. But while it has the potential to lớn be a lucrative sầu investment, you should be cautious: It’s an incredibly volatile purchase that experts don’t recommkết thúc you allocate a large percentage of your investing dollars to.

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If you’re not sure whether investing in Bitcoin or other cryptocurrencies is a good idea for your needs, consider meeting with a financial planner who can help you figure out where cryptocurrencies fit inlớn your investment strategy.


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