Source: MoneyControl
India has finally accepted Bitcoin, blockchain, and cryptocurrency. It is on the path of “one nation, one election,” and the day is not far when it will have blockchain and cryptocurrencies in its stock for people to exchange.
So, if you are thinking of buying your first Bitcoin, do not rush. Before buying your first bitcoin, think about what matters to you first. For example, you need to know the wallet where you can store your Bitcoin, where it can avoid the risk of storing it—meaning that it should be legal—where it can avoid manipulation tactics, and where it can help you avoid the pressure in your mind.
How and where you can buy your first bitcoin?
– The first option
The most popular companies, like Coinbase and Binance, are well known for handling large volumes of bitcoins, exchanges, and stock, from which you can purchase them legally. These companies also accept the bitcoin exchanges in other currencies rather than dollars. They connect to your bank account and let you verify your identity. These are the most popular and secure platforms, where you can maintain or have security measures, have proper customer support, and also follow financial regulations.
– Buying Bitcoin through third parties
Buying bitcoins and having exchanges through companies means you are going to trust the third party with money and personal information. People often follow alternatives, having exchanges through other parties avoiding direct exchanges with the companies. For the same reason, Mt. Gox revealed in 2014 that the exchanges lost 850,000 bitcoins that year as people opted to prefer alternatives for buying bitcoin.
– Peer-to-peer platforms
The second option comes where you can directly connect to the buyers. It is called a peer-to-peer platform like Bisq or Peach. These companies let you [as a seller] connect to your requisite buyers and let you have exchanges with safe bank transfers, cash flow, and other methods. Peer-to-peer trading also provides you with the security of your data, privacy, and money but it requires technical know-how. You need to be careful while verifying the counterparties. For example, Escrow helps people with bitcoin-blockchain and cryptocurrency exchanges reducing the fraud risk.
– Through bitcoin ATMs
There is also a bitcoin ATM where you can have the cash in exchange for the bitcoins but it charges fees ranging from 5-10% or more. Such ATMs are better for small-amount exchanges when speed and privacy matter to you first rather than cost. These ATM operators need to register themselves with regulators, however, the requirements may vary from country to country.
Now, you know where you can buy Bitcoin. Like, you may have options for purchasing it from direct companies, peer-to-peer companies, through ATMs, or exchanges from third parties. So, if you are finally ready to enter into the world of cryptocurrencies, it may seem complicated to you. You will have to do a little research, and as a beginner, you can buy and sell your bitcoin within no time. But, at the same time, you will have to understand the digital currency and its value in the market. With Bitcoin, you can buy it, sell it, and store it. You can follow our tips to purchase cryptocurrencies like Ethereum.
Know About The Value Of Bitcoin
Source: cfa institute
Bitcoin crosses 95000 marking a new record high after trumps win. It has now reached even more than the value of $100,000, summing to the actual value of $105133.10 as of December 2024. You can also purchase fractional bitcoins even if you are not in a state where you can buy one complete bitcoin with exact value exchange.
Before you buy Bitcoin in fractions or as a complete entity, you need to know about the following things -
You need to set up an account that allows cryptocurrency exchange.
Next, you will have to verify your documents and get your KYC done with your real identity.
Then, you will get a cryptocurrency wallet in your name.
With the help of fast and accessible internet, you can have exchanges, buy, or sell bitcoin as you like.
Playing, having exchanges, buying or selling bitcoin or any other blockchain and cryptocurrencies like Ethereum can have drastic results at some point. Understanding cryptocurrencies can be volatile in the sense that they may have a drastic change in their value from millions of dollars to only a few thousand. If you are affording to win the high price, you should also afford to lose it after purchasing the bitcoin and other cryptocurrencies in the blockchain system.
Conclusion
Different countries have different regulations around the use, purchase, sale and exchange of bitcoin. A few countries like Japan allow exchanges only after you register with a financial service agency. However, China has completely banned the trading of bitcoin within its territory. If you are going to purchase your first Bitcoin, you will have to do a lot of research. You can have local talks about the trust bitcoin exchanges and should also follow your country’s regulations before choosing how to buy your blockchain and cryptocurrency.
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