The world of crypto currencies and investing can seem a bit intimidating at first, especially for users who are just getting into the industry for the first time without much prior experience.
News of hacks or exploits surrounding specific cryptocurrency exchanges might have left an ounce of doubt in the minds of specific users who take security very seriously.
However, not all exchanges and not all wallets are built equally. In fact, today, security surrounding these exchanges and wallets has never been higher.
As such, we are going to go over how you can buy and sell Bitcoin (BTC), alongside how you can store it in the most secure way possible, so you can always have peace of mind while waiting for the perfect long-term opportunity to sell your cryptocurrency balance at a profit. Let’s dive in.
How to buy Bitcoin (BTC)
In the minds of many people, the Bitcoin (BTC) cryptocurrency is synonymous with the entire crypto industry. It is the first crypto they think of, and this is for a good reason, as it is the largest cryptocurrency in terms of market capitalization.
With that in mind, at the point in time when you decide to buy the Bitcoin (BTC) cryptocurrency, you will need to take into consideration where you can buy it and how you will pay for it. However, the most important thing that you need to consider is where you will store it.
To initially get yourself Bitcoin (BTC) without having prior ownership of any other cryptocurrency, you will need to create an account at a cryptocurrency exchange platform that offers you the ability to buy Bitcoin and then trade it. There are even payment services that will enable you access to buy crypto currencies. However, exchanges will typically offer the highest level of variety.
If you have ever found yourself asking, where can i buy bitcoin, there are numerous exchanges out there that will allow you the opportunity to buy or sell the Bitcoin (BTC) cryptocurrencies, and there is no single best place to buy Bitcoin, as there are numerous options available, including:
- Binance.US - Binance.US is a cryptocurrency exchange that offers a low-fee approach to crypto investing and has a good list of available cryptocurrencies on offer.
- Coinbase Pro - Coinbase Pro offers an excellent user interface and an overall experience and has a wide variety of altcoins available alongside Bitcoin. There are also fee discounts for high-volume trading.
- FTX.US - FTX.US is a cryptocurrency exchange that has a unique fee structure based on the trading volume of a user. Alongside Bitcoin and altcoins, you can also access non-fungible tokens (NFTs) and even stocks.
- Gemini - Gemini is one of the most user-friendly cryptocurrency exchanges and a recommended option for beginners as well as experienced traders, that features its own hot wallet, a solid support center, and a variety of different cryptocurrencies.
All of the aforementioned exchanges are supported by ZenDCA, a platform that allows users to create schedules and automatically purchase cryptocurrencies, which will allow them to leverage the dollar cost averaging crypto (crypto DCA) trading strategy to its maximum potential. Now you know where to buy bitcoin.
Each user is also provided with the opportunity to create schedules where they will automatically withdraw their cryptocurrencies from those exchanges, and there is even an overview of each schedule’s performance, where each one features helpful insights.
Step-by-Step Guide Towards Buying Bitcoin On Any Exchange
If you have ever wondered how do i buy bitcoin, all each user needs to do in order to get started is to follow these simple steps:
- Step 1: Create an Account
Simply navigate to any one of the supported cryptocurrency exchanges and click on a "Create account" button, after which you will be able to enter your email address and password and potentially complete a know-your-customer (KYC) procedure.
- Step 2: Fund your account
Most of the exchanges will support Mastercard, Visa, or e-wallets. In some cases, you can even buy Bitcoin with bank account.
- Step 3: Search for and buy Bitcoin (BTC)
Each exchange will have its own menu, and Bitcoin should be easily found across all of them. If all else fails, simply try to find a search bar and type "BTC," after which you can click on "Buy" or "Trade." You can then buy Bitcoin instantly.
- Step 4: Store Bitcoin Securely
You will now need to find the best solution for storing the Bitcoin cryptocurrency, which can come in the form of a cold wallet storage device.
Storing Bitcoin Safely
The safest way for someone to store their cryptocurrency is through the utilization of cold storage wallet devices. This is due to the fact that each of them can be disconnected from the internet, completely removing the risks of remote hacking.
The best two hardware wallets that you can get include the Ledger Nano X as well as the Trezor Model T.
- Ledger Nano X - This is a cryptocurrency cold wallet that features support for a variety of different cryptocurrencies, features Bluetooth connectivity, and a streamlined user experience. Its stand-out feature is its big screen which makes it a lot more convenient to use when compared to wallets that can only be used when connected to a computer.
- Trezor Model T - This is a cryptocurrency cold wallet that features a high level of security and is beginner-friendly. It allows each user to sign cryptocurrency transactions without ever needing to expose their private key to external devices, which is one of its stand-out features.
Utilizing Your Bitcoin Balance to Its Maximum Potential
While a lot of people might initially buy Bitcoin (BTC) and just leave it on the on-exchange wallet, this is not considered the best way to invest in cryptocurrencies.
The most secure way through which you can store your Bitcoin balance is on a cold storage device. This is also referred to as a hardware wallet, and it does not have a direct internet connection and, as a result, is impossible to remotely hack or compromise.
By utilizing the power of solutions such as ZenDCA, you can automatically schedule when withdrawals are made from the on-exchange wallet to your private wallet storage device.
Furthermore, you might want to implement a trading strategy when buying Bitcoin (BTC), such as the dollar cost averaging Bitcoin strategy, and this is something that you can also automate and schedule with ZenDCA. Make sure to create a free account and try out ZenDCA today.
These are accomplished through the “Repeat Buys” and “Automatic Withdrawals” menus, but you also have “Buy Schedules” and “Withdrawal Schedules,” all of which can be customized. This is the best way to buy Btcoin and then implement a trading strategy.
Conclusion
You now know just about everything you need to know when it comes to buying as well as storing the Bitcoin (BTC) cryptocurrency.
With a cold wallet storage device, you have full control over your private keys and passphrase, which means that you are always in possession of your cryptocurrencies.
Well-established and licensed cryptocurrency exchanges, such as Binance.US, Coinbase Pro, FTX.US, and Gemini, also provide a solid way through which you can safely and securely initially buy the Bitcoin (BTC) cryptocurrency, so the next time you decide to do so, you can achieve this goal with a high level of confidence.