If you want to add crypto assets to your portfolio and are thinking about putting some of your money into Bitcoin, you’ll need to know how to buy Bitcoin (BTC) and keep it safe.
A Brief Introduction to Bitcoin (BTC)
Since its start in 2009, Bitcoin has stayed at the top of both the news and the altcoin market as a whole. It has the most market capitalization of any cryptocurrency, and it doesn’t look like it will lose this place any time soon.
In our “What is Bitcoin?” article, you can learn more about Bitcoin’s past.
Where to Buy Bitcoins (BTC)?
You can buy Bitcoin in a number of ways. Most of the time, though, bitcoin is bought through an exchange or trading site for cryptocurrencies, like eToro. Crypto exchanges are platforms that allow investors to buy, sell, or keep cryptocurrencies and other crypto assets. They are flexible and offer a wide range of features.
There are two kinds of crypto exchange: those that are centralized and those that are not. The first one uses “Know Your Customer” (KYC) to make sure its users are who they say they are, while the second one supports anonymity and doesn’t need any personal information.
To buy Bitcoin, you must first set up an account. The way you do this will depend on the market you choose. Then, most exchanges will let you connect straight to your bank account, or you can use a debit card.
Even though Bitcoin is legal in many countries, most people still don’t trust it. Because of this, not all banks will accept payments to sites that deal with crypto. Before you open an account with a crypto exchange or trading site, make sure you know what your bank thinks about cryptocurrencies.
You can buy Bitcoin in smaller amounts on an exchange. Most of the time, you can spend fiat currency and get a certain amount of bitcoin in return. You can also use fiat currency to buy a set amount of Bitcoin. There is no difference in price or value, so this comes down to personal choice.
How to Keep Your Bitcoins Safe and Secure?
Once you’ve bought Bitcoin, it’s important to keep it in a safe place. You can usually leave your Bitcoin and other crypto assetsĀ on most exchanges or trade sites.
Some people have their own coin wallets or storage accounts where you can send certain crypto assets. Most of the time, these sites have a pretty high level of security. This means that your assets, including Bitcoin, are safe on the platform where you got them.
But some buyers would rather store their cryptocurrencies in a different way. One of the best ways to store Bitcoin is in a crypto wallet. Wallets let you keep your Bitcoin safe and easy to get to, but they also let you send and receive Bitcoin.
Think about the following types of crypto wallets to keep your Bitcoin safe:
| Wallet Type | Description |
|---|---|
| Mobile Wallets | An app that stores your private keys on your smartphone |
| Web Wallets | A third-party controlled, online server that stores your private keys |
| Desktop Wallets | A computer program that allows you to store your private keys on your hard drive |
| Hardware Wallets | Physical devices that store your private keys offline |
How to Buy Bitcoin on Etoro?
You can invest in all of the big cryptocurrencies on the eToro trading platform, such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA). There are no hidden fees with eToro, which makes it a great choice for buyers.
Tip: Think about using a test account before you trade with real money. Virtual portfolios are a great way to learn how to trade on the site you choose.
Sign Up for an Account
You can make an account on eToro by picking a username and entering your email address, password, and logging in. Once a person has signed up for an eToro account, they have to prove who they are.
Deposit Money
On the left menu bar, click “Deposit Funds.” Choose which fiat currency you want to deposit with, add your payment information, and click “Deposit.”
Buy Bitcoin
Go to the page about Bitcoin and click “Invest.” Here, people can choose between “Trade” and “Order.” The first option is to buy Bitcoin at the present price. The second one lets you place an order to buy Bitcoin automatically when its price hits a certain level.
Download the eToro Crypto Wallet
For extra safety, you might want to download the eToro Money crypto app and keep your Bitcoin there. To move Bitcoin from your portfolio to your eToro wallet, click on a spot and choose “Transfer to Wallet.”
Comments are closed.