After years of experimentation, bitcoin was invented as the first ever digital form of currency, and the era of cryptocurrency began. Though Satoshi Nakamoto created bitcoin with a moto to address the shortcomings of the traditional monetary system that became unfaithful for common people as a result of unauthorized activities of some lending institutions as well as some other financial organizations back in 2008 and resulted in a global financial crisis, bitcoin was just a technologically modernized form of money which functions differently and nothing more than that. But, as time passed, the importance of bitcoins’ advanced technology and its functional potential started becoming clear to many people, and it started becoming famous as a digital currency or cryptocurrency. Gradually, the price of bitcoin also increased, and it became a good investment asset using BITIQ.ORG trading platform.
After bitcoin, thousands of other cryptocurrencies have been created. Bitcoin is now the mostly traded cryptocurrency of all. However, Ethereum, another one positioned just after it, and so many others. Investing in these cryptos is very easy, but they surely need proper knowledge and careful moves. But, we are not claiming that you should limit your investment to just Bitcoin. Investing in it is a good idea if you are looking for long-term gains.
The process of buying cryptocurrencies:
- Select the crypto to buy:
Thousands of cryptocurrencies are running into the market, but you are not going to buy all, and not all of them are good. You need to select some. You can buy only one that seems to be the most profitable, or you can select some good perfuming cryptos and make a diversified, balanced portfolio. Bitcoin might be the first choice for many people. However, the diversification can be done by investing in the second-largest cryptocurrency Ethereum too. All you need to do for that is study the market. Know what cryptos are in trend and going to have an increased price in the near future. Based on your market analysis, select your cryptos.
- Decide your investment amount:
After that, the vital thing is to decide how much you will invest. You will not invest all of your money as there might be potential risks. Therefore, decide the amount first. If you have chosen to diversify your portfolio, you should also decide how much money you will put into each cryptocurrency.
- Find a reliable trading platform:
The next important thing is to find a reliable trading exchange. The exchange must facilitate trading the cryptos that you have chosen to invest in. Find a genuine trading platform based on the customers’ reviews, market reputation, and your research.
- Register yourself with the platform:
The registration process for a cryptocurrency exchange is generally simple; it is not like a long bank account opening process. You have to verify your email address and mobile number, and for further detailing, you need to provide some of your Id proofs.
- Open a trading account:
After that, a cryptocurrency trading account will be opened from where you can buy cryptos as well as can sell them.
- Link and fund it:
Once you have opened the crypto trading account, you need some initial funding to buy your first cryptos. To do so, you will first link that account with any of your bank accounts, and then you will transfer some money into that trading account.
- Buy the crypto:
Now, finally, you can buy your cryptocurrencies.
- Market order: Buying cryptos at the current market bid price.
- Limit order: Here, you are facilitated to set a price limit. When the market price of that cryptocurrency reaches that limit, the exchange will automatically buy the crypto.
This is the complete guide to the process of buying cryptocurrencies. However, to be a pro in it, you need to practice a lot, and don’t forget to have a thorough knowledge of the market before buying any crypto. One of the best ways to get an insight into the crypto market is to join the crypto communities that can help you understand how the crypto market works and where to invest. So, its time to start your trading journey today.