The craze of Cryptocurrency, in particular, Bitcoin is catching on. As such more and more people are looking out how to properly invest into the crypto-economy.
The craze of Cryptocurrency, in particular, Bitcoin is catching on. As such more and more people are looking out how to properly invest into the crypto-economy. Here’s the answer:
Before you invest, first you need to improve your technical competence. For safe investments in the crypto-economy, a basic computer literacy is a must. If you don’t know how computers work, then think twice before putting your wealth as there are high chances of committing mistakes and blunders.
The next important step is to determine how much to put down for investment. Though it depends on your risk appetite, it is usually recommended from 1% to 10% of available financial assets you currently have. If you have confidence in your own computer literacy, then the percentage can be increased up to 30% and even 50%. Appropriate financial assets include currency, stocks, bonds, shares.
Let’s come to the main point, that is buying Bitcoin. Most of the countries allow the purchase of Bitcoin, so you can buy Bitcoin by credit card or PayPal. But first, make sure that you have successfully created a secured wallet to store your money and only you should have your private key.
Now, you can Sign up at Localbitcoin, a global Bazaar where everyone can exchange Bitcoins for the national currency. You need to follow few steps:
- Select the seller who has a large number of transactions, faster transaction processing, and good rating. Read seller’s terms carefully.
- Once you agree, enter the quantity you wish to purchase and write a short message. Now, press the big green button.
- After a while, you will get the answer. Then, send money according to specified details. After payment go to the ad and click on the “I paid” button. After some time you will see updated balance in your account, and the transaction is considered closed.
- Now proceed to the next step. You need to copy the address from your local wallet and return to the wallet section on Localbitcoins. Paste the address in the address box, then enter the amount of bitcoins and click “Send from wallet”.
- You can check the address where money was sent, and the most valuable information is transaction id (txid). Next, go to the website of any block explorer and enter this ID in the search.
Investing in cryptocurrencies is interesting, as well as promising, but it seems difficult. So you need to decide whether to invest in bitcoins independently or to entrust this task to someone. Each approach has its pros and cons.
Once you have made the decision where to invest, you need to send bitcoins to the exchange, where the target asset is being traded. There are many exchanges available to choose from. The process remains same everywhere:
- Go to the site
- Register. If you have a lot of money, verify the passports and photos
- Transfer bitcoins from wallet to the exchange
- Choose the traded pair
- Buy at the current price or place order
- Withdraw what you bought to your wallets
After going through all of these procedures, you need to withdraw assets from exchange to your wallets. The private key should be saved as carefully as possible. Now, the property becomes all yours and the task of monitoring the value of your portfolio begins.
Disclaimer: This is not an investment advice. It is of paramount importance that everyone should do his or her own due diligence before investing in any product, platform, tokens etc. Cryptocentral.io does not endorse any content or product published on this page. Our aim is to simply provide all the readers with the latest information in the field of cryptocurrency / blockchain industry that might be of interest to our readers.