How to Buy BTC?
The attention that cryptocurrency has attained in the financial world is impossible to ignore. However, not everyone understands how Bitcoin operates, not to talk about how to acquire it. Now that it is inevitable that cryptocurrency is here to stay, there’s no better moment than this to discover how to take advantage and start investing. We will take a closer look at the questions that need to be answered before one begins to obtain Bitcoin.
Buying Bitcoin is easy when you have account on Beaxy. Follow the steps below to learn how to acquire BTC and receive it into your Bitcoin wallet.
1. Open an account on Beaxy
Visit Beaxy.com, click register, and provide your information to open an account. This will give you access to the exchange where you can complete the KYC process by submitting documents that prove your identity.
2. Buy Bitcoin
Once your account’s KYC status has been changed to approved, you are now able to make financial transfers on the exchange. To buy Bitcoin, navigate to the Buy Crypto tab in the My Account section of Beaxy. Here you will enter the amount of fiat currency that you want to spend on Bitcoin. After proceeding from this page, you will arrive at the Simplex portal where you will be prompted to enter your credit or debit card information to complete your transaction. When the purchase is complete you will be able to access your new Bitcoin in your Beaxy wallet.
Alternate options for buying Bitcoin
Owning a digital purse: For the sake of those that didn’t know, Bitcoin is not literally a coin; therefore, it would be logical to understand that its wallet wouldn’t be a physical purse per se. So you have to get an e-purse (application) in order to be able to make transactions in the crypto interface. This electronic purse is used to keep your Bitcoin safe with its encryption.
Valid personal ID: With an attempt to curb cash laundering, the United States authorities make identity verification mandatory before approving the registration for e-purses. As such, you must validate your identity with various documents such as Social Security Number and driver’s permit.
Private Internet Access: Of course, trading Bitcoin requires some security. This is why you should ensure accessing your electronic purse strictly via a secure connection. Avoid opening your wallets on general wifi networks that can’t be trusted.
Bank Account or Cards: Once your document gets verified and you opened a Bitcoin purse, you can start with the purchase of your first Bitcoin. You can quickly pay for it via a bank transfer, credit, or debit card in a crypto market. Just like that, and your Bitcoin will be deposited in your e-wallet. Mind you, the approved payment system for Bitcoin transactions will depend on the kind of exchange you select and the authority governing your location.
Bitcoin Trading: after setting up your purses with a preferred mode of payment, now you can start trading. At this point, you will be interested in knowing what internet marketplace to trade cryptocurrencies through. The marketplaces are called ‘Exchanges,’ and they are platforms used for exchanging, comparable to where people exchange stocks. However, don’t mistake wallets with exchanges.
BTC value and price
Thanks to the fact that Bitcoin is a preeminent cryptocurrency. As such, it possesses many features of a currency. Furthermore, Bitcoin exhibits outstanding characteristics that make investors see it as a safe-haven in terms of market struggle. More reason why we will put Bitcoin side by side with gold and compare their cost, value, and safety.
Transparency, Security, Legitimacy: It’s worth noting that the processes of measuring, dealing, and tracing gold are spotless, which makes it difficult to steal, contaminate, and trade counterfeit. The same can be said about Bitcoin being hard to corrupt because of its encrypted, decentralized arrangement and sophisticated algorithms. However, there isn’t a standard infrastructure set up yet to assure the security of Bitcoin. A typical example is the scandal of Mt. Gox, where over 460, 000, 000 worth of users’ Bitcoins was lost as a result of the exchange going offline. The legal consequence still lingers for several years, and there could only be a few legal ramifications for such incidents because it is still challenging to trace Bitcoin efficiently.
Scarcity: We can easily say Bitcoin and gold are scarce resources. Reliable sources report that by the year 2140, there should be 21, 000, 000 Bitcoins already in distribution. With this known quantity of Bitcoins to go round, it indeed denotes rarity. The same way we still do not know when all the gold in the world would be dug from the earth’s crust.
Liquidity: The exchanges of Bitcoin and gold are liquid. They can be traded for fiat money.
Volatility: This makes you wonder less why asset investors look up to Bitcoin as a safe haven. Just taking a closer look at the price trends of Bitcoin over the last 24 months, the price of one Bitcoin got to twenty thousand USD around early 2018, which is its steepest point. Afterward, the price fluctuated around four thousand USD, and it had since never gone close to its steepest point. These fluctuations, in addition to Bitcoin’s sensitivity to market news and impulses, make it possible for investors to be able to make quick decisions. Gold is not sensitive to such volatility, making it safer an asset.
BTC advantages and disadvantages
At this point, we have learned so much about Bitcoin; however, it is time to look closer at its advantages and disadvantages for users.
Most people cherish the use of Bitcoin more because of the autonomy it gives. There is this feeling of freedom (not bargaining with banks and other intermediary authorities) while spending your money, unlike with fiat currencies.
Transactions made with Bitcoin are anonymous. Except you decide to broadcast your transaction voluntarily, they are in no way attached to your identity. This is close to cash transactions, which can’t be traced back to you.
Bitcoin adds diversification to financial investment portfolios. This way, exposure to particular risks or assets is subdued. This is even employed more in retirement accounts to secure the owners in cases of significant market crashes or unforeseen circumstances.
There’s a tendency for cryptocurrencies to continue growing in fame and convenience as time goes on. Though cryptocurrency detractors still believe that Bitcoin and other tokens are still not the best, unstable, and volatile.
Bitcoin proves to be a way of excluding huge capital income taxes. Though there are still little charges, like deposit and withdrawal fees, the ‘taker,’ or ‘maker’ fees, it is way better than the prices you pay for fiat currency transactions.
As stated above, Bitcoin is volatile. This feature makes it challenging to sell Bitcoin as an investment in recent times. Imagine fluctuating in value from twenty thousand USD in early 2018 to a price that is four thousand USD less in 2019.
As of 2020, it is still not possible for people in most parts of the world to make daily transactions using Bitcoin or any digital cash for that matter.
There is a certain fee attached to every transaction made, which is not a positive trait. It is believed that the unique features (security & custody) of Bitcoin also caused these fees to rise.
Best BTC wallet – how to choose
Bitcoin, just as other valuables, can need to be stored properly if you want to reduce the risk of losing it. Theft, misplacing your access keys, technical mishaps, and lots more can be reduced by selecting the right wallet. Below are considerations to have in mind when choosing the best BTC wallet for you.
Cold purse: One of the most reliable means of storing Bitcoin is on offline wallets, also known as cold storage. The reason being that this kind of purse is not reachable online, so you stand a lesser risk of hacking, technical errors, and other internet-related threats. These purses are stored on your desktop, but not accessible over the web. Nonetheless, they could still be vulnerable to malware created to find passkeys and exploit Bitcoins on a computer.
Hardware purse: These are relatively safer options too; however, if you forget or lose your passkeys, you automatically lose access to your Bitcoin. This can be in the form of an external drive (USB) that one can take along physically.
Paper purse: This works with the principle of generating Bitcoin seed on a piece of paper. They are safe and discreet; however, you might be required to understand a little about digital currency operating patterns to be able to use this. Nonetheless, this wallet choice also has its own threats, which include fire, water, and loss.
As an ending note, we should remember that Bitcoin is a digital currency, with a system recording transactions in a series of ledgers known as a blockchain. As such, it is also subjected to risk of theft and malware attack. So, care must be taken to how we store and utilize this digital currency.