How to Buy Bitcoin if You are a Beginner
Bitcoin has been breaking all kinds of records in 2021, so it's no surprise that more and more people are taking interest in cryptocurrency. Today, there's no need to be a computer geek or a trader to buy Bitcoin, which is now accessible to everyone ... so long as you follow a few basic rules.
Public interest in cryptocurrencies may be growing, but people don't always know how to go about actually buying them. The most simple means of getting started is to sign up for a cryptocurrency exchange platform. These online marketplaces are, for the most part, relatively easy to use. Some of the best-known are Coinbase and Coinhouse, which can be accessed via a web browser or through dedicated mobile applications.
(Related: 5 Important Facts to Know About Bitcoin)
Once signed up, users have to confirm their identity then enter a payment method for buying Bitcoin or receiving payment when converting Bitcoin into local currency. In both cases, bank transfer or bank card transactions are possible. However, fees are usually debited for each transaction, and these are generally higher for card transactions.
Beginners are advised to start with investing in Bitcoin—the best known cryptocurrency—which is currently seeing the most impressive growth. You can easily get started with less than US$50, before branching out to more calculated investments in other cryptocurrencies on the up. There are dozens of them out there, some more serious than others, and with varying potential for returns.
Although its price is skyrocketing, beating record after record for several weeks, and it is sometimes seen as a safe investment, buying Bitcoin can still be a risky business. Beginners should also beware of falling for far-fetched online offers and free Bitcoin fractions.