Want to profit from cryptocurrency? Here’s how to buy Bitcoin | Tech News

Want to profit from cryptocurrency? Here’s how to buy Bitcoin

If you are planning to invest in a cryptocurrency, here is how to buy Bitcoins, then here’s everything that you need to know.

| Updated on: Aug 21 2022, 23:34 IST
Cryptocurrency Bitcoin is an online currency system which can be used for the purpose of investment or as a method of payment. (REUTERS)

Cryptocurrency has come a long way and the journey has been very much like a yo-yo ride! Bitcoin is the first decentralized cryptocurrency, which has seen all the developments in the crypto market since its hush-hush beginnings. In simpler terms, Bitcoin is an online currency system which can be used for the purpose of investment or as a method of payment. However, it is not controlled by any government or corporate for that matter. In fact, Bitcoin is not regulated or managed by any central authority. It allows users to trade money without the need for a third party such as a bank, credit card company, or other financial institutions. It is seen more as an investment option currently rather than a payment method although that is gradually changing. Furthermore, because money transfers do not require names, there is little risk of identity theft. However, as the Bitcoin price volatility indicates, it is a very risky business and those who do invest in it should know about. There are also innumerable scams that have been carried out by cybercriminals with Bitcoin. So, if you are still thinking of buying Bitcoin, here's how to.

How to buy Bitcoins:

Step 1: Store your Bitcoin

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To buy Bitcoin, you must first create a Bitcoin storage site, which is the first stage in the Bitcoin purchasing process. There are two ways to store Bitcoins online right now:

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  • Use an online wallet to store the keys to your Bitcoins. The wallet is a computer file just like your real physical wallet to store your money. Bitcoin Client can help you to create a wallet.
  • Use a third-party service to store your Bitcoin. You can also use third-party sites such as Coinbase or blockchain.info to build an online wallet that will keep your Bitcoin in the cloud.

Another way to store your Bitcoin is a paper wallet, which is one of the most popular ways to keep your Bitcoin safe. The wallet is small and compact, and it is composed of coded paper. One of the advantages of a paper wallet is that the wallet's private keys are not stored digitally. As a result, it is immune to cyber-attacks and hardware system failures. When you receive your Bitcoin paper, it will contain two QR codes on it: one for receiving Bitcoin and the other for paying Bitcoin.

Step 2: Choose exchange service

Obtaining Bitcoin through an exchange is the easiest way to buy Bitcoin. You simply need to create an account and convert your cash (rupees, dollars, pounds etc) into Bitcoin. There are hundreds of exchanges to choose from such as Cryptaw, CoinBase, Circle, Xapo and more. To register an account with an exchange service, you will need to provide your personal information or identity to the provider.

Step 3: Buy Bitcoin with an exchange account

Once your exchange service account is set up, you will need to link your existing bank account with it for the movement of funds. If you need to link a bank account in order to use the exchange service, it will very certainly only accept banks from the country where the exchange business is based.

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First Published Date: 17 Jan, 18:02 IST