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In 2009, an anonymous developer named Satoshi Nakamoto introduced the idea of the first digital currency, i.e., bitcoin. Since the invention of bitcoin, thousands of other cryptocurrencies have been introduced, leading to the expansion of the crypto market. Currently, many companies and retailers accept cryptocurrencies as a form of payment. In simple terms, cryptocurrencies are digital assets that only exist electronically, and users can transfer them without the interference of third parties. There are mainly three different ways to buy cryptocurrencies: payment services, brokerages, and crypto exchanges. You can choose any method as per your requirements and goals.
A unique thing about the crypto market is that it is open 24/7, which means traders can trade 24 hours a day and seven days a week. With a wide variety of cryptocurrencies available in the market, users can add any crypto token to their investment portfolio. Cryptocurrencies are digital tokens that users can send from one party to another, but it is impossible to counterfeit these digital tokens. Unlike fiat currencies, cryptocurrencies are virtual currencies that have decentralized nature but are used similarly to fiat currencies to buy goods and services. The digital assets use blockchain technology as their base technology to ensure that transactions are secure between both parties. Immediate Connect is an excellent platform through which you can trade bitcoin efficiently.
Most people get confused about bitcoin as they think they own physical bitcoins in wallets. Buying bitcoins aren’t physical, and even wallets are digital. If you wish to transfer coins from one party to another, you have to do that without trusting any intermediary or third party. It is what cryptocurrency is all about. The bitcoin transactions get verified by miners by a decentralized network of nodes and minors. After understanding the basis of cryptocurrencies or bitcoin, let’s learn the methods to buy bitcoin.
Select a crypto exchange or broker
Crypto exchanges and crypto brokers are different platforms that allow users to buy and sell cryptocurrencies. Still, both platforms are different in storage options, fee structure, security features, supported cryptocurrencies, and more. Crypto exchanges are platforms that are dedicated to buy and sell crypto coins. Each exchange is different in its way and has different buying, selling, and trading cryptocurrencies. Users can trade cryptocurrencies for fiat money and can even convert their earnings into local currency.
Online brokerages offer cryptocurrencies, but these don’t offer as many options as crypto exchanges. If you want to trade a wide range of crypto assets, it is better to go with crypto exchanges. So why do people choose online brokerages? People use brokerages because they make a wide range of asset types available, including mutual funds, bonds, stocks, options, and ETFs.
Fund your exchange account
After you decide on an online broker or crypto exchange, the next step requires funding that account. To start trading crypto coins, you should fund your exchange or brokerage account. These platforms allow users to fund their accounts with fiat currencies or buy cryptocurrencies through debit/credit cards. However, it is better to avoid making purchases of cryptocurrencies with credit cards as these are risky. Also, some credit card companies don’t even allow users to make crypto transactions. Cryptocurrencies are incredibly volatile, and the platforms don’t want investors to risk going into debt or paying high transaction fees for crypto assets.
Place your order
Traders can easily place their order with a click on the broker’s web page or mobile platform. For example, if you plan to invest in cryptocurrencies, you can select the buy button, select the order type, enter the right amount of crypto coins you want to invest in, and confirm your order. Then, when you wish to make the transaction, the type of order you choose will affect the price as it gets fixed for your order. There are mainly three types of trading orders: stop, market, and limit orders. Therefore, you must learn about all types of trading orders before starting trading.
Use the correct storage method.
Once you purchase crypto coins, you require a safe place to safeguard your crypto coins from theft, scams, or hacks. You must choose a reliable storage method to secure your cryptocurrencies.
