Guide On How To Buy Bitcoin

With the price of Bitcoin breaking $60,000, it has become one of the most promising and profitable assets. While it might seem impossible to buy bitcoin at a cheap price, it is never too late to invest in the king cryptocurrency. Bitcoin is considered by many investors an asset akin to the internet in its early dot com days or the early days of Amazon Inc. 

In this article, we will approach some of the most frequently asked questions of buying bitcoin

how to buy bitcoin

Why Should You Invest In Bitcoin?

There are two major reasons why people invest in Bitcoin. The first reason is that investors are betting on its future as a global currency. Bitcoin represents blockchain technology, whose decentralized, transparent, and authentic nature has the potential to change our payment system. The second one is that investors consider bitcoin a store of value, which can hedge against inflation. With limited supply, bitcoin is considered by many a “digital gold.” In such countries that suffer from hyperinflation as Venezuela and Turkey, bitcoin and other cryptocurrencies are sought-after by people to preserve wealth. During the COVID-19, governments keep on printing more fiat to boost the economy. Out of fear of inflation, people turn to bitcoin to protect their wealth. 

During the pandemic, bitcoin increased six times and institutional investors began to take it seriously. Endorsements from JPMorgan, Visa, Paypal and other companies ignited the crypto market and caused FOMO among investors. 

As crypto assets and blockchain technology become more mature and popular, bitcoin could generate unimaginable wealth and make more millionaires. If you don’t want to miss the opportunity, now is the best time you start to look into bitcoin. 

Is It Legal To Buy Bitcoin In The USA?

The USA market accounts for almost a quarter of worldwide trading of BTC. The USA has no federal legislation for crypto assets. The SEC classified cryptos as digital currency while the IRS defined them as property. Certain regulations are implemented on crypto exchanges and it is legal to buy, sell and trade cryptocurrencies.Below, we will introduce how to buy Bitcoin

How Do I Buy Bitcoin?

HOW TO BUY Bitcoin 1:Buying Bitcoin With Credit Cards/ Debits Card

Yes, you can buy bitcoin with a credit card or a debit card. Simply choose your broker or exchange, open an account and link your debit card or credit card to your account. After finishing paying and receiving your bitcoin, you can transfer your bitcoin to a cold wallet if you don’t plan to trade regularly. 

Most brokers and exchanges require you to verify your identity when buying cryptocurrencies. However, some peer-to-peer platforms allow you to buy bitcoin with a credit card without verification. But usually, you need to pay 5% or more. 

HOW TO BUY Bitcoin 2:Purchase Bitcoin With Paypal

Paypal began to offer bitcoin buying and selling services in 2020. First, you will need to have a PayPal account. Login to your account and select “Cryptocurrency” in the top right of the dashboard. Second, select “Bitcoin” and choose how much you want to buy. Then select the payment method you prefer and hit the “Buy” button. 

HOW TO BUY Bitcoin 3:A Bitcoin Debit Card

Now you can make online or in-person purchases or withdraw cash from ATMs with Bitcoin debit cards. Cardholders need to preload their debit card with cryptocurrency and the cryptocurrency will be automatically converted at the time of purchase. 

how to buy bitcoin

Can I Make Profits With My Bitcoin?

Welcome to the bitcoin community! You are investing in the next global payment that could become the future of money. 

You might wonder: what happens next? Well, let’s see how people usually use their Bitcoin. 

HODL: “Hold On [For] Dear Life”

Before 2017, Bitcoin was trading merely at less than $2,000. Four years have passed and one Bitcoin is worth more than $50,000. That means if you entered the market and owned Bitcoin a few years ago, now you may become a millionaire. People who hold Bitcoin for a long period often refer to this action as “HODL”, a misspelled term of “hold” that implies “hold on for dear life.” 

This strategy works best on Bitcoin believers and is very simple and less troublesome. Simply store your Bitcoin in a cold wallet and forget about owning it for a while, but never forget your private keys!

Pros

  • No having to worry about volatility 
  • Easy to manage

Cons

  • Cannot generate income for the time being

Futures Trading With Leverage

Cryptocurrencies are notorious for their high level of volatility. However, futures trading enables traders to take advantage of volatility to make profits. Traders can long or short crypto assets and make profits from the price differences. Furthermore, traders can borrow leverage from exchanges to increase their buying power, thus multiplying their profits. 

Pros

  • Highly profitable with leverage
  • Have to potential to make money regardless of which directions bitcoin is heading

Cons

  • Comes with higher risks 
  • Takes time and skills to learn

Pay Bitcoin For Services

Conceived as a peer-to-peer form of electronic cash, it can be used to make payments. One of the most famous cases of Bitcoin as payment is one person spending 10,000 BTC on two pizzas. However, with Bitcoin continuing to increase in value, more people choose to hold it. 

Recently, Time Magazine now accepts BTC and other digital currencies for digital subscription payments, and they will not be converted into fiat. In March 2021, Paypal allowed U.S. consumers to pay millions of its online merchants with cryptocurrencies. 

Pros

  • Promote Bitcoin payment

Cons

  • Miss out on the opportunity to make long-term profits

Earn Passive Income With Interest-bearing Wallet

When traders are not trading, they can store the BTC in interest wallets and earn some passive income. The interest rates vary from platform to platform. Bexplus recently launched its innovative interest-bearing wallet with up to 21% annualized interest. Without a doubt, this is the highest rate in the industry. 

Pros

  • Bears little risks
  • Easy to use 

Cons

  • Takes time to transfer to real trading accounts

How To Trade On Bexplus

Trading crypto futures on Bexplus is easy. Once registered, you will have a 10 BTC demo account to get familiar with the platform, a trading account to earn your real profit, and a wallet account to get up to 21% annual interest.

No KYC. Just simply click sign up to enter an email address, the verification code you received, and set up a password. Then you can start your journey on Bexplus. After making a deposit, you can apply for a 100% deposit bonus

After becoming a Bexplus user, you can trade BTC/USDT, EHT/USDT, LTC/USDT, DOGE/USDT, and XRP/USDT with 100x leverage.  Bexplus also offers market analysis, notification of the market changes to keep you updated.

Conclusion

Bitcoin has become one of the most sought-after assets with its high profitability. Investing in bitcoin is like investing in the future of money. If you want to dip your toes in bitcoin, do your research and find the way that suits you best!

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