3 Things to Keep in Mind When Buying Bitcoins – 2024 Guide

Opening Word

Despite digital currencies being around for over a decade now, not a lot of people have been actively investing in it. This is true due to various factors, two of the most dominant being the lack of knowledge and information about it, and the lack of courage and financial stability when it comes to the initial investment. If you are one of those people who have always been intrigued with the idea of investing in digital currencies, mainly bitcoin, but never had the courage to do so, this article is for you.

Right here and now we will determine the crucial things regarding the purchase of bitcoins, especially the first time you are doing it. Starting anything new in the world of finance and business is scary and troublesome, let alone something still relatively new and in its infancy. Worry not and make sure to read through the article carefully. To learn more about all things bitcoin, make sure to check out bitcoinprofitpro.com/login.

1. The current price of bitcoin and when to buy it

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Of course, before you can even explore your options and possibilities and strategize your finances, you have to know how much bitcoin is currently worth. Moreover, you must learn about its history of rises and drops in value and try to best predict and expect the next big jump or fall. You probably already know that the price is changing literally all the time. Moreover, it has changed numerous times by the time we got to this sentence in this very article. Considering such nature of the currency, there is not really a good or bad time to purchase it if you are waiting for a good price. A good price can only happen to you if you manage to buy it when it was low and have more of it when it is high in value.

Then again, you cannot know when or if that will happen. It may plummet the moment you buy it. Still, bitcoin used to be much more volatile than it is now meaning you can better understand its trends and tendencies at the moment than several years ago. It is a smart business idea to get into the bitcoin game right now because it has recently experienced a new record of $40,367 on January 8 of this year. Before that, the all-time high used to be just under $20,000, way back in December of 2017. If you follow this trend, you can easily conclude that it skyrockets all of a sudden every 3 to 4 years, with unpredictable and frustrating mini-jumps and falls within that period. What you should focus on is the price at the moment of buying since that is what dictates how much BTC you can buy.

2. Setting up things

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Before you can buy any bitcoin, there are several things you need to prepare. First of all, you have to be ready to part ways with a portion of your savings. Bitcoins are not cheap and you cannot do much with just a fraction of a single coin. If you can only afford a minuscule amount, it may be better to invest it in cheaper currencies. However, it is always good to start small and build up as you go, so do what suits you more. Next up is to open an account on a bitcoin exchange. An exchange is a web service where you will do all of your bitcoin-related business. From buying and selling to trading and looking for potential partners, everything is done here. Opening an account is free and the fees they ask in return for the service are very low and barely there.

Once you find the right exchange for your needs and set up an account, you will also get your electronic wallet with a dedicated key (a string of numbers and letters) that will hold your balance. Every key is unique and nobody can know who is behind them. No personal info is related to it and it is the only thing you use for every transaction. Without a good exchange, you cannot do anything. Once you are serious about making the initial step towards a bitcoin career and establish your exchange presence, you can finally purchase your first portion of BTC. Just remember a few more thingsā€¦

3. Security, mining, and spending of BTC

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Right off the bat, you must know that bitcoin transactions are as safe as they come. Once in motion, nobody can hack into them and steal them away, no matter if you are selling, buying, or trading. What is more, the overall security of digital currencies is on a high level due to the blockchain technology and the cryptic nature of it all. Next, considering the mining craze, it is not as profitable and prominent as it once was, especially on a small scale with an average rig at home. Mining farms and hangars are the way to go but rarely any individual can afford it. Firms and companies from the IT sector are the ones who do most of the mining nowadays so you should not worry about it too much. The best way to obtain more is through good old investing and trading at the right time (which has a lot of luck involved).

Last but not least, we should talk about spending all that BTC you will make from your smart business moves. In the olden days, not a lot of merchants and online stores accepted bitcoin and other digital currencies as legitimate payment options. This changed considerably in recent years and nowadays, not only can you buy a lot of different products and pay for services with cryptocurrencies, but you are also able to withdraw and deposit it at special bitcoin ATMs, called BTMs. More advanced versions also allow you to trade it like you would on your computer or mobile device.

Conclusion and takeaways

Thanks to our little guide on all things worth keeping in mind regarding the purchase of BTC, you are now equipped with knowledge on how to properly make the first steps in this industry. Despite being challenging, unpredictable, and often tedious, sooner or later you will be grateful that you finally opted to join in on the fun.