Coinbase, buy bitcoin
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Since its launch in 2009, Bitcoin has experienced meteoric growth: From October 2013 lớn early June 2021, for instance, its value increased by almost 30,000%. And while that growth alone is incredible, some analysts say Bitcoin’s value could rise even more as cryptocurrencies & the blockchain technology that power them become more mainstream và integrated into lớn people’s daily lives.
Buying Bitcoin does come with one major buyer beware, though: While it’s experienced immense highs, it’s also fallen khổng lồ devastating lows.
After hitting an almost $trăng tròn,000 high in 2017, for example, its value plummeted and rose khổng lồ no more than about half of that until 2020. Though it’s trended upward since, it remains a very volatile investment, & an ill-timed tweet from Elon Musk can decimate its value. That’s why experts don’t recommend you invest more than a small percentage of your money in Bitcoin.
With all of that said, if you still want lớn get in on the action, here’s how to lớn buy Bitcoin of your own.
How to Buy Bitcoin in 4 Steps
1. Choose a Crypto lớn Exchange
To buy Bitcoin or any cryptocurrency, you’ll need a cryplớn exchange where buyers và sellers meet to lớn exchange dollars for coins.
There are hundreds of exchanges out there, but as a beginner, you’ll want khổng lồ opt for one that balances ease of use with low fees & high security. Be sure khổng lồ kiểm tra out our top picks for best crypto exchanges, lượt thích Coinbase, Gemini và Binance.US if you don’t already have an exchange in mind.
Make sure to lớn kiểm tra if your exchange has a Bitcoin wallet built inlớn its platform; if not, you’ll need to lớn find one of your own. You may also choose to buy your crypto lớn on a platform lượt thích Robinhood, Paypal or Venmo, though buying crypkhổng lồ this way often means you cannot withdraw your coins và move sầu them khổng lồ another platform. If you want khổng lồ hold your crypto lớn to a different wallet, you’ll need to lớn sell your holdings and then rebuy them on a different exchange.
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2. Decide on a Payment Option
After choosing an exchange, you have to fund your tài khoản before you can begin investing in Bitcoin. Depending on the exchange, you can fund your account through bank transfers from a checking or savings tài khoản, PayPal, wire transfers, a cryptocurrency wallet or even a credit or debit card.
Keep in mind, though, that platforms may charge higher transaction fees for certain funding options. For example, Coinbase doesn’t charge a fee if you vì an electronic transfer from a ngân hàng account. However, it charges $10 on wire transfers và 2.5% of the transaction amount if you use PayPal.
Things get even pricier if you use PayPal or a debit card lớn make a direct purchase of cryptocurrency, instead of funding your tài khoản và then using transferred money to lớn make your purchase: Coinbase’s fee rises to 3.99% of the transaction amount. Credit thẻ transaction fees on other platforms often run at least this high.
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Because fees reduce how much money you can invest (and therefore also how much money you have to lớn grow & compound), it tends khổng lồ make sense to use electronic transfers from a bank account rather than other methods. In addition, if you use a credit card khổng lồ buy cryptocurrency, it generally will count as a cash advance và be subject lớn a higher interest rate than you pay on regular charges. What’s more, taking on debt to buy volatile investments is extremely risky.
3. Place an Order
Once your tài khoản is funded, you can place your first order lớn buy Bitcoin. Depending on the platform you’re using, you may be able to lớn purchase it by tapping a button, or you may have sầu lớn enter Bitcoin’s ticker symbol (BTC). You’ll then have to lớn input đầu vào the amount you want lớn invest.
When the transaction is complete, you will own a portion of a Bitcoin. That’s because it requires a large upfront investment khổng lồ buy a single Bitcoin now. If Bitcoin’s current price was $38,000, for example, you’d need to invest that much to buy a Bitcoin. If you invested less, say $1,000, you’d get a percentage, in this case 0.026%, of a Bitcoin.
4. Select a Safe Storage Option
The cryplớn exchange you use probably has an integrated Bitcoin wallet or at least a preferred partner where you can safely hold your Bitcoin. Some people, however, vị not feel comfortable leaving their crypkhổng lồ connected to the internet, where it may be more easily stolen by hackers.
Most major exchanges have sầu private insurance to reimburse clients if this happens, & increasingly, they’re also storing the majority of customer assets in offline so-called cold storage. If you want ultimate security, you can store your Bitcoin in an online or offline Bitcoin wallet of your own choosing. But keep in mind that if you move sầu crypto off of an exchange, you may have to lớn pay a small withdrawal fee. In addition, if you use a third-tiệc nhỏ crypkhổng lồ wallet custodian, you may also be permanently unable khổng lồ access your coins if you chiến bại the private key that serves as your wallet password. This has locked some Bitcoin millionaires out of their fortunes.
Selling Bitcoin
When you decide you’re ready khổng lồ sell your Bitcoin, you can place a sell order through your exchange, much like you did when you originally purchased your BTC. Most exchanges offer multiple order types, so you can decide to lớn sell only when Bitcoin reaches a certain price, or you can place an order that goes through immediately.
You can choose to sell your entire holdings of Bitcoin or only a specified amount. Once the sale goes through, you can transfer the money lớn your ngân hàng trương mục. Your exchange, however, may have sầu a holding period before you can make a transfer baông xã to your bank tài khoản. This isn’t cause for concern; it simply takes some time khổng lồ make sure the transactions clear.
When you sell your Bitcoin, you may make a profit. If you vày, you’ll be on the hook for capital gains taxes as cryptocurrency sales must now be reported on your taxes.
Should You Buy Bitcoin?
Especially when Bitcoin’s price is skyrocketing, investing in the popular cryptocurrency can be tempting. But while it has the potential to lớn be a lucrative sầu investment, you should be cautious: It’s an incredibly volatile purchase that experts don’t recommkết thúc you allocate a large percentage of your investing dollars khổng lồ.
If you’re not sure whether investing in Bitcoin or other cryptocurrencies is a good idea for your needs, consider meeting with a financial planner who can help you figure out where cryptocurrencies fit inkhổng lồ your investment strategy.
