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Arguably the trendiest investment of the past decade, Bitcoin has increased by anything from around 800,000% to almost one billion percent in the last 10 years. This makes Bitcoin one of the best-performing assets in modern times.Â
People who invest in Bitcoins have different motives. Some want to put their savings on Bitcoins, while others want trading adventures and a quick buck. Some want to get in on a completely different investment adventure and want to be a part of what may very well be the future of finance, albeit digital.Â
Tips For BuyingÂ
While some may be inexperienced in cryptocurrency trading, one can hardly blame them if theyâre eager to join in the USD$13.8 trillion annual cryptocurrency trading volumeâassuming, of course, that they already know how to buy bitcoin. Here are some buying tips:
1. Mind Your Wallet
Your digital âwalletâ works like your real-life wallet. If you purchase digital currency, you must have a digital wallet to put it in. There are two types: the light wallet and the heavy wallet.Â
If youâre going for a token amount, a light purse you can access from your phone is enough. There are several wallets to choose from, so pick one with good ratings and reviews. Make sure it allows you to transfer the account to another device.Â
If youâre thinking of transferring a significant portion of your savings to Bitcoins, get a heavy wallet. Read the instructions carefully and allocate space on your hard drive. Itâs what experts consider the safest choice, as you can download all coins to your computer for storage. Your cryptocurrency can communicate regularly with the server for verification.Â
If youâre buying from an exchange, donât keep bitcoins there. Theyâre vulnerable to hacker attacks.    Â
2. Donât Purchase At âTake-Offâ
Donât rush to register a wallet and search for an exchange because you heard Bitcoin set a new growth record. After a spurt, all cryptocurrencies go through an adjustment period; the same happens after a precipitous crash. A correction always follows. Itâs better to wait for a moment of decline and buy at bargain prices.Â
3. Pick A Reliable Buying Method
Lately, Bitcoin is becoming increasingly difficult to buy. Exchanges have burdensome requirements, plus some states have restrictions that encumber potential buyers. Some countries altogether ban them.Â
If youâre determined, pick a suitable platform with convenient payment methods. You can choose another exchange for trading after the purchase.Â
If youâre looking to convert money into bitcoins, use an exchange catering to local traders. Choose a seller geographically close to you and set up a face-to-face meeting. However, be careful of risks. Make sure the seller has good and authentic reviews.
4. Buy And Chill Â
After purchasing, sit back and relax. Donât panic at sudden price swings. Cryptocurrencies are like that. In the past 11 years, there have been 722 instances where Bitcoin prices changed by 5% or greater, and 227 occurrences of price swings by at least 10%. Bitcoin had also moved by at least 20% 47 times.Â
Such volatility can make any conservative money managers leery and may issue dire warnings. Understandably, new investors tend to panic at sudden price drops. Donât worry as the market will take care of itself. Rates will eventually stabilize.
Conclusion
Buy bitcoins only from trusted sites. The cryptocurrency world is filled with scammers, so be very careful, especially when it comes to your credit card or bank account number. Follow these tips, read further on the subject. Be aware of whatâs happening in the field, learn from other peopleâs mistakes, and make the right choice.  Â
The post 4 Tips To Know When Buying Bitcoin appeared first on Coingape.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.