How to Invest In Bitcoin (BTC) – A Beginner’s Guide, Reviews & Step-by-Step Tutorials
The world most popular cryptocurrency, Bitcoin, is well known for its different uses and application. Part of which is investment opportunity and storage of value. investing in bitcoin has been made easier than it was back when it was just released.
There are different platforms and exchanges on which you can now buy and invest in Bitcoin. This article is aimed at looking at the different ways on how to invest in BTC.
Bitcoin Trading vs Bitcoin Investing
Bitcoin trading is all about buying and selling of bitcoins in exchange for whatever exchange rate. This could be in exchange with other cryptocurrencies or for fiat currencies. This trading is usually done within a short period and is mostly performed using an online wallet for storage of your bitcoin.
However, when it comes to bitcoin investing, it is a little bit different. Here, the bought bitcoin are held for the main purpose of investing in it for the time being.
Compared to trading bitcoin, investing in bitcoin requires a longer time period. Here, most investors go for hardware wallets instead of online-based wallets. This is for more sophisticated security provided by the offline hardware wallets.
How to Invest in Bitcoin or Trade BTC (step-by-step tutorials for Coinmama, Gemini, & LocalBitcoins)
There are different platforms on which you can invest or trade your BTC. Some of them include:
For trading of your BTC, Coinmama is one of the easiest platforms on which you can carry out your desired trading activities. To get started, here are the need to do to start trading on Coinmama
Step 1: Register on Coinmama platform
Step 2: Select your preferred payment option
Step 3: Read and confirm the terms of usage
Step 4: Confirmation of wallet address and completion of payment transactions
Pros of Coinmama Exchange
- Coinmama platform supports different payment methods
- It is available for use in most countries
- It provides extensive support for aiding its customers to solve any form of issues that may arise
Cons of The Coinmama platform
- Language barrier
- Transaction cost for carried out transactions are high
Coinmama payment methods
Payment Methods Of Coinmama
Coinmama platform accepts payment both online card payment and cash payment using fiat currency. It could also be traded with other cryptocurrencies for the agreed monetary value.
Gemini platform is another well-known cryptocurrency trading platform. It is especially known for trading BTC. Highlighted below are steps to trading on the platform
Step 1: Create an account
Step 2: Account confirmation
Step 3: Two-way authentication for your account
Step 4: Bank account updating
Step 5: Verification process
Step 6: Add some funds to your account
Step 7: Start trading
Pros Of Using Gemini
- Low transaction fee
- Optimized user interface
Cons Of Using Gemini
- It only offers Ethereum and bitcoin cryptocurrency for trading
- It has a limited selection of method for funding
Gemini Payment methods
Gemini platform accepts payments from bank transfer payment. It could also be traded with other cryptocurrencies for the required monetary value.
This is another well-known avenue through which Bitcoin could be bought and sold. Here are the required steps needed to set up your account on LocalBitcoins
Step 1: Register as a new member on LocalBitcoins
Step 2: Search for your desired cryptocurrency
Step 3: Select your desired digital asset to buy
Step 4: Pay the seller
Step 5: Mark the transaction as complete upon completion.
Pros Of Using LocalBitcoins
- Easier way of buying and selling your ether
- Low transaction rate for a transaction
Cons Of Using LocalBitcoins
- Can only be used to trade a few selected coins
- Extra care is required in choosing who to buy or sell from
Payment Method On LocalBitcoins
LocalBitcoins accepts a wide range of payment methods. Although some methods are rather expensive, the most used one is the BTC.
Trading or investing in Bitcoin is one of the most trusted ways of storing value. Although it still suffers from volatility in price just like the other cryptocurrencies, it is still more stable than most. For trading and investing, bitcoin is one of the best options in the world of digital currency.