Bitcoin was introduced in 2008 and has gotten a hold of the trading and investing market as opposed to doubts.
Understanding blockchain and cryptography cleared all doubts about safety, marking tremendous growth between 2012-2021. Bitcoin has become a significant part of the digital transactions, trading, and investing world, with only optimistic predictions for its growth.
If you plan to enter the trading world with Bitcoins now, then worry not because it is never too late to start. The window for Bitcoin trading is comprehensive and easy to understand.
All you have to do is get hold of fundamental concepts and start your Bitcoin trading. The first step is to buy bitcoins from the biti-codes.io, which makes transactions easier for you. If you are a beginner then you can follow these simple steps.
1) Choosing the buying method
You can buy bitcoins using two methods: Crypto Exchange and Bitcoin websites.
A) Crypto exchange
This is the most convenient method of buying bitcoins. Crypto exchanges are online platforms serving as a mediator between different businesses, buyers and sellers, traders, and investors.
These online exchanges have the most bitcoins, and their design has made it easy for you to connect with a seller (or buyer if needed).
You connect to a trading pair that allows you to quickly exchange your money into Bitcoins. If you are new to the concept, ensure to read the exchange guidelines of the platform, as there are different charges and convenience fees attached.
Once you buy bitcoin, it is initially stored on your behalf at the crypto exchange platform. However, you can transfer it to your wallet by withdrawing it. So choose an exchange platform with low fees and high security.
You can move your bitcoin from one wallet or crypto exchange to another. This allows you to easily trade and invest in finding profits.
B) Bitcoin websites
This is another method used to buy Bitcoins. Although several websites provide a convenient and user-friendly interface, buying bitcoins from websites requires you to research beforehand and find the right website that gives you good value.
Here, you can open an account and select the buying option. In addition, there is an open window for different local currencies to select from. These websites gained popularity as they transfer bitcoins directly to your wallet.
2) Choosing the payment method
Now that you are done choosing the buying method, the next step is to find the correct payment method. Different fees are attached to different payment methods, whether you opt for crypto exchanges or bitcoin websites.
Most of them provide an easy bank linking option that simplifies the job. Remember that most popular platforms do not allow you to pay using a credit card.
3) Placing order
Once you are done funding the account, you can place the order. Now, depending on the platform you use, the order placement layout varies. You can find simply “Buy” and “Sell” options which are the most convenient and allows you to make the transaction in seconds.
You must understand the different terms that these platforms use-
A) Market order– An easy way for beginners, market order signifies buying and selling at the market price at that particular time.
B) Stop order– This type of order depends on market fluctuations. You can fix how much you would want to buy or sell bitcoins. Stop order is also a trading method as it allows you to buy and sell before the market prices negatively impact your profits.
C) Limit Order– Opposed to stop order, the limit order is also visible to the market. Here, you can buy or sell at a specified price or better.
You must remember that all exchange platforms allow you to buy a fraction of Bitcoins, saving you from investing vast sums of money.
Once you are done making the order, you receive Bitcoins in the appropriate wallet or platform. Following this, you can use purchased Bitcoins for different purposes, including trading, investing, and payments.