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Investments in Bitcoin (BTCUSD) may appear difficult, but it's easier to understand if you reduce it into smaller steps. When you invest or trade, Bitcoin only requires having an account with a platform or exchange. other safe storage practices are recommended.There are several items that future Bitcoin investors should have in order to invest: a cryptocurrency-exchange account and identification proof if you are using a Know Your Customer (KYC) platform that has a secure connection the Internet and a method of payment. It is recommended to have your own private wallet, separate from your exchange account. Alternative payment options for these options include bank account as well as debit cards and credit cards. There is also the option to receive bitcoin from ATMs with specialization as well as through P2P exchanges.KEY TAKEAWAYS" http://cqms.skku.edu/b/lecture of Bitcoin comes from its usage as a place of value and payment system and its limited supply and declining inflation.Although it's almost impossible for Bitcoin to be hacked but it's still possible that your bank or exchange bank account to have been compromised. This is the reason why implementing proper storage and security precautions is vital.* You can also buy bitcoin through mainstream services such as PayPal? or Robinhood.* One way to invest in bitcoin in indirect ways is to invest in businesses with bitcoin in their balance reports.Before You Buy BitcoinSecurity? and privacy is one of the major issues security and privacy are important concerns for Bitcoin investors. Anyone who has access to the private secret to an address in the Bitcoin blockchain can authorize transactions.1 Private keys should remain secret, as thieves may try to steal them once they know of your large holdings. Be aware that anyone could know the balance of any public account you've used. The flip side to these public records is that the user can set up multiple public addresses for themselves. Thus, they can distribute their wealth of Bitcoin over a variety of addresses. It is a good idea to store large amounts of money at public addresses that are not directly connected to addresses that are used in transactions.Anyone can see a record of transactions made on the blockchain, even you. Although transactions are recorded publicly on the blockchain, identifying individuals' personal details isn't. With the Bitcoin blockchain, only a user's public key is displayed next to any transaction. This makes transactions safe but not private. In this regard, Bitcoin operations are more transparent and traceable over cash as all them are available for public review, in contrast to private cash transactions. But Bitcoin transactions also have some element of privacy built as part of their design. It's very difficult to locate the transaction parties--i.e. recipients and senders of bitcoin--through the blockchain used by the cryptocurrency.International researchers and the FBI have claimed that they can trace transactions that are made on the Bitcoin blockchain and connect them to other online accounts, which includes their digital wallets.2 As an example, if someone registers on Coinbase it is required to provide their identification.3 When that buyer buys bitcoin, that is linked to their account. If they transfer it to another account, it can still be traced back the Coinbase purchase , which is linked to the identity of the account's owner. It shouldn't concern the majority of investors since Bitcoin can be legally used in the U.S. and most other developed countries.Be sure you know the legal, regulatory and tax requirements for buying or selling bitcoin in the place you live prior to transacting.Buying BitcoinWe?'ve detailed the steps to buying bitcoin below. Make sure study the options thoroughly and determine the best option for yourself based on your situation.Step 1: Choose an exchange service for crypto or a venueThe first step for buying bitcoin is to choose the best crypto trading services or a venue. The most popular trading venues and services to buy cryptocurrencies include exchanges, payment services, and brokerages. Out of all these, crypto exchanges are the best option since they offer a breadth of features and more the use of cryptocurrencies in trading.Registering for a cryptocurrency exchange can allow you to purchase, sell and hold cryptocurrency. It is generally recommended to choose an exchange that allows its users to withdraw cryptocurrency into their secure online wallet for their personal. If you're looking to trade Bitcoin or other currencies, this feature may not matter.There are numerous types of cryptocurrency exchanges. Because the Bitcoin ethos is about individual sovereignty and decentralization certain exchanges permit users to remain anonymous and don't require users to fill in the personal details of their users. https://sayok.org/elumine/members/dramacross1/activity/352597/ operate on their own and are usually decentralized which means that they don't have a central source of control.Although these systems can serve criminal purposes, they also be a source of assistance to the world's unbanked population. For certain groups of people, such as refugees or those who live in countries where there isn't much infrastructure for credit from the government or banking, anonymized exchanges can move them into the mainstream economy.At present, the top exchanges are not fully decentralized. They also follow the laws that oblige users to submit identification documentation. The United States, these exchanges include Coinbase, Kraken, Gemini, FTX, and Binance.US These are just a few. These exchanges have grown dramatically in terms of the features they provide.The cryptocurrency market has expanded exponentially in the past decade There are many new crypto tokens to compete for investors' dollars. Except for Bitcoin and some prominent coins, such as Ethereum some of these tokens can be found on all exchanges. Each exchange has its own set criteria for determining whether it is appropriate to include or not allow trading of certain tokens.Coinbase, Kraken, and Gemini offer Bitcoin and a growing number of altcoins. They're probably one of the most simple on-ramps that crypto has in the entire market. Binance is for an advanced buyer, offering higher-quality trading features as well as a better variety of altcoin options. FTX is a rapidly growing crypto trading platform that has earned itself the valuation of a multibillion dollar, provides the limited number of altcoins to U.S. investors.4 However, traders outside these countries U.S. have a greater option of tokens offered on its platform.A crucial thing to keep in mind when creating accounts with cryptocurrency exchange companies is it is to utilize secure Internet practices. This means two-factor authentication. using a long, unique username which includes a variety of lowercase letters, capitalized or lowercase letters along with special characters and numbers.El Salvador made Bitcoin legal tender on September 7, 2021. It was the first nation to do so.5 Bitcoin is able to serve as the currency of any transaction when a business accepts it. This is why the U.S. dollar continues to serve as El Salvador's main currency.Step 2. Connnect your exchange with any payment optionAfter you have chosen an exchange, you will require your personal documents. Depending on the exchange, these may include pictures of a driver's certificate or Social Security card, as along with information regarding your employer and source of your funds. The information you'll require depends on the place that you reside in, as well as the laws within it. The process is generally the same as creating a typical brokerage account.Once the exchange has confirmed your identity, you will be required to connect the payment option. In the majority of exchanges, you can connect to your bank account through the account or connect a debit or credit card. While you are able to use a credit card to buy cryptocurrency, it is not a wise choice because the price fluctuations of cryptocurrency could raise the cost of buying the coin.Bitcoin can be legally used in the United States, but some banks might be suspicious or prevent deposits to crypto related sites or exchanges.6 It is it's a good idea to confirm that the bank you use allows deposits to the exchange you prefer.There are https://telegra.ph/Employing-Social-Networking-To-The-Enterprise-Edge-02-20 for cash deposits from a bank account in the form of debit, credit, or card. It is crucial to investigate the charges associated with each option of payment to help determine the best exchange for you or decide which option is most effectively for you.Exchanges also charge fees per transaction. These fees can be a flat fee (if the amount of trading is low) or some percentage of the trading amount. Credit card transactions incur processing fees as well as transaction fees.Step 3: Place an orderYou can purchase bitcoin (or other cryptocurrency) when you select an exchange provider and connecting the payment method. In recent times, cryptocurrency exchanges have slowly become more popular. They have grown considerably with regard to liquidity and their range of features. The operations of bitcoin exchanges are similar to the change in how they are perceived by the public. An industry that was once thought of as a scam or with unreliable practice is gradually evolving into an honest one which is attracting the attention of all the big players in the industry of financial services.Today, cryptocurrency exchanges have progressed to the point where they offer the same quantity of features available as their counterparts in stock brokerage. Today, cryptocurrency exchanges offer a number of order types and ways to invest. Most crypto exchanges provide both market and limit orders. Some also offer stop-loss-orders. The exchanges listed above, Kraken offers the most kinds of orders. Kraken supports market, limit, stop-lossand stop-limit or take-profit limit orders.7Alongside the variety of options for orders, the exchanges offer methods to set up indefinite investments, allowing customers to dollar-cost average into their funds of choice. Coinbase for instance, lets users set up recurring purchase for each day, week or month.8Step 4: Safe storageBitcoin and cryptocurrency wallets can be the perfect place to keep digital assets in a more secure way. Being able to store your cryptocurrency away from an exchange and placed in the private wallet of your wallet ensures only you have control over the private key to your account. It also gives the option of keeping your money away from an exchange and eliminate the risk of your exchange being compromised and causing loss of funds.Although many exchanges offer wallets for their users, security is not their primary business. We generally don't recommend using an exchange wallet for the long-term, large-scale holdings of cryptocurrency.Certain wallets feature more options than other wallets. Some are Bitcoin only, and others have the capacity to store multiple altcoins. Some wallets provide the ability to swap one token with another.When it comes to selecting the right Bitcoin wallet, you have many options. The first thing you will need to learn about crypto wallets is that they are made up of hot wallets (online wallets) and cold wallets (paper or physical wallets).Hot walletsInternet-connected wallets have also been known under the term hot wallets. Hot wallets work on Internet-connected devices such as phones, computers, or tablets. This poses a risk because these wallets create the private keys to the coins on these devices with Internet connectivity. Although a digital wallet can be very convenient in the ways that you can access and transact with your assets quickly, storing your private keys in a device that is connected to the Internet makes it more vulnerable to attack.It may sound odd it's not, but those who aren't putting in enough protection run the risk having their money stolen. It's not a rare occurrence, and it can occur in a variety of ways. For instance, boasting in a public forum such as Reddit about how much bitcoins you have in your account when you are using little to zero security and placing it in a hot bank account would not be sensible. That said, these wallets are safe as long as the necessary precautions are in place. Secure encryption, strong passwords and two factor authentication and safe Internet browsing are essential necessities.These wallets work best for smaller amounts of cryptocurrency or other currencies you are involved in trading with an exchange. You could liken a hot wallet to a bank account. The conventional wisdom of finance is that you should keep your money only for spending in a checking account while the majority of your funds is stored in savings accounts or other investment accounts. It is the same in the case of wallets that are hot. Hot wallets consist of mobile, desktop, web, and exchange accounts custody wallets.As stated previously, exchange wallets function as custodial accounts supplied by exchange. The user of this wallet form is not owner for the secret key for the cryptocurrency held in the wallet. If an event were to occur in which the exchange was compromised or your account gets compromised, then you'd lose your money. The expression "not your key, not your coin" is heavily frequented in cryptocurrency forums and communities.Cold walletsThe simplest definition of the cold wallet is that it is not directly connected to Internet and thus has greater risk of being affected. These wallets are also known as offline wallets or even hardware wallets. They are wallets that store a person's private key on something and isn't connected the internet. They may also come with software that functions in parallel so that the user can look at their account without putting their private key in danger.Perhaps the most secure method to store your cryptocurrency offline is with a paper wallet. Paper wallets are paper wallet that you create through certain websites. It produces private and public keys which you print on paper. Access to the cryptocurrency within these addresses is only possible if you've got the piece paper with the private keys. A lot of people laminate their paper wallets , and then store them in safe box at their bank or even in a safe in their home. These wallets are designed for the highest security and for long-term investments, as you cannot quickly sell or trade bitcoin stored using this method.A more common type of cold cash wallet is a wallet made of hardware. The typical hardware wallet is comprised of a USB drive that is used to store key information of the user offline. Hardware wallets have significant advantages over hot wallets , as they aren't affected by viruses that can infect a computer. With hardware wallets, private keys are never in contact with your computer's network or any software that may be vulnerable. They're also open source, which allows the community to evaluate their security through code audits instead of a company claiming that they are suitable for use.It is believed that cold-money wallets provide the most safe way to store your bitcoins or other cryptocurrencies. However, they require additional technical knowledge to setup.A great method to set your wallets is to set up three things that you need: an exchange account to purchase and sell items in hot wallets, a hot account to hold small to medium amounts of crypto you wish to trade or sell and a cold physical wallet to keep larger quantities in the long run.How to Buy Bitcoin With PayPalBitcoin? can also be purchased through a payment processor PayPal? Holdings, Inc. (PYPL). There are two options to buy bitcoin through PayPal?. The first and simplest option is to purchase cryptocurrency through your PayPal? account, which is linked to a payment device that accepts credit card, bank account or debit card. Another option is to utilize the balance in that PayPal? account to purchase crypto through a third-party service. This option is not much as user-friendly since only a handful of third-party sites allow users to buy bitcoin by using the PayPal? button.Four cryptocurrencies--Bitcoin, Ethereum, Litecoin, and Bitcoin Cash--can be purchased directly through PayPal?.9 With the exception of those who live in Hawaii, residents of all states can either use their existing PayPal? accounts or set up new ones. You can also make use of the cryptocurrency you own to purchase products or services by using"Checkout With Crypto" "Checkout With Crypto" feature.10In order to open a crypto account through PayPal? it is necessary to provide the following details is needed to establish a PayPal? account: name, physical address and birth date the tax identification number.11It isn't possible to make use of a credit card to buy Bitcoin using PayPal?. While you are buying the Bitcoin, PayPal? will display a price for the cryptocurrency. The price, however, is subject alteration rapidly because of the volatility of cryptocurrency markets. It is a good idea to ensure that you've got more than what you estimated for the purchase in your account at the bank.If you purchase bitcoin directly via PayPal?, it makes money out of the spread in crypto, or the difference between Bitcoin's market price and the rate at which it exchanges USD. PayPal? will also charge a transaction fee per transaction. These fees depend on the dollar amount of the purchase. For example there is a flat rate of $0.50 is applied to purchases between $100 and $200. The fee thereafter is a percentage of the overall dollar amount. For instance, a fee of 2 percent of the total amount is per transaction for crypto transactions between $100 to $200.12One drawback of purchasing cryptocurrency via PayPal? is the fact that you can't transfer the currency outside the company's platforms for payment. Thus, it's not possible for you to transfer the bitcoin you purchased from PayPal?'s wallet to another crypto-wallet, or your personal wallet.11The second disadvantage of using PayPal? is that the majority of exchanges and online traders allow to use the service to purchase payment. eToro is among the only a few online sellers that allow the use of PayPal? to purchase bitcoins through its platform.13How to Buy Bitcoin With a Credit CardThe? process of buying bitcoin with credit card is the same as when buying it through debit cards as well as through automated clearing house (ACH) and transfers. It is necessary to enter your credit card's details with the online trading or exchange firm and sign the transaction. In general, , it's not the best idea to make purchases with bitcoin credit cards. There are a few reason for this.First of all, some exchanges do not allow bitcoin transactions using credit cards due to the associated processing fees and the potential for fraud. This choice could be to be in the best interest of the customers. This is since credit card processing is able to add additional charges on transactions. Thus, as well as paying transaction fees the customer will be charged with processing fees that an exchange might charge you.The third reason is that purchase with credit cards can be costly. The credit card issuers regard bitcoin transactions as cash advances and apply hefty fees as well as high interest rates for these advances. For example, American Express and Chase both view purchases of cryptocurrency for cash advance as. In other words, if one purchases $100 worth worth of bitcoin using an American Express card, you are required to pay just $10 (current cash advance fees for the transactions) plus the annual percentage rate of 25%. What's more, the credit card company will also limit you to $1000 worth of bitcoin purchases per month.14An alternative to buying bitcoin with a credit or debit card is to acquire one of the Bitcoin reward credit card. These cards function in the same manner as your normal rewards credit cards, except that they reward you in the Bitcoin form. The cards invest money earned from purchases into Bitcoin. One example of a Bitcoin loyalty card, which is also known as the BlockFi? Bitcoin Rewards Credit Card.15 Beware however, that the annual charges for these cards may be steep and may also be added costs associated with the transformation from fiat currency to crypto.Although exchanges like Coinbase and Binance remain one of the most well-known ways to buy Bitcoin However, they're not the only options.Alternative Ways to Buy BitcoinBitcoin? ATMsBitcoin? ATMs act like in-person bitcoin exchanges. Individuals can insert cash into machines and use it for the purchase of bitcoin. The bitcoin is then stored in online wallets for users. Bitcoin ATMs have grown more widespread in recent times. Retail massive Walmart Inc. (WMT) is conducting a test program that will offer its customers the option to purchase bitcoin. Coin ATM Radar can help in locating the nearest machines.However, ATMs are an expensive option. There are two expenses associated with ATM bitcoin purchases in the form of a purchase fee as well as an exchange fee to convert Bitcoin into fiat currency. Both of these fees are quite expensive relative to the other alternatives. As an example, the average purchase fee on Bitcoin ATMs amounts to 8.4% (of the amount of purchase) and 5.4 percent for sales made at ATMs.16Be aware, however, that Bitcoin ATMs are now requiring government-issued IDs by the start of 2020.Exchanges P2PAs opposed to decentralized exchanges which offer buyers and sellers a secure way to communicate and manage all aspects of the transaction, there are peer-to-peer (P2P) exchanges that facilitate a better connection between the users. LocalBitcoins? is an example of such an exchange. Once an account is created, users can send requests to purchase or sell bitcoin. They can also provide details regarding payment methods as well as costs. Users can also browse through listings of buy and sell offers in order to choose the business partners with whom they want to transact.LocalBitcoins? provides a variety of benefits to trading. Although P2P exchanges don't provide the same anonymity as decentralized exchanges but they provide users with the possibility of shopping around for the best deal. A large portion of these exchanges offer rating system so that users are able to assess possible trade partners before committing to.Mainstream brokeragesFew major brokerages provide bitcoin trading and purchase capabilities due to the uncertainty of regulations for cryptocurrencies. Robinhood Markets, Inc. (HOOD) the app, which is popular with retail investors, is one exchange offering crypto trading capabilities. It charges 0% fee for cryptocurrency trades or purchases . The company earns money from payment for order flow passing its trading volume onto additional trading platforms as brokerages.17The absence of a commission charge could be a compelling proposition for those who are new to crypto, however there are a couple of disadvantages to this offer. In the beginning, Robinhood lacks the range of features and coins that are offered by the most prominent crypto exchanges such as Coinbase. Robinhood had made trading possible on its platform, which supports seven cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Bitcoin SV, Dogecoin, and Ethereum Classic.18 However, Coinbase can trade more than 100 currencies on Coinbase.19 The exchange also offers various order types in order to limit the risk of losing money during trading.The Robinhood platform also does not offer an online wallet. Therefore, if you want the purchase of cryptocurrencies via Robinhood, you will have to consider additional fees to an online wallet service.Bitcoin and other cryptocurrency investments , however, are not protected by insurance from insurance companies like the Securities Investor Protection Corporation (SIPC). In the case of regular brokerages and brokerages, the organization protects against the loss of securities and cash in brokerage accounts up to $500,000with a maximum of $250,000 cash limit.20 That facility is not available to customers that use crypto exchanges. Cryptocurrency exchanges such as Coinbase are covered by insurance against crime to guard their infrastructure against attacks. However, that insurance won't ensure that customers are protected from password theft.21How to Sell BitcoinIt? is possible to sell bitcoin on those same places that you purchased the cryptocurrency, such as cryptocurrency exchanges and P2P platforms. Typically, the process of selling bitcoin through these platforms is the same as the process of purchasing it.For example, you may only need to click in a button to specify the type of order (i.e. that you must specify whether the cryptocurrency should be sold instantly at the lowest price, or whether the sale should be made to prevent losses) to complete the sale. Depending on the market composition and demand at the venue the selling price for Bitcoin can differ. For instance, exchanges within South Korea traded bitcoin at an amount known as kimchi prices during the rise in bitcoin prices back in 2018.Cryptocurrency exchanges charge a percentage of the total amount sold as fees. For example, Coinbase charges 2.49% from the total transaction amount as fees.22Exchanges generally have monthly and daily withdrawal limitations. Thus, cash from a large sale may take a while to reach the buyer. There aren't any limits to the amount of cryptocurrency that you can sell, however.What Are the Steps for Purchasing Bitcoin?The procedure to buy bitcoin is made up of 4 steps: deciding on an exchange or venue to make your purchase choosing a payment method as well as ensuring safe storage of your bitcoin purchase. Depending on the choice made in the first step, there could be additional steps involved in the procedure. In the case of Robinhood, for instance, if you choose to purchase the cryptocurrency through Robinhood you might need to calculate additional costs for an online bank account and custody of your bitcoins since it doesn't provide these services.What Are the Most Popular Venues for Buying Bitcoin?The most widely used venues to purchase bitcoins are exchanges and brokerages (crypto and traditional) and payment companies like PayPal?. There is also the option of buying Bitcoin through P2P platforms. In the case of indirect ownership of bitcoin you could put money into companies that own the cryptocurrency in their financial statements, like Tesla, Inc. (TSLA) or MicroStrategy? Incorporated (MSTR).2324How Much Should I Expect to Pay to Purchase Bitcoin?Typically, the cost of buying bitcoin is comprised of the fee for each trade as well as costs to convert a traditional currency (generally dollars) to bitcoin. (Cryptocurrency exchanges and payment solutions make money out of this conversion spread.) Fees per trade are a function of how much money is involved in the trade. A greater amount of trades will bring higher costs. The total cost for purchase is contingent upon the features offered by the retailer. For example, Robinhood does not currently offer an online wallet service for the storage of bitcoin. So, you'll need to budget for charges for your online wallet purchase.Besides Cryptocurrency Exchanges, Where Else Can I Buy Bitcoin?You can also buy bitcoin at the following places:* Through Bitcoin ATMs* Through online payment solutions like PayPal?* At mainstream brokerages like RobinhoodIs? My Bitcoin Purchase Protected by SIPC?No, your bitcoin transaction is not covered by SIPC.20 Certain exchanges, such as Coinbase bitcoin, balances in fiat on individual accounts could be insured by the FDIC at $250,000 per account.21The Bottom LineThe? process of buying bitcoin can be a little more difficult that the process of buying regular equity or stock. This is mainly because the crypto ecosystem and infrastructure is not as well-developed as the traditional trading.<iframe src="https://youtu.be/OfVumcKtpG8" width="560" height="315" frameborder="0" allowfullscreen></iframe>A process to purchase bitcoin consists of four steps: choosing the appropriate service or place for payment, connecting to the payment method, placing an order, and then ensuring safe storage for your purchased cryptocurrency. Each of these steps calls for research as well as a careful analysis of both the pros and negatives of each service. You can also purchase bitcoin at Bitcoin ATMs and from payment service providers like PayPal? and more traditional brokerages like Robinhood.