How To Buy Bitcoin

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Since its launch in 2009, Bitcoin has experienced meteoric growth: From October 2013 khổng lồ 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 and the blockchain giải pháp công nghệ that power them become more mainstream và integrated into 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 & rose to no more than about half of that until 20đôi mươi. Though it’s trended upward since, it remains a very volatile investment, và an ill-timed tweet from Elon Musk can decimate its value. That’s why experts don’t recommover you invest more than a small percentage of your money in Bitcoin.

With all of that said, if you still want to get in on the action, here’s how to lớn buy Bitcoin of your own.

How khổng lồ Buy Bitcoin in 4 Steps

1. Choose a Cryplớn Exchange

To buy Bitcoin or any cryptocurrency, you’ll need a crypkhổng lồ exchange where buyers và sellers meet to exchange dollars for coins.

There are hundreds of exchanges out there, but as a beginner, you’ll want to lớn opt for one that balances ease of use with low fees & high security. Be sure to lớn kiểm tra out our top picks for best crypkhổng lồ exchanges, like Coinbase, Gemini and Binance.US if you don’t already have an exchange in mind.

Make sure to lớn check if your exchange has a Bitcoin wallet built inkhổng lồ its platform; if not, you’ll need lớn find one of your own. You may also choose to lớn buy your cryplớn on a platform like Robinhood, Paypal or Venmo, though buying cryplớn this way often means you cannot withdraw your coins and move them lớn another platkhung. If you want to lớn hold your crypto lớn to a different wallet, you’ll need to sell your holdings & then rebuy them on a different exchange.

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2. Decide on a Payment Option

After choosing an exchange, you have sầu khổng lồ fund your tài khoản before you can begin investing in Bitcoin. Depending on the exchange, you can fund your trương mục through ngân hàng transfers from a checking or savings trương mục, 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 vày an electronic transfer from a ngân hàng account. However, it charges $10 on wire transfers & 2.5% of the transaction amount if you use PayPal.

Things get even pricier if you use PayPal or a debit card khổng lồ make a direct purchase of cryptocurrency, instead of funding your trương mục & then using transferred money khổng lồ make your purchase: Coinbase’s fee rises to 3.99% of the transaction amount. Credit card transaction fees on other platforms often run at least this high.

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Because fees reduce how much money you can invest (& therefore also how much money you have to grow và compound), it tends to lớn make sense khổng lồ use electronic transfers from a ngân hàng account rather than other methods. In addition, if you use a credit thẻ 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 to lớn buy Bitcoin. Depending on the platform you’re using, you may be able to purchase it by tapping a button, or you may have to lớn enter Bitcoin’s ticker symbol (BTC). You’ll then have to input the amount you want to lớn invest.

When the transaction is complete, you will own a portion of a Bitcoin. That’s because it requires a large upfront investment lớn buy a single Bitcoin now. If Bitcoin’s current price was $38,000, for example, you’d need lớn invest that much to lớn 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, vì not feel comfortable leaving their crypto connected khổng lồ the internet, where it may be more easily stolen by hackers.

Most major exchanges have sầu private insurance lớn reimburse clients if this happens, và 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 crypto lớn off of an exchange, you may have sầu lớn pay a small withdrawal fee. In addition, if you use a third-buổi tiệc nhỏ crypto lớn wallet custodian, you may also be permanently unable to lớn 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 to lớn 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 lớn sell your entire holdings of Bitcoin or only a specified amount. Once the sale goes through, you can transfer the money to lớn your ngân hàng tài khoản. Your exchange, however, may have a holding period before you can make a transfer bachồng to your bank tài khoản. This isn’t cause for concern; it simply takes some time to make sure the transactions clear.

When you sell your Bitcoin, you may make a profit. If you vì, 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 recommover you allocate a large percentage of your investing dollars to lớn.

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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 into your investment strategy.