Things to Know Before Buying Bitcoin

Are you willing to buy your first Bitcoin (BTC)? You might be buying because you believe in its original ideology or think it's a solid investment. Or perhaps you want to put some Bitcoin aside for your children. Whatever your reason, it's important to keep your investment safe.

What is Bitcoin (BTC)?

Bitcoin is a digital currency that was launched in 2009. It's stored using something called blockchain technology, essentially a chain of decentralized data blocks. There are now thousands of cryptocurrencies, but Bitcoin was the first and remains the largest.

What are the risks involved in it?

If you want to buy Bitcoin safely, you'll need to consider the risks.

Cryptocurrency is extremely volatile. This year alone, Bitcoin has gained over 200% but has seen its fair share of crashes. And even though a reputable exchange or brokerage can help protect your investment, you're still going to want to pay attention to how you can safely buy and store your Bitcoin. Let's get into the topic.

Do your research:

The best way to handle the bitcoin investment is to know what you're investing in and have a strategy.

Buying cryptocurrency is similar to buying stocks, but it is still in its infancy stage. That's one of the reasons it's so volatile. And with over 11,000 currencies out there, you have a lot of options to explore. You'll have to look into individual coins for yourself and decide which ones you believe will be profitable in the long term.

Choose the best exchange:

There are several exchanges in India to buy Bitcoin. I would recommend "Koinbazar", India's leading cryptocurrency exchange where you can buy, sell, and trade cryptocurrencies safe. Their motto is to provide a user-friendly platform and intuitive experience to users all over the world. They have recently launched their mobile app for both Android and iOS platforms. Koinbazar offers 10,000 Shiba Inu tokens to the user who downloads and sign in to the app. 

Deposit funds:

If you haven't bought Bitcoin before, you'll first need to deposit some fiat currency, such as Indian Rupee (INR), US.dollar, into your account. Koinbazar supports instant INR deposit options only for Indian users. So you can easily transfer your funds from banks to your wallet within few minutes. They will enable features for other fiat currency deposits in the future.

Buy Bitcoin (BTC):

After all that preparation, this step is perhaps the easiest. Log in to your exchange, build your profile details, complete KYC, link your bank account, deposit INR in your wallet and choose how much Bitcoin do you want to buy. You can easily buy Bitcoin in India with INR on Koinbazar.

Read More: How to buy Bitcoin in India from Koinbazar?

That's it. You're now the proud owner of your very own piece of Bitcoin. One final note: It's natural to be tempted by the high-profile profits people have earned with Bitcoin. And you may be scared you'll miss out if you don't invest now. 

Even so, it's not a good idea to invest money you can't afford to lose. If you're saving your money for plans, such as buying a house or retirement, don't risk investing in Bitcoin. And make sure you have a solid emergency fund before you do begin. By following these steps, you have a better chance of protecting your investment.

Final Thoughts

Over the long term, there's been no better way to grow your wealth than investing in cryptocurrencies. But using the wrong exchange could make major issues in your investing returns. There are many risks involved in it. So, be careful while investing in cryptocurrencies.