Everything You Need to Know About Bitcoin Buying and Selling
You’ve done your due diligence of reading about and asking experts regarding their take on bitcoins. Why all the hype, and what’s behind the genuine and valid reason of hopping onto the bandwagon of buying and selling bitcoin?
So, how do you get starting with bitcoin buy-and-sell?
How Bitcoin Works (User-Perspective)
1. Select Your Bitcoin Exchange
A cryptocurrency exchange is a medium, others refer to them as actual “companies” (and they are because they operate using the same business frameworks of traditional financial institutions… to some degree), whose services you can utilize to exchange fiat currencies to bitcoins.
Money, “hard” money as many like to refer to financial assets, whose worth are based on what a government’s economic standing against the global economy is, can be deposited into these cryptocurrency exchanges.
These exchange platforms act as your money-converter, if we may call them that. They will convert your money into their bitcoin equivalent. Try to recall how you “exchange” your currency to that of another country’s, via your bank, or a third party financial institution (or even the black market).
The same process takes place with cryptocurrency exchanges. Only, instead of converting your cash into another currency, you will basically be converting them into their worth in bitcoins. You can link your bank account to the account you are to create on the exchange platform.
2. Your Bitcoin Wallet
Bitcoin wallets are similar to a “bank account”. But we are careful not to use the two terms synonymously because, in function, each one is different from the other. A cryptocurrency wallet works specifically for bitcoin investing. It will be your multi-function “assistant” in buying, selling, and storing bitcoins. This exactly what a bitcoin wallet app does.
It stores and/or holds public, as well as private “keys” which you can easily access for your personal cryptocurrency transactions. These cryptocurrency keys are the stronghold of your wallet app. In simpler terms, the security of every user, as well as that of each user’s wallet, is safeguarded by these keys. Among many other variables.
But to focus on these two, public keys are codes to identify the location of users (don’t be alarmed by the word “location”. It merely indicates how the system identifies where users are, to facilitate better, more secure transactions). On the other hand, private keys allow you sole and private access to your wallet.
Once you’ve downloaded your bitcoin wallet app, fill in the necessary information required and sign up. After all, this is the wallet in which you will be transferring funds from the cryptocurrency platform to facilitate buying and selling on bitcoins.
Next, verify your account and voila! Just like that, you have a bitcoin wallet. As our way of telling you to take precaution, ensure that the wallet you are to download is accredited. Check on its ratings and reviews.
3. Buy (and Later, Sell) Bitcoins!
What you can do is take a glimpse of the current prices. Do not fret if you log in one moment as see a certain price, then log in again later during the day and watch it fluctuate. This is normal in the world of cryptocurrency.
The prices of bitcoins can change dramatically, and not even overnight, but sooner! Additionally, these price fluctuations do not have a trend. They are not like traditional stocks, whose trends can be observed, studied, and later on predicted.
Therefore, it will be totally up to you. If you ask us, that’s a win! Because it will be “fair” competition and fair game. Once you set your eyes on a price you like, hit the button for “Buy”. When buying or selling, always check if there’s an exchange fee (and there usually is) and how much the amount required will be.
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