Nearly 80% of adults in the United States haven’t bought or sold cryptocurrencies, but many of them want to.
Investing in crypto can be a fun and engaging way to make money and improve your finances. Although there have been dips in the market, Bitcoin has proven to remain a stable investment for beginners.
If you want to learn the basics of crypto trading and selling Bitcoin, there are a few factors you can’t overlook. Read below to discover how you can start purchasing Bitcoin!
Download Your Digital Wallet
Before you start buying and selling Bitcoin, you need a wallet to hold your funds.
Digital wallets often come pre-installed on phones, but you can also download applications. PayPal, Apple Pay, and Samsung Pay are some of the most downloaded wallets because of their user-friendly navigation.
Before you start downloading a bunch of wallets, try out your phone’s platform since it will be the most compatible with your devices. You can also try Venmo, Cash App, or Google Pay if you already have accounts.
When you create your wallet, you’ll answer a few basic questions about your identity. After you build your account and log in, you can upload credit and debit cards or crypto.
Research Bitcoin
If you feel prepared to invest in crypto, you might want to go over the basics again.
No matter how much research you conduct, cryptocurrencies may still be a confusing topic. It takes people a few months or a year to understand how crypto trading works. With the market still being relatively new, there are fluctuations that you need to prepare for.
Fortunately, Bitcoin was the original digital currency and has been around for the longest. This has given investors a chance to learn more about trades and following trends.
During your research, take time to look up local Bitcoin ATMs in case you need fiat money. Bitcoin ATMs are popping up in financial districts and large cities to ensure investors have access to their assets.
Create an Investment Budget
You should never buy more cryptocurrency than you can afford to lose.
Creating an investment budget can prevent you from losing all of your savings money or falling into debt. You should talk to your significant other if you share finances and discuss a budget for growing your money.
Although this is a great way to double your savings, it does come with risks that can’t get overlooked. You can talk to your financial advisor if you have a unique financial situation and want to take a risk.
Many people recommend getting in the habit of saving a portion of your earnings.
Select Your Exchange Platform
Crypto exchange platforms offer a variety of services and can help you get the best deals.
If you want a reliable site, Coinbase, Kraken, and Binance are great resources. Exchange platforms allow investors to buy, sell, and trade cryptocurrencies. Depending on the platform, you can also manage NFT and other digital assets.
Use caution if you find an exchange platform that seems too good to be true. If you’re getting offers for large amounts of Bitcoin, for free, it’s likely a scam. Always research the exchange sites before entering your financial info to prevent losing your money.
Invest in Crypto
For most people, the easiest way to invest in cryptocurrencies is by linking your debit or credit cards to your account.
When you search the marketplace, you can compare prices, which often fluctuate as the day goes on. Wait for the right prices and select how many Bitcoins you want to purchase. Within the exchange site, you can complete your transactions and the funds will transfer to your digital wallet.
If you don’t have a large budget, there are creative ways to earn free Bitcoin. You can take surveys and start earning more Bitcoins to help build your funds. Don’t forget to watch for free crypto promotions and offers!
Manage Investments
Once you buy your crypto and upload it to your wallet, you can store your coins one of two ways.
Hot wallets are great for storing Bitcoin if you intend on selling it or using it. You can also leave your Bitcoin in the account to accrue interest and help you earn more assets. The less you touch your coins, the more money you can make.
After you get comfortable with Bitcoin transactions, you can trade them or sell them in person. Certain companies and venues accept Bitcoin as payment, but this trend is still growing.
Selling Bitcoin
When you’ve decided to sell your Bitcoin, you need to log into your exchange account.
Coinbase is often recommended since it’s user-friendly and compatible with various cryptocurrencies. Once logged in, you can select the buy/sell button and select the form of currency and the amount you want to sell.
Most exchange sites charge a trading fee, which is typically less than 2% per transaction. Bitcoin has a bad reputation for selling, but if you do it at the right time, you can make a lot of money. Weigh out the risks of selling your coins by researching the market and their value.
Make Bitcoin Investments With Confidence
No matter how much you research the crypto market, you need to set a budget and consider your investments.
Crypto trading can be complex when it comes to selling Bitcoin, but if you download the right platforms, you can make simple transactions. Bitcoin is the most popular digital currency and you have plenty of options to download for exchange sites and digital wallets.
If you want to learn more about how to invest in crypto and build your assets, check out our page for the newest content!
