Bitcoin 101, is a comprehensive guide for dummies on how to buy, sell, and HODL bitcoin successful.
If you’ve come to our site, it’s because you want a better life for yourself and your family…
But before, let me ask you a question… Can you imaging waking up every day knowing that you have complete control over how you spend your day?
Because your bitcoin generates more money for you and your family to spend every day…
Knowing that you have enough money to do whatever you want with your cryptocurrency investment….
Can you imagine having complete peace of mind knowing that you can simply pay any bill that comes your way with you trading bitcoin, which is growing in value every day?
Trading bitcoin is, without a doubt, one of the most effective ways to get passive income. You also don’t need to be a full nerd or know how to code to participate.
Even beginners have a good chance of making money if they put in significant effort.
Even though there is a lot of competition, now is a fantastic time for a newcomer to join the cryptocurrency game.
So let’s take a look at how to buy, sell, and HODL Bitcoin for dummies and how you may get started.
What exactly is a Bitcoin?
Bitcoin is a sort of cryptocurrency, which is a virtual or digital currency that functions similarly to cash on the internet.
It operates without a central bank and is typically sold or exchanged from person to person, with no one in the middle to oversee the transaction.
Some people prefer the notion that Bitcoin is not regulated by the government or banks.
It was initially launched in 2009 and its value has fluctuated throughout the last years.
People can keep track of their Bitcoin holdings by using a cryptocurrency wallet, which is a digital payment system.
It’s simple to keep track of because all validated transactions are recorded in a publicly accessible ledger called a blockchain.
The value of a cryptocurrency changes often, just like the value of more traditional currencies. Also, read Royal Q trading Bot
How Does Bitcoin Work?
Bitcoin is based on a blockchain, which is a distributed digital ledger. Blockchain is a linked body of data made up of units called blocks that contain information about each and every transaction, such as the date and time, total value, buyer and seller, and a unique identification code for each exchange, as the name implies. Entries are connected in chronological sequence, forming a digital blockchain.
When a block is uploaded to the blockchain, it becomes available to anyone who wants to look at it, thereby acting as a public record for cryptocurrency transactions. Blockchain is decentralized, meaning it is not controlled by a single entity.
While the idea of everyone being able to change the blockchain may appear dangerous, it is precisely what makes it trustworthy and secure.
To be included in the Bitcoin blockchain, a transaction block must be validated by the majority of Bitcoin holders, and the unique codes used to identify users’ wallets and transactions must follow the correct encryption pattern.
Why people buy bitcoin, sell, and HODL bitcoin?
Bitcoin is a digital currency that uses blockchain technology to operate. It can be used as a medium of exchange or held as an asset or investment.
Its main characteristic and advantage is decentralization, as it is not issued by a central authority like a country’s central bank.
Due to its tremendous breakthroughs throughout the years, Bitcoin continues to receive greater attention as an investment prospect.
Also has room to develop due to the trend of financial decentralization and currency digitization.
Traders, on the other hand, are far more active in transactions and seek profits by buying low and selling high.
Bitcoin provides a fantastic opportunity for traders to set up long and short positions often due to its extremely volatile nature.
To HODL Bitcoin, on the other hand, might provide investors with security because they are not exposed to short-term volatility and can avoid the danger of purchasing high and selling low.
How to Buy, Sell and HODL Bitcoin Simplified
Ready to buy, sell and HODL bitcoin? Here is the step by step guide for dummies:
- Get a Bitcoin wallet
- Choose a Bitcoin exchange
- Register and complete security checks
- Complete security checks
- Add a payment method
- Deposit funds to your exchange account
- Buy Bitcoin with cash, or get paid in Bitcoin
#1. Get a Bitcoin Wallet
You’ll need to create a “wallet” before you can buy, sell, or HODL bitcoins. A Bitcoin “wallet” is nothing more than a virtual storage facility, similar to how your actual wallet stores your cash, debit, and credit cards.
When it comes to these wallets, you have various options, here are some of the most secure wallets:
What is a good bitcoin wallet?
The best crypto wallets make it simple (and maybe even enjoyable) to store and manage your cryptocurrency wealth. Read about blockchain security review
#2. Choose a Bitcoin exchange
You’ll need to register with a ‘fiat-to-crypto exchange once you’ve got a wallet. This refers to a business that accepts cash in exchange for cryptocurrencies. Any government-issued money, like US dollars, Euros, or Sterling, is referred to as ‘fiat’ currency in crypto.
A fiat-to-crypto exchange sells you cryptocurrency from its own reserves when you buy bitcoin from them.
How do I choose a Bitcoin exchange?
Here is how to choose the best bitcoin exchange:
- Examine the exchange’s legitimacy and security.
- Examine the various fee schemes.
- Understand the many sorts of cryptocurrency exchanges.
- Methods of Purchase
- Evaluate the user experience
#3. Register and complete security checks
You’ll need to register and pass security tests once you’ve discovered an exchange. The specifics will differ from exchange to exchange. In general, though, you must go to the exchange’s homepage and click “Register.” The exchange will send you a confirmation email after you input your email address and select a password.
After that, go to your mailbox and click the link in the email. This will take you to your new cryptocurrency exchange account’s dashboard page.
#4. Complete security checks
You’ll see there are a few more steps to complete before you can start buying the coin from your main screen, the dashboard. These stages vary for every exchange, but they usually entail complying with anti-money laundering and ‘Know-Your-Customer’ regulations in the country where the exchange is located.
The majority of exchanges need you to include your phone number. This enables two-factor authentication, preventing unauthorized access to your account without your password and phone number.
When you log in to your account or make a big transaction, two-factor authentication provides an extra layer of protection by requiring you to enter your password and a brief code texted to your phone.
#5. Add a payment method
To make your first bitcoin buy on most exchanges, you’ll need to add a bank account, debit card, or credit card.
When buying significant amounts of bitcoin, it’s a good idea to open a bank account because the transfer fees are usually lower.
Because credit and debit cards have higher fees, they should only be used for modest purchases. It’s not a good idea to use a credit card to acquire a huge amount of bitcoin.
#6. Deposit funds to your exchange account
Choose a quantity of cash and transfer it to the exchange for this stage. The fees and time will be determined by the method of payment you select. Purchases made with a credit card can be made instantly, whereas bank transfers may take a bit longer.
You’ll have money in your exchange account’s ‘fiat’ wallet once you’ve finished this step. You can spend the money on Bitcoin.
#7. Buy, sell and HODL Bitcoin with cash, or in Bitcoin
The final step is to buy and sell with the money in your exchange wallet. Select the value of cryptocurrencies you want to buy by clicking the ‘Buy/Sell button.
Click “Buy” or “Sell” once you’ve agreed to the transaction expenses, such as transaction fees, and wait for the transaction to be completed.
Bitcoins can be purchased with cold hard cash, credit or debit cards, or wire transfers by those who lack the necessary expertise or understanding of complex computer software.
You can also be compensated in bitcoins. Finding a side hustle that pays in bitcoin is a terrific way to get started if you’re seeking to get into the Bitcoin industry.
When To Invest in Bitcoin?
Investing in an entity at a cheap price with the expectation of a future price increase is considered a savvy investment approach. Investing in Bitcoin can be quite profitable if done right.
Cryptocurrency investment has the potential to be lucrative, and we are glad to tell you that it has been a reliable source of income for many over the years. You can make a lot of money investing in Crypto, but you can also lose a lot of money if you don’t know what you’re doing.
The worst thing you can do is invest in crypto assets while attempting to figure out everything on your own.
Before investing your money, always seek help from crypto experts to guide you on well-regulated and registered company platforms so you don’t end up in the wrong hands. Not all platforms are legit, and there is a never-ending conveyor belt of scams waiting for newbies to come in and throw their money away aimlessly, so you must be very cautious.
Is bitcoin real or fake?
Bitcoin is, in theory, real money. You won’t be able to receive actual notes or coins because it’s all online.
You can use it to make purchases, although not all stores accept it yet. Some businesses in the United States, Canada, Australia, and the European Union have begun to accept Bitcoin, but it still has a long way to go before it can compete with our present currency.
Although it is extremely risky, some people have made a fortune from it. However, because it is virtual, it is quite easy for challenges to separate you from your money. Also, Read read about the Abeg app honest reviews
If you approach Bitcoin with realistic expectations and allocate your funds carefully, it can be a worthwhile investment.
Make sure your basic finances are in order before you buy, sell, or HODL Bitcoin.
This entails having enough money to pay your regular needs, as well as three to six months’ worth of emergency savings in your emergency fund. Contributing to a retirement account is also an excellent idea.