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How to Invest in Bitcoin (2020 Step-by-Step Guide)

How to Invest in Bitcoin (2020 Step-by-Step Guide)

22 Nov 2020

Reading Time: 3 minutes

There has been a lot of talk recently about cryptocurrencies. One of this is Bitcoin. As some people say, it isn't just the future of the investment industry but the future of currency. This brings the idea of a cashless society floating around. However, all of these are just speculation. So, it's up to you to believe it or not. Meanwhile, if you are going to buy Bitcoin as an investment or want to try something new. Here is how you do it.

How to invest in Bitcoin 2020 Step-by-Step guide

Step 1. Understand what Bitcoin is.

Bitcoin is a virtual currency that is generated with Bitcoins blockchain through "mining". People use their own computer to process transactions. After they have processed a certain amount of transactions, they're rewarded with Bitcoins. The Bitcoin can then be stored and sold at a later date.

Step 2. Do not be discouraged by the price.

"I can't afford Bitcoin, the price is too high", So many people have been fooled by this statement, and it has caused confusion over Bitcoin. So, to clear that up, think of Bitcoin like this. If we suppose that 1 Bitcoin is worth $1, then it gets easier as you don’t have to buy the whole dollar. But in fact, you can buy 50c or 10c worth of Bitcoin. The price of Bitcoin is $15,994 at the time of writing.

Step 3. Getting a wallet

A cryptocurrency wallet is just like your regular wallet, it is where you store your cryptocurrency where it will be safe. You can also link your bank account to your wallet. This makes exchanging coins and money becomes much easier. A lot of websites that sell cryptocurrency do have their own wallets so be sure to look into that.

Step 4. Finding a reputable site or “exchange” to buy it from.

Buying cryptocurrency is like buying anything. You need to find the most trustworthy and reliable place to purchase it. One of the best sites to use is Coinbase which does have its own wallet. There are many more sites and apps you can choose from, but for beginners, Coinbase is definitely a good starting point.

Step 5. Buying it.

When buying Bitcoin, you aren't just buying something "off the shelf" like you would at the supermarket. You're usually buying from a real person like yourself. Buying Bitcoin is very straight forward. You choose the currency of your country that you wish to buy with. Then purchase the number of Bitcoins you want and that's pretty much it.

Buying Bitcoins may have seemed like a complicated process but its easier than opening a bank account. You don't need to prove your identity or answer any hard questions. All you need is a computer or phone, and you're good to go.

All investments do come with inherent risks, so be sure to adequately research any investment before going all in.

To track Bitcoin or any other cryptocurrency on the market, go to our main page and use our crypto tracker which has hourly updates on every cryptocurrency on the market.

Interesting Information

  • Bitcoin can be broken down to eight decimal places which makes it easier to buy.
  • The smallest possible Bitcoin decimal you can buy is called a Satoshi which is a nod to Bitcoins inventor Satoshi Nakamoto.

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