Entering the world of Bitcoin (BTC) can be a daunting task. As we all watch the prices rise and fall, it can be a little intimidating to see how much money you’ll have to spend to get 1 BTC.
However, not many people know that you don’t have to buy an entire Bitcoin to get started. In fact, you can invest in Bitcoin for as little as 10 USD. Buying fractions of one will allow you to enjoy all the benefits of entering the wonderful world of crypto.
Choosing a platform
Now that Bitcoin is a little over a decade old, people have caught on: numerous exchanges and marketplaces were created, communities were formed, and knowledge bases have a solid foundation. So, if you were looking to learn how to buy Bitcoin, everything you need to know is prepped and ready for you.
The first step to getting your foot in the door would be to find an exchange to buy your crypto. These days, you have two main options: either through a traditional exchange or a peer-to-peer (P2P) marketplace.
A traditional exchange operates by using order books, electronic lists that serve you buy and sell offers directly. Once you’re matched with a seller, the exchange will act as a middleman and help you complete the trade. Additionally, traditional exchanges will require their users to link their bank accounts so that transactions are smoother and more streamlined. This route offers a more beginner-friendly route for those looking to dip their feet in the water.
The trade-off, however, is that they often have higher fees. Since they’re helping you complete the trade, they ask for higher compensation. Additionally, since they require users to link their bank accounts, you’re automatically disqualified from participating if you don’t have one.
P2P marketplaces, although they also use order books to match buyers and sellers, differ in the sense that they don’t interfere and let the buyer and seller complete the trade themselves. This route offers more of a personalized trading experience, allowing for more payment flexibility. Paxful, for example, is one of the leading P2P marketplaces, and they have nearly 400 ways to pay—you can buy Bitcoin with credit card, gift cards, bank transfers, e-wallets, and more.
For these types of platforms, the learning curve is a bit steeper. You’ll need to get yourself up to speed on how P2P trades work and although it isn’t that hard, it’s more complicated than having the platform complete the trade for you.
Making money with BTC
The simplest way to make money with Bitcoin is to buy when the price is low and selling when it rises to a value you’re happy with. That’s it!
Volatility is normal in the cryptocurrency space and although people may see it as a negative, it’s what makes this market so exciting. You can even make volatility work for you by day-trading Bitcoin. Keep a close eye for BTC price drops, buy a certain amount, and then sell when price peaks again. Rinse and repeat.
This is why crypto is often called a “rollercoaster.” Despite its many ups and downs (literally), rollercoasters are fun and thrilling for many people. It’s the same for crypto.
However, with that being said, it can be easy to succumb to your emotions when you invest in crypto—frustration when the value doesn’t rise and panic when the price dips. This is why, in this space, it’s important to keep your cool: be patient and never panic.
Before you invest, make sure you have a goal you want to reach. Whenever you make a decision, always keep that goal in mind and never let anything stray you off the path. Letting your emotions get the best of you will only result in decisions that are made in the heat of the moment—ones that aren’t thought out.
A new world awaits
Although it may seem complicated at first, getting started in Bitcoin really isn’t as complicated as you might think. With platforms like Paxful setting the stage and making it easier to get started, BTC is more accessible than ever—and that’s something that could be exciting for everyone.