How Can I Buy Virtual Currency? How To Invest In Bitcoins: Virtual benefits like Bitcoin are appealing to people with new needs in the market.
On the other hand, some people may not be aware of the purchase process because the purchasing process varies between FX and stock products.
This blog details how to trade in Bitcoin. If you enjoy virtual money, please take a look at it.
What is a virtual currency in the first place?
You need to open a bank of exchange to buy cryptocurrencies. When investing in virtual exchanges such as Bitcoin, it is a must-have when purchasing at a virtual exchange company. Cryptocurrency exchange companies have exchanges and sales offices.
On the exchange, people who want to buy and sell virtual currency are trading the same business as the commodities being traded. On the other hand, at retailers, retailers sell virtual products directly to consumers.
Both are where you can buy them, but in general, you can buy them at a better price on the exchange, so open the exchange when you buy the virtual currency.
Features of exchanges where you can buy Bitcoin
As cryptocurrencies attract attention as new investment destinations, more exchanges can buy Bitcoin. However, since the transaction fee and minimum trading unit differ depending on the exchange you use, you should choose the exchange carefully.
Steps to Buying Bitcoin
When buying Bitcoin, first choose an exchange company. Since the characteristics differ depending on the exchange company, it is recommended to check each characteristic before selecting it. Check the following points when choosing an exchange company.
・ Enrichment of apps ・ Enrichment of security
After deciding which company to open an account with, apply. On the exchange company’s website, fill out the application form correctly. To apply, you need to submit your identity verification documents. The main identity verification documents are as follows.
・ Driver’s license
・ My number card
・ Residence card
If there is no problem with the submitted contents, you will receive an ID and password for opening an account from the exchange company. Log in to the website and deposit funds for your transaction. Check the funds on the website and buy Bitcoin.
How much can I buy Bitcoin?
In February 2021, the price of 1 BTC rose to 6 million INR. As Bitcoin is on the rise, some may think that it will require a lot of money to buy.
However, you can buy Bitcoin with a small amount of money. For example, the minimum trading unit for purchasing Bitcoin with GMO Coin is 0.0001 BTC. If 1 BTC is 6 million INR, it will be 600 INR.
Considering that 1 BTC is 6 million INR, it seems expensive, but if you have a small quantity, you can purchase from 600 INR. The minimum trading unit varies depending on the exchange company, so check in advance.
What should I do for storage after purchase?
When purchasing virtual currencies such as Bitcoin, be aware of the risk of theft. It is possible to deposit it in the account of the exchange company, but if you want to manage the virtual currency yourself, use the wallet.
Two types of wallets manage virtual currencies: “hot wallets” that can connect to the Internet and “cold wallets” that do not connect to the Internet.
Hot wallets are easy to use if you have an ID and password, but be aware that there is a risk of hacking. On the other hand, cold wallets are highly secure because they have a low risk of asset loss.
Bitcoin investment precautions
When investing in Bitcoin, be aware of the risks of exchange rates. As of March 2021, the value of 1BTC was approximately 5 to 6 million INR, but starting January 1, 2018, 1BTC was 1,667.79 INR. Then, the price of Bitcoin fell sharply, and on December 31, 2018, 1 BTC fell to 399,574 INR.
Bitcoin can go up a lot, but it can also go down. When a startup invests in Bitcoin, it is recommended to trade with a small amount of money.
Some exchanges allow for trade. Borrowing is a benefit, which allows you to make big business with a small deposit.
If you trade well, you can make a lot of money, but if you move in a different direction than you think, you can lose a lot. Business benefits are recommended carefully.
First, let’s open an account and start trading
Because the world stands on virtual currency, many people are exchanging currencies in India as well. There are many exchange companies in India, so open the first account and start a business.
Bitcoin investment can be highly profitable depending on the market, so it is advisable to invest in the area of responsibility.
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