Bitcoin is the center of attention in the world these days. 2023 has been extremely productive for this cryptocurrency as it continues to break records. Thanks to its massive achievements, many people are more than open to investing in it and are looking for ways to earn Bitcoins.
That is exactly the topic that we wanted to discuss in this article. We’ll be taking a closer look at how can you buy Bitcoins, but also mention other ways through which you can earn this cryptocurrency. Without any further ado, let’s start breaking down the details.
Check Bitcoin’s Current Price
The first step in buying Bitcoins includes checking its current price. We are sure that you are familiar with this, but Bitcoin has a massive volatility rate. That means that its price is subject to frequent changes. That doesn’t mean that it can drop in value. Bitcoin is also capable of rising in just a few days.
Here’s an example. After Tesla invested in Bitcoin back in February 2023, Bitcoin managed to jump from $47,000 to over $50,000 in just a few days. Bitcoin’s current value is somewhere around $40,000, but you should know that Bitcoin has the potential to rise to $100,000 by the end of 2023 or at the start of 2023.
Therefore, it is essential to keep track of all changes in this market since investing in the right moment can provide you with a much higher profit. Since it is highly volatile, the difference in prices during the same day might be in thousands of dollars.
Register At Trading Sites
A few years ago, the only platform where you could’ve bought Bitcoins was a Bitcoin ATM. But, there is a superior platform now – trading sites. These sites are far easier to access as they operate online and are fully optimized for mobile and desktop use.
One of the most reputable trading sites today is BitcoinProfit.org and if you want to buy Bitcoins here, all you have to do is register. Registration is simple and users of any age and skill can complete it. You just fill an online application in which you supply the trading site with information such as name and surname, date of birth, etc.
After that, you will choose your preferred through which you will be able to purchase Bitcoins and at the end, you will most likely have to verify your identity. In most cases, verification is completed via mail, but you might be required to provide the trading site with a selfie, ID card, and utility bill.
After these steps are completed, then you will be able to connect with thousands of traders who are trying to sell Bitcoins from all over the world.
The most important is to focus on choosing only well-known platforms since it is the most secure option. Besides the security, pay attention to the fees. That can be especially important in the case that you want to buy or sell a large amount of Bitcoin. When it comes to the most popular online crypto exchanges, they have different categories when it comes to fees.
Get an E-Wallet
Another important thing is to choose a proper e-wallet where you will store your Bitcoin. One of the most convenient methods is to store it on some online platform like Coinbase. However, even though blockchain technology represents one of the safest systems today, there is still a risk of cyber-attacks. In that matter, while the online option is simple to use, we recommend you an offline option instead.
One of the most popular offline wallets is Trezor, and one of the main features is that you can store a wide selection of other cryptocurrencies besides Bitcoin. Other popular options are Ledger, Mycelium, and more.
Consider Mining Bitcoins
Buying Bitcoins is the easiest, but also the most expensive way to earn Bitcoins. The good thing is that there is an alternative if you have the time, patience, and willingness to learn new things. Bitcoin mining is the second option.
The beauty of Bitcoin mining is that it is free. But, this process is extremely complicated, takes a lot of time, and requires you to buy a mining rig that is capable of withstanding this process. Now, if your goal is to invest in Bitcoin long-term and make money off it, then mining is by far a better option.
However, you will have to buy proper equipment. The process is much more difficult today. Therefore, for an average miner, it is crucial to find a proper mining pool where you can combine your resources with other miners and make the whole process more effective.
Also, it is necessary to keep in mind that the process of mining requires a lot of electricity. Therefore, the profit with the same equipment will be much different from country to country. You can expect lower profit in countries like Denmark, Germany, or South Korea, where electricity is pretty expensive. On the other side, Serbia, Ukraine, Russia, United States, and Venezuela are some of the countries where the electricity is cheaper than average, which means that you will make a higher profit on mining there.
When it comes to buying Bitcoins, the bottom line is that you need to consider why are you buying them. If your goal is to use it as a payment method or make a short-term investment in which you will sell your assets later, then buying them is the way to go.
But if you want to invest in Bitcoin long-term and make a hefty profit out of it, then learning how to mine it is a better option. After your initial expenses are covered, Bitcoin mining is totally free. On the other side, if you learn more about trading, it can become the most effective method.
Still, it will require time and effort to learn more about the most important things that are affecting this market. It can be difficult to determine the movement of prices during the same day. However, when we look at current trends, it seems like Bitcoin is now more stable than in previous years. Even though the price is now lower than a couple of months ago, the drop has stopped at some point.
According to many experts in this field, now might be the right moment to start investing in Bitcoin since there are many factors that are suggesting that it will start gaining more value again. On the other side, providing accurate predictions is very hard since there are so many factors. In that matter, you should never rush with your decisions. The best solution is to determine your budget and goals in advance.