You must earnestly strive to understand how the crypto space functions, and narrow it down to grasp the technicalities that accompany the condition under which it can be tagged “ideal” to buy or trade Bitcoin—otherwise, it will remain rocket science to you.
Adverse effects have been seen on people who jumped on the bandwagon and lost their money. This is what happens when you make “buying” moves that stem from a place of little or no knowledge.
What then becomes the best practice for buying BTC online? Of course, many trading practices suit specific market behaviors as studied and understood by people dedicated to this cause; people who over time, have gained a rich dose of experience to easily command good results. This article is structured to reveal some of these “secrets”.
The Ideality Of Exchanges For Different Uses
Studying different crypto exchanges reveals that no matter how great the functionality of an exchange is, there’s always another exchange that surpasses it in a specific feature.
For instance, the analysis of the collective functionality of the features on Binance makes it sit atop the list of best exchanges worldwide. However, narrowing it down to how seamlessly and effectively Bitcoin can be converted to cash, Dart Africa does it better.
This means, it takes understanding what crypto exchange suffices best for what use, and ideally employing them for that cause to attain maximization of crypto exchanges.
Buying BTC Online: Best Practices You Must Understand
To effectively buy Bitcoin online necessitates that you ask important questions and find answers to them. Here we have them. What do I look out for when buying BTC online?
- Security
Security is the first thing you must look out for when buying BTC online. What is the trading history of the exchange from whence you intend to buy BTC? Ensure it has a good track record. For example, Binance exchange features security measures (an example is the escrow service) that aren’t common with other exchanges. The essence of buying Bitcoin is so that profit is made, it only becomes terrible to lose funds and not get the chance to sell assets at a higher price.
- Charges
Every exchange where crypto transactions are carried out charges the parties involved in the said transaction. However, the charges vary between exchanges and some are just ridiculously way too high. This requires you to do your due diligence and opt for an exchange with relatively low charges, this is as long as it features other qualities that secure and spur effective transactions.
- Media news
Bitcoin prices can rise or fall under specific conditions. So it becomes important to understand the conditions responsible for causing what shift, before buying it. Did you know that if a prominent juggernaut like Elon musk talks about Bitcoin in a good light, it increases the chance of a price increase?
Other times, sentiment from paid influencers across social media can affect a price shift too. The bottom line is, the light in which Bitcoin news is carried on social media should serve as a reason whether or not to buy at that specific point in time.
Are there relatively easier ways to buy BTC online?
Of course, there are easier means and crypto exchanges to buy Bitcoin from; places you’re not subject to experiencing difficulty.
1. Card purchase
You can decide to directly buy from an exchange via credit card. Upon signing up on a crypto exchange and linking your bank account to it, choose card payment as your desired payment option, then input your card details. Decide the amount of Bitcoin you want to buy, enter the PIN, and confirm the transaction. The Bitcoin is immediately sent to your wallet as soon as the money is deducted from your local bank account.
2. P2P purchase
The P2P section is also an easy way to buy Bitcoin on an exchange. There is always a list of transaction offers from the traders on the platform; each person has their payment options (you can ask the seller for a change though), choose the one that meets your trading preference and seal the deal.
Note:
Buying Bitcoin from an exchange has some security covering, as opposed to social media pages with many random people. This makes you less susceptible to falling into scams.
Conclusion
The best practices for buying Bitcoin can be relative depending on what a buyer is looking at, notwithstanding, some important practices and factors must be satisfied as they matter in all spheres. This still doesn’t negate the fact that some moves seen as great are getting outdated with the crypto space evolution, hence, the need for being constantly updated because “best practices” change too.
