Bitcoin Investment Investing in Bitcoin (BTCUSD) can seem complicated, but it is much easier when you break it down into steps. Investing or trading Bitcoin only requires an account at a service or an exchange, although further safe storage practices are recommended. There are several things that aspiring Bitcoin investors need: a cryptocurrency exchange account, personal identification documents if you are using a Know Your Customer (KYC) platform, a secure connection to the internet, and a method of payment.
It is also recommended that you have your own personal wallet outside of the exchange account. Valid methods of payment using this path include bank accounts, debit cards, and credit cards. It is also possible to get Bitcoin at specialized ATMs and via P2P exchanges. Be aware, however, that Bitcoin ATMs have increasingly required government-issued IDs as of early 2020
The value of bitcoin — the world’s first and most popular cryptocurrency — has risen from $3,237 in December 2018 to briefly acheive new record highs above $65,000 in November 2021 (see price below). Like all cryptocurrencies, bitcoin is speculative and subject to much more volatility than many tried-and-true investments, such as stocks, bonds and mutual funds.
Bitcoin has become one of the buzzwords in the market that has gained traction ever since this virtual currency touched an all-time high in April this year. This biggest virtual currency hogged the space after Tesla’s CEO Elon Musk made a statement, “That he himself owns cryptocurrency ranging from Bitcoin, Ethereum, Dagecoin.” This statement led to a sharp rally in cryptocurrencies, so much so, that Bitcoin touched an all-time high at $65,000 mark. This investment avenue is being discussed across the world, but the more it rally’s the more it leaves keen investors in lurch, who are struggling to understand the intricacies of the cryptocurrencies like How can we buy it? Is it a safe avenue for investment?
The concept of bitcoin can be traced back to a white paper published in 2018 by Satashi Nakamoto. The currency which has surged over $48000 at the time of this article was hovering over $12 in 2013. Bitcoin, to say least, is a virtual currency and is an online cash that changes hands over internet. As of now, there are plethora of services one can avail using these virtual currency.
One common rule of thumb is to invest no more than 10% of your portfolio in individual stocks or risky assets like bitcoin. If you’re new to investing, find out more about how to invest money. If you do decide to buy bitcoin, there are also some technical and logistical decisions you’ll have to make.
The first step in buying bitcoin consists of choosing a crypto trading service or venue. Popular trading services and venues for purchasing cryptocurrencies are cryptocurrency exchanges, payment services, and brokerages. Out of these, cryptocurrency exchanges are the most convenient option since they offer a breadth of features and more cryptocurrencies for trading as compared to other places.
Signing up for a cryptocurrency exchange will enable you to buy, sell, and hold cryptocurrency. It is generally best practice to use an exchange that allows its users to withdraw crypto to their own personal online wallet for safekeeping. For those looking to trade Bitcoin or other cryptocurrencies, this feature may not matter.
CoinDCX Go is another apps to buy cryptocurrency in India where you can invest in all the top cryptocurrencies in a limited manner so as to not lose much money in the highly volatile crypto market. The app comes with an interactive user interface to help beginners invest their money in the crypto market safely.
WazirX is the most famous crypto trading app in India and might be the best app to buy cryptocurrency. It rose to fame after Binance acquired WazirX and made it perfect for simple spot trading. You can buy more than 100 cryptocurrencies with support for UPI deposits instantly. The app has an intuitive user interface that is easy to use.
You can deposit/withdraw funds instantly via UPI, IMPS, and P2P. WazirX has the highest liquidity for the Indian currency in India. They also give the highest referral commission of up to 20% without any limit. The app also has advanced features like TradingView, chart trading, and Stop-Limit orders. And it recently got updated with P2P transactions too. The cryptocurrency app is a good addition to buy any currency in India. The app is available for both Android and iOS.