A Beginner's Guide to Buying Bitcoins

How to buy Bitcoin How is the market? Candlestick buy virtual currency Where is Bitcoin Reputable and Cheap? This question leaves you struggling with a mess. So, to explain the above question, you should consult the article below to get a more intuitive view of the ways to buy bitcoin on the best virtual currency exchanges in the world. It might help you to invest virtual money in the right place and effectively.

Where to buy Bitcoin virtual currency?

There are 3 ways to buy BTC
There are 3 ways to buy BTC

There are 3 ways to buy Bitcoin in Brazil:

  • Buy virtual currency through Bitcoin exchanges
  • Buy virtual currency through traders
  • Buy virtual currency through Bitcoin ATMs

These are 3 ways to buy Bitcoin, but not all of them are effective. So, to know which form is good, check out the reviews below.

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Buy Bitcoin through Bitcoin Exchanges

Due to the convenience and security, the way of purchasing BTC virtual currency through Bitcoin exchanges is chosen by many people, especially in Brazil.

Benefits:

  • Buying BTC virtual currency through Bitcoin exchanges will avoid fraudulent components and is extremely secure.
  • There are many virtual currency exchanges for you to choose from to make virtual currency purchases.
  • When there is a problem, the exchange will guarantee and resolve complaints and queries.

Defect:

  • You need to create an account to participate in trading, and verification is a little tricky when trading. This is the advantage, but also the disadvantage of this way.
  • Depending on each virtual currency exchange, the transaction fee will be different. However, most transaction fees are quite high, except for today's reputable major exchanges.

Buy Bitcoin virtual currency through traders

This is a way to buy Bitcoin virtual currency with a better risk than buying Bitcoin virtual currency on exchanges.

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Benefits:

  • Buy Bitcoin virtual currency through traders, the transaction will be done quickly.
  • Buyers will not be charged transaction fees.
  • The cost will be cheaper on the exchange.
  • There is no need to sign up for a complicated trading account.

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Defect:

  • Risk of Fraud: By purchasing Bitcoin virtual currency in this way, you run the risk of encountering many scammers, also known as scammers. However, if you are a person with a lot of experience in this form, the transaction will be convenient because you have met many reputable virtual currency traders before.
  • The form of fraud is increasingly sophisticated: by impersonating influential people in the virtual currency market or respectable in the community, these scammers will carry out fraud. Many victims who lost all their possessions were unable to do anything because of extremely sophisticated scams.
  • In addition, many subjects also set up virtual currency exchange groups to swindle money from people who want to participate. Many people even build a reputation for 1-2 years and then become scams with huge amounts of money.

Shopping Bitcoin by Bitcoin ATM

Buy Bitcoin via Bitcoin ATMBuy Bitcoin via Bitcoin ATM
Buy BTC via Bitcoin ATM

Currently, Bitcoin ATMs are not very popular in the world. It mainly focuses on a few countries in Europe: USA, Canada…

Benefits:

  • You can use cash or credit card to buy Bitcoin
  • Bitcoin ATM transactions are extremely accurate and efficient
  • You will know about your Bitcoin ATM.

Defect:

It is not very popular in the world (in Brazil, there are only 6 Bitcoin ATMs according to Coinatmradar).

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A Beginner's Guide to Buying Bitcoins

There are 3 steps when buying Bitcoin virtual currency for beginners. These are just the basics so you know how to get started. If you want to see the details, check out our articles on this site.

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Step 1: Create a Bitcoin wallet

The Ledger Nano SThe Ledger Nano S
The Ledger Nano S

If fiat money uses a wallet to store, virtual currency also needs a wallet to store assets. When you start buying and selling Bitcoin virtual currency, you must choose a wallet to store and store Bitcoins.

Depending on each person's investment needs, there will be different ways to choose a portfolio. If you want to invest in Bitcoin for a long time, you should choose a cold wallet like: Ledger Nano S, Ledger Nano X… to store. If you want to invest in short or medium virtual money, you can choose a hot wallet: Coinbase Wallet, Trust Wallet, Blockchain Wallet….

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Step 2: Choose an exchange and buy Bitcoin virtual currency

Remitan floorRemitan floor
Remitan floor

To buy Bitcoin virtual currency at a cheap but safe price, you need to choose Bitcoin exchanges that meet the following criteria:

  • The virtual currency exchange must be of interest to many people, which means that there must be many people participating in virtual currency trading on this trading floor.
  • Exchange transaction costs must be low to meet low requirements.
  • The way to trade on virtual currency exchanges should be convenient and easy.

Some exchanges can buy with VND today, such as: Binance exchange, Remitano exchange, …

Once you choose a virtual exchange house, you can transact. And remember to register an account on the exchanges to make purchases and sales, and each floor will have different forms of registration. You can update the details through the articles on how to register an account for each exchange on our website in specific articles.

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When is the right time to buy Bitcoin?

To answer this, we need to face the fact that few people in the cryptocurrency industry have solid financial knowledge.

Most cryptocurrency holders are self-taught, while others rely on knowledge borrowed from the traditional financial sector. There's nothing wrong with that as long as it fits. Economists have evaluated the best time to buy Bitcoin, making their observations based on various factors and analysis.

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Academics at the prestigious Yale University have developed a past price action technique to predict the price of Bitcoin. Economists Yukun Liu and Aleh Tsyvinski have analyzed the price of Bitcoin over the years and developed a model that predicts the price of BTC. Research shows that cryptocurrencies are very different from traditional assets when it comes to the determinants of price movement.

Economists have proven that Bitcoin, unlike equities and commodities, is highly dependent on momentum. In other words, this means that if Bitcoin performs well, it is likely to continue to do so in the short term. According to this research, investors should buy the top digital currency if its value increases by more than 20% in one week.

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What is the best day to buy Bitcoin?

The traditional stock market only works at certain times of the day and during the week. But the cryptocurrency market is open 24/7. This means that you can buy, sell, exchange and trade Bitcoins at any time as long as you have an internet connection. While no session takes up more or less volume, there are certain parameters to consider before buying Bitcoin. According to many analyzes of the average daily Bitcoin price, Sunday and Monday are the best days to buy BTC. The only reason behind this statement is that the price tends to be at the lows of those days.

Conclusion

It can be seen that buying Bitcoin virtual currency for investment is not easy because not all coins are of good quality and not everyone has a lot of money to invest in potential virtual currencies like BTC if they want to become successful investors. I hope this article will be of some help for you to choose a virtual currency to invest in and a reasonable way to buy bitcoin.

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