How To Buy Bitcoin (BTC)

August 30, 2024 09:54 AM PDT | By Team Kalkine Media

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Where To Buy Bitcoin

To buy Bitcoin or any cryptocurrency, you'll need to use a crypto exchange. This is a platform where buyers and sellers exchange fiat currency, like dollars, for digital coins.

How To Buy Bitcoin in 4 Steps

Choose an Exchange: Select a trusted platform where you can buy and sell Bitcoin.
Fund Your Account: Add funds to your account before making any Bitcoin purchase.
Set Up a Wallet: Ensure your exchange offers a Bitcoin wallet or find your own secure wallet for storage.
Place Your Order: Use the exchange platform to purchase Bitcoin, either by tapping a "Buy" button or entering Bitcoin’s symbol (BTC). You can buy a fraction of a Bitcoin based on the amount you wish to invest.

How To Buy BTC With PayPal

PayPal allows users to buy and hold cryptocurrency directly within their U.S. accounts, but it doesn't allow transfers to other wallets. To use PayPal for more flexibility, link it to an exchange like Coinbase or eToro to fund your account, allowing you to buy Bitcoin while using PayPal as a payment method.

How Much Bitcoin Should You Buy?

Experts suggest limiting cryptocurrency to no more than 5% of your overall portfolio due to its volatility. Bitcoin, as the largest and most established crypto, could make up a portion of that small allocation, but it's important to be aware of the risks associated with its price fluctuations.

How To Store Your Bitcoins

Once purchased, storing Bitcoin securely is crucial. There are several storage options:

Hardware Wallets: Physical devices, like Trezor and Ledger, store Bitcoin offline and are considered highly secure.
Cold Storage: Also known as offline storage, this method keeps Bitcoin disconnected from the internet, reducing the risk of hacking.
Software Wallets: These "hot wallets" are apps or programs that store crypto online, such as Trust Wallet.
Exchange Wallets: Some exchanges offer built-in wallets for storing Bitcoin, but using a more secure option is often recommended.

Bitcoin's Price Fluctuations

Bitcoin’s value has experienced significant highs and lows. It reached an all-time high of $68,789 in November 2021, but by December 2022, it had dropped to $16,291. This volatility highlights the importance of cautious investing.

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