Bitcoin purchase security: Key things to know |
Posted: April 1, 2019 |
The process of attaining Bitcoin is as simple as signing up for any mobile app. Before you buy Bitcoin, you would need to download a Bitcoin wallet and fill in an online form. This process will take no more than 2 minutes. Once you have a Bitcoin wallet, you can make use of the traditional methods of payment like credit card, bank transfer or debit card to purchase your Bitcoins on a Bitcoin exchange. In Ukraine you can buy and sell cryptocurrencies from the well-known BTC Bank in KYIV BUY Bank which was the first authorized Ukrainian service for bitcoin exchange to USD/UAH cash or withdrawal to a card from any bank. About Bitcoin Bitcoin is not a company or a stock, it is a currency, so when you want to invest in bitcoin you are simply buying the currency. The most popular method of investing in bitcoin is buying the currency and hoping that it will increase in value. When you see a steady growth, you can decide if you want to buy. It is important that you take this decision on your own without asking advice from people as to whether it will increase or not. When investing in bitcoin: 1. Don’t invest more than you are willing to lose – since bitcoin is very risky, you should be open to this possibility. 2. Once you buy bitcoin, ensure that you move them into your own personal wallet instead of leaving them at the exchange. 3. Buy bitcoin from exchanges that have a good reputation only. 4. Buy a fixed amount each month – you should not buy all your bitcoins in one trade. Trading Trading of bitcoins is much different than holding and buying. When you trade bitcoins, it means that you are trying to buy bitcoins at a low price and sell them at a higher price, thus making a profit. In order to successfully trade, you need to have knowledge and practice. There are usually very large traders in the trading market who will be waiting for new people to come in and lose money. With online exchange, bitcoin is transferred as soon as payment confirmation is received. When it is being exchanged for cash, the operator will confirm the dispatch manually within 5-10 minutes. You will be expected to pay a service commission fee which will be relevant to the current market situation at the time. Safety Most agencies will not store your card data and all financial transactions are made on a payment gateway which meets the stringent security requirements of the standard PCI DSS level 1. You do not need to provide your ID as the exchange is private. Should you invest? As you can see, the answer is not that simple. It is not only a question of whether you should invest but also how should you invest. You must begin by educating yourself about the currency and what affects its value, as well as the advantages and disadvantages. Once you have acquired the relevant information, you can make a well-informed decision on your own.
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