October 1st, 2021 | Updated on June 25th, 2022
Bitcoin is leading the cryptocurrency industry solely as the contribution of bitcoin in the entire cryptocurrency industry is more than 50%, and there are more than 9000 altcoins in the industry despite bitcoin.
You might be familiar with the fact that the second leading altcoin, Ethereum, is not even half of bitcoin in terms of market cap and trading volume.
The recent market cap of bitcoin was about to halt the milestone of $1 trillion. However, the existence of these altcoins and the recent cryptocurrency market crash affected the market capitalization of bitcoin in an enormous amount.
However, it is referred to as an appropriate time to buy your first ever bitcoin unit if you have not invested in bitcoin prior to this incident. All the more, there is a software like bitcoin digital, which can assist you in getting gigantic results in your bitcoin expedition.
The mere query while buying a bitcoin unit is whether it is difficult or easy. Below mentioned is everything you should know about buying your first bitcoin; let’s have a look.
Is It Complicated To Buy Bitcoin?
Buying a bitcoin unit is the most profitable action as the value of bitcoin is a bit low, and it is expected to rise in a nominal range of time. However, the only query of novice investors and traders is whether it is complicated to buy bitcoin or not.
No, buying bitcoin is a straightforward task as you can buy bitcoin with some basic steps. Buying bitcoin might seem a comprehensively challenging action, but it is the utmost easiest one. Here are some of the few steps that can help you buy bitcoin with an embraced ease; let’s have a look.
Opt for an Exchange!
There are two basic methods to buy bitcoin, the foremost one is to buy bitcoin from a holder at the market price, and the second is to buy bitcoin from a trustable exchange.
Circumstances were comprehended where investors were scammed by some shady sellers and holders, and that is why it is highly recommended that you should buy bitcoin from the exchange platform.
There are several bitcoin exchanges that can help you in buying bitcoin in the very first place hassle-free. However, you must consider opting for the best-in-class trustable exchange, which offers you services at an affordable value.
Make sure that the trustable exchange offers services in your explicit region and offers the desired payment method for making a transaction.
KYC is the most important aspect of the trustable bitcoin exchange, equipped with centralized features as decentralized exchanges are not subjected to knowing your customer process.
The KYC progression demonstrates a validation progression of the user’s identity in order to embrace the security and authenticity of a trustable bitcoin exchange.
KYC requires a government-approved identity of the user. It can be your passport or driving license. You just need a picture of the government-approved identity, also trustable exchange requires a picture of the user holding the government-based identity towards the camera.
The validation process is actually a bit time-consuming as it is utterly dependent upon the verification team of that explicit trustable exchange.
There are few trustable exchanges that verify the information in an insignificant deal of time, and some of them consume a great deal of time cross-checking the database of these users.
KYC is performed once you have created a user account on that platform; creating an account correspondingly is easy and requires a few details to be compromised. After the account creation, a trustable exchange will automatically know your customer process.
Link your Payment Method
As established ahead, you must opt for the trustable exchange offering your desired payment method. Once you have been verified from the trustable exchange, you are allowed to link any of the payment methods offered by the exchange.
You are allowed to link your credit and debit card; all the more, you can link your bank account with the trustable exchange.
After linking your bank account or the payment method, you can click on buy bitcoin to buy your first ever bitcoin unit. It is highly recommended that after buying your first bitcoin, you should transfer it to the bitcoin wallet.
These are a few basic steps to buy your first bitcoin unit.