So you’ve heard about Bitcoin so many times. You try to understand it but you think to yourself: Hey, lemme just leave this one for the tech-savvy
You may not really need to know about the entire cryptocurrency mining process and all that. You don’t have to understand it to that point. This is a simple way to look at bitcoin so you can also trade in it and get huge returns on what you invest.
It’s a currency but also like a commodity
Bitcoin is digital currency, yes. You can buy stuff online with bitcoin (if the vendor accepts bitcoins). However, you can view bitcoin as a commodity that increases in value with time. Having this in mind, your aim is to purchase bitcoins, wait for it to appreciate in value, then do what you must do to it as an investor.
How to begin
You may want to try it out but how do you begin? Well here’s how I would do it if I’m to start all over again.
1. Get a bitcoin wallet
You need somewhere to store your BTC. You need a BTC wallet. Currently, I have a wallet with https://blockchain.info/. Just sign up like you do on any platform. Nothing too complex.
2. Purchase some bitcoins
Now that you have a wallet, you want to purchase some bitcoins and keep them. The price is bound to go up and your money would go up too. There are some platforms where you can purchase BTC with visa cards, from your bank account, from your mobile money wallet, from paypal etc.
If you want to purchase BTC using mobile money, try any of the following sites:
- Sinpoa : These guys have the best rates. Transaction processing is very fast too. But they may not be online when you need to purchase some bitcoins urgently. They usually have a message saying they’ll be back at 10am to 5pm.
- Zenithincome : They’re very much reliable but they’re rates are getting higher with time. At the time of this writing, you pay GHS 3.5 for every GHS 45 you purchase. This platform has so many other options besides using mobile money.
- Payplux : Payplux was my favorite, till they introduced an additional fee they call “miner’s fee”. They are reliable too. You should try them when buying more than $500.00 worth of bitcoin. (Since the miner’s fee will be negligible in that case)
There are others, but these are good enough to get you some bitcoins.
If you wish to purchase via visa card, bank account and other methods, then take a look at Paxful. These guys have everything you want. They may have high rates but you can get a good deal if you take your time.
Zenithincome has whole lot of other options so you should check it out.
3. Supply a correct BTC address for transactions
When purchasing BTC, you’ll be asked to submit your bitcoin address. DO NOT supply your wallet login ID as your bitcoin address!! I repeat, DO NOT supply your bitcoin wallet login ID as your address.
To get your address, login, look for any button that has to do with “receive” or “request” or anything similar. Click on it and copy the address given. Here’s how an address looks like 1PuHg3SL4X3srWHbPTpcbZ5ZfmZ6S5SsFg That’s my address in case you want to send me some BTC 🙂 I will be very much grateful!
Also, do not panic when a new address is generated the next time. Addresses change, but they’ll lead whatever BTC sent, to your wallet.
4. Let time pass
Now that you have some BTC, you have to follow the news, know what’s happening to BTC and what experts are predicting. Aside that, just let time pass and watch the value rise (or fall, as it does sometimes). After some months, your funds will yield more interest than you can imagine.
You can use these same platforms to sell BTC and get your money.
Did you know?
- BTC has increased in value by over 900% from January 2017 to November 2017. Which means, if you had $1000 worth of BTC in January, your money will now be over $9000. Wow! You won’t get this with any bank in the world!
- Because BTC is digital, most investors advice against it. They don’t trust something they can’t touch. It’s too risky! And yeah, they may be right so be careful not to put your whole life savings into BTC.
- 1 BTC now costs about $ 9600.00 and could rise to 15000 by ending of January 2018.
If you uncomfortable with all the details but still want to invest into cryptocurrencies, leave us a message.