Cryptocurrency is obviously looked at from various angles. For some, crypto delivers a more efficient control over their transactions. Cryptocurrency has eliminated the need for a third party or intermediary financial institution when performing a transaction. Transactions can henceforth be initiated and completed very easily.
Then comes the other group who presumes cryptocurrency as an asset worth being invested and traded in for greater profit margins. This is actually the existing current fashion where people buy a crypto of choice when they are cheap and sell when demand goes up. Investors in crypto trading through speculation and intelligent crypto market analysis, have managed to make millions of fortunes.
Whether you are interested in venturing into cryptocurrency as an investor or for the purposes of transaction, the first step is obviously buying. Mining is out of reach for everyone so the remaining majority are left to major on cryptocurrency exchange. Crypto exchange allows people to use their fiat currency to purchase shares in the blockchain.
How can I Buy Cryptocurrency?
The fact that cryptocurrency is unique as compared to other currencies, means that the process of buying and selling differs as well. Purchasing digital currency is not possible from a bank but rather from a crypto exchange. Cryptocurrency buying is a step-by-step procedure that comes after you select a crypto exchange.
After registering and creating your own cryptocurrency exchange account and then wait for the stock exchange to identify you. Staying anonymous is also necessary but you must identify who you are through an ID. After all this procedure is done, you can now proceed to make your first cryptocurrency purchase.
You can buy Bitcoin through exchanges and stockbrokers or even from other owners. Regardless of your source of purchase, be considerate of the risks involved when you invest in digital assets. Buying your crypto is often the first step that you must take in the realm of cryptocurrency.
Often when cryptocurrency is mentioned, most people think of Bitcoin. It is not out of order though, since Bitcoin was the first cryptocurrency to come into place. Besides, Bitcoin is the largest cryptocurrency in the crypto exchange market. There are many others too but for this platform, I will consider Bitcoin.
Every transaction made with Bitcoin is stored for each user account in the Bitcoin system. In recent years however, the value and price of Bitcoin has greatly risen thus making it very volatile and highly valued.
If you are considering a purchase of Bitcoin then you must first consider an overview of where to buy it. This is attributed to the fact that there are numerous market places where purchase and sale of cryptos like Bitcoin take place.
But this should not be any problem since e Toro has you covered as the well-known marketplace for purchasing and selling Bitcoin. Once on this platform, you are able to easily buy, sell, and store your Bitcoins.
Bitcoin is volatile but it is highly valued in the crypto market. It is best to also consider your goals and strategy before making a purchase decision. While the price of Bitcoin has drastically appreciated with time, not all persons who purchased it have achieved a portion of those gains. This is true with the fact that the cryptocurrency market is extremely volatile.
Furthermore, it is close to impossible finding the “right time” to buy or sell your crypto holdings. A lot of uncertainties surround the crypto market. You may sell today, then tomorrow the prices soar or even drop after buying. No matter what, Bitcoin still remains to be the highest valued cryptocurrency in the crypto market.
Fees Involved in Buying Bitcoin
Depending on the payment method and platform you are using to buy bitcoin various fees are in place. Take for instance, a scenario where you are purchasing your Bitcoin from a friend and paying in cash. What you will need is a consideration of the network fee which is the cost of sending the bitcoin from the digital wallet to yours.
Some payments are completed through a credit card and bank transfer. If so, then it is vital that you factor in the costs that arise from using these payment methods. But other than the exchange services charge, additional fees are applied for trade facilitation.
The fees involved are inclusive of the exchange operating costs and an additional small margin. Generally, the overall fees are lower for larger purchases. It is just logical that you can avoid making small purchases that will incur higher costs.
The Current Price of Bitcoin
When calculating the price of Bitcoin, you can use Paxful’s Bitcoin Price Calculator. This platform helps define the exact worth of your Bitcoin in any of the supported currencies globally. This calculator exhibits the accurate and up-to-date exchange rates.
Look into Paxful’s calculator to obtain the real-time and historical trends in the average value of Bitcoin in terms of your dollar average. As it currently stands, according to Paxful Bitcoin Price Calculator, 1 BTC is valued at an average price of $21031.09.
However, there are some connected offers depending on your payment method as earlier stated when talking of the fees involved. If you are using a debit or a credit card as your payment method, your average price will be slightly lower. 1 BTC will cost an average $20,449.42.