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Frequently Asked Questions
Many people worldwide have contracted the cryptocurrency bug. Everybody wants to get in on the fun. So how exactly do you purchase Bitcoin anyway? It’s easier than you think, and there are many avenues you can explore:
- Select a broker or crypto exchange, such as Bitbuy.ca.
- Find a Bitcoin ATM near you to purchase Bitcoin and other cryptocurrencies with cash or a debit card.
- Purchase a Bitcoin or Ethereum exchange-traded fund (ETF) from your investment account.
- You can also invest in shares of companies that invest in Bitcoin, like PayPal and Square.
It might have been complicated to buy Bitcoin in its early years. However, as it has become more prevalent throughout the global economy, the crypto industry has evolved and improved in recent years; today Bitcoin is easily accessible, even if you’re a beginner!
After you have chosen your broker or exchange and created an account, you will then need to take a couple of more steps:
- Deposit funds with the fiat currency of your choosing and deposit cash to invest.
- Choose your cryptocurrency order (market or limit order).
- Select a storage method by leaving your holdings on the exchange, using a hot wallet, or picking a cold wallet.
You can always start your crypto commerce on the Bitbuy.ca platform by creating an account (it’s as simple as sharing your telephone number and email), deposit your funds into your crypto wallet, and start buying, selling, and trading Bitcoin with as little as $50.
Yes, it is perfectly legal to purchase Bitcoin in most parts of the world. Although most jurisdictions do not treat the virtual token as legal tender, you can still legally buy, sell, trade, and spend Bitcoin. It is generally viewed as a commodity that can be utilized to pay for goods and services.
The best and safest way to buy Bitcoin is with a credit or debit card and on an exchange or platform that provides its clients with immense security, low fees, and customer convenience.
Here are a few tips as you begin your cryptocurrency investing journey:
- Research: Not only should you do your due diligence on Bitcoin or the cryptocurrency of your choosing, but you should also comb through the world of exchanges and trading platforms to find the right one for you. Each platform will offer unique features to appeal to different types of investors.
- Criteria: Before starting an account, you should have a list of criteria to determine if this is the proper outlet for your needs. Is it secure? Is it insured? Does it have an excellent track record? Is it in your country? Make a list, and check it twice as you’re starting your investing journey.
- Hot or Cold: A hot wallet is a crypto wallet that can be accessed online. A cold wallet is also a crypto wallet, but it stores your Bitcoins offline. Both these options can be considered secure; choose an option that meets your needs as a digital currency investor.
The peer-to-peer decentralized digital token maintains a maximum supply of 21 million coins. Approximately 18.8 million bitcoins have been mined to date, leaving about 2.1 million coins left to be mined. Eighty-nine per cent of Bitcoins have been issued, and 900 new Bitcoins are produced every day.
Bitcoins are created by employing cryptocurrency mining methods. This consists of an intricate process that requires enormous energy and computing power, involving a computer to solve a mathematical problem with a 64-digit answer.
Yes, Tesla Motors CEO Elon Musk invests in Bitcoin (and Dogecoin).
The billionaire executive has confirmed that he owns the virtual currency and plans to hold it long-term.
“If the price of bitcoin goes down, I lose money. I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that,” Musk said. “I would like to see bitcoin succeed.”
Moreover, in February 2021, it was revealed that Tesla acquired $1.5 billion worth of Bitcoin and the company stated that it planned to accept it as a payment method. Although the company temporarily stopped accepting Bitcoin as payment for its vehicles, Musk noted that his automobile/technology juggernaut would accept it as a mode of payment once again.
While Bitcoin payments are not anonymous, they are difficult to trace – but it is certainly doable.
There are many ways to trace Bitcoin transactions, including combing through the blockchain, the cryptocurrency's historical ledge of all transactions that can be viewed at all times by anyone.
Moreover, the same advantages that make Bitcoin and its brethren appealing to cybercriminals can be exploited by the authorities to find and seize unscrupulous individuals' funds.
“All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network.“
You can think of Bitcoin as a pizza pie. You can either have the whole thing (sorry, no pineapple), or you can eat small slices (OK, fine, with pineapple, too).
With bitcoin, you can purchase a Satoshi (the smallest unit of the cryptocurrency) or buy an entire coin. It is entirely up to you to decide how much Bitcoin to buy, sell, and trade, which is the benefit of being a decentralized system.
That said, there may be a minimum amount with your broker or exchange. Overall, the trade value must be equal to or over 0.0001 Bitcoin for all Bitcoin pairs.