How to invest in bitcoin.
Trading in virtual currencies can be safe and secure, and starting with bitcoin is a perfect avenue to begin down the path of virtual currency trading.
Investing in bitcoin doesn’t require a great deal of money to begin with, and the steps are short and easy to get started. Here is a step-by-step guide for how to invest in bitcoin.
The three step beginner’s guide to investing in bitcoin:
Step 1 – Learn about bitcoin.
Get educated on everything bitcoin
It’s important to know all about the subject matter you’re about to invest in. There is a lot of information (and misinformation) that exists on the topic of bitcoin. Here is a suggested list of topics to understand before you move on to the next step:
- What is cryptocurrency? It’s important to understand the difference between physical currency and cryptocurrency.
- What is bitcoin? Since you want to buy and sell bitcoin, it’s important to understand what it is.
- Is bitcoin safe and secure? An important question you’ll want to understand. Investors want to see their investment grow in value, knowing bitcoin is safe and secure will be the foundation for understanding bitcoin growth.
- And more… do some of your own research.
Once you know everything there is to know about bitcoin, we can move on to the next step in purchasing your bitcoin investment.
Step 2 – Determine a budget.
Determining a budget is all about how much you can safely invest in bitcoin.
A seemingly simple question can become complicated fast. A great benefit of investing in bitcoin is the low barrier for entry. The minimum bitFlyer bitcoin purchase amount is only 0.001 BTC (roughly $6.00 U.S. dollars at the time of this writing). You can open an account for free and the fees for trading very small. You’re not going to break the bank just to get into bitcoin investing.
Here are some additional questions to determine a budget for your bitcoin investment:
- How much money should/can I start with?
- Should I invest a percentage of every paycheck into bitcoin?
- Where does investing in bitcoin fit into my holistic budget?
- If you already have a portfolio of investments, where does bitcoin fit in my portfolio?
Think about ways you want to invest. How do you want to approach investing that maximizes your budgeted amount? Please keep in mind as well, virtual currencies such as bitcoin are extremely volatile. Since it is a high risk investment it should not take up a large portion of your investment portfolio. Once you have a good idea on the budget (possibly a bi-weekly or monthly investment amount), it’s time to move to the third and final step.
Step 3 – Open a virtual currency exchange account, start trading.
Now you can invest in bitcoin!
Opening an account on bitFlyer’s virtual currency exchange is free and there are no monthly maintenance fees (unlike many stock or mutual fund trading accounts). You can check the up-to-date bitcoin exchange rate on the bitFlyer homepage and begin investing in bitcoin by depositing money into your bitFlyer account. There are also fantastic charting tools at your disposal that will help you to pick a good time to start your bitcoin investment.
Here are some additional questions to determine a budget for your bitcoin investment:
- Open your account
- Deposit your budgeted starting amount
- Pick the right time to execute your trade
- Watch it, maintain it, swap it…
- Make it so!
These are the three easy steps to start investing in bitcoin.
Still asking yourself: Should I invest in bitcoin?
It may help to check out more about bitFlyer’s virtual currency exchange, or just open an account and play around. It’s free and only takes a few clicks.
Need more information about the best bitcoin exchange?
bitFlyer’s virtual currency exchange is safe, secure, and licensed throughout most of the United States.
Learn more about bitFlyer’s virtual currency exchange.
Disclaimer: The information on this page is provided for discussion purposes only. It should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell virtual currency (such as bitcoin). Be sure to view our risks to virtual currency trading information.
