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HomeMoneyInvesting in Bitcoins - 5 Tips for Buying Bitcoin Safely

Investing in Bitcoins – 5 Tips for Buying Bitcoin Safely

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Investing in Bitcoin has become one of the most fashionable money making moves in the 21st century. However, it has almost been a decade since the concept of a decentralized currency was introduced. Since then, bitcoin has appreciated to $64,000, which is the highest for any cryptocurrency.

Related Post: All You Need To Know About Selling Products Online For Bitcoins

But the process of purchasing bitcoins remains a mystery. Some people purchase bitcoins as an investment, while others have fun. Credit or debit cards are primarily used to purchase bitcoins via crypto exchange.

For instance, if you live in CA, you can use a debit card Canada to purchase. In addition, most credit cards in the USA and Canada offer safe crypto purchases. But there are still some other security measures that you must take.

So what are these security measures, and how can you ensure the safe purchasing of bitcoins? Let’s discuss this below.

How Do You Purchase Bitcoins?

The first thing that comes to mind is how to buy bitcoin safely and conveniently when considering investing in this gigantic cryptocurrency. While most platforms support purchases through online credit or debit card transactions, they also charge around $7 per purchase.

Not to mention, it will take days before the transaction is complete.

But a few platforms complete the transaction within 12 hours of the purchase and don’t cut the hefty fee. These platforms include,

  • BitBuy
  • Coinbase
  • Bitstamp
  • CoinSmart
  • Etoro
  • Kraken
  • Binance

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Using Bitcoin Debit Card

You can choose a platform and then sign up online. Bitcoin transactions are common in many places. If you live in Toronto, Ottawa, Quebec, or anywhere in Canada, you can easily use your bitcoin debit card Canada to buy bitcoins.

Using your debit or credit card to make the purchase also ensures that you have the safety net of involving your bank in case of problems. You will have all the records on your statement that further improves the security of your transaction.

So, you have decided on the platform, signed up, and are ready to make the purchase. Before you do, there are some other security measures that you can take to ensure a safe transaction.

Top 5 Tips for Purchasing Bitcoins Safely

How Do You Purchase Bitcoins Safely cryptocurrency

Indeed, investing in bitcoin doesn’t come without risks. Many experienced investors have been scammed online in cryptocurrency even after having years of experience. So, it’s understandable that a beginner is bound to get scared away.

However, there are a few steps and precautionary measures that you can take in this regard to ensure maximum prevention of scams. Here are a few tips that can help you purchase bitcoin safely.

1. Always Purchase Through Secure Device

Regardless of which device you use to purchase bitcoins, either your laptop, desktop computer, or mobile, you must ensure it is entirely secure. Here are a few things that you can do to secure your device.

  • Keep your operating system updated.
  • Install a paid antivirus program.
  • Always create unbreakable passwords by combining upper and lower-case letters, numbers, and characters.
  • Install a VPN.
  • Always check the URL of your browser before making a transaction.
  • Never download or click on links sent via email.
  • Don’t make a transaction via a public computer.

Remember these steps, and you will never regret making a transaction. Also, never provide your security and OTP codes to anyone. Even if you get a message asking you to enter an OTP code, get in touch with your bank immediately. Someone could be trying to get into your account.

Also Read: Responsible for a Drone Data Management Budget? 10 Terrible Ways to Spend Your Money

2. Find a Crypto Exchange with Solid Repo

When you start researching cryptocurrency and think about investing in bitcoin, you must look for a reputable and bulletproof crypto exchange. We mentioned a few platforms above that are great if you want to start with crypto.

Also, please try and find crypto exchanges that comply with the regulations set by:

  • KYC (Know Your Customer), and
  • AML (Anti-Money Laundering)

This is necessary to ensure your money won’t be used for malicious purposes such as terrorism funding or money laundering.

Also, remember that when you sign up at a platform, you will give them your credentials. So, using a platform that fulfills KYC requirements will help keep your information safe.

3. Don’t Neglect Your Wallet

After you have found your exchange, it is time to look for a wallet where you can keep your bitcoin. You have two options in this regard. First, either go for an online or an offline wallet since both are conventional options.

These wallets are associated with blockchain currencies and come with a security key you must never let anyone know. You will also get a public blockchain address where you can receive transactions, whereas the wallet can be used to make transactions, buy more bitcoins and send currency to other exchanges.

4. Take Seller Reviews into Consideration

It depends on which exchange you have opted for, but every crypto exchange has an established system of seller ratings. Some exchanges rate the sellers in numbers, while others give credible sellers a green mark.

An authentic seller should have positive feedback on their profile, and their rating will tell you that. They also don’t have negative ratings, and even if they do, it’s pretty minimal, and they try to rectify the situation that went bad.

Never trust a seller with no ratings or someone who has just shown up on the platform. Always purchase from trustworthy sellers to minimize the risk of being scammed.

Also Read: 10 Ideas for Building Brand Loyalty

5. Never Invest Money You Don’t Have

You’ve probably heard stories about how people sold their houses and cars, invested money in crypto, and became billionaires overnight. If so, then doing proper research is all the more imperative for you. While these stories seem very tempting to go all in with crypto, investing money you don’t have would be foolish.

The crypto market is volatile, and you never know what can happen. While there are stories of people becoming billionaires overnight, people also lost everything because the market crashed. So, invest money that you have spare, and even if you lose, it won’t sting.

But selling your house and valuables in hopes of becoming a billionaire would be your biggest mistake.

Final Verdict

As you have read, investing in crypto may seem quite enticing, but if you don’t follow all the safety protocols, you may lose all you have.

Since the cryptocurrency market is so big, you never know where you can get scammed. Moreover, all the fake sellers and cybercrime happening in the crypto market makes it very difficult for a beginner to invest.

So follow these tips and always be vigilant on the online market. Never trust a new seller; always research before making a transaction.

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