The cryptocurrency world is complex to some due to its sometimes-confusing terms, such as blockchain, hot wallets, and cold storage. Many people think they need to become well-versed in these topics first to start trading Bitcoin, but that’s not the case.
Even a basic knowledge allows you to successfully buy Bitcoin instantly Canada cryptocurrency users may be glad to hear this since it means they can make transactions easier and much faster than with fiat currencies.
This article will tell you how Bitcoin instant buy works.
The Basics of Bitcoin Instant Buy
Before describing how instant buy works, we’ll first explain what this term means. It can be observed from two perspectives.
First, buying Bitcoin instantly means you can access your cryptocurrency as soon as you authorize your payment with other crypto coins or fiat money.
On the other hand, many people view Bitcoin instant buy as the ability to purchase as much cryptocurrency as you need at any time. However, this is sometimes hard to pull off because exchanges impose soft trading limits, especially for beginner investors.
This limitation might put some investors off Bitcoin trading, but it’s essential to prevent illicit activities. It helps safeguard against the purchase of illegal products and services while raising the value of some coins.
Now that the basics are out of the way, here’s what you’ll need to do to buy Bitcoin:
Set Up a Wallet
First, set up a cryptocurrency wallet. Your wallet will serve as your Bitcoin storage. There are several types you can choose from, such as hardware, desktop, and mobile platform wallets.
If security is your primary concern, you should consider using a hardware wallet. They don’t require constant internet connection, making them less susceptible to cyberattacks. As a result, the risk of losing data and access to your account is minimal.
Select a Cryptocurrency Exchange
The next step is to pick your cryptocurrency exchange. This platform enables you to meet with sellers and buy your Bitcoin. The fees are generally low but exchanges often feature complex interfaces with several trading types and advanced charts. All of which can be overwhelming if you’re new to crypto investing.
Some of the most popular cryptocurrency exchanges include Gemini, Coinbase, and Binance. Although their trading interface can intimidate beginners, their purchase options are user-friendly.
Create Your Account and Choose Your Payment Method
Once you’ve decided on your cryptocurrency exchange, you can now open your account. Depending on the amount you wish to buy and the platform, you might need to confirm your identity. This step is crucial to preventing fraud and meeting regulatory requirements.
The platform might not let you buy your Bitcoin until you’ve completed your verification process. You may need to present a copy of your passport or driver’s license and submit a selfie that matches your appearance in the documents.
Following successful verification, the system may ask you to connect your payment option. In most cases, you should be able to use your bank account, credit, or debit card. Using a credit card might be the quickest solution, but it’s Ill-advised because Bitcoin price volatility can increase the overall cost of buying your cryptocurrency.
Place the Order
The last step is to place your Bitcoin order. Enter the ticker symbol (BTC) and the amount you want to purchase. Your platform should also allow you to buy fractional shares, enabling you to obtain more affordable cryptocurrency.
How Long Should You Keep Your Bitcoin After the Purchase?
Many cryptocurrency users aren’t sure how long they should hold onto their Bitcoin after the purchase. This is because the coin is volatile, and the values fluctuate often.
The good news is that your crypto exchange should provide an estimate of how long other people keep their cryptocurrency before selling. This knowledge will help you determine what you should do with your Bitcoin.
For example, you can store your Bitcoin for about a month before trading it for altcoins. Another option is to implement quick return strategies. This entails buying cryptocurrency in bulk and selling it as soon as the value is high enough for you to make a profit.
Ample Investment Opportunities
Cryptocurrency can significantly boost your income, so don’t hesitate to buy Bitcoin instantly. Canada citizens, at least those willing to explore this new opportunity, rely on it for their long-term investment, and there’s no reason you shouldn’t follow suit. Just pick your wallet, exchange, and get your trading adventure underway.