Bitcoin and Ethereum are the leading cryptocurrencies in terms of both value and market capitalization. In fact, the first step that investors do when they enter the crypto space is to buy Bitcoin or Ethereum. While this can be an unfamiliar landscape for investors used to traditional financial products, cryptocurrencies provide an excellent opportunity for growing wealth.
Is it Worth Investing in Cryptocurrencies?
Cryptocurrencies can be a risky investment, especially when you do not understand how this space works. The markets are also volatile, and it can be difficult to determine the right time to buy or sell Bitcoin. Nonetheless, investing in Bitcoin or Ethereum is worthy and a feasible way of growing wealth.
Steps for Buying Bitcoin or Ethereum
- Decide where to buy cryptocurrencies: Several cryptocurrency exchanges exist allowing investors to buy, sell, trade, or store cryptos. You can also find traditional brokers providing cryptocurrency trading as a product.
- Decide how you will : Whether you have decided to buy Bitcoin or Ethereum, you will need to store it in a digital wallet. You have the option of storing it in a cold wallet or a warm wallet. While a hot wallet is when you store your crypto with a trusted provider or exchange it in the cloud to be accessed through an trading app, a cold wallet involves storing the crypto in a small, encrypted portable device that you can carry around with you.
- Purchase Your Crypto: Decide the amount you want to invest in Bitcoin or Ethereum. Fund your cryptocurrency exchange account with fiat currency, which you will use to buy crypto. Each unit of cryptocurrency will be worth several units of fiat currency such as the US dollar.
- Manage Your Investment: After buying your crypto, focus now on managing your webtrader portfolio and planning for future investments. One of the options is to buy the bitcoin now at a lower price and sell it later to earn profits. You could also choose to buy Bitcoin to hold for the long haul or Ethereum to use in the purchase of NFTs (Non-Fungible Tokens).
Where to Buy Bitcoin and Ethereum
When you decide to buy cryptocurrencies, you have several options to choose from. You can buy from Bitcoin ATMs, which work just like normal ATMs. You can also buy through peer-to-peer crypto owners or through Exchange-traded funds. A grayscale fund is also an option for buying Bitcoin and other cryptocurrencies.