Nobody in his/her right mind can deny the popularity of cryptocurrencies. From third-world to the developed countries, they are virtually everywhere today. In 2021, applying Elliott wave theory on Bitcoin is also becoming common. However, ironic as it may sound, many people are still clueless when it comes to buying cryptocurrencies. If you are also one of them, you have come to the right place. This useful blog will not only give you insights about purchasing cryptocurrencies but doing it smartly as well. So let’s dive right into it without further ado:
1. Get A Bitcoin Wallet
You will need to create a Bitcoin “wallet” before you can buy bitcoins. A Bitcoin “wallet”, which is a virtual storage space, is similar to your physical wallet. It holds your cash, debit, and credit cards. These wallets come in a variety of options. Here are some of them at your disposal:
The most popular online Bitcoin wallet is Coinbase. On top of that, it is free and comes with an intuitive app. Coinbase is one of the most user-friendly Bitcoin websites. You can also use this platform to trade, buy, and exchange bitcoins.
However, according to experts, there are risks to keeping bitcoin on the same website where you bought it. Coinbase, as well as other top-rated online wallet servers, has had a bad track record. They do offer “vault”, which is a safer option.
Electrum, a popular and free storage option for Bitcoin users, is one of the most respected desktop storage apps. This is particularly a great storage option for investors as it is software-based, which accounts for an additional layer of security.
4. Cold Storage
If you don’t trust wallet security, cold storage might be the perfect fit for you. Cold storage enables you to store offline. Some people store their Bitcoin information on a USB and keep it in a safe deposit box. Some people use a paper wallet. As you might have figured out, the only issue with cold storage is that your information gets stolen, it is pretty unlikely you will get it back.
Cold storage has one problem: if your USB drive, paper wallet, or other device is stolen or lost, there’s no way to get your bitcoins back and, as a result, will end up losing bitcoins.
5. Select A Purchase Method And Ensure It Is Reliable
Although the options are still wide, it is becoming increasingly difficult to purchase cryptocurrencies. This is because states actively monitor your transactions and ensure that you don’t get involved in malicious cryptocurrencies.
That said, there are still exchanges available for you, namely, WEX, WEX, yoBit, and so on. The best exchange is the one that you can use to trade currency. You should choose a platform that accepts convenient payment methods.
You can buy currency by finding sellers through thematic forums. This option is free of commissions and offers a good rate. However, it will make you liable for the risk.
6. Buy Cryptocurrencies And Calm Down
This is an important piece of advice we recommend that you listen to. After spending large amounts of money on cryptocurrency, the excited owner of digital hoarding wealth often turns his adrenaline into reckless acts. All new cryptocurrency investors are terrified by any change in the rate of recession. This is bad news for their nerves as well as their ability to understand the situation. All cryptocurrencies, and Bitcoin in particular, have experienced many major falls, including the first hacker robberies and the ban on ICOs in China. Therefore, we suggest that you buy bitcoins and then stop doing anything else for a while.
The Takeaway Message
As mentioned above, financial experts are predicting Bitcoin prices with the Elliott wave theory in 2021. But the application of Elliott wave theory is not the only indication that cryptocurrencies are gathering leverage. More and more brands are accepting payments in Bitcoins. And this is trend is likely to mark rampant growth in the near future. So it could be safely said that cryptocurrencies are going to become more mainstream and it would be a smart financial decision to invest in them. If you stick to these steps, you will not have a hard time buying any type of cryptocurrency.