On this post you will learn how to buy bitcoin online and how to invest in bitcoin for maximum profit. You can Use your paypal and credit card to buy bitcoin in Canada, US and other countries. Investing in currency have been one of the best and most commonly opted methods of investment for a very long time. But as everything nowadays is getting digital and the reliability on the internet is higher than ever before, investments in crypto-currency is gaining a lot of traction.
Among all the different crypto-currency that is available out there, Bitcoin seems to be the best in terms of return on investment and popularity. People who were reluctant to invest in Bitcoin a few years back are now researching on how to invest in Bitcoin to gain maximum profits for their investment.
If you are among those who are searching on how to buy bitcoin, then today we bring you a detailed guide on different ways to invest in Bitcoin so as to gain maximum profit from your investment.
What is Crypto-Currency?
If you are new to the terms crypto-currency and Bitcoin, then let us start by explaining what exactly crypto-currency means and also what is Bitcoin before attempting to guide you on how to invest in Bitcoin.
In order to store or exchange your crypto-currency, you do not need to have a bank account and not even your name is required in many cases. The management of crypto-currency happens through a ledger named “Blockchain” that is public.
What is Bitcoin?
Bitcoin is one of the many crypto-currencies out there in circulation. Bitcoin was invented by Satoshi Nakamoto in 2008 and became officially available from 2009. Bitcoin currencies and transactions made using Bitcoins, in general, are not under the scrutiny of any government organization and you do not have to pay any sort of fee to the government or any banks to store or transact using Bitcoin.
All Bitcoin transactions are lodged in the Blockchain and are run by “miners”. Miners refer to people who dedicate their powerful computer systems to log every Bitcoin transactions and are rewarded in Bitcoins as well. Anyone with a system powerful enough to handle Bitcoin transactions (it requires a lot of processing power) can become a Bitcoin miner and earn Bitcoins in the process.
How to invest in Bitcoin?
Before we guide you on how to invest in Bitcoin, you should know that 1 Bitcoin currently trades for over $4000 in physical money. Now it is easy to understand why many people are interested to know how to buy bitcoin online.
Now that you have a brief outline on what crypto-currency and Bitcoin are, let us take you through ways on how to invest in Bitcoin for a better return on investment.
Bitcoin mining is one of the most popular methods to invest in Bitcoins from the very beginning of Bitcoin. Earlier, anyone with a good PC setup could become a Bitcoin miner and earn by allowing Bitcoin applications to run and log transactions using the processing power of your PC. However, as Bitcoins have gained a lot of popularity and value, Bitcoin miners need much more superior hardware.
Nowadays, Bitcoin miners have a specialized Bitcoin mining hardware setup in order to compensate with the heavy processing power required. Also, you need to join any of the various “Mining Pools” for Bitcoins out there in order to begin Bitcoin mining.
Bitcoin Mining Pools are a gathering of miners who dedicate their hardware for Bitcoin mining in a collective manner, meaning all the resources of all the Bitcoin miners in a mining pool are combined to create a better and more powerful Bitcoin mining hardware setup. The revenue from the Bitcoin mining is also shared between all the miners in a mining pool.
As Bitcoin mining needs really powerful specialized hardware, the investment is also high. Moreover, the electricity and internet bills accumulated from running such powerful hardware leads to a very high investment, which many people now feel cannot be compensated by the Bitcoin rewards that they get from mining.
There are a lot of Bitcoin wallets that lets you purchase Bitcoins at the current trading value using your credit or debit bank balance. These Bitcoin wallet applications are more targeted towards Smartphone users and have respective Smartphone applications as well.
You can buy Bitcoins by making payments from your existing bank account and also once you trade your existing Bitcoins, you can also revert the equivalent amount to your bank account. However, as your bank account is linked to the Bitcoin Wallet app, the bank might charge you for these transactions.
Moreover, some applications have a restriction that if the application gets deleted from your device, all the existing Bitcoin transactions will be deleted and also the app cannot be used in multiple devices.
How to buy bitcoin online with Paypal or Credit card?
Bitcoins can be bought from other Bitcoin owners, brokers or even Bitcoin ATMs in London alone and as the popularity and value of Bitcoin increases; we can see Bitcoin ATMs in more places. You can use your paypal account or credit card to buy bitcoin.
As many of these sources buy or invest in Bitcoins will require you to pay real-world money, a bank account will come into the picture and you will have to pay a processing or transaction fee whenever you purchase Bitcoin from an online source or a Bitcoin ATM.
Before you try to invest in Bitcoins by following any of the methods listed above, please make sure to research on the current Bitcoin value, the future predictions of Bitcoin value and also about the security of your Bitcoins within the source from where you are about to purchase your Bitcoins.
If you found the above article on how to invest in Bitcoin easy to understand and follow, do share this article on how to buy bitcoin and if you have already invested in Bitcoins, leave a comment below and share your experience.