Webeltime.com – It’s simple, and fortunately abundant! Here’s How to Invest Bitcoin Successfully If you’re tired of the same old investment vehicles, why not consider investing in cryptocurrencies like bitcoin, which is now trending?
Yes, the presence of Bitcoin is becoming increasingly popular over time. Because more and more investors are becoming interested in this digital investment, the earnings that may be made are growing.
It’s simple, and fortunately abundant! Here’s How to Invest Bitcoin Successfully
It’s simple, and fortunately abundant! Here’s How to Invest Bitcoin Successfully Following approval by the Commodity Futures Trading Regulatory Agency (CoFTRA) as a legitimate investment instrument in Indonesia, an increasing number of people are beginning to participate, starting modest and eventually reaching hundreds of millions of Rupiah.
Why is Bitcoin the most popular investment today?
Bitcoin’s popularity is not random! Although there were many reports that it was not wearing it due to many people’s lack of knowledge and awareness at the time, Bitcoin investment is really fairly secure and may be extremely rewarding.
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Here are some further compelling reasons why Bitcoin is a popular investment vehicle for Millennials today:Bitcoin’s value has the potential to skyrocket. The value might reach a new all-time high in a couple of months.
- Bitcoin’s price has climbed by 354 percent in 2020, allowing it to outperform other financial assets in terms of returns.
- It may now be used as a payment method in a few digital transactions, but not many.
- PayPal, the world’s largest online transaction payment service, currently accepts Bitcoin payments.
- PayPal customers may store and transact with Bitcoin using PayPal.
- Can be used to pay for online purchases and sales on various international/overseas e-commerce sites, including e-Bay and Amazon.
- Legal and secure. Because there is legal certainty concerning the allowed trading of Bitcoin in Indonesia, rules make investment in this digital asset safer.
Beginners’ Guide to Investing in Bitcoin
Here are the procedures for individuals who wish to understand how to acquire and sell bitcoin investments and reap the benefits:
1. Open an Account
If you want to start buying your first bitcoins to invest in, you must first register and establish an account on an exchange.
Bitcoin Exchange, often known as a Bitcoin exchange, is a corporation that provides a specific area (platform) for people from various countries to exchange Bitcoin for fiat currencies (such as US dollars, Euros, Yuan, Rupiah, and so on) and other cryptocurrencies.
Registration takes place online, either through the mobile app or the website. The software is available for download on Google Play and the Apple App Store.
2. Obtain KYC verification.
After establishing an account, you must get KYC verification before proceeding to the next stage. Even if you have established an account, you will be unable to conduct transactions until you get this verification.
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KYC verification is a vital step in protecting all exchange participants and ensuring AML (Anti Money Laundering) laws are followed .
Uploading ID images, filling up personal data, and shooting selfie shots with typical and random movements are all part of the KYC verification procedure. KYC information will be processed, which will take at least one business day.
Several factors must be addressed during verification, including ensuring that you do not already have an account on the exchange, supplying personal data correctly and precisely, and submitting pictures that match your ID card.
At the moment of upload, KTP must be original and clear. When snapping photos, ensure sure your face is visible without a cap or glasses. When shooting a selfie with an ID card, make sure the face is in the center so that the photo suits the face and in the liveness photo. If it is successful, please click the done button and wait for an email confirmation.
3. First, make a deposit.
To purchase bitcoins or other crypto assets, you must first deposit rupiah into a designated account.
In general, the minimum deposit ranges from IDR 30000 to IDR 50000. There are, however, exchanges that require a minimum deposit of up to IDR 500000. The exchange provides the following deposit methods:
- Transfer by bank (account and virtual account)
- E-wallet (OVO, GoPay, ShoppePay)
- Make a cash deposit at the office.
- PPOB (Alfamart etc.)
- Debit Card, Credit Card (overseas exchange only)
You may also deposit in the form of currency such as Bitcoin, Ethereum, and others. Each exchange has a list of coins that can be used as deposits. The exchange will generate a wallet’address.’ This address is where currencies from other exchanges are sent.
4. Choosing a Cryptocurrency Asset Pair
Before you start trading, you must first decide which pairs or pairs you wish to trade. Bitcoin versus Rupiah is the most common pair, or what is the price of Bitcoin in Rupiah. This pair is the same as when purchasing foreign exchange, USD to IDR, or how much Rupiah is equivalent to one US dollar.
Each exchange has a separate selection of crypto asset pairs that may be exchanged. More than 100 pairs of crypto assets may exist in a single exchange organization.
5. Initial Sequence
To eventually sell something, the user must submit an order on the exchange application or website. There are various different sorts of orders that must be understood since the type of order determines the charge that must be paid:
This type of order is for the user to place at a certain price and not at the current market price. So the transaction does not occur immediately at that time.
On the seller’s side, limit orders are usually placed at a price higher than the market price. But if it’s on the buyer’s side, the price that is installed will be lower than the market price.
Pending orders will be included in the Buy/Sell order queue (Order Book). That way, the member has become a Market Maker. This type of order is called a ‘maker’ because it creates a new order. Unlike the order taker, which follows the current market price.
This order will only be executed when the market price moves to touch the price set by the limit order. As long as the price does not move at the posted price, the transaction will not occur.
There is no fee charged from the exchange with this type of order maker, aka the buying and selling fee is zero (0).
(Taker / Instant) Market
Because it follows the current market price position, this sort of order may be executed promptly. So, if you want to purchase, do so at the current market price, and if you want to sell, do so at the current market price.
This type of order is also known as a taker or quick order. Instant orders are so named because they occur quickly, whereas takers are so named because they accept prices that are already in the market and do not produce new prices.
The exchange charges for this sort of order. The order fee is often a proportion of the transaction value, ranging from 0.1 to 0.3 percent.
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The order book in the application is data given by the exchange that indicates the order of orders currently on the exchange by price and amount. When an order occurs, the following order is taken from the order book.
The order book has the benefit of displaying how the market price evolves as well as the depth of the number of orders.
6. Begin conducting buy-sell transactions.
After deciding on the pair to swap. Simply place an order by inputting the price and number of Bitcoin you wish to purchase, and the amount of rupiah required will be shown. Select the order type, taker or creator.
If you select a taker, the order will be executed instantly at the current market price. The quantity of Bitcoins held will be quickly updated, and the Rupiah deposit will be reduced in proportion to the number of purchases completed.
When you select a maker, the order does not take effect immediately and you must wait until it matches at the specified price. The order will remain in the order book as long as there is no match.
The unit of purchase and sale for Bitcoin can be up to eight digits after the comma, or 0.00000001 BTC. As a result, you may trade with a relatively little figure, such as 0.3870426 BTC.
The procedure of selling Bitcoin is identical to that of purchasing it. Only now, following the successful execution, are Rupiah deposits increasing and Bitcoin holdings decreasing.
7. Cash withdrawals
To convert your bitcoins to rupiah, simply make a withdrawal request via the program you’re using.
You can also withdraw bitcoins that have been stored on the exchange. Simply input the wallet address to which the bitcoin should be paid.
The rupiah withdrawal process takes anywhere from a few minutes to 1 x 24 hours. Because exchanges distribute money through banking networks. So, how long or fast it takes is also dependent by the process at the bank.
Withdrawals are subject to fees. There are also minimum and maximum withdrawal limits for rupiah and cryptocurrency. Each exchange has its own set of withdrawal fees.
8. Transfer of Bitcoins
Bitcoins may be withdrawn as well as transferred to other bitcoin investors that use the same exchange as you. The secret is to enter the wallet address that will be submitted to an exchange or a user ID that will be sent to an exchange. When sending money, the wallet address takes on the role of an account number.
A wallet is a location where crypto assets are kept. Similarly, we keep money in our wallets. You’ll be given a wallet address. This is the address used to transfer and receive crypto assets. You may also store crypto assets on an exchange, where the wallet is handled by the exchange and has its own wallet.
Trading Features to Facilitate Buy-Sell Transactions
For individuals who prefer to concentrate on trading, the exchange includes various tools that may be utilized to aid and facilitate trading operations, including:
- Technical price analysis using charts, such as transaction history (orders and trades).
- The Order Book displays the current order position. This information is critical for assessing potential price fluctuations.
- Stop the loss. A critical element for managing the danger of abrupt price swings.
- Selling short. When the market is down, you can short sell.
- OCO, or “One Cancels the Other,” for simultaneously placing two orders, limit and stop-limit orders, which are important for capturing profits and reducing possible losses.
Asset Security Guaranteed
Many exchanges have incorporated a 2FA (Two Factor Authentication) security system, which is an online security feature that requires users to validate their identity twice.
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When a user signs in to an Exchange account, after providing a user ID and password, the user is prompted to provide a specific code given through SMS or using Google Authenticator on a mobile.
It gradually transforms into a hill.
There is no such thing as quickly earning from an investment; numerous procedures and things must be mastered again in order to accomplish the desired investment success aim. There will always be modest or major risks with every investing product. Similarly, bitcoin investment.
So, before you begin, ensure that you thoroughly comprehend what bitcoin is, its qualities, hazards, and rewards.