Post
Topic
Board Beginners & Help
Re: What are the procedures to follow when I want to invest?
by
Mayor of ogba
on 05/09/2023, 08:42:54 UTC

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?
Firstly you need to have a fund you will use in purchasing the Bitcoin and after you settle that one you need to look for a centralized exchange that doesn't require KYC for withdrawal so that you will not review your privacy. The next thing to do is to move your fund to the centralized exchange where you want to buy the Bitcoin with either USDT, BNB, or ETH depending on the one you are holding, and if you don't have any of them you can buy it through P2P trading with your bank account. After you have moved the fund to the centralized exchange you are good to buy the quantity of Bitcoin you want depending on your fund available in the centralized exchange. When it comes to selling Bitcoin, you simply have to sell above your buying price to be on profit. For instance, if you buy Bitcoin at $25k you can wait for Bitcoin to gain or grow to $30k before selling.
Yes, there are crucial elements you need to have in mind before buying Bitcoin which are
1. Never keep your Bitcoin on a centralized exchange in order not to lose it if anything bad happens to the centralized exchange
2. Save your Bitcoin in a wallet you only have full control of and never share your private key and seed phrase with anyone else.

3. Why is using Bitcoin better than using conventional currencies?[/quote]
Using Bitcoin is better than using conventional currencies because when using Bitcoin to make payments you don't need a middleman to scrutinize your transaction. Also using Bitcoin for payments will prevent you not to be affected by inflation and transactions made in Bitcoin are very fast