How to Make Money from Bitcoin: A Step-By-Step Approach

Making Money from Cryptocurrency (Bitcoin) Has Never Been Simplified!

You already know what Bitcoin is. However, for emphasis; sake, Bitcoin is a type of digital currency that enables  easy and acceptable transactions between two or more parties to take place. Bitcoin is a type of cryptocurrency. Bitcoin is an asset like Gold. But it is a unique type of asset that stores value and is not available for abuse.

 
There are two different ways you can make money from Bitcoin. The first is through trading in the digital currency and the second way is by investing in Bitcoin. But for this article, the focus is on the investing method of making money from Bitcoin. You can see my other articles on how to make money in Bitcoin through trading.
 
You may have heard the story of people making money from Bitcoin and cryptocurrency technology. You have looked into it and are convinced that it is the way to go. But you are not sure how to go ahead and invest to make money. Not to panic, this tutorial, got you covered. By the end of this tutorial you will have a wallet with Bitcoins on it.
 
1. Bitcoin is easy to have than it is to open a bank account. You do not need permission or to prove anything to anyone. All you need to have is your smartphone and or a computer, then you can get started.
 
2. You need a wallet. A wallet is much like a wallet where you keep your money. The difference is that the Bitcoin wallet is digital which is kept on your smartphone or computer. A Bitcoin wallet is a storehouse or a safe-keeping location that allows you to send and receive Bitcoin and other types of cryptocurrency. The digital wallet in view here is free. That means you don't have to pay anything for it. Though, with a few exceptions. I shall mention below the type of wallet you should go for and why. You can have one wallet for multiple cryptos.
 
3. Another thing you need is an exchange. A Bitcoin exchange is where you buy the cryptocurrency. Think of exchange as a bank. An exchange allows a willing buyer and a willing seller to effect a trade. Interestingly, when you buy from these exchanges they may not know you are buying from another person somewhere else. For you, it seems you are buying from an app. You download the app, you have Bitcoin, you buy or sell it and what happens on the other side completes the trade.
 
 
I have mentioned wallets and exchanges. However, most exchanges also have different wallets. Though, not always recommended, however, most people still use wallets from exchanges. The reason is that most exchanges allow you to buy and sell cryptos but they also keep it for you. So, most people prefer to allow the exchanges to keep the crypto for them. However, that is not advised.
 
4. Different countries have different exchanges and most countries do not have their own exchanges. That means, much like banks, you will discover that another bank is in the UK, for instance, but it is not available in Kenya. The easiest way is to check the local exchanges in your country. You can use multiple exchanges to keep safe your coins. For instance, if you are in Europe or the USA, you can sign up with Coinbase. That way, you can buy or sell Bitcoin and indeed other cryptos. The good thing about these local exchanges is that they are linked to your bank. That means you can connect your bank account to your crypto wallet. That way it becomes easy to transfer the money into your wallet and from your wallet, buy Bitcoin et al. 
 
With credit or debit cards, gift cards, etc., you can buy Bitcoins and other cryptos in a country without a local exchange. You can rely on international exchanges to buy your coins. You can also use peer-to-peer exchanges like Paxful, which is available everywhere worldwide and allows you to connect with buyers or sellers for cryptos in your area. However, it is not recommended to leave your Bitcoin on such platforms. Recommended wallets include bitcoin.com or blockchain.com wallets. These ones do not allow you to buy bitcoin necessarily if you are not in the USA, Europe, etc. But they also allow you to keep your coin.
 
This article is indeed the beginning of your Bitcoin investment journey. If you really want to start investing, you can visit the sites already mentioned. You can also consult Bitcoin Investing Trading for more insight. 
 
 

 

 


Joseph Okechukwu

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