The price and popularity of bitcoin are inevitable as the demand for bitcoin keeps on rising with each passing day. If you are a beginner planning to learn and invest in bitcoin, here is the right guide for you.
The popularity of bitcoin is exploding because it is based on the newest and the best technology known as blockchain technology. It is the technology that makes bitcoin decentralized and which allows fast, easy, and inexpensive transactions.
You can visit bitcoin code softwareto learn more about bitcoin trading. The entire process of buying bitcoin and processing transactions is simple and can be done through android applications.
There aren't any challenges or complications that are there in buying bitcoin. Beginners are provided good guidance through applications on how to buy and store their bitcoins. While there are multiple ways to buy bitcoin but buying bitcoin through the help of android applications is considered the most proficient way.
There are some ultimate android apps created by developers that can help you do the entire setup within few minutes. All android apps aim to provide utmost security to all users who desire to buy and store their bitcoins.
Here, we will learn the steps included in buying bitcoin through android applications.
Setup an account with crypto exchange
The first step towards buying and storing bitcoins on android is choosing the right crypto exchange to open an account with. The crypto exchanges are developed online, which act as marketplaces to enable users to buy and sell cryptocurrencies. To start investing in bitcoin, sign up on the best and reputable crypto exchange.
Once you have set up an account, some crypto exchange provides free bitcoins to new customers. Crypto exchanges have websites and android applications, and you can choose to sign up through the android app to get the ease of accessing your account anytime.
Verify your real identity
The crypto exchanges are the financial exchanges that aim at allowing users to buy and sell bitcoins and making all those transactions legitimate. However, every investor is required to get their real identity verified through personal documents. The process of getting verified takes few days.
Some people don't agree to get their identity verified because it is not a feature of bitcoin and against the anonymity that it promises to provide. But getting your identity verified is one of the best and easiest ways to start with bitcoin. There will be risks of frauds or hacks with more verification, and it will higher your limits.
Connect crypto exchange account with your bank account
Crypto exchanges ask users to connect their bank account with a crypto exchange account. In this digital world where everyone completes transactions using smartphones through android applications, it becomes easy for android users to link their bank account with a crypto exchange account.
Also, while linking your bank account, investors have to go through various steps, but this completely depends on your location and the state where you live. Once you have linked your bank account, your next step is to purchase bitcoin that will take around 5-6 days to reach your android wallet.
Investors, who want to invest in bitcoin immediately, can use a debit/credit card which is a faster option but has limits, whereas linking your bank account will only take few days but will provide higher limits.
Crypto exchanges are known to provide confirmation or notification of verification completion and for linking processes. Once everything gets completed, you can choose any of the cryptocurrencies to invest in, like Bitcoin, Ethereum, Ripple, Litecoin, and more. Make sure to get updated about the current price of cryptocurrencies.
You can buy bitcoin by clicking the buy button and entering the number of cryptocurrencies that you want to invest in. enter the amount and by using the fiat currencies, buy bitcoins or other cryptocurrencies. It'll take few minutes to get the authentication process completed, and once it is done, you are the owner of bitcoins.
Few other considerations
Investors can choose any crypto exchange that is reputable as many exchanges offer bitcoin services. Some investors prefer credit card exchanges while purchasing bitcoin, but these are vulnerable to frauds and attacks and use high fees for processing transactions.