Topic: which step i should take before buy bitcoin? - page 3. (Read 499 times)

you need to study about crypto then do invest after that,i will teach you some basics here that you should do in crypto first try to create account in some exchanger here then monitor the price of different coins like a month or more then you will see the price in that go high and low so that's one of way to earn here then after that try to spend some time to read different kinds of news here and you will learn some ideas there why the price of different coins so volatile

What you need is:
- a wallet
- and exchange account (most exchanges also have a wallet, although this is not recommended)

What you should have:
- understanding the process of trading crypto
- understanding how to use a wallet
- understanding the market
- understanding the risks

Hope this helps!

Do your research before you decide to invest in any cryptocurrency. You should know that the market is particularly volatile right now, so you are likely to experience some losses over the next few days. I would start by looking at the various different places you can buy BTC, and work out which is best for you, e.g. Coinbase, localbitcoins or through an exchange.

You sound like you're brand new. What I would recommend is that you get a wallet. You can go with a desktop wallet or an online wallet. Next, buy a very small amount on Coinbase or whatever fiat to BTC gateway service is available where you live. By small amount, I really do mean small amount, no more than 10 to 20 USD. That way you can have the experience of owning BTC and familiarize yourself with the process of buying it without putting a huge amount at risk. Once you get your hands on some BTC you'll start looking at the market charts differently. If you like owning BTC, you can repeat the small buy next week, and keep doing it every week until you accumulate a more significant amount.

In the mean time, keep educating yourself about Bitcoin and the entire cryptocurrency industry. Read lots of articles, hang out here, read posts from people who are more experienced. Learn about some other coins like DMD Diamond, DNotes, NEM, etc. and practice buying a small amount on an exchange such as BitTrex with your BTC.  

Once you are comfortable dealing with small amounts, then you can start working with larger amounts while you keep educating yourself. Ultimately, you decide how much you want to put in. Just follow this simple rule: only invest what you can afford to lose.

Good luck!

Before buying Bitcoin, you need to study the conditions of the market as a whole. The price of Bitcoin and Altcoin is correlated, so at the rate of one currency one can predict the rate of another. You also need to understand that your investments will not pay off quickly, you need to be patient and wait for the right time to sell Bitcoin. In the field of crypto currency, waiting is the most difficult thing. You also need to be aware of the risk at which you go and be prepared for a possible failure. If you do not know how to accept defeats, then it's better not to deal with crypto-currencies at all.

These are the steps, in my opinion:

1. Read alot about Bitcoin and Blockchain
2. Learn how Blockchain works, what is a wallet, a public key, a private key, a transaction, a block, etc.
3. If you want to trade Bitcoin and you're not already a trader, learn some Technical Analysis
4. Read alot about other cryptocurrencies (starting from the majors)
5. Create a wallet or buy an hardware wallet
6. Create a profile on an Exchange
7. Validate your profile
8. Wait for a good entry price
9. Buy Bitcoin or other cryptos
10. Buy a Lambo  

First you need to know what is bitcoin before buying it and only invest the amount which you can afford to lose.

Then you need to buy bitcoins from exchange choose the best exchange like coinbase,but I always used to buy on localbitcoin.com because coinbase is not available in my country.

Then choose an wallet like Ledger Nano S or Electrum to keep it for future usage.

First point is to know the volatility of the Bitcoin Market and what you are getting into. Its a very unpredictable one. Follow the old mans saying "Invest how much you can afford to loose". So if tomorrow the price tanks to $5000 or below you shouldn't have a migraine up your head. So once that's done and you are all set learn what is Bitcoin at its basic preferably from a youtube video so you can understand it at a layman's terms. It is better to learn the tech part of it. Also very interesting.

Next thing is to choose your wallet. Now wallets have something called the private key which is like your key to open a lock. Most of the wallets online don't provide you. So if you store large amounts of Bitcoins there and tomorrow the wallet goes mia you shouldn't complain about losing your Bitcoins. Better get a wallet which gives you access to your private keys. You can google about it. You can store a few Bitcoin in a web wallet so you can spend it on the go. Also make sure you note down the seed words which is help you in to recover funds which disaster strikes.

Ones that's done you can purchase the Bitcoin from anywhere feasible depending on where you live and transfer them to your wallet and hold it for the future. If you are lucky the price might go to $25000 or higher or lower than today. Think of it as an investment or an asset. And if you are a risk taker you can try trading. But its highly not suggested to do so.

Hope this helps and if you need any more information PM me so I can explain you about it.

You should know what is private keys and that you have to keep those a secret, don't use online services like exchanges to store your bitcoin. Because with them you don't have ownership of your bitcoins, but you trust 3rd party with it. Go with good and reputable exchanges such as coinbase (gdax), gemini, kraken.

Don't belive any website that promise to get you easy and quick money, but investigate and if you have to ask about that service here. There are many scams and ponzi scemes which is why you want to make sure website is legit.

You should know things aside from holding bitcoin itself, what are the other things you can do with the bitcoin. It is like you should know that you can trade using bitcoin right? Like knowing the basic also of Bitcoin and purposes of altcoins.

First is check the stability of bitcoin. Always check and research its curve before buying bitcoin.
Second is being knowledgeable about bitcoin. Bitcoin's value is volatile which means its value fluctuates continuously. But as the record shows, when the value dumps, it some time it will regain its value and pump again which means, if the value of bitcoin dumps, it is the better time to buy because you can buy a lower amount of bitcoin but it will surely pump again as time goes by.

Well, first you need to do is to find a wallet, As of the moment, there are many wallets that support Bitcoin. Please read this article to know how to choose a wallet https://bitcointalksearch.org/topic/general-bitcoin-wallets-which-what-why-1631151,

After you have chosen a wallet, you can now buy bitcoin. Buying bitcoin is really easy, you can either buy it, from exchange, people and some bank also offer this but of course, it really depends on your current location. But the easiest way to buy it is buying them in coinbase.

But of course to tell you honestly, You must be aware of this first if you really wanted to buy Bitcoin, Bitcoin is very volatile, you may lose or gain money in an instant. So before you buy them, please be advise that you can only invest what you afford to lose.

I am trying to buy bitcoin . i research online take some advise from people who are involve with it ..But to get exact point its bit uncertain ...so what should i need to know before buying bitcoin?