After you buy Bitcoin, What’s Should You Do Next?
The popularity of Bitcoin is increasing more than ever. Due to its high prices and volatile nature, almost everyone is interested in learning how to buy and sell the cryptocurrency. Bitcoin is the most popular of all the cryptocurrencies and it is no wonder that it is widely accepted across the world. So what do you do after you purchase this cryptocurrency? This article will shed more light on this question.
The Bitcoin Wallet
Once you’ve bought your bitcoin, it will be stored in your personal wallet of whatever exchange you decide to patronize. After this, you should look to transfer the funds from this exchange wallet to the address of the Bitcoin wallet you should’ve created. A small fee will have to be paid, but that is normal with Bitcoin transfers.
Setting up a wallet that isn’t linked to an exchange is always a good idea. Because you’ll have access to your bitcoin in the event that the exchange goes down or there’s traffic. The following are some of the best wallets suitable for this:
This an offline all-in-one application that supports several cryptocurrencies including Bitcoin. It is completely free to use, while also having embedded shape-shift trading. The interface is simple and easy to understand – enabling users see their cryptocurrency portfolios.
This mobile wallet is very popular because of its ability to be compatible with advanced tech like Trezor hardware wallets and Tor.
It is important to note that bitcoin transfers are not usually stable. With Bitcoin – unlike other currencies – the transaction has to be logged in the blockchain and authenticated. This usually takes time, especially when trading hours are very busy. To this effect, it isn’t strange for the completion of a trade to take an hour or two. Ultimately, it isn’t advisable to immediately go to your account to start moving funds.
What to do with Bitcoin?
If you plan to sell your Bitcoin in the long run at a profit or you want to use it to buy something, it’s always good to be ready to do so at any point in time. This is because of bitcoin’s volatile and fluctuating nature. It’s advisable to be prepared for a rise and fall in value. You can start preparing by creating a seller account or understanding how to buy what you want with the cryptocurrency before the time you plan to buy it. With this, you’ll not panic like most people when the time finally arrives for you to sell or spend your bitcoin.
You can sell your bitcoin through either exchange trades or direct trades.
These exchange platforms act as middlemen by helping you sell your bitcoin. Examples of these exchanges are Coinbase, Bitstamp and Kraken. All you have to do on the exchange is create an account and wallet while also linking your bank account or local currency wallet with it. You then send the bitcoins you want to sell to this exchange wallet. You can then place a sell order after the coins have been deposited. After completion of the sale, the funds in the currency of your choice will then be sent to the bank account or exchange currency account that you’ve linked. You can then withdraw these funds anytime you like.
With this method, you arrange a sell order for a particular value and if someone is interested in the price and is looking to buy, you’ll get an alert from the site. With this alert, you can make headway on the transaction. Once you’re satisfied, the buyer will pay you and you’ll then send the cryptocurrency to them in return.