Unless you are living under a rock, you have probably heard of bitcoins. Bitcoins make financial headlines every day. Rag to riches stories because of bitcoins are everywhere. But what are bitcoins exactly and how do you buy bitcoin? How do you make money out of it? Check out Blokmy Malaysia to find out more information.
Introduction to Bitcoin Malaysia
Bitcoin is the oldest “cryptocurrency” created in 2009. Cryptocurrency is just a fancy term for the digital currency. It is like a Ringgit or a Dollar but has no physical form. It only exists in the computer world. Rather than banks, bitcoin holders can make transactions online directly from one user to another.
How to Buy Bitcoin in Malaysia
For you to make money on bitcoins, you need to think of it as an investment. You buy when the price is low and sell bitcoin when the price increases. Here are the steps on how to buy bitcoin in Malaysia,
Step 1: Your Bitcoin Wallet
Before you can buy bitcoin in Malaysia, you need to have a bitcoin wallet first. A bitcoin wallet is like a digital wallet where you store your coins. However, instead of cryptocurrency coins, you will store private keys here so that you can access your public bitcoin address and make transactions.
Step 2: Your Digital Currency Platform
The next step is to choose your platform. Click here to check out the reliable platform in Malaysia. This will determine how you buy, trade and sell bitcoin, and other cryptocurrencies such as Etheruem Malaysia. There are various ways to buy bitcoin. Among those are as follows:
- Bitcoin Brokers- These brokers act as the middleman between two parties who want to trade bitcoins. However, because of high fees, a lot of people shy away from this option.
- Peer to Peer Exchanges- Unlike buying from bitcoin brokers, this type allows you to trade directly with bitcoin owners. You can either buy or sell bitcoin without the middleman. This cuts out the fees that brokers get from trading.
- Cryptocurrency trading platforms– These types of platform allows you to buy and sell cryptocurrencies using other cryptocurrencies such as Etheruem Malaysia. This means you can buy etheruem Malaysia using bitcoins and sell etheruem Malaysia to get bitcoins. It’s a great platform that allows you to take advantage of the ups and downs of cryptocurrencies. However, since it requires the user to have an existing cryptocurrency, this might not be the best way to buy and sell bitcoins for beginners.
Step 3: Your Trade
The final step is to go buy the bitcoin. The process will vary depending on the platform you chose. For beginners, bitcoin brokers would be the easiest. Though you may need to pay higher fees, you can go to their forums and learn more about bitcoins or ask a bitcoin consultant regarding the platform and the trade.
Whatever platform you chose, you will need to create an account and verify it. The payment method and the processes will vary depending on which platform you chose. It is highly recommended that you check and compare several platforms before you sign up. Reading reviews online can also help you the strengths and features of a specific platform. Investing in bitcoins and other cryptocurrencies is not a race. Take your time to learn the ropes and understand the trends so that you can make an informed decision.