When you are buying BTC, there is a lot to know about. Unfortunately, not everything will be apparent at first – it can take time to learn all of the ins and outs of cryptocurrency markets. The most important thing you need to keep in mind when purchasing BTC is not making any mistakes! Here are a few mistakes that you should avoid while you buy BTC.
1. Forgetting about BTC fees
One of the most common mistakes when buying bitcoin is forgetting to include fees. Fees can be a steep learning curve for new buyers, and it’s easy to forget that they will need to factor in this additional cost before making their purchase. Therefore, when you click on “buy,” you should always check what the final price, including all commissions and service charges, will be. If your wallet does not show any commission or fee, we recommend trying another one because there are plenty with lower rates.
2. Not understanding BTC security and storage
If you want to own bitcoins, you must understand how your money can be stolen. Unfortunately, there are plenty of hackers out there who would love access to your bitcoin wallet. So make sure that when storing your BTC, they are stored safely away from any online markets or wallets. In addition, many people prefer offline storage options such as hardware wallets because malicious actors on the Internet cannot hack these physical devices.
3. Buying BTC without understanding the tech
It is important to remember that when buying bitcoins, you are not just investing in a cryptocurrency. You are becoming part of an exciting new technology! If you do not understand blockchain technology, then it would be wise to learn more about how this revolutionary online ledger works and how it will change the world in the years to come. While your bitcoin investment may increase in value, there is no guarantee that cryptocurrencies will continue growing for many decades into the future.
4. Not reading the terms of service
Before purchasing any cryptocurrencies, make sure that you read through all relevant documentation regarding your purchase. For example, many people find themselves surprised to discover that there are certain limits on how many bitcoins they can own or trade at a time!
5. Losing your BTC passwords
Many new buyers forget that they should not lose their BTC wallet passwords! If you do, then there is no way to regain access, and it may be possible for hackers to empty your account.
Be sure to keep all of these details stored safely in multiple secure locations so that you can refer back if necessary. Remember: If something does go wrong, make sure you take immediate action by contacting the appropriate party as soon as possible. Otherwise, your bitcoins might disappear without a trace.
6. Forgetting to store your BTC private keys
It is not just passwords that you need to keep safe – it’s also essential that you do not lose any of the physical wallet devices on which a bitcoin key has been stored. Private keys are susceptible, and there have been many cases where people have lost their money due to mishandling them!
If someone does manage to get hold of this information, they will be able to steal all of your cryptocurrency without needing access to your password as well. Therefore, make sure you always take care of how these details are stored at home or work so that no one else can gain access.
7. Buying BTC with a credit card
Some buyers prefer to use their debit or credit cards when purchasing bitcoins. However, while this is one of the most popular payment methods, many people find that they cannot purchase all of the coins they want due to spending limits.
It’s essential for new investors to consider these caps and whether it makes sense financially to make purchases in such a way. Remember: If you buy too much bitcoin using your primary account, there may be consequences further down the line if anything happens and money needs to be reassessed from your bank accounts while still holding some BTC.
You should always check how long it will take before you can sell any coins after buying them on an exchange, as well as how much it will cost. Ensure that you are aware of all charges involved before making any purchases, including those from the card issuer and your bank.