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How to invest in cryptocurrencies? How to start investing in Bitcoin? Updated: 6/10/2021 18:54 Published: 04/24/2021 15:03 Average rating: 4.74 / 6 Votes: 27 Table of Contents During the pandemic, more and more people are investing in cryptocurrencies! How to buy cryptocurrencies? You can safely buy them on the cryptocurrency exchange! Find out how to wisely start investing in cryptocurrencies in 2021. We will tell you how and where to buy a cryptocurrency, as well as how to safely invest your money so that you do not spit on your chin later! During the pandemic, more and more people are investing in cryptocurrencies! Buy a cryptocurrency conveniently! In the era of a pandemic, Poles are increasingly looking for alternative forms of saving and investing capital. As a result, they effectively avoid low interest rates and other unattractive forms of savings. One of the more and more often chosen forms of investment are cryptocurrencies. Cryptocurrencies are growing in popularity, and many people see a virtual currency as an investment opportunity that will not only safely invest money, but above all multiply capital in the era of galloping inflation. How to safely and wisely start investing in cryptocurrencies? What do you have to do to make your investment safe and successful? How to successfully invest in Bitcoin in 2021? These are the questions that most often arise from people who are just starting their adventure with cryptocurrencies and want to learn as many details as possible to be sure that this decision turned out to be the right one. In this article you will find all the necessary information to help you start investing in cryptocurrencies! How to buy cryptocurrencies? You can safely buy them on the cryptocurrency exchange! The largest Polish cryptocurrency exchange The world's largest cryptocurrency exchange How to buy cryptocurrencies and start investing your savings in cryptocurrencies? We have published a comprehensive guide that will help you easily learn how to safely and efficiently buy any cryptocurrency. Buying cryptocurrency is an extremely easy and fast process. You can buy Bitcoin and any other cryptocurrency online - without leaving your home! If you want to buy a cryptocurrency, you can use a cryptocurrency exchange office as well as a cryptocurrency exchange. Choose an exchange or a cryptocurrency exchange office that will allow you to make transactions in Polish, as well as provide support in Polish in situations where you need help. Register an account on one of the most popular cryptocurrency exchanges Where to buy cryptocurrencies safely? One of the most popular cryptocurrency exchanges where Polish private investors buy cryptocurrencies is the Polish BitBay exchange Buy Bitcoin and over 30 other cryptocurrencies on the Polish BitBay exchange The largest exchange in the world, Binance, is equally popular, which, despite its global reach, provides 24/7 support and the possibility of making transactions in Polish. Buy Bitcoin and over 100 other cryptocurrencies on the Binance exchange How to pay for cryptocurrency? When buying a cryptocurrency, you can pay in PLN. This means that you need a foreign currency account. Remember, however, that setting up an account on the online cryptocurrency exchange requires confirmation of your identity. So you need to prepare your ID card as well as your electronic personal account. The cryptocurrency exchange allows you to freely trade cryptocurrencies, check the current rates of specific cryptocurrencies, as well as buy or sell assets. Buying cryptocurrency can be a long-term investment. Therefore, you should also take care of a secure cryptocurrency wallet, where you will accumulate your virtual currency between its sale or exchange. We encourage you to take advantage of the electronic cryptocurrency wallet. It is a completely safe tool and a tool of choice for storing cryptocurrencies. Buy BTC for 1 PLN! How to safely invest in cryptocurrencies? The cryptocurrency market provides tons of opportunities for novice investors. An investment in cryptocurrencies can pay off, giving you very high returns. However, it may also not provide you with the high returns you expected. What do you need to remember when you want to start investing in cryptocurrencies? First of all, keep in mind that when you decide to buy Bitcoin, Ethereum or Litecoin, you need to keep a close eye on price fluctuations and be patient. When investing in cryptocurrencies, remember that this is a long-term investment and that cryptocurrency prices change in real time, meaning tracking rates can prove crucial in this case. When investing in a cryptocurrency, you must also remember that it is an investment that is very different from an investment in other assets. When investing in gold (and even real estate), you will notice slight price fluctuations, while the virtual currency has proven many times that it can generate high price drops and increases in a short time. BitBay - The largest Polish digital currency exchange Ik should you invest in cryptocurrencies? Before investing in cryptocurrencies, gather as much information as possible about the entire cryptocurrency market, as well as the value of specific cryptocurrencies in recent weeks. Do you want to invest in cryptocurrencies and you have an eye on a specific virtual currency? The investment will not be very different from the classic playing on the stock market. When buying cryptocurrencies, try to wait for the moment until the value of the cryptocurrency drops to an attractive level for you. On the other hand, the best moment to sell or exchange a currency will be the moment when it achieves the best possible financial result in a given period. Buy Down, Sell Up! Before you start investing in cryptocurrencies, think about the amount you want to spend on this purpose, remembering to allocate some of your savings in other investment instruments - for example in traditional currency, gold, real estate, and even secure some of your capital on an investment. Invest in BTC Safe Bitcoin Investing - How To Do It? Bitcoin has revolutionized the understanding of virtual currency and significantly expanded the possibilities of investing in cryptocurrencies. Until recently, people who became interested in BTC could buy cryptocurrency for little money and use it for anonymous online payments. Today, many of these people can boast of well-invested money and a large return on investment, because BTC is currently the most expensive cryptocurrency. Is it worth investing in BTC in 2021? Perhaps the biggest breakthrough related to the value of this cryptocurrency has already been observed. However, it's hard not to agree that BTC still has a lot to offer, and nowadays a lot of people are deciding to invest in this cryptocurrency - especially beginner investors who are just entering the cryptocurrency market. On our website you will find an extensive article dedicated only to BTC, in it we explain how to buy Bitcoin, where to buy Bitcoin, as well as the history of this cryptocurrency. We encourage you to read if you are sure that when investing in cryptocurrencies, you will choose BTC, not competitive virtual currencies. To sum up - how to invest in cryptocurrencies in 2021? Invest in cryptocurrencies in 2021! Is it worth investing in cryptocurrencies? Certainly! The virtual currency market is still developing, giving investors many opportunities and chances for spectacular profits. Remember that savings that we do nothing with lose their value due to inflation. The prices of goods and services are rising, and the money set aside in the personal account depreciates. Safe deposits or savings accounts ensure minimum interest that does not cover the pace of galloping inflation. By investing in cryptocurrencies, you can find out that even unconventional investments are not reserved only for a selected group of investors. Access to cryptocurrency exchanges, cryptocurrency exchange offices and even bitomats is almost unlimited, it is only up to you whether you decide to take the first step and start your experience with cryptocurrencies. Key rules for investing in cryptocurrencies We talk about the basics of investing in cryptocurrencies. Janusz Zieliński, the co-founder of the LitPay fintech company, answers the questions about buying and storing this type of assets. cryptocurrencies Photo: Shutterstock Author Piotr Zając WRITE TO THE AUTHOR Suppose I have PLN 5,000 and want to buy my first bitcoins. Where can I do it safely? There are at least a few possibilities, and the choice depends on your knowledge and individual preferences. If you need direct support in carrying out such a transaction, it is best to choose a stationary exchange office, where you will meet someone who will provide you with the necessary help. If you do not want such support, you can go to a bitomat, i.e. a cryptocurrency ATM that can be found, among others. in shopping malls. If you want to do it from your computer, you can choose an online currency exchange or an exchange. The latter options may be closer to someone who is already investing in the markets and knows what the order sheets look like, etc. I choose the stock exchange. There are plenty of platforms to choose from, and you hear a lot about various scams. So how do you choose the right stock exchange? You have to pay attention to small and big problems. In the first group, there is liquidity, i.e. a relatively shallow market, which makes the prices on such an exchange unattractive and the possibilities of concluding transactions limited. The second group consists primarily of scams, most often based on the fact that these platforms are fictitious, use aggressive marketing and serve only to obtain funds. So you have to avoid less liquid platforms and those with so-called "reprimanding". Therefore, it is worth considering well-known long-running platforms, such as Polish BitBay or foreign Binance. If we want to pay in zlotys, it is the first choice, and if we want to pay in dollars, then the second. Is the money kept on the stock exchange as safe as the money in my brokerage account? If you have already bought cryptocurrencies on the exchange and intend to keep them long-term, then they should be sent to your own wallet. One of the most important rules in the industry is that if you don't hold the private keys to your cryptocurrencies, then you don't really own them. So I recommend sending them to your wallet. And if you want to speculate and actively trade on the stock market, then it is worth doing it with amounts that you can afford to lose. We remember the cases of BitMarket or BitCurex, i.e. exchanges that collapsed and left customers with nothing. The process of concluding transactions on the stock exchange is similar to what we know from the WSE or the forex market? Yes. If someone has such experience in the traditional stock market, they can easily cope with cryptocurrency exchanges. Now that I have purchased my first bitcoins and want to keep them long term, I need to transfer them to my wallet now, as you mentioned. How to choose such a wallet? The choice of wallet depends on how high the level of security you care about. It must be remembered that there are no intermediaries in this market, so everyone is a bank for themselves. You hold the private key (password), you send the funds and if you make a mistake, you can lose them irretrievably. There are no complaints here and no people who will reverse transactions. And now safety is always increased at the expense of convenience here. If you are buying for small amounts, you certainly need less security and greater mobility. Then you can download a free application called "Coins", which is a wallet that supports many cryptocurrencies and provides a basic level of security. If you have large amounts and you want a high level of protection, hardware wallets, such as Trezor or Ledger, are a good choice. Their advantage is that the private key stored on them does not come into contact with your computer, so no virus will attack it. Why is this private key so important? You sign / authorize transactions with it. It proves that the cryptocurrencies on a given blockchain actually belong to you. That is why it must be protected in this way. It usually has the form of 12, 18 or 24 words that are worth writing down somewhere, encrypting and not disclosing it to anyone. If someone comes into their possession, they will have access to your funds and will be able to make transactions. At PLN 5,000, I would rather focus on a wallet in the form of an application. I download it, generate a private key, then check my public address, which is the equivalent of the bank account number, and now - how do I transfer funds from the exchange? What does the transaction look like and how much does it cost? You make a transfer from your account on the exchange to the public address indicated in the application. Miners must be paid for the execution of each transaction, because they maintain and secure the blockchain. Commissions change, most often they are given top-down, and in some, more advanced wallets, you can set yourself. Generally, the higher the commission, the faster the transfer, because the miner prefers to verify the transactions for whichearn more. With a minimal fee for a miner, at the moment, a bitcoin transfer is expected to take between one and two hours on average. Sometimes, however, it can only take a minute, depending on at which point in mining the block your transaction came. It's all pretty dynamic and fluid. If I mistake the public address in the order, will I not reverse the transaction? No. They will be sent to the exact address you entered and no one is responsible for your mistake except you. If no one has access to this mistaken address, the funds are lost forever.