Today, we have an article for absolute beginners, people who are still wondering how to get started in buying Bitcoin from their savings. Before we get started, let’s deep dive into the cause for buying Bitcoin.
Too Much Power!
To understand that, we’ve to primarily focus on Fiat Currency & its major downsides. Fiat is a government-issued currency & has value because people believe so. If tomorrow’s government says that they won’t be legal tender, it would have zero value. That’s scary, right? It’s just too much power in the hands of a few people who control our monetary system.
Hidden 6% Annual Tax, maybe even more…
To understand it even better, let’s talk of Inflation. To summarise, Inflation is the decrease in purchasing power of the currency due to an increase in monetary supply. To put that into context, just take the reference of the cost of a packet of oil. The Government might say that global factors have influenced the price of edible oil, but in-ground reality, people have to pay 60% more in India for the same oil than last year. Can you imagine? 60% price hike in 1 year, how much interest does a standard bank FD pay you?
That’s a classical case of rising Inflation due to monetary policy in India. The Central Bank has decreased interest rates to an all-time low. The cost of borrowing money has gone down and with further Quantitative Easing going on across the country, it’s very normal that Inflation will break targets and dig a hole in the common man’s pocked in a country.
That was about India. If we talk globally, you’ll shocked even more by looking at the levels of manipulation going on by the central banks.
In one word, you should keep buying Bitcoin since it’s out of the monetary system and is something that can’t be manipulated by the corrupt bankers. It’s a peer-to-peer currency and doesn’t require the need of any banks or financial institutions to work around. The fact that only 21 million of Bitcoins will be ever minted makes it even harder form of money.
With every 4 years passing off, the block reward for mining Bitcoin get’s cut in half. The supply of new Bitcoins is kept in check by this mechanism. It’s written into the Bitcoin Code & no one can change it.
On the other hand, Fiat is being printed more and more every day to rescue people from going into a recession, that’s the reason which Central Banks give us but in reality, it makes the rich people even richer. Why will you save something when they are printing it? Makes no sense but we all have been programmed that way.
Even funnier part is that we don’t even question our beliefs. Because we have been seeing our parents do the same.
How to buy Bitcoin!
Thanks to the Internet, now we’ve multiple ways of Buying Bitcoin. I’ve shared the steps for WazirX & Binance, you’re free to choose either of these.
It might feel a little complicated at first, but trust me it’s very easy to use & hold Bitcoin. The reason I’m talking about Binance first is because if you learn to use the platform once, other’s will be easy for you.
There are two ways to buy from Binance.
- Peer to Peer
- Buy from Spot Market with USDT/BUSD/BNB etc.
Peer to Peer
- Go to Binance.com & log-in to your account. If you don’t have one, click on sign-up. After that, come to the homepage & hover on Buy Crypto.
- Click on ‘p2p trading’ & select BTC from the menu. Change the default currency of payment to INR & set your buy limit.
- Click on ‘Buy BTC’ and complete payment to seller’s bank account. After that, the seller will release Bitcoin to your Binance P2P wallet. You can transfer that to Spot Wallet & hold it there.
Buying from Spot Market
After making a binance account & adding funds in it. You can go to spot market and trade BTC/USDT or any other pair based on your need.
If you scroll down a bit, you’ll see the buying & selling options in spot market.
I’m promising it’s much simpler than Binance and you don’t have to stress out if you’re a new Investor.
Shoutout to WazirX, as I’ve used the Images from their blog. You can use my Referral Link for SignUp Bonus.
- Go to WazirX.com & make an account if you don’t have one already.
- Verify your E-Mail address & click on Continue.
- Choose your country as ‘India’ or any other based on your location.
- You need to complete your ‘KYC’ before you can add or withdraw funds. After completing KYC, you can go to the homepage & click on BTC/INR. Make sure you have added INR to your wallet to complete the order.
- Fill in the amount you want to buy & click on Place Buy Order.
It was much easier I guess from Binance & great for most people who are new. It was a long article & I hope this helped you get a basic sense of understanding.
Thanks for reading !