The first step to investing in Bitcoin, besides doing your homework, is to buy coins! If it is your first time to buy coins, for safety reasons, never buy coins from strangers online, do not believe in strangers recommending cryptocurrency investment platforms that are easy to make money, and do not download apps from unknown sources.

What can you do after buying Bitcoin?

For long-term holding, it is recommended to put it in your own wallet, which is safer, and you don’t have to worry about the platform going bankrupt. If the amount is small and you are lazy, you can just put it on the platform, but you must pay close attention to whether there are any suspicious signs, such as people starting to report that they cannot withdraw their coins, or the team is exposed to embezzlement and other incidents.

Use Bitcoin to invest in other cryptocurrencies with greater potential

To buy coins with coins, you need to go to a cryptocurrency exchange. First, you need to register an exchange account. Second, you need to have a general understanding of the buying and selling process. The cryptocurrency buying and selling process is very similar to stock buying and selling, except that the subject matter becomes cryptocurrency and the trading venue becomes a cryptocurrency exchange.

Important concept explanation: Not all cryptocurrencies are volatile, rising and falling sharply. There is a kind of cryptocurrency called stablecoin, whose price is anchored to the U.S. dollar. The largest stablecoin USDT and the second largest stablecoin USDC are both U.S. dollar stablecoins whose prices are maintained at 1 U.S. dollar for a long time. Using cryptocurrencies to purchase other cryptocurrencies is more commonly used with stablecoins than with Bitcoin. After all, stablecoins have stable prices and are more suitable as a medium of exchange.

Participate in the financial management activities provided by the exchange to earn extra interest income

If you do not want to invest in other coins, but do not want to just leave them there, and hope to earn a little extra interest while holding and waiting for the price to rise, you can use the financial management services usually provided by cryptocurrency exchanges. The simplest ones can be divided into current and fixed deposits. Like bank deposits, fixed deposits usually have higher interest rates, but there will be interest losses if they are cancelled in advance. Current deposits have lower interest rates but can be withdrawn at any time. This method is aimed at lazy novices. It is relatively simple and does not require complicated on-chain operations. The most important thing is to choose a trustworthy platform. Never use a platform that is unknown and lacks public information. Also be sure to avoid phishing. Only go from the official website and do not use links given by strangers.

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