How to Invest in Bitcoin

One of the main financial trends today is making money on investing in cryptocurrencies. How to do it right, and what students should start with?

How and why students should invest in Bitcoin and cryptocurrencies

There is no surprise that students are always looking for ways to make money. College may be tough as it needs you to study hard and pay for doing your homework when you cannot meet the deadlines. You also need to take care of your college loan and just have pocket money for daily expenses. With all the problems you face, getting a part-time job will only add stress and reduce that little amount of spare time you already have. One of the great ways to raise some money that is also quite trendy today is investing in cryptocurrencies, and namely, Bitcoin.

Just like standard exchange trading, you can manage your crypto actives online and make a profit on the exchange rate. Thus, next time you wonder «How am I going to pay someone to do my accounting homework?» you will be able to transfer your Bitcoins in fiat and buy yourself some time off studies just looking through reviews and choosing a reliable service (for example, speedy paper reviews).

Key things to know before investing in Bitcoin

It is considered the first and thus more trusted cryptocurrency, as there are new coins appearing on the crypto market every day. Too many young people, it is associated with the future global means of payment, but besides this option, it is also the network based on Blockchain that provides security and reliability, removing the middleman. With all the benefits it gives, it is not necessary to know everything about Bitcoin (unless you are a programmer) to invest in it. But if you want to make some money t be able to afford academic writers online once you are puzzled with the problem «Who can write essay for me?», then our quick guide is aimed at you.

Before we start, you should know these key things:

  • There is no need to buy one Bitcoin as it is pretty much expensive. One such coin can be split into 100 millionths;
  • People interested in Bitcoin are usually categorized into three types: speculators, curious and actual users;
  • To buy it, you need to create a unique Bitcoin address, wallet, bank card, exchange, and prove your identity.

If you are new to this, we recommend using Coinbase platform:

1. Register a personal account 

Provide your phone number for two-factor authentication; verify your identity with specified documents, and you will get access to the main dashboard. The process will take less than fifteen minutes as the system gives you suggestions on what should be done;

2. Choose the method of payment 

We suggest choosing a credit card because the fee charged by the system will be smaller and the whole process will take less time. You can also consider bank transfer if this is more convenient, but keep in mind that it may take a few working days while the card allows to do it immediately;

3. Start buying

This is pretty simple. Use the button «Buy now» or choose the Trade menu. Pick cryptocurrency (Bitcoin) and then enter the required amount of money! You will be able to see all your transactions on the menu. If you click on «Portfolio,» there will appear the number of bitcoins available now in your wallet;

4. Use your bitcoins

If you plan to receive the BTC payment, you need to give this person your unique BTC address. To send bitcoins, you will be required to enter the recipient address, type the number of coins, and write a brief message (your payment reference). You can manage all transactions with the QR code from your smartphone as well.

All your transactions will be recorded and seen in the wallet. They will also be stored on Blockchain but at the same time be completely anonymous. On the web, you can find many exchanges besides Coinbase, but this one is good starting from. Once you save some Bitcoins, you can use them as payment methods in specific shops and restaurants where crypto is accepted. We believe that with such a rapid popularity growth, there will be more opportunities to use it in the future.

Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.


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