To start trading, you'll have to open an account with the exchange. These exchanges follow stringent know-your-customer guidelines, so you will need to prove your identity before being able to trade using them. Most exchanges have minimum deposit requirements for fiat currencies and cryptocurrencies, but these are usually very low.Despite being over a decade old, bitcoin remains a relatively immature asset.
"If the amount you store is going to be a lot, you may also want to add a seed backup," advises Mow. A "seed backup" is a backup of the phrase that lets you access your bitcoin wallet. Many investors holding large quantities of bitcoin engrave their seed phrases onto metal plates and then store these plates somewhere safe .
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The safe way is to buy through your Fidelity or TD Ameritrade or E-Trade account, using the ticker GBTC. It’s an ETF that tracks Bitcoin.
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