What are the procedures to follow when I want to invest?

[Wakate]

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

3. Why is using Bitcoin better than using conventional currencies?

Many thanks to all of you for your explanation.

Many of the questions you are asking, you can not get them here but only opinions. What you need to do is to read books on some of the things you don't have idea about do that you can learn as quickly as possible then if you have any challenges, you can answer questions so that you can be guided. This is not a place for you to learn the fundamentals you need to know about Bitcoin or miming, there are plenty of books online you can get and read that will sharpen your faculty about what Bitcoin is and how you can make an investment from it with the precautions.

[Stepstowealth]

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

Know that there are scammers and untrustworthy people in bitcoins, avoid buying bitcoins from individuals you do not know or websites that are not popular, you can send money and never receive bitcoins.

3. Why is using Bitcoin better than using conventional currencies?

Conventional currencies are government controlled and they are not a good store of value because they are subject to inflation as it's supply is not limited. As for bitcoins, there is independence from the government, and it can serve as a hedge against inflation.

[kawetsriyanto]

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

You need to have the wallet first. When you have the wallet, you can buy BTC on CEX or DEX, then you send the BTC to your wallet.
To buy BTC, you can use fiats if you have CEX account. You need deposit fiats to your CEX wallets, then you can buy BTC on the spot market with fiat pairs. But if you want to buy BTC on DEX, it will be easier if you buy with USDT.

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

To know the basic information about mining, kindly read this first https://www.investopedia.com/terms/b/bitcoin-mining.asp

3. Why is using Bitcoin better than using conventional currencies?

Bitcoin offers the potential of higher profits. Its volatility enables Bitcoin to rise significantly although it also means Bitcoin price possibly freefalls as well. To deal with the BTC price fluctuation, you need to learn the price history and the bearish-bullrun period. Also, make sure you know well what factors that determine the price fluctation.

[GbitG]

Why is using Bitcoin better than using conventional currencies?

Bitcoin is so much better than conventional currencies, and it is much more befitting than conventional currencies.
Let's explain why Bitcoin is better than conventional currencies. First, we need to understand the preamble of Bitcoin and why people need it for trade.
In the early days, people used physical objects like rocks, gold, precious metals, bank notes, paper bills, and digital money.
Over time, people learn that the most desirable qualities don't have conventional currencies. Which is given below.
Divisible — can be turned into smaller pieces for certain uses, like paying a specific amount or making micropayments.
Non-consumable — cannot be consumed for purposes other than an exchange of value.
Portable —can be easily carried around.
Durable — does not wear away or depreciate through time or in certain conditions.
Secure —cannot be counterfeited.
Easily transferable.
Scarce—cannot be replicated without end.
Fungible — each piece has the same value as its equivalent.
Recognizable — it is recognized and accepted as a means of transaction.
This is why Bitcoin is called the next step in the evolution of money. Since we didn't have money like Bitcoin before, it's natural to question the concept and compare it to traditional currencies.

[passwordnow]

3. Why is using Bitcoin better than using conventional currencies?

It's better when you're going to do transactions offshore. Because there's no central authority and there's no third party that it has to go through that will take up to 3 business days for the confirmation. And that's what we're talking about as a currency, not mentioning it as a store of value. Being it that has a fixed supply makes it better than the typical currencies that we've got and that's because they can print endlessly compared to Bitcoin. So, its value will keep on increasing as the demand increases as one of its property is its scarcity.

[libert19]

I only have answer to your title and not to the questions put in body therein. Invest only what you can afford to lose, despite from the current price it seems that the only way from here is UP! There are multitude of things that can go wrong and you lose your funds. As the saying goes, never test depth of river with both feet.

[Chilwell]

I only have answer to your title and not to the questions put in body therein. Invest only what you can afford to lose, despite from the current price it seems that the only way from here is UP! There are multitude of things that can go wrong and you lose your funds. As the saying goes, never test depth of river with both feet.

Adding to what you have said, the are many things you look into when you want to do any kind of investment, know the kind of investment you want to do, make sure you do your own personal research to know more about the investment, consult does that are into the investment before jumping into it. Please note :- don't look into the profit they are making and decide to invest in huge amount, do things gradually, start with little amount of money to know in and out of the investment to avoid loss or fund.