There’s just too much negative press on Bitcoin these days without any basis. How could someone understand the advantage of this technology without experiencing it first-hand? This is a question that constantly lingers in my mind as I read or watch the mainstream media where mis-informed journalists spew absurd comments on Bitcoin. So, now that you are here and probably have made your own independent conclusion on Bitcoin. Where do you actually start? Follow the steps below to obtain your first piece of the pie. This is by no means the only way to acquire Bitcoin but if you are in Malaysia, then this is a reliable method.
First, head-on over to an on-ramp facility that might be available in your country. Remitano.com is a highly recommended site as I have had great success converting my currencies to Bitcoin over there multiple times. They are an escrow service which simply means that a sellers Bitcoin will be locked for the transactions until you confirm that you have paid the seller the required amount upon which it is released to you. The official definition for escrow is of course a bond, deed, or other document kept in the custody of a third party and taking effect only when a specified condition has been fulfilled.
Click login/register. Complete all the necessary fields in the application screen as required (includes Know Your Customer or KYC steps).
Now you should have successfully registered an account. You can go ahead and buy some Bitcoins. Click on Buy Now button and specify the exact amount that you would like to purchase.
Complete the online banking transaction with the details of the seller. Once you have completed the payment, click on the button that says that you have paid seller. In the subsequent dialog box, click I have paid full amount. That’s it, you have just bought yourself some Bitcoins.
This platform is a custodial service which should be very familiar if you use banking services. The Bitcoins that you have just bought will be kept in your custodial wallet on the website. You can either opt to sell the Bitcoin later when the price rises for a cool profit or you can decide to store them long-term as your own digital asset.
Being your own bank (optional)
The price of Bitcoin will continue rising over time because of the scarcity that is in-built. Therefore storing it long-term might be a better strategy. We would recommend that you use a non-custodial wallet for long-term storage purposes. This is akin to being your own bank by managing passwords and private keys by yourself instead of relying on a third party. Of-course, we do need to point out the significant risk of not being able to recover your assets if you lose your private keys.
There are many non-custodial wallets to choose from. One that we particularly like is Atomic wallet. Instructions on how to transfer your Bitcoins from Remitano to another wallet will be available soon. That’s it guys….as simple as ABC and you are initiated into the cryptocurrency world.