- 1. Register and Open an Account on Exchange
The main requirement to start investing in Bitcoin is to open an account on an exchange. Bitcoin exchange or Bitcoin exchange is a term for a company that provides a special place used by investors from various countries to exchange Bitcoin for fiat currencies (dollars, euros, yuan, rupiah, etc.). Exchange account registration is done online through the application or website. For the application, you can download it on google playstore or apple store.
Please note, Bitcoin does not have an official company that specifically sells crypto assets. This is because Bitcoin is an open source technology, but there are several different exchanges that facilitate Bitcoin transactions. This exchange is a cryptocurrency investment intermediary.
- 2. Get KYC (Know Your Customer) Verification
After opening an account on an exchange, to be able to trade immediately, you must get KYC verification. This verification is useful for protecting every participant on the exchange and ensuring that the AML (anti-money laundering) policy is running properly.
The general process of KYC verification consists of uploading a photo of the original ID clearly, filling in personal data, and uploading a selfie without facial attributes, such as a hat or glasses. The data will be processed at least within 1 working day. Make sure the data you provide is true and accurate.
- 3. Making a Deposit
Next you have to make a deposit of rupiah to the account that has been determined. Usually, the exchange’s minimum deposit is in the range of IDR 30,000 – 50,000. However, there are some exchanges that ask for a minimum deposit at a higher price.
The deposit methods offered by the exchange include bank transfer (account and Virtual Account), e-wallet, PPOB, credit card, or debit card. In addition, deposits can be made in the form of coins, either Bitcoin, Ethereum, or other types. You can see a list of coins accepted as deposit on the exchange where you opened your account. The exchange will issue a wallet ‘address’ to send coins from other exchanges.
- 4. Determine the Crypto Asset Pair
Before starting a transaction, you must select the pair or pairs you want to trade. The most popular pair is Bitcoin against Rupiah or what is the price of Bitcoin in Rupiah. This pair is similar to buying foreign currency, US $ to IDR, how many rupiah is the price of 1 dollar
- 5. Start Making Buy-Sell Transactions
After determining the pair you want to trade. You can place an order by entering the price and amount of Bitcoin you want to buy. Next, the amount of rupiah needed will appear. Choose the type of order, taker or maker. If you choose a taker, the order will be placed immediately according to the market price. The number of Bitcoin holdings will be updated immediately and the amount of rupiah deposits will decrease according to the number of purchases.
If you choose a maker, the order does not occur immediately or is postponed until it matches the desired price. As long as there is no match, the order will wait in the “order book”. Please note, the unit for buying and selling Bitcoin can be up to eight digits behind the comma, which is 0.00000001 BTC. So, you can start trading with small numbers. The process of selling Bitcoin is not much different from the process of buying it. However, after successful execution, rupiah deposits increase and Bitcoin holdings decrease.
Some coins cost thousands of dollars, but exchanges often allow buying fractions of a single coin. Therefore you can invest from as little as US$ 25 dollars. Don’t forget to determine your risk tolerance and investment strategy before trading. Bitcoin can be used to transact or be stored in the hope that its price will rise.
- 6. Withdraw
To withdraw Bitcoin into rupiah is quite easy, namely by submitting a withdrawal in the application used. In addition, you can withdraw Bitcoins held on the exchange by entering the address of the wallet to which the Bitcoin is sent. Because the exchange uses a banking network to send money, it takes a maximum of 1 x 24 hours to process rupiah withdrawals. The duration or speed is determined by the process at the bank.
The fees required to make a withdrawal can be seen on each exchange. In addition, each exchange sets a minimum and maximum withdrawal amount for both rupiah and crypto coins. Each exchange has a different policy.
- 7. Bitcoin Transfer
Bitcoins can also be transferred to other Bitcoin investors on the same exchange. The trick is to fill in the wallet address that is intended to be sent to an exchange or write a user ID to send it to an exchange. The wallet address becomes a kind of account number when transferring money.
Understanding Bitcoin Wallet
is a place to store crypto assets, similar to storing money in a wallet. Every investor will get different wallet addresses. This address is for sending or receiving crypto assets. When making a Bitcoin purchase, the coins will be stored in a digital wallet or Bitcoin wallet.
There are two types of Bitcoin wallets, hot wallets and cold wallets.
A hot wallet is a wallet operated by your cryptocurrency exchange or by a provider. Coins can be accessed via internet/software. Electrum and Mycelium are two types of hot wallets. Hot wallets are very risky to use. Because, if hacked, your coin information is threatened.
Meanwhile, a cold wallet is a piece of hardware that stores your coins. Usually a portable device similar to a flash drive. There are two popular cold wallets: trezor and ledger nano. Cold wallets seem more secure. If you invest with small numbers it is better to use a hot wallet, while if you invest large it is recommended to use a cold wallet.
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