How to Buy
5 steps to buy on BYDFi
Open BYDFi account for free
Sign up for BYDFi with your email/mobile number and create a strong password to protect your account
Keep your account safe
Enable Google Authentication (2FA), set anti-phishing code, and trading password to add an extra layer of protection to your account.
Verify account
Enter your personal information and upload a photo of your valid ID cardVerify your personal identity
Add payment method
Once your BYDFi account is verified, add credit/debit card or bank account
Buy
There are various payment methods available to purchase BTC on BYDFi. We'll guide you through it
Choose how to purchase BTC on BYDFi
Buying coins on BYDFi is easy and convenient. Explore different ways to buy
- 1
Buy with credit/debit card
This is the easiest way for new users to buy (BTC). Connect your credit/debit card to your account, enter the amount, and wait for the transaction to complete
- 2
Buy through third-party channels
BYDFi supports a variety of leading third-party payment services. Visit ourThird-party payment pageCheck out the payment methods available in your area
- 3
Buy on BYDFi's Spot market
BYDFi's Spot market offers 700+ Coin pairs, making it the most popular buying platform. Buying methods are as follows:1. Buy stablecoins through BYDFi, third-party Coin buying channels. Additionally, you can transfer crypto assets from other wallets or exchanges to the BYDFi platform. Please make sure to choose the correct blockchain network, once you deposit your funds to the wrong address it cannot be reversed.2. Transfer your crypto to BYDFi account. Find the trading pair you want to trade on BYDFi's spot market. Place an order to exchange your currency to
Note: BYDFi offers a variety of order types to buy in the spot market, such as market orders to buy immediately and limit orders to buy at a specific price. For more information about BYDFi order types, click here3. After a successful trade, you can view the available in your account
How to store ?
The best way to store will vary depending on your needs and preferences. Check out the pros and cons to find the best way to store
Store BTC in your BYDFi account
Storing assets on BYDFi will give you quick access to trading products such as spot and contract trading, savings, lending, and more. BYDFi acts as the custodian of your crypto assets, saving you the hassle of keeping your private keys. Make sure to set strong passwords and upgrade your security settings to prevent malicious actions from accessing your assets
Deposit your BTC to the wallet
「No key, can't withdraw」If security is your biggest concern, you can withdraw to a decentralized wallet, so you can easily manage your key. You can use any type of wallet, including smart wallets, Web3 wallets or paper wallets. Note that this option may not be convenient if you want to frequently trade or use your assets. Be sure to store your private key in a secure location as loss of the key could result in the permanent loss of .
How you can use with BYDFi
Hold
Store in your BYDFi account.
Trade
Trade in spot and futures markets.
Why is BYDFi the best platform to buy ?
Safe and reliable
Millions of global crypto users trust us. Our multi-tier & multi-cluster system architecture and insurance fund protect your account.
High liquidity
BYDFi has highly liquid buy and sell orders for all listed cryptocurrencies, providing a liquid trading experience with tight spreads
Gem cryptocurrency platform
Supporting over 500 cryptocurrencies, BYDFi is the best platform to find your next Gem. You can buy BTC on BYDFi and use it to exchange other crypto assets.
Friendly interface
Thanks to its simple interface and superior technology, buying on BYDFi is quick and convenient. Buy Coin on BYDFi to receive BTC
Trade
Answers
What Factors Contribute to Bitcoin's Value?
Limited Bitcoin Supply (21 Million BTC)
One crucial aspect that contributes to the value of Bitcoin is its scarcity, which is due to its fixed supply. At its inception, the creators declared that only 21 million BTC would ever be minted or generated.
Decentralization: A Key Attraction for Bitcoin Users
The increasing popularity of decentralized cryptocurrencies and rising trading volumes have led to a growing demand for Bitcoin among retail and institutional investors. This increased demand supports the price of Bitcoin.
Bitcoin's Dominant Market Cap: The Most Valuable Cryptocurrency
Additionally, BTC's fixed maximum supply and its reputation as the original cryptocurrency with the largest market capitalization make it an appealing store of value. This factor contributes to the stability of Bitcoin's live price.
Crypto Adoption Surge Boosts Bitcoin's Value
The growing interest in BTC and other digital assets among both large and small investors has significantly increased its value in recent months. The expanding use cases for cryptocurrencies make this asset class more attractive for investment. Being the leader in the crypto market, Bitcoin is a sought-after addition to many portfolios.
Bitcoin: A Hedge Against Inflation and "Digital Gold"
Since the onset of the COVID-19 pandemic, global financial markets have experienced high levels of uncertainty. Many investors view Bitcoin as a hedge against inflation, earning it the nickname "digital gold" in the financial market. Amid monetary easing by central banks, volatility in equity markets, and rising gold prices, numerous investors have turned to Bitcoin for its potential for high returns.
What Drives Bitcoin (BTC) Price Action and Volatility?
While it is impossible to accurately predict the price of Bitcoin over any timeframe, there are several factors that influence its price action and volatility. These factors include:
Supply and Demand of BTC Coins
The price of Bitcoin is affected by the balance between its limited supply and the market's demand for it. With a total supply capped at 21 million coins and a production rate that reduces approximately every four years through halving, as the supply becomes scarcer, it can potentially drive the BTC to USD price higher.
Regulatory Developments Worldwide
Government regulations and legal frameworks play a crucial role in shaping the perception and adoption of Bitcoin. Different countries have varying approaches to cryptocurrency regulations, and changes in regulations can impact market sentiment and investor confidence, thereby affecting the value of Bitcoin.
Impact of News Events on BTC Price
News events and media coverage can have a significant impact on the price of Bitcoin. Positive news, such as institutional adoption or regulatory clarity, can increase demand and drive up the price of BTC. Conversely, negative news, such as security breaches or regulatory crackdowns, can decrease Bitcoin's value due to reduced confidence and selling pressure.
Liquidity and Accessibility
The ease of buying, selling, and trading Bitcoin can also influence its price. As Bitcoin becomes more accessible through various platforms and investment products like futures and mutual funds, it can attract a broader investor base, potentially increasing the demand and price of BTC.
What Is Bitcoin Mining?
Bitcoin mining is the process of generating new Bitcoins using powerful computers and mining rigs. By solving complex mathematical puzzles, miners validate transactions on the blockchain and add them to newly created blocks. This crucial process ensures the security and integrity of the Bitcoin network.
Bitcoin miners verify transactions, create new BTC, and contribute to its overall supply. In return for their mining efforts, miners receive a portion of newly minted Bitcoins as block rewards. BYDFi simplifies the BTC mining experience with the help of BYDFi Pool. This service allows you to contribute your computing resources to increase the mining hashrate while benefiting from low mining costs.
When will the next Bitcoin halving occur?
Bitcoin halving events are programmed into the Bitcoin protocol and occur every four years until the maximum supply of 21 million Bitcoins is reached, projected to be around 2140. Following each halving, the number of new Bitcoins created and awarded to miners for adding blocks to the blockchain is cut in half. The first Bitcoin halving took place on November 28th, 2012, at block number 210,000, reducing the block reward from 50 BTC to 25 BTC.
After the second halving in July 2016 and the third halving in May 2020, the next halving is expected to happen between February and May 2024, approximately at block number 840,000. During this halving, the block reward will decrease from 6.25 BTC to 3.125 BTC.
How Much Energy Does Bitcoin Consume?
Does Bitcoin consume a significant amount of energy?
The Bitcoin network relies on a proof-of-work (PoW) consensus mechanism to validate transactions, which necessitates the use of high-powered mining rigs and energy. These rigs are crucial for maintaining an accurate record of all transactions on Bitcoin's blockchain.
The decentralized nature of Bitcoin and its proof-of-work consensus mechanism contribute to its energy consumption. In order to verify transactions, computers within the Bitcoin network compete to solve complex mathematical problems. This mining process requires substantial computational power and consumes a considerable amount of energy.
Nevertheless, Bitcoin miners are actively exploring the possibility of utilizing cleaner energy sources to address the issue of energy consumption associated with Bitcoin.
How Secure Is Bitcoin?
When it comes to security, Bitcoin is designed with utmost importance in mind. Since its inception, the Bitcoin blockchain has remained resilient, with no significant outages or successful attacks. While there is a theoretical possibility of hacking the Bitcoin protocol, carrying out a 51% attack is difficult and expensive due to the decentralized nature of the Bitcoin network and its global open community.
However, it is crucial to acknowledge that your Bitcoin holdings can be vulnerable to hacks and scams when stored in digital wallets or exchanges. For more information on the safest way to store your Bitcoins, click here.
What Are The Different Ways to Invest in Bitcoin?
Are you interested in investing in Bitcoin and taking advantage of its potential? Look no further as we present a variety of investment options to explore. Read on to find out how to invest in Bitcoin and make the most of this exciting digital asset.
Buy and Hold Bitcoin (BTC)
The most popular and straightforward option is to buy Bitcoin and hold onto it. By doing so, you can profit as long as the value of BTC continues to rise. However, it's important to note that there is a potential risk of losses if the market crashes. In such cases, you can sell your Bitcoin on the market. Through BYDFi, you can explore Spot Trading, Margin Trading, and Futures Trading to diversify your investment strategy and maximize potential returns.
Earn Passive Income through Lending
Another interesting strategy is to lend your BTC holdings to generate passive income. By lending Bitcoin, you can conveniently grow your capital over time. This method allows you to put your Bitcoin to work and earn additional returns. BYDFi offers the option to invest BTC on our platform through Crypto Lending and BYDFi Earn services, providing additional income-generating opportunities.
Go Long or Short Bitcoin: Investing in Bitcoin Futures Contracts
Users can also go long or short on Bitcoin to profit from its price movements. Bitcoin futures offer a popular option for advanced traders to generate leveraged returns with minimum base capital. However, great profits often come with great risks, and you must manage your risks properly to reduce the chances of losses in the volatile crypto market.
Investment Trusts: Exposure to Bitcoin through Reliable Options
Investment trusts provided by reputable firms like Grayscale are appealing to larger investors looking for exposure to Bitcoin. For instance, the Grayscale Bitcoin Trust is a publicly traded fund that allows you to purchase GBTC shares, providing indirect exposure to Bitcoin. It's worth noting that investment trusts often trade at a premium and may involve higher costs compared to buying Bitcoin directly on an exchange.
What Can You Buy With Bitcoin?
Bitcoin has become a widely accepted form of payment in various industries, offering users a wide range of possibilities. In addition to trading cryptocurrencies on exchanges, BTC's Lightning Network enables seamless online and offline transactions for goods and services.
Online Retail and Services
Bitcoin has expanded beyond the digital realm and can now be used as an alternative to traditional currency. You can use BTC to make purchases on online retail platforms, book vacations through travel websites, access online services, pay for meals at select restaurants, and even order food online. Furthermore, third-party services have made it possible to place orders on Amazon using Bitcoin, enhancing your online shopping experience.
Car Dealerships and Luxury Cars
Although Tesla no longer accepts Bitcoin as a payment method, many car dealerships in the United States still embrace the digital currency. These dealerships allow customers to buy vehicles, including luxury cars, using BTC.
Real Estate
Real estate has also recognized Bitcoin as a viable payment option. While still relatively uncommon, there have been notable instances of real estate sales conducted with Bitcoin. The acceptance of BTC in the real estate market demonstrates its increasing recognition as a legitimate and valuable asset for high-value transactions. As Bitcoin continues to gain popularity, more opportunities for purchasing properties with cryptocurrency may arise.
