The holiday season is just around the corner and soon, you’ll be listing down your New Year’s resolutions. If your list includes jumping into the crypto space, you might be thinking about how and where to begin—especially if you’re in Vietnam, where digital solutions like blockchain are just starting to be recognized. While crypto can be overwhelming at first, you don’t need to wait for 2021 to get started!
We’ve prepared a checklist that includes the most important things you need to know about cryptocurrencies, including how to buy Bitcoin in Vietnam, among other things. But first, let us walk you through the current state of crypto adoption in this Southeast Asian country.
Bitcoin trade volume in Vietnam
While Vietnam doesn’t rank first among the Asia Pacific countries, its position in Bitcoin trade volume is pretty good. Currently, it ranks fourth, following the Philippines, as per the data from usefultulips.org.
Paxful.com Vietnamese dong (VND) Volume
The trade volume using Vietnamese Dong (VND) is leaning towards a favorable trend from the first to the third quarters of 2020. While there are some noticeable ups and downs in the fourth quarter’s bars, the trade volume is still seeing a positive trend since it has grown from 64.22k in January to 1.02M in November.
This just goes to show that cryptocurrencies are starting to get popular in Vietnam and a significant number of crypto lovers in the country are starting to buy Bitcoin. With these findings, you probably know someone who owns Bitcoin in Vietnam. If you’re wondering how they launched their crypto journeys, check out this list and plan the perfect route to your Bitcoin adventure.
The Bitcoin trading checklist for beginners
Here are a couple of things you need to consider to get started with Bitcoin:
A reliable crypto wallet
First, let’s have a quick review of what Bitcoin is. BTC is a digital currency that runs solely through technology, meaning you don’t get to hold a pile of paper bills or jingling coins in your purse or wallet. Bitcoin is kept in unique and specialized storage called a digital or crypto wallet, which comes in different types and forms, depending on your needs.
For crypto beginners like you, it’s ideal to get a mobile wallet since it’s more convenient and easy to use. Mobile wallets allow you to store, send, receive, and track your BTC anytime and anywhere. Since it’s where you’ll keep your funds, it’s crucial to know if it’s reliable enough to protect your money against cybercriminals.
If you’re wondering where to get one, just create an account on Paxful and you’ll instantly receive a Bitcoin wallet for free! You can also use this wallet to store Tether (USDT) if you’re interested in buying other cryptos.
Enough VND funds to buy BTC
At the time of writing, Bitcoin’s price is over 19,000 USD. Luckily, you don’t have to buy one whole BTC—not unless you have the money and are willing to spend such an insanely huge amount. Bitcoin is way more divisible than fiat currencies. A single BTC is divisible by eight decimal places and you can buy fractions of it for as low as 10 USD. Interesting, right?
A reputable cryptocurrency marketplace
If your BTC wallet and funds are ready, the next thing to look for is a crypto platform where you’ll buy fractions of Bitcoin and other cryptocurrencies. There are many online crypto exchanges available in Vietnam, but you need to make sure you’re getting a reputable, secure, and reliable one.
You can buy on either traditional exchanges or peer-to-peer (P2P) marketplaces. If you want to buy BTC directly from a seller, P2P marketplaces will work for you. Otherwise, you can try traditional exchanges that use digital offer lists to match buyers and sellers on the platform. Some crypto exchanges offer a wide variety of digital currencies, making them ideal for traders who are exploring other coins. Just be sure to check a marketplace’s reputation and security features before starting your transaction. This involves your money, so it’s best to be sure about the platform’s credibility.
A payment method that best fits your style and needs
If you’ve already chosen a crypto marketplace, the next thing you need to do is select a payment method that best suits your needs. If you’re looking for a platform that offers lots of ways to buy Bitcoin, you might want to check out Paxful, which allows you to get your first fractions of BTC instantly in more than 300 ways! You can also use these payment options to buy USDT or convert them into BTC and vice versa. From bank transfers and online wallets to debit or credit cards—you’ll easily find the best payment option for you!
Get started today
We told you—getting started with BTC and other cryptocurrencies isn’t as hard as you think. You just need a reliable and secure wallet, enough money to buy some crypto, a credible marketplace, and a suitable payment method. Once you have all these, you’ll be able to get the hang of crypto trading in no time!
Are you ready to buy Bitcoin in Vietnam? Create your account now, scout for available trade offers in your area, and kickstart your crypto journey before 2021 rolls around!
*The content of this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.