Everyone knows about Bitcoin nowadays, right? No. It seems everyone has heard about it, but the concept is fuzzy to most. Let’s start from the base – it is a fun way to explore crypto investment.
However, keep in mind that it is volatile and presents a risk. So, if you want to become a Bitcoin trader, you’re at the right place to start.
What Is It?
In straightforward terms, Bitcoin is entirely virtual money. You can use it to buy products or pay for services, but you don’t have it in your wallet. Each coin is, in essence, a file stored online. There are nowadays physical coins, but their worth lies in the code stored inside.
You create a digital wallet to keep it or send it to other people. Every transaction gets recorded in the blockchain, a public list, to avoid frauds. Of course, it is a complicated concept, but it boils down to what you’ve just read.
What to Consider?
There are many things to keep in mind before you start investing. Before you jump to opening an online wallet, get familiar with Bitcoin facts. Only that way, you can become a successful trader. Besides, consider the following:
- Don’t use your credit card to purchase. This currency isn’t always cheap, and credit cards come with extortionate interest rates. The two together mean financial loss.
- Ensure a private and secure internet connection. This is important for each time you enter your personal information or make any financial decisions online.
- Bitcoin investments aren’t insured. Some websites will provide private insurance, but you still need to be aware that this method of earning money is not 100% safe.
How to Invest?
The first thing you need to do is buy Bitcoin. There are several ways to do so.
Buying online is the most common way to attain Bitcoins. All you need to do is download a virtual wallet. Then you set up your account on a cryptocurrency exchange.
Exchanges are market places where people trade cryptocurrency for money or other currencies. There are hundreds of exchanges to choose from.
Purchase in Person
Yes, it’s possible to get cryptocurrency in person. There are Bitcoin ATMs, where you trade your real money for virtual. Some retail stores, banks, and people also exchange their online currencies for physical money.
Receive Them as Payment
If you are selling something online, you could request a Bitcoin payment instead of a physical one. In that case, you will also need a wallet.
Get Them For Free
Many websites offer Bitcoin in exchange for various favors you do online. Most common include playing games, completing website tasks, even read! You will see a lot of advertisements, though. If you want to avoid this, a Bitcoin casino could be your best bet.
How to Use Bitcoin?
The worth of cryptocurrency is becoming accepted in mainstream shopping. Today, many businesses are receiving this form of currency. Explore stores that accept Bitcoin and go shopping without bringing your physical wallet!
The Bottom Line
Finally, don’t invest too much in Bitcoin. What seems like a potential for huge gain may end up a loss of the same size. This currency asks for speculation, and it varies day in and day out – and yet, it’s viral, and honestly, enjoyable.