Bitcoin, the world’s first cryptocurrency, is a digital currency decentralized from any central financial or government institution. The best part about trading bitcoins? The bitcoin tokens can be transferred from person to person within just some seconds. Crypto’s hype might have been almost ten years ago now, but with prices going up every day because of reduced supply and halving events, it is the right time for enthusiastic financial investors know about bitcoins
Why Should You Choose Bitcoin To Trade In?
If you’re looking for a reason to use Bitcoin instead of cash or your credit card, well, there are certain benefits that you need to get familiar with. Here are some mentioned below-
- Bitcoin enables fast and cheap payments worldwide.
- Bitcoin transactions have meager transaction fees.
- The blockchain is a secure system, meaning that, unlike cash or credit cards, Bitcoin is impossible to counterfeit.
- It’s anonymous because you don’t need to identify yourself.
- It’s a decentralized network not controlled by a financial authority or third-party network.
4 Steps to Getting Started With Bitcoin
Now that you came know what Bitcoin is and why anybody would want to be using it, we’re finally at the fun part: getting started with Bitcoin. Contrary to what your neighbors tell you, getting into crypto is quick, painless, and if you like exploring new things, actually quite fun. We’re going to start with a simple step first: creating a wallet. Read on to know further more about it.
1. Creating or Buying a Wallet
Think of a Bitcoin wallet as your actual wallet, but digital. It’s where you’re going to store all the crypto tokens you purchase, and you need a wallet to make transactions. First, we recommend making a hot wallet online from one of the many free wallet services.
Online wallets have a public key and a private key which are perfect for trading or storing small amounts of Bitcoin since they offer instantaneous access to your tokens and easy transactional capabilities.
Your public key is the address where sellers send their Bitcoin (think of it as an email address), whereas your private key is your key for accessing your wallet (conversely, a private key is like a password).
2. Get Your First Bitcoin
You can get your first Bitcoin a couple of different ways, but usually, you’ll have three options available to you:
- Purchasing Bitcoin using a secure crypto exchange platform, click here.
- Opt for trading products in exchange for Bitcoins trading
- Mine Bitcoins, which this is generally the more challenging option
3. Secure Your Bitcoins
Getting into Bitcoin doesn’t just mean buying and selling the tokens. With the threats of cyber-attacks only growing day by day, it’s essential to ensure your tokens are kept secure from any threats. The first thing you’ll want to do is provide your tokens are stored in a wallet of your choosing and not your account at the exchange since that puts your Bitcoin at risk.
After that, there are many steps you can take to increase your security. Many people opt for cold storage, where they buy a hardware wallet (generally costing about $100) and store their tokens on it. This means their tokens are kept completely offline, eliminating any cyber-attack risk.
4. Send and Receive Bitcoins
You can read guides and watch videos for hours, but the absolute best way to learn about crypto will always be to use crypto and gain in-hand experience. It is advised to buy some Bitcoin with a small investment, and try trading it on an exchange, though take care to learn how to send and receive Bitcoin to avoid embarrassing situations. All you’re going to need to receive Bitcoin is your public address, and while you’re going to share this with the other party, it is advised never to share your private key at any cost.
The Final Verdict
So, this was all about as a quick start guide to get started with investing in Bitcoins, however, there’s always more to learn. If you’re interested in Bitcoin, do you research and then come to making an informed decision at the end.