Are you interested in investing in cryptocurrency? Well, none can be better than Bitcoin. Here you will get to know all the details about BTC. Initially, you may find investing in cryptocurrency a bit complicated. But by the time you reach the end of the article, you will get an idea about what bitcoin is, why it is popular and how you can use it. If you are a bit skeptical about Bitcoin, trust us and keep reading till the end.
One of the fascinating cryptocurrencies of modern times is Bitcoin, where users are unnamed. This is a decentralized and pseudo-anonymous digital currency. From here, it can be said that:
Bitcoin is considered to be one of the largest cryptocurrencies in terms of popularity and recognition. When written with a capital ‘B’, the word’ Bitcoin’ signifies a connection to a peer-to-peer network. On the other hand, when the letter ‘B’ in ‘bitcoin’ is written in lowercase, it depicts the coins.
What makes Bitcoin so popular among all other cryptocurrencies is that it is completely devoid of any middleman and has no connection with the banking system. This wallet ID is used for your transaction purpose.
It is said that Satoshi Nakamoto is the creator of Bitcoin. However, none knows the name of the actual founder as Satoshi Nakamoto is an alias. In 2008, the name of Nakamoto first flashed out in a scholarly article entitled “Bitcoin: A Peer-to-Peer Cash System.” He introduced Bitcoin due to a financial crisis.
Unfortunately, two years after its introduction, Nakamoto abandoned the project without disclosing anything further. However, the cryptocurrency developers did not give up. They continued their research work and developed Bitcoin for public use. The website of Bitcoin says that the inventor of Bitcoin is as significant as the inventor of paper.
However, on 3 Jan 2009, the genesis block (the blockchain of BTC) was introduced and mined. After a week later, the first transaction through Bitcoin took place. During the early phase of Bitcoin, the transactions were negotiated on internet platforms where people would barter for services and goods in exchange for Bitcoins. Gradually, other cryptocurrencies began to be launched into the market, so the blockchain code of Bitcoin had to be improved.
Specific properties make Bitcoin different from other cryptocurrencies. Want to know them? They are given below:
Once you confirm a transaction, you can overturn it. None under the sun can get the money back. So, if by mistake, you end up sending the money to a hacker, it’s gone forever.
Your Bitcoin currency and the wallet ID-based account has got no physical connection. The Bitcoins that you receive on your wallet ID possess only 30 characters. Although you can assess the flow of transactions through Bitcoin, you cannot connect it to any financial institutions in actuality.
Once you send money, the transaction gets done within the blink of an eye. You receive the confirmation notification within the next few seconds. As has already been mentioned, Bitcoin operates digitally. Therefore, they have got nothing to do with the physical world. So, sending Bitcoin to any part of the world does not make any difference to the world’s constituents.
When using cryptocurrency, you do not have to take permission about anything from anybody. Download the cryptocurrency software and use it according to your own free will. No gatekeeper can restrict you or prevent you from transacting bitcoins to any corner of the world.
A cryptography system protects all the funds created in Bitcoin. None other than the owner has the right to deal with cryptocurrency. A robust cryptographic code makes it difficult to hack.
Step 1: Considerations before buying
Before you start purchasing Bitcoins, keep the following things ready at hand:
Some of the reasonable payment methods can be via bank accounts, debit or credit cards. Another most critical factor that none of the Bitcoin investors should miss out on is security. It is advised not to brag about your Bitcoin investment publicly. Once any outside gets hold of the private key, he can use it on bitcoin’s blockchain for the transaction.
Step 2: Selecting an exchange
After you signup to the cryptocurrency exchange, you will get the facility to buy, sell and hold cryptocurrencies. Generally, it is better to use an exchange where the investor can withdraw cryptocurrencies and keep them safely in their wallet. However, there are several kinds of cryptocurrency exchanges. Some platforms keep the users unidentified. In such cases, you do not have any governing body to rule over you or control you.
Currently, the cryptocurrency exchanges are being conducted without any KYC and are non-decentralized. Further, when selecting a cryptocurrency exchange platform, make sure you are conducting secured internet practices.
Step 3: Linking a payment method with the exchange
Now that you have already chosen an exchange platform, it is time to accumulate your pers. The documents that will be required mainly depend on the type of exchange you chose, the region where you and the laws that operate in your residential area.
When the exchange has recognized the identity as valid, you need to link up the payment option you are comfortable with. Here, you can either use your preferred bank account or opt for debit or credit card systems.
Step 4: Request for an order
Now is the time to perform the much-awaited step, purchasing Bitcoin. Over the years, the value of Bitcoin has only gone up the ladder. Today, investing in cryptocurrency is no different than investing in the stock market. All you need to do is find the perfect exchange mode first, followed by connecting the payment method, and you are good to go!
Step 5: Safe Storage
The secure place where you can keep your digital assets is known as cryptocurrency or Bitcoin wallets. When you have your Bitcoin in your person, it means you have complete control over your funds. Also, in this way, you can avoid hackers as much as you can.
There are various options to choose a Bitcoin wallet. Before that, you need to have a clear idea about the hot wallet and cold wallet conception. Wallets that function on internet-connected devices are known as hot wallets, while those with no connection to the internet are cold wallets. If you want your Bitcoin offline’s utmost security, the best solution would be to opt for a paper wallet, which you can operate without any websites’ help.
Therefore, there is no doubt about the popularity that BTC has gained over the years. Before the cryptocurrencies-mania diminishes from the market, invest in BTC to earn some extra money.
|Founded by||Satoshi Nakamoto|