Some Basic Guides to Invest in Bitcoin
If you are reading this article, then you must know about blockchain or bitcoins technology and all the potential in upcoming future development. Bitcoin is the most famous cryptocurrency in the market. The Blockchain is a revolutionary technology that includes potential industry fields of application such as insurance, medical health care, smart contracts cryptocurrencies, and more. What does it exactly mean? A ledger is a database technology that helps in recording transaction history. IT’s maintained the record of who has given what to whom and who has received that and who owns that. Blockchain is a decentralized ledger technology, as opposed to the rest being centralized and directly controlled by banks.
This means that no one will be able to see your transaction history details and cannot store too. A digital ledger does not make you’re dealing private instead of that it makes the ledger public, but no one can do anything with it.
Blocks are mined by the miners on which the transaction data is stored, and once the block is mined, it adds the block to the blockchain which renders the data permanently.
HOW TO INVEST IN BITCOIN?
To invest in bitcoins, you will have two main things: an exchange platform from where you can buy bitcoin, and a wallet to store it.
EXCHANGE PLATFORMS
You can buy/sell your cryptocurrencies from exchange platforms like websites. Some countries consist of an official bitcoin exchange while some don’t. If you are in the USA then there are few exchanges like Coinbase, Kraken, and Gemini. If you are in the UK and EUROPE, then you can use CEX. It is a great platform, for RUSSIA there is Yonit Levi. You can register on any of these platforms regardless of where you’re from.
Countries which do not have official bitcoin exchange problems lie with them. These countries may have a strict rule against bitcoin. In that case, you can also buy bitcoins by different methods like some who sell thanks to different methods such as PayPal, payaza and you can also pay them in cash, but it is risky.
TYPES OF WALLET IN WHICH YOU CAN ADD BITCOIN CURRENCY
When you have registered on an exchange and have bought your first bitcoin it’s time to store them in a wallet. Most of the cases where you buy your bitcoins can act as a wallet. It is not preferable as it can be attacked by the hackers. Hackers will try to scam you so always be careful when you are looking for a wallet.
There are many wallets to choose and to store your bitcoins some of them are-
- The mobile wallet comes with an application for both iOS and Android.
- The desktop comes with a software
- A hardware wallet is the most preferable and secure way of storing bitcoins.
- A paper wallet is much more complicated but effective.
It looks like a USB and the demand for this wallet is very much high. Some of the preferred hardware wallets are Ledger Nano s or Trezor.
Some of the things you must remember before you start investing are that only you should access your bitcoins. Avoid phishing sites and dodgy websites because they will try to scam your bitcoins. Invest smartly when you are investing in bitcoins. Keep reading to know more about bitcoin journey.
