How To Get Started With Bitcoin?

Use bitcoin

With Bitcoin trading in the thousands of dollars right now, you might be intimidated to get started with buying and selling the cryptocurrency. But you should not be. It is constantly evolving and non-expert investors will eventually get involved in Bitcoin, even if they can afford to spend thousands of dollars right now. It helps to get educated about how everything works now.

The first thing that you need to know is that no government in the world has control of Bitcoin. The value cannot be changed by some entity issuing new Bitcoins. The total amount of Bitcoins in the world if limited to 21 million, by the code that undergirds the entire currency. There is no Federal Reserve or central bank that can mess with the money supply. That is very different from traditional fiat currencies.

If you want to buy Bitcoin, you first need to get yourself a Bitcoin wallet. Visit Bitcoin.org to read about the different wallet options that are available to you. You need to adopt good security practices around your Bitcoin wallet if you want your stash to be secure. Be sure you backup your wallet in multiple places, online and offline, so there is no single point of failure that could be exploited to obtain your Bitcoin. If you have online backups for your Bitcoin, like a USB stick or server, be sure you encrypt those places as securely as possible.

You can utilize hot and cold storage to secure your Bitcoin. For instance, if you have a wallet that exists on your computer at home or your mobile device, or even another server in your home, that is considered hot storage. Cold storage means keeping your Bitcoin address or key on a printed piece of paper offline. Preferably in a storage deposit box or a safe in your home. Or it could mean an offline Bitcoin wallet, which is a solid state drive that is not connected to the Internet.

Once you have figured out your Bitcoin storage protocols, now you are ready to buy some Bitcoin. You need to find an exchange, just like when you are buying any other security or currency. You can find a list of Bitcoin currency exchanges here but you need to do your research to find out if they are trustworthy or not. Just like with any purchase or investment, there is a sense of caveat emptor, or buyer beware. You need to be responsible for whatever financial decision that you make.

There is always going to be a certain amount of risk involved. But, with the business world and so many online communities bullish on the adoption of blockchain technologies, the potential for growth is great. Blockchain applications and cryptocurrencies are going to be part of the future of the world on some level. It is time to get on board.

There are many businesses out there that are beginning to accept Bitcoin. And the potential for a healthy return on your Bitcoin investment is great. So, give it a shot and buy some Bitcoin!

Leave a Reply

Your email address will not be published. Required fields are marked *