From the moment they appeared more than a decade ago, digital currencies have been rapidly growing in popularity and success. As their main representative and the staple of the whole cryptocurrency game, Bitcoin has never been more popular than right now, and this trend will seemingly never end. Until it fully replaces traditional currencies, Bitcoin and its cousins will constantly grow, expand, and change how business is being done around us.
Right now, there is still a lot of controversy surrounding virtual currencies, and the banks are not happy with how much it has grown. Despite this, thousands of different businesses from all over the globe have long been accepting bitcoin as a valid payment method. Restaurants, bars, and shops have recognized its potential and took the opportunity to earn more by accepting valuable cryptocurrency.
Furthermore, millions of people in developing countries and emerging markets are investing in digital currency and trading it, some as a main source of income. If you want to become one of those people and get started with Bitcoin or Bitcoin Cash, this article is meant for you. We will educate you on what you need to accomplish in order to involve yourself with the hottest way of doing business in the modern day.
Right now, 1 BTC is worth approximately $9,222.62. This is a large amount of money for something you cannot actually see or feel, which is why a lot of people are hesitant and wary. However, this amount pales in comparison with Bitcoin’s worth of nearly $20,000 towards the end of 2017. Its volatility and frequent worth spikes are infamous since it can jump leaps and bounds and then fall to almost nothing within a few hours. In this, however, lies the potential to make it big. Before you start playing this exciting yet frustrating game, you have to know a few more things.
Your crypto wallet has to be secure, just like your real wallet. Next, remember that Bitcoin payments are irreversible, but that its instant transactions are not secure. It is still an experimental currency, despite being in existence for over 10 years. Lastly, some governments and banks purposefully impose harsh regulations and taxes on Bitcoin in order to prevent people from using it, making a profit in the process. To educate yourself more about this, visit www.realtytoday.com.
1. Create a Bitcoin Wallet
Source: computerworld.com
To be able to store, withdraw, deposit, and trade Bitcoin, you need a cryptocurrency wallet. It will allow you to buy some Bitcoin as an initial investment, after which you can do the rest. Before simply opening a free account and getting your wallet, there are several things worth mentioning. Different types of wallets exist, including those for desktops, mobile phones, hardware, and web. They offer different features, so depending on how you plan to do business, research your options, and find the most secure and suitable wallet service for you. It only takes a few minutes to complete the whole thing. As of right now, the most popular Bitcoin wallets include Blockchain, ChangeTip, and Coinbase.
2. Get Bitcoin in the Wallet
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Now that you have your wallet set up, it is time to buy your first amount of Bitcoin. There are quite a few ways of doing this, all of which are plausible. One of the most beneficial is accepting Bitcoin as payment for some services and goods, as you would with regular currencies like euros and dollars. If you are lucky, a close family member or a friend can sell you or lend you the initial amount. The still most common way is actually purchasing Bitcoin directly from one of the many exchanges you can find online.
The most secure way of purchasing is at a secure, fan-favorite, and well-reviewed exchange service. After doing extensive research, navigate your way to a trusty service that offers this feature and transfer your funds to the account you will open. One can never be too careful with the money, so thread carefully. Always buy your Bitcoin from legitimate exchanges, and never use suspicious third parties. The most secure places currently are Coinbase, Cryptsy, and Bitfinex.
3. Start Using your Bitcoin
Source: coindesk.com
Your Bitcoin will never be a true investment if it just sits in your wallet waiting for something. Until you begin treating it as stock, and give it your time and resources, it cannot bring you anything. You have to understand that nobody guarantees you will make any kind of profit from it, which is why you have to approach this the right way, with appropriate seriousness and dedication.
Now, we are not saying you cannot make it, on the contrary. Many people have become very rich tanks to cryptocurrency, especially Bitcoin, and many more have had pleasant and fruitful experiences with them. To become one of them, you have to be smart about it and use it safely. Trading it, gambling with it, mining more, and accepting it for services are the most proficient ways of getting more. On the other hand, selling it and spending it is useful too, since its worth changes over time.
The laws in place that regulate the way merchants and businesspeople accept and offer Bitcoin are still not firmly set in place. Therefore, many are trying to scam people and take advantage of their good will. If you are not that sure where your money is coming from, or where it is going, it is better to go to another place to do business.
Final Advice and Conclusion
Source: forbes.com
When you get a certain amount you wanted, you are free to do with it as you please. If you make sure to follow the aforementioned guidelines, you will not encounter any problems during your Bitcoin endeavors. Always carefully evaluate your options, from the amount in question to the company or individual you are doing business with. Although it seems scary, dealing with Bitcoin is a very fun and pleasurable experience, with lots of excitement. Still, in its early years as an infant, it will only become stronger once it is older. Then more people will jump on the train, but those of us who have long been riding it will have a considerable advantage!
