The industrial revolution has allowed information, communications, and technological developments at a rapid rate.
It paved the way for creating equally powerful nanochips and has allowed the internet to penetrate and influence our daily lives, which also includes changing the landscape of commerce and industry and introducing cryptocurrencies or digital currencies.
Bitcoin is a digital currency introduced in January 2009 by an unknown person but is attributed to an alias Satoshi Nakamoto. What makes it different from the real money that we have is that there are no ‘banks’ that regulate its transactions, instead a public digital ledger known as blockchain stores all transactions.
In 2017, its value skyrocketed as there is a minimal supply of this currency worldwide because buying one requires a compelling computer that can generate a unique code for each coin.
Because of its popularity and its decentralized nature, it has been open to trade and exchanges online in many countries. Over the years, it has established its credibility as an investment platform primarily because it can be exchanged to other currencies, and be used to buy products and services.
Further, investing in bitcoin can be done either through trading or ‘mining,’ both of which require huge assets since one bitcoin is equivalent to thousands of dollars.
Now that you are pretty much convinced to jump in the bitcoin bandwagon, we’ll help you start with some important things that you should know before investing in bitcoin:
How much is bitcoin?
The answer remains unsure every day. But one thing is sure though, its popularity is mainly because of its increase in price throughout the years.
And although it has also seen a lot of downfall before stabilizing again, its price is never affected by a country’s economy or financial situation which makes it more valuable.
Today, it is safest to say that one bitcoin is equivalent to $1,000 or more.
Where can you buy bitcoin?
Bitcoins can be bought through online trading and can be purchased using other currencies. One bitcoin is estimated to be a thousand dollars or more.
Each Bitcoin has a unique code from where it is mined, which is recorded in the blockchain. The bitcoin is then stored in an electronic wallet and can be used in purchasing products and services that accept them as payment.
Remember, however, there have been reported fraudulent schemes of various organizations claiming to be representatives or traders of bitcoin with the promise of doubling or even tripling returns of investment weekly click here to know more about investing in Bitcoin.
This resulted in the regulation of bitcoin trading in some states and countries as a precaution to their people. Keep in mind that there are many legitimate bitcoin trading platforms that you can use for bitcoin and that there is no constant amount of profit in this activity, simply because its price changes regularly.
What to do with your bitcoin?
As you have read earlier, there are many ways in which you can use bitcoin. From paying goods, utilities, and your favorite coffee, up to buying valuable investments like stocks and even another bitcoin!
After seeing its exponential growth over the years, many traders have also started building their financial portfolios using bitcoin and emerged as ‘miners’ or those who possess intricate yet, powerful computers to generate bitcoins.
However, in recent years, because of the increase of ‘miners,’ it has also become harder to mine for bitcoins, to keep its value and rarity.
Think of it like gold, and it is very hard to find, yet, people still buy it, which makes it expensive, because the demand never falls, but the supplies are limited. So, whether you keep it or invest in some more, its value still stays the same.
How can your bitcoin grow?
Time and again, it has been said that man is never content. This saying rings especially true in terms of financial stability. Our lifestyle depends on how stable our resources are, and nobody wants to be poor, right? That is why we keep working and working.
In the bitcoin industry, one may never be enough. With its steady rise in value, investing in it some more may mean achieving financial stability.
But how can you invest in something that you cannot seem to afford?
Well, you actually can, with the help of moneylenders, for your cryptocurrency.
These companies are established for your cryptocurrency needs and will help you achieve your goals by lending you money to start your crypto journey and putting the money on the correct investments to make it grow.
Protecting your bitcoin
A bitcoin purchase requires you to have an electronic wallet (e-wallet) that can receive, transfer, and store bitcoin into its system. However, always bear in mind that just like any currency, it is also prone to theft.
So always remember not to let anyone know your blockchain address and never share essential information about your e-wallet to anyone as criminals can copy and hack your information to obtain your bitcoins.
Remember, it pays to protect your fortune!
Now that we’ve rounded up some bitcoin basics for beginners, you are now ready to jump your crypto game to the next level.
Whether you have enough financial resources to go into trading or even mining directly or need some help, it is always a good idea to do research and an in-depth analysis of the pros and cons of investing in bitcoin.
It is, after all, will not be considered by economists as the ‘future of currency’ for nothing. So, go ahead, and get your crypto game going!
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