Bitcoin is a term you’ve probably heard about many times before, especially in recent years, when the covers were full of headlines mentioning that certain Bitcoin. Bitcoin has attracted a lot of attention lately and we can say that cryptocurrencies are slowly becoming a part of everyday life. It was intensively written about back in 2011 when it was said that there was something that could change the world and the concept of money as we knew it at the time.
Bitcoin exploded the moment it reached a value of $ 1. At the time, it was incomprehensible, how could something like Bitcoin be the equivalent of the US dollar? Shortly afterward, just four months later, Bitcoin reached a hitherto unimaginable $ 31. In addition to this currency, which has stood out as the most valuable, there are over a thousand others, and many of them are worth investing.
Cryptocurrency trading is the same as with any other trade – you buy cheap and try to sell more expensive.
Whether you consider bitcoin a good investment opportunity or a bubble that has just burst, the fact remains that bitcoin is the most famous cryptocurrency in the world and is just an introduction to the cryptocurrency era. There is a lot to talk about bitcoin, but it is best to understand it if you try it.
Buying bitcoin, which today is rumored to become digital gold, is different from buying all other assets. As a rule, you need a broker to buy shares. You have to register at a brokerage house, order transactions. You have support and protection. Brokers and exchange offices cannot operate without licenses.
As you can guess there are several different options. The two most convenient methods for beginners are buying through an online exchange and buying through a Bitcoin ATM. We’ll pay attention in both ways so you can easily decide which one is best for you.
Buying Bitcoin using an online exchange
The easiest way to buy Bitcoin is to use an online exchange that supports credit/debit card purchases and/or bank transfer payments. Today, multiple exchange offices allow you to change your currency into specific cryptocurrencies. In short, buying cryptocurrencies through an exchange office goes like this: first you have to create an account by entering your data.
After that, you need to upload a copy of your ID. Now it’s time to log in and enter your bank card information. Then you choose the payment method and you can start buying the most famous cryptocurrencies such as Bitcoin and Ethereum. Stock exchanges are used for other currencies. Check here for more info: https://bitcoin-code.app.
ATM purchases
This way of shopping is considered safer and faster. There are hundreds of cryptocurrency ATMs in the world today and the number is constantly growing. If you are able, prefer to use this form of digital money purchase. It’s very simple, and best of all, you don’t have to leave your details such as your bank account number. All you have to do is swipe your bank card, type in how much money you are willing to invest, and wait a few seconds until your digital money is transferred to a secure, your crypto wallet.
What scams can we encounter when it comes to cryptocurrencies?
Today we can encounter many scams when it comes to cryptocurrencies. So you have to be careful. As interest in this digital money grows, so does the number of scams. Thus, over time, fake exchange offices have appeared, which you will most easily recognize by the fact that they offer very competitive prices. If the offer sounds too good to be true, it probably is. Hackers can be very resourceful when it comes to scams, so they can change the bitcoin addresses that are copied from the computer.
So, it is better to check the address more than once, because otherwise, your cryptocurrencies could end up in the account of hackers. You may have heard of the Ponzi scheme before. It is about the person offering you a guaranteed refund in exchange for a prepayment. This is one of the most classic scams when it comes to cryptocurrencies, a scam in which the investments of future investors are redirected to previous ones. There are a number of other scams you may encounter, such as blocking access to your money until you pay the ransom, as well as many scams when entering alternative currencies such as altcoin, where fraudulent ones may be among them.
How to keep Bitcoin safe?
We’ve seen that there are many challenges you have to overcome to save your little fortune. What is crucial is the kryptonite, which can be hot and cold. Merchants choose it according to their needs and financial capabilities, but a cold hardware wallet is far safer than a hot one because it does not require internet access. Whichever you choose, it consists of two parts, and these are the public wallet address and the private key. A public address is something you are free to share with others, while a private key needs to be kept secure.
Final thoughts
Knowing these basics, you can start investing. Of course, you always have to be careful because hackers are resourceful when it comes to scams. In addition to the importance of choosing a confidential platform, you can also use a software application that will make it easier for you to trade and monitor the market situation when you cannot.
We can freely say that investing in cryptocurrencies is similar to gambling, so the same rules apply when it comes to investing: you never invest more than the amount of money without which you can continue living in case you lose it, invest in several different currencies, at least in the beginning until “you get into the business,” beware of various scams. Caution is never enough when it comes to money!