How to Get Started With Your Bitcoin Investment?
Nov 12, 2017 Posted / 4140 Views
Recently, investors are predicting the value of Bitcoin currency to cross the barrier of $10,000 this Christmas, as it is heading for another major correction. This figure is enough to suggest the virtual money has come a long way from $27 value at the time of launch to $6713.01 today. In a nutshell, the graph of Bitcoin price has seen a tremendous surge over the years. This people’s currency has overcome several hurdles from the side of the governments and number of litmus tests to win over the trust and confidence of investors and commoners across the nations.
The biggest advantage of Bitcoin over any other cryptocurrency is that the Bitcoin transactions directly place between the sender and the receiver, over the Internet. Additionally, here, there is no intermediate acting as a middleman- no bank or clearing house. This indeed has ensured the Bitcoin transaction fees are way low compared to platforms like the PayPal. The best part, the accounts of Bitcoin cannot be frozen, either by the government or any federal authority. This currency can be used all over the world hassle-free and can be used to buy anything to everything.
Furthermore, the prerequisites of opening a Bitcoin is quite basic.
In today’s time, there is no problem to exchange your Bitcoins with dollars euros or any other global currency. But, you need a place to store your Bitcoins, and this space is known as online digital wallets. Plus, you can also go with hardware wallet for better safety and security of Bitcoins. The digital wallets can be accessed from your smartphone, personal computer, or a third party website. Paying off your bills through your Bitcoins is quite easy, just a few clicks, and money transferred; just like sending an email. Practically, you can buy just about anything with your Bitcoins.
Being a decentralised currency , the Bitcoin currency is not printed by the government or any financial institution, it is obtained by the process of mining. This is process by which bitcoins are created, here, the supercomputers work to solve complicated math problems, to verify the transaction and get bitcoin as a reward.
Blockchain technology is the heart of this cryptocurrency. Blockchain, typically a distributed, public ledger which records and maintains every Bitcoin transaction. The data contained in this ledger is shared over all computers on the network of Bitcoins, which is in thousands. Thus, there is no single point of failure. Therefore, if can hacker wants to bring down Bitcoin to its knees, he or she need to hack every computer in the network for a successful cyber attack. And, as a matter of truth, this kind of hacking is virtually impossible. So, on a whole, the Blockchain technology makes the cryptocurrency, Bitcoin, make more safe and secure.
With Bitcoin, you have the advantage of buying any kind of merchandise anonymously. This is why international payments with Bitcoin are quite easy and cheap and you can pay even on the go with your smartphone. The Bitcoin currency is tied to any nation, it is borderless, and thus, invitees investors worldwide. Furthermore, this virtual money is not subjected to any kind of regulation, small businesses and investors are loving it, no credit card costs involved. As an investor or a commoner, you can buy Bitcoins, expecting the price of Bitcoin to rise continually.
Buy on an exchange website
The best place to buy Bitcoins is on a reliable exchange website. This can be done by the exchange of your country currency or any other global currency, which is accepted on such websites, Mining.The network of the bitcoin is secured by a group of people known as the miners. They verify every transaction and send it to the Blockchain ledger, and the miners in return get a reward in the form of Bitcoins. Every transaction of Bitcoin is fair and verified, nullifying every possibility of crowdfunding. However, these flocks, the miners have to compete with each other, in terms of computer hardware they have, in order to solve more complicated mathematics problems.
After going through the above brief about the Bitcoin, you must have developed a liking for acquiring it, however, before you dip your toes, make sure you buy Bitcoins from a trustworthy website. For this, you can surf the Internet to come across the best customer reviews and ratings on popular websites. Also, take advice from your friends or relatives, who have recently purchased Bitcoins.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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