You might have not known much about blockchain technology or cryptocurrencies but you sure do heard about Bitcoins. Bitcoin is a cryptocurrency that was founded back in 2009 and served as the basis for all cryptocurrencies globally. This is the first and at the same time, biggest cryptocurrency with a value reaching over 3,000 dollars.
With so much buzz and hype revolving around Bitcoin, there are a lot of people who do whatever it takes to get their hands on it.
This is true even if it mean them to take a bad credit loan.
Given the fact that it’s the very first digital currency ever introduced, it brought drastic change in the interest of various organizations, investors and companies. It’s open to everyone and a decentralized digital currency to which can be utilized for various purposes be it trading, selling or buying goods and services. If you too are like everyone else who want to tap the power of Bitcoin and make a fortune out of it, then I suggest that you keep on reading.
Bitcoin Investment 101
First and foremost before being too excited to have Bitcoins, you must secure a digital wallet. This stores your Bitcoin or any cryptocurrency you want to have. It uses a secret number and private key to have access to your Bitcoin. It’s more like an encryption tool.
There are two kinds of digital wallets:
- Software Wallets – these are applications that can be linked to your bank account.
- Hardware Wallets – these wallets store private keys on a hardware device, hence the name. It can be anything like a hard drive or a USB device.
Now You are Ready
After buying Bitcoin, you also need to exchange a fiat currency. Thus, after setting up a digital wallet and the payment method as well, that’s the only time when you’ll be ready to buy and exchange Bitcoins.
Now to the real question, is Bitcoin a viable investment? Definitely! Everyone is aware of it and being a decentralized currency, it only means that there’s no central authority is controlling it. No banks or governments can stop your payment or close your account. It’s an assurance that Bitcoin will live long and this is going to change the landscape of how we are doing business.
