I am involved in cryptocurrency buying and selling different coins.
How to start Bitcoin investment
BASICS ON BITCOIN INVESTMENT.
This is now among the most lucrative mode of investment. But this mode of investment is really complicated to understand. Lucky for your computer programming is not necessary for success. In case you decided to start up bitcoin investment then it can be a process. This is mainly the reason why it is easier to start explaining in steps. The more reason to put this form of currency into consideration is businesses and other sectors have embraced this form of payment.
Bitcoin is the most popular of all crypto currencies available. The basic steps involve joining crypto exchange platform. Next step is open a wallet to store your coins and pair it to your credit card, debit card or bank account.
The process was just on a light note you need to understand this better. This is not only good for knowledge on cryptocurrency but also security. Making investments in bicoin is highly speculative. The purpose of this article is to give you a beginner understanding on crypto currency.
Takeaways in bitcoin investment;
• The success in bitcoin growth in value depends on willing investors, level of competition between bit coin and other forms of currency and availability of bitcoins.
• Security of your bitcoins and the mode of storing them.
• Connections between your wallet and bank account
• Finally for success in investment you need to join an exchange platform.
As the process has been highlighted it may seem easy to begin. Unfortunately, this is not the case there are so many issues involved. Like which type of wallet to look for and why is this wallet important. Security of the money invested is a key factor to consider in investments. Otherwise what is the point to invest only to lose your money? The following are steps to take;
I) open a bit coin wallet.
This is mainly to secure the bit coins purchased. You may buy large amounts of bitcoins but end up losing all. There are so many hackers trying to gain access to these accounts. Digital world has greatly developed and it is easy to spy on private information. If anyone gains access to your passwords they will easily transfer the bitcoins and likelihood of getting them back is zero.
Therefore, you should open a wallet to secure your bitcoins. There are varieties of accounts to choose from. You need to look into the various wallets and read the reviews. There are two types of wallets the software wallets and hardware wallets. Software wallet is easy and quick to access.
Not convenient for people with large amounts to invest. This is because it is like having a third party accessing your money. Some of software wallet companies have collapsed or closed down. But some software wallets are trusted and secure for you to choose from.
Hardware wallets are the more secure and reliable. They store private information of the user in a hardware device that is physical. You can compare this to storing information in a flash drive.
ii) Connecting your wallet to bank account.
It is a crucial step in bitcoin investment. After choosing secure wallets connect it to your debit card, bank account or credit card. They work the same connected to either the types of wallets. The only thing to look into now is the rates in which the charge. This is important since the purpose of investments is to make profits. It comes in handy not only for buying and selling but also depositing money into your bank account.
The difference in connecting your debit and credit card, is you can only purchase small amounts of bitcoin whereas, bank accounts allow huge sums of bitcoin purchase. The time banks take to process the transaction is longer as compared to credit and debit cards. This is entirely different based on the bank and company you choose.
iii) Joining an exchange platform for bitcoin.
These exchange platforms are online. This is similar to shopping online through websites. The difference is you are exchanging traditional currency with digital currency. Amount of bitcoin depends on the traditional currency used. There are so many online currency exchange platforms that you can use.
Looking into the online exchange platform is important. Each of them may offer the same service but there are issues that differentiate them. These issues include the reputation and reliability of the exchange platform. Security is an issue you need to consider. The charges present are different, processing fees and exchange rates.
Future for crypto currency is still growing making it a good investment option. Investing in bitcoin is not easy process. You could invest so much and lose everything when you least expect it. Most exchange platforms have wallets but not all are secured. The top recommended exchange is coinbase. Opening a wallet needs connection to an account in order for crypto exchange to occur. Businesses are now investing in bitcoin payment.