Everyone is bragging about making money on bitcoin, and you still don’t know what it is and how to start investing in bitcoin? You have no idea how to use the cryptocurrency exchange where you can trade bitcoin? All around you hear about how people have amassed fortunes. He recently broke through the $ 50,000 barrier, and not so long ago he started at $ 0.5. Don’t miss your chance!
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What is Bitcoin?Bitcoin cryptocurrency was the first decentralized digital currency. It works similarly to how cash or gold works, which can be transferred via the Internet around the world. You can transfer money as easily as sending an email or sending an SMS. This means that you can send money in person without an intermediary or the participation of any third party. In other words, you avoid expensive commissions and long waits like in a bank. Additionally, it can be bought and sold at a profit on the stock exchange. Sounds like a fantasy? Not necessarily! We can briefly describe Bitcoin as follows: it is an independent, global and public ledger used to transfer and store value.
Bitcoin pros and cons
- It is independent because no state, bank or institution can control or manipulate Bitcoin.
- It’s global because anyone can send money quickly and cheaply 24/7 to anyone on earth.
- It is publicly available because all transactions are stored in a common ledger. At the same time, it is anonymous, because anyone can participate without identifying themselves.
- It is safe because it is based on cryptography and mathematics. All users make decisions about the network and its policies together. There is no central bank that can print more and more money to lower its value.
- Inflation protection is one of the advantages of cryptocurrency.
Why Bitcoin?Why should I use Bitcoin instead of my credit/debit card or cash? There are many answers to this question, as Bitcoin has many different uses. Below we summarize the main advantages of using Bitcoin.
- Fast worldwide payments: so you can transfer money worldwide in just a few seconds. Bitcoin is the first currency in the world.
- Very low transaction fees: the transfer is almost worthless. In addition, fees in the network are voluntary.
- Bitcoin is a protected system: it cannot be counterfeited and is protected by mathematics and cryptography. The current financial system is secured by rights that will always contain loopholes.
- You don’t have to trust any Third Party: there is no intermediary who can refuse you a transaction or require costly fees. All payments are made in person, without having to rely on any company. You manage your own money.
- Bitcoin is anonymous, but also transparent: it is anonymous because you do not have to identify yourself on the network. It is transparent because the ledger of all transactions is publicly available.
- The Bitcoin network is decentralized: The digital currency is decentralized in the same way as the internet. Bitcoin is fairer because no group can control or manipulate it.
- Protect your money from inflation: Perhaps the biggest advantage of Bitcoin is that your money is protected from inflation. He has a limited supply to preserve the value of his money.
How to start investing in bitcoin?Ok, now you know what Bitcoin is and why you should use it. Now it’s time to start using cryptocurrency with the question – how to start bitcoin. If you follow our step-by-step guide, it will only take a few minutes. First of all, we will show you how to create or buy a secure Bitcoin wallet. Next, we will help you buy your first Bitcoin. We’ll soon explain how to protect your wallet. The last step is to send and receive bitcoins so you will learn how to start investing in bitcoin. We will help you completely avoid the typical mistakes of beginners. This is easier than many people think about making money with Bitcoin. But it’s all about your money and you’ll feel safer if we guide you. Here are four steps to know more about how to get started today: Step1: Create a wallet Step2: Get Your First Bitcoin Step3: Protect Your Digital Currencies Step4: Send and Receive Bitcoin As you can see, getting started is easy! In the following sections, we will discuss all the stages in detail. Remark! It is important to read the safety information!
Wallet for BitcoinA Bitcoin wallet is necessary to receive and send bitcoins. A Bitcoin wallet is easy to create, but there are many different types with different security features. With Bitcoin, you have personal and public keys that you store in your wallet. Simply put, your public key works as your email address and your private key as your password. This means that you need to protect your private key and not show it to anyone. That’s why you need a secure wallet. If you want to buy Bitcoin for a smaller amount you can use an online wallet. This is automatically created when you open an account on a Bitcoin exchange. We will help you choose a secure replacement. However, we strongly recommend buying a hardware wallet if you want to buy Bitcoin regularly or for a large amount. This is the best type of wallet because it is easy to use and very secure. If you’re creating your own online wallet or an app wallet, you’ll need to back up your private key and keep it offline. You don’t have to think about it with a hardware wallet because it protects your private keys.
Get your first BitcoinWith them you have a huge opportunity to earn without knowledge. You can get Bitcoin in three different ways. The most common and usually the easiest is to buy bitcoin on the market. But you can also sell a product or service in exchange for Bitcoin. The third way is of how to start investing in bitcoin is minning. How to start bitcoin mining? You will earn bitcoins by install the software on your computer to verify the transactions and receive a reward in bitcoins. However, in mining it is difficult to earn money and this requires a lot of knowledge and large resources. We recommend that you buy your first Bitcoin on a reliable exchange. There are many places to choose from, but not all of them are safe. We will help you choose the best exchange for you. Is this your first time buying Bitcoin? Do you want to buy immediately and above all where to buy Bitcoin with a credit/debit card? eToro or Binance is the best bitcoin/cryptocurrency exchange. You can buy easily, immediately and safely. Their exchange platform received our highest rating.
Protect your BitcoinsHave you already bought Bitcoin? If the answer is no, then scroll up! If the answer is yes, congratulations! Welcome to the future world of finance where you can be your own bank. The next step is to secure Bitcoin by taking control of your private keys. Now you need a secure wallet with which we helped you in the first stage. When you buy Bitcoin on an exchange, the money (private key) is stored in your account on the exchange. This is risky because the company stores and controls your Bitcoin. Bitcoin’s goal is to control and protect your own money. If you store Bitcoin on an exchange, your account may be restricted or blocked. In the worst case, you will lose Bitcoin if the company goes bankrupt. To make it safe, you need to transfer it from the exchange to a secure Bitcoin wallet. Once you have purchased on the market, we strongly recommend that you transfer them to a secure hardware wallet.
Send and receive – how to start bitcoin miningTo find out, just give it a try. You need to make at least one Bitcoin transaction. We recommend sending between two wallets to learn how to send and receive bitcoin. You will find out about it if you buy on the stock exchange and transfer it to your personal wallet. To get Bitcoin you just need to share your public address. It consists of a code between 27-34 letters and numbers. The address might look like this:
31Uw6L6RiIcdQgPqBkvIofH6CQ7wnMjxcYour private key looks the same, but it’s shorter. Never share your private key! Most wallets create QR codes for keys to make it easier to send and receive bitcoins. Bitcoin can be divided into one hundredth of a million (0.00000001) also called Satoshi. When transferring Bitcoin, a wallet usually recommends a transaction fee, which varies from market to market. The higher the commission, the faster the transaction ends. Paying or sending Bitcoins is also easy, but it requires a few more steps:
- Open your wallet and go to the “Send” page.
- Enter the recipient’s public Bitcoin address (or scan the QR code).
- Enter the amount (many wallets automatically convert the price of the digital currency to regular currencies).
- Make sure the address and amount are correct.
Is Bitcoin safe?However, keep in mind that Bitcoin is safe because it is based on mathematics. You can’t fool math. You only risk your capital when you use unreliable Exchanges and services. Below we have listed important information to protect your little treasure. If you are aware of this and follow the guidelines, you have nothing to worry about. First of all, you should know that transactions cannot be returned. In this way, it acts like digital cash. It offers more freedom, but at the same time more responsibility. Secondly, a Bitcoin transaction is only valid if it has been confirmed on the network. To complete a large transaction, we recommend waiting for 6 confirmations to be safe. The number of confirmations is usually displayed in the wallet or exchange. It is pseudo-anonymous. This means you can send and receive money without revealing yourself. However, if your identity is tied to a wallet, you can match all transactions to it. All transactions are stored in a common ledger and users can be both public and Anonymous. Which Bitcoin wallet to choose? There are many different types to choose from. But if you are serious about it and want to properly protect your money, you should buy a hardware wallet. This is the safest way to protect and preserve Bitcoin. There are hundreds of different cryptocurrencies and even more that are ready for exchanges. First, there are many untrusted exchanges that are not secure. Secondly, never store bitcoins on an exchange, but instead transfer them to a private and secure wallet. At the end of the guide, we listed popular exchanges where you can easily and safely buy Bitcoin. To avoid mistakes you need to be up to date. For example, more cryptocurrencies are being created. This can confuse new users and lead to errors. You have to keep an eye on something like Bitcoin price. If you want to know more we have many beginner-friendly and detailed guides.
Bitcoin quotes – how and where to check?You can check the current Bitcoin quotes by visiting this page. There you will also find a lot of detailed information and even a price history. You can buy it, for example, on the stock exchange. Who knows, maybe in a few years you will become a new millionaire?
Cryptocurrency exchanges and Bitcoin?eToro is the best bitcoin/cryptocurrency exchange. You can buy Bitcoin easily, instantly and safely. Their exchange platform received our highest rating. Open an account and start trading now! Another stock exchange that we can highly recommend. It is very intuitive and secure. We hope that we have exhausted the topic and the question asked by our reader – Bitcoin how to start?
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