Bitcoin has exploded in recent years, outperforming even the most profitable stock market in 2017. If you want to get some skin in the game then you’ll need this guide to bitcoin for dummies.
Did you know that the bitcoin price is on the rise? Yes, you might’ve heard about it being unstable. Yet, it has been beating the odds and proving experts wrong.
Bitcoin is becoming more popular, and it’s the best time to get into the game. If you are here it means that you’ve heard about it, but don’t know how to play this investment game.
Don’t worry. We have you covered!
Here’s your personal bitcoin for dummies guide:
Bitcoin for Dummies: The Basics
So before we get into the details of how you can buy bitcoin, we’ll give you the 101 on it. What’s bitcoin?
Bitcoin is a digital currency that works like regular currency such as US Dollars and Euros, but without it being controlled by the government or any other authority. Another great thing about cryptocurrency is that all transactions are anonymous, so you won’t have to provide your name, social security numbers or any other information. Buyers and sellers of bitcoin are connected using encryption keys.
This means that you might encounter shady people. Playing the bitcoin investment game isn’t hard; you just have to research and, cover your bases before making the jump.
Here’s our step by step cryptocurrency for dummies guide to becoming a bitcoin all-star:
Step 1: Get the Right Bitcoin Wallet for You
The first step in your bitcoin journey is getting a bitcoin wallet. Yes, you read that right. Just like with regular money, you’ll need a wallet but this one only holds the key to your cryptocurrency.
Not all Bitcoin wallets are created equal. The 2 types of bitcoin wallets are software and hardware wallets. The biggest pro about software wallets is their portability and pricing.
Many of them are free and available for mobile devices. Hardware wallets aren’t too pricey, but it will all come down to what makes you feel more comfortable. Choosing the right bitcoin wallet for you will be determined by security, pricing and, your preference.
Step 2: Finding the Right Bitcoin Exchange for You
Like when it comes to platforms, not all bitcoin exchanges are created equally.
The variety of exchanges available gives investors more buying choices.
When you’re in the process, you’ve to focus on what are your investment objectives, and what you expect from the exchange. Are you looking for an option that provides everything in their system? Then Coinbase might be the right way to go.
They provide their own digital wallet and, are one of the most popular exchanges. If you’re looking for a platform that provides a wide variety of currency, you may consider Kraken. It will depend on what you’re looking for, but always do your research and, see if the platform adapts to your needs.
Step 3: Start Buying Bitcoin
Now that you’ve decided everything, here you should check websites like https://www.cryptopromocodes.com/ because you might find a promo code for your exchange or wallet.
So you signed up for your accounts, here comes the easy and fun part of the game. Once you link your bank account to your bitcoin wallet and exchange, you can start buying, selling and trading cryptocurrency like an all-star.
Wrapping It Up
Getting into the cryptocurrency investment game isn’t complicated. If you follow our bitcoin for dummies guide, you’ll become a bitcoin all-star in no time. Remember when investing in cryptocurrency, you should do your own research and focus on your investment goals.
Are you a bitcoin investor looking for advice?
Check out the listings in our Business Directory for more information.
