How to get started with Bitcoin: a simple guide for beginners
Bitcoin is a decentralized digital currency, also called a cryptocurrency. It works like cash or gold, which can be transferred across the world via the internet. This means you can transfer money as quickly as you send an email.
It removes the obstacle of the middleman that is present when sending money through the bank. This way, you can send money from person to person without involving any third party. So this helps you avoid expensive fees and long waiting time at the bank.
I know you want to know more about this secret behind the new normal the globe is now moving towards.
One important thing you need to know is that Bitcoin is a cryptocurrency, popularly known as virtual currency or digital currency. This means that it is different from fiat money as it is completely virtual.
This makes it an online version of cash as financial institutions are now inclined to trade cryptocurrency even though they are not regulated. As it becomes the order of the day, you can now pay with it to buy products and services as the number of stores accepting it is increasing every day.
But that shouldn’t stop you from jumping on the bandwagon of those making the big bucks. For example, the richest person in the world, Elon Musk, recently gave his support to Bitcoin. Do you know the reaction that followed? The value of Bitcoin increased significantly.
This is just one tweet from Musk, who told users of an online social media app that he thinks Bitcoin is a “good thing.”
As a result of such a comment, the value of a single Bitcoin rose from £3,600 in March last year to more than £27,000 now.
Even the Bank of Singapore is considering replacing gold as a store of value with the 12-year-old currency. This means that the virtual currency has gone global, and some companies are starting to buy into its growing influence.
Last October, for example, online payment service PayPal announced that it would allow its customers to buy and sell Bitcoin.
Consequently, Bitcoin is becoming more popular by the day as demand for it increases as more and more people understand the benefits and possibilities of the cryptocurrency.
Meanwhile, many have heard of Bitcoin several times, yet they have avoided taking the plunge because they don’t understand it, especially the underlying blockchain technology. This is a common excuse for not getting started with a new technology.
Know that bitcoin is easy to buy and use, and you don’t need to understand the technology to use it, although it’s good to know it. You will understand and appreciate it better eventually, because the internet had the same beginning where many did not understand the technology. But today we all use the internet even if not everyone understands the technology.
Without further ado, let me tell you how to get started with Bitcoin with this Step-By-Step Instructions. After I explain what Bitcoin means, the guide will answer the following questions:
- Why should you use Bitcoin?
- How to get started with Bitcoin?
- Where do I buy Bitcoin?
Why should you use Bitcoin?
By this time, I expect you to be asking yourself why you should use Bitcoin instead of your credit/debit card or cash to make payment. The answers are not far-fetched.
The benefit of using Bitcoin include:
- Financial independence: No state, bank, or institution can control or manipulate Bitcoin.
- Global fast payment means: Everyone can send money fast and cheap24/7 to anyone on earth.
Public: All transactions are stored in a shared ledger.
- Anonymity: Everyone can participate without having to identify themselves.
Meager transaction fees: You may end up paying almost nothing to transfer bitcoin.
- Secured system: Bitcoin can’t be counterfeited and is secure with the help of math and cryptography.
- Decentralized network: The digital currency is decentralized like the internet. This makes Bitcoin to be fairer and no chance for monopoly.
No inflation: Bitcoin protects your money against inflation because there is a limited supply to preserve the value of your money.
How to get started with Bitcoin?
Now to the main thing, starting with Bitcoin is very simple. You can buy Bitcoin directly with your credit/debit card from any coin exchanger. All you need is to have a wallet into which your Bitcoin will be deposited into.
All Bitcoin exchanges are usually compared depending on your location to know the rating with your local currency.
So, you will create an account with the exchanger if you don’t have one. Your information will be confirmed before you can buy Bitcoin from other cryptocurrencies by depositing your card.
Where do I buy Bitcoin?
This is also an important question because there are many exchanges that you need to be wary of not to lose your money. One fact you need to understand is that once you have created your account, verified it, sign up, do all the necessary settings and make a deposit, your money should be in your wallet instantly.
You can bank on an exchanger like Etoro, Coinbase that will give you further guidelines on buying and securing your account.
There are many unreliable exchanges. Don’t fall into their hands because there is nothing like a refund in Bitcoin. The transaction is only valid if it has been confirmed.
Cryptocurrency in general has faced and overcome many challenges. It is therefore here to stay.
Bitcoin, a subset of virtual money, has also proven that the technology works and is secure. So, how long will you wait before buying the cryptocurrency? Have you thought about buying bitcoin but have been discouraged by the high price?
Don’t worry, many people feel this way. Therefore, you are not alone. At certain times, the price was $10, $100, and $1000, it was also expensive, and it continues to rise. That’s why it’s important that you jump on the bandwagon. Because if you buy just one bitcoin, you will always own more than about 99.85% of the world’s population.
So it’s time to stop procrastinating; you already have more knowledge about Bitcoin than 99% of the population.
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Nothing on Cryptinus constitutes professional and/or financial advice. Always think for yourself and make sound decisions when investing. Never invest money that you can’t afford to lose.