Well, a lot of people have heard about Bitcoin. That’s because this crypto has been around for a while and has made quite a name for itself. The financial markets all over the world were taken aback by this currency and the number of people using it today is much bigger since its inception. But why’s that?
To put it simply, it’s because this virtual currency has several benefits that get the attention of many. First of all, it makes you anonymous as a user because it keeps your financial information concealed. In other words, you have a username and a password to access your Bitcoin.
Also, it’s a decentralized currency which means you’ll have no bank or any other third-party access to your assets. The password is a code that works as your private key. Don’t share this key with anyone unless you want them to have access to your assets. You need this key and another one if you want to make a transaction. Another Bitcoin user is also needed which can be a vendor that accepts this virtual currency as a payment method.
The second key is the public one and you can share this one whenever you’re making a transaction. With that said a transaction can be a purchase of goods or services. Also, you can swap this crypto for another cryptocurrency like Litecoin, Ethereum, Dogecoin, or others. Alternatively, you can swap it for a fiat currency if you want to.
The one benefit of Bitcoin that gets the masses buzzing is its profit potential. That’s why so many are looking to become Bitcoin traders. They can learn the trade thanks to the various trading simulator apps available for mobile devices. Or they can rely on a trading platform like Bitcoin Champion.
As a platform, it needs some user input to trade. What it also uses is an algorithm so it can make trading decisions on your behalf. That’s why you need to register with the platform and make a small deposit since the platform will need a budget to work with. The next step is to finish the tutorials and get familiar via the demo account. When you’re done with this step you can take the platform for a live session and see what happens. Afterward, you’re free to add more to your budget and experiment with the various platform settings.
Getting Bitcoin and Storing Them
There are several ways you can get Bitcoin. The first way you can do this is by mining them. However, this is a costly process as you’ll need powerful computers to do so. It will take your electricity bill through the roof, but if it’s something you can handle then you can get Bitcoin this way.
Another way to get hold of some Bitcoin is to use fiat currency to buy them. You can do this by finding and registering at an online exchange. Once you’ve got some assets you can buy more or sell your existing ones. Finally, someone can gift you Bitcoin but the probability of this happening is pretty low.
Before you get some assets you’ll need a wallet to store them in. There are many crypto wallets available online and each of them has different things to offer. In general, they’re divided into 2 kinds: hot and cold ones. The hot ones are pretty convenient as they store your keys online and make it easy for you to make a transaction. Alternatively, the cold ones don’t store your wallets online and store them offline instead. You can go over these kinds of wallets, see what they offer, and find the one that suits you best. Then you’ll be set to be a Bitcoin trader or just a user.