Can Newbies Enter The World Of Bitcoin Now?
By Pawan Kumar on ALTCOIN MAGAZINE
There is no denying that general views of the market are positive on Bitcoin. Although on June’4, the price of Bitcoin dropped to as little as $7,517, according to Charles Hayter, CEO, and co-founder of CryptoCompare, “The market moved a lot recently, so this is just a retracement.”
Further, Bitcoin climbed upwards of 200% between December’2018 and May’2019 when it reached $9,084.15.
Coming back to if newbies can enter the world of Bitcoin or not!
Well, the price and prediction are based on various speculative notions. But if a newbie does a complete research on the industry, is well aware of Bitcoin basics, then one can enter this realm.
Moreover, they need to be aware of why they want to get into this niche. Do they want to buy and hold it for a while or just want to consider it as an investment to make profits?
Irrespective of how newcomers want to leverage Bitcoin, here is everything they must know about Bitcoin.
Bitcoin In A Nutshell
Commonly known as the king of cryptocurrencies, Bitcoin is a decentralized digital currency that comes without authority or a single administrator. In layman language, the currency can be sent from one user to another without the need for intermediaries.
How To Get Started With Bitcoin?
Now, when you know what a Bitcoin is; in this section, we will take you through how to get started with Bitcoin.
Step 1
Get A Bitcoin Wallet
You will require a Bitcoin or digital wallet to send or receive bitcoins. The wallet comes as an app, software, or program, which keeps track of Bitcoin balance that is held in various Bitcoin addresses.
If you want to buy a Bitcoin in a smaller amount, you can use an online wallet. But if you plan to buy Bitcoin regularly, go for a hardware wallet.
Step 2
Buy Bitcoin
You can buy Bitcoin in three different ways:
· You can buy it from the marketplace.
· You can sell a service in exchange for Bitcoin.
· Earn Bitcoin through mining.
Once you buy the Bitcoin, do not forget them to secure with private keys.
Did you know that if you buy one Bitcoin, you always have more than about 99.85% of the world’s population?
Step 3
Send And Receive Bitcoins
Rather than sending Bitcoin to some other user, send it between two of your wallets and learn the process of initiating a Bitcoin transaction. However, when it comes to receiving the Bitcoin, you will have to share your public bitcoin address with the sender.
However, here is how Bitcoin and Altcoin transactions work.
Why Should You Dive Into Bitcoin’s World?
There are numerous and ever-rising cryptocurrencies out there, but why the new traders should move towards Bitcoin. Here is why-
· Bitcoin is secured with the help of cryptography practices.
· This digital currency comes with low transaction fees.
· There is no central authority that has the power to accept or deny your transaction.
· The entire network is decentralized.
You can perform the transactions anonymously as you don’t need to identify yourself in the Bitcoin network.
However, along with all the advantages, you need to be aware of several factors such as Bitcoin transactions cannot be refunded. A bitcoin transaction will only work if it is confirmed. All the transactions are stored in a shared ledger, and users can be either public or anonymous.
This is almost everything that a beginner should know to trade with this digital currency.
Before you begin, remember that success in trading requires a lot of time and effort.
If you are intrigued to know more on Bitcoin, you can check out all the bitcoin basics by Altcoin Sidekick. From Bitcoin transactions to a beginners guide, major competitors, steps to choose the right digital wallet, I found everything on this blog.
You can also check it out and share your views in the comments section below.
