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Have you been reading a lot about Bitcoin?
Do you have an idea of just how much Bitcoin is trading for now, but don’t want to go through the headache of signing up and getting verified on one of those Bitcoin exchanges online?
If so, it might be worth your time to read this. In this article we’ll talk about Bitcoin and how investing in Bitcoin could help you build a brighter future for yourself.
First though, what is Bitcoin?
Bitcoin is known as a “crypto-currency.” It’s basically online money that can be used as payment at certain vendors which accept Bitcoin as currency. In the past year alone, its value has increased from around $5 per Bitcoin all the way up to nearly $900 a Bitcoin.
If you’ve been on the fence about Bitcoin, you can’t afford to ignore it anymore. It’s time to learn the basics and get invested before Bitcoin really goes mainstream and the price soars even higher!
Where do I buy Bitcoin?
One of the first things you’ll need to do is sign up for a Bitcoin wallet. This is similar to signing up at a stock brokerage firm where you have an account that holds your funds while you make investments in stocks, bonds, futures, etc. CoinBase.com is one such online Bitcoin wallet where investors can buy and sell Bitcoins with various currencies (U.S Dollars, Euros, and more). It’s free to sign up; all that’s required is a username, password, and a valid email address. When you sign up, you’ll need to click a verification link that will be sent to your email account, so please be sure that it’s accurate and that you can access the email account quickly!
It’s also recommended that Bitcoin investors use 2-factor authentication which adds an extra layer of security on each login attempt. It can help prevent unauthorized access to your Bitcoin wallet.
How do I deposit Bitcoin into my Bitcoin wallet?
If you’ve already purchased some Bitcoin from an exchange or someone else , then congratulations on being an early investor in Bitcoin! Now we just need to get those Bitcoins over to our Bitcoin wallet. This process takes time as new blocks of Bitcoin are created around every 10 minutes, so you need to be patient. Once the Bitcoin is verified in your Bitcoin Up wallet, it’s ready for spending or transferring!
How can I buy Bitcoin?
You’re certainly not alone if you’re curious about Bitcoin, but never having invested before has kept many of us on the sidelines. But there’s no time like the present; Bitcoin will only get more popular and harder to acquire as time goes on. So let’s take a look at how Bitcoin works and why it makes sense for investors like us to get involved early!
Bitcoin transactions are private since they don’t involve banks or other third parties. Instead, Bitcoin uses cryptography (essentially codes that are hard to break) to track Bitcoin transactions and verify Bitcoin balances. This means Bitcoin accounts can’t be frozen by banks or anyone else; Bitcoin is decentralized and unregulated which makes it ideal for people who want to retain control of their finances.
Bitcoin has a built-in limit of 21 million coins , and unlike U.S Dollars (which the government prints more of whenever they like), there’s no way for Bitcoin itself to be printed without limits! So far, around 16 million Bitcoins have been mined since its inception nearly 8 years ago, so only around 5 million remain until Bitcoin mining ends when all Bitcoins are mined.
Bitcoin is anonymous, but not in the same sense that you might think. It’s true that Bitcoin doesn’t track names associated with Bitcoin transactions, but it does link Bitcoin wallet addresses to a history of all Bitcoin transactions associated with that address. So if you happen to make a purchase in Bitcoin and your Bitcoin address is linked to a real-world identity in any way, then your entire Bitcoin transaction history can be traced back to you in a matter of minutes!
If that doesn’t sound ideal yet, there’s more! If an account has been inactive for several years, then the balance associated with it is likely abandoned. Such dormant accounts are subject to seizure by local governments since it’s assumed that no one will come forward to claim the funds! So if you have Bitcoin or other currencies stashed away at an exchange that goes out of business without updating its customers, you could be in for an unpleasant surprise!
