How To Get Started With Bitcoin
As Bitcoin’s popularity is escalating, the involvement by people from different countries increases every day and the recent gain in Bitcoin and positive move in price technically proves that Bitcoin is an investable asset and is highly significant which attracts more serious investment. Bitcoin is not for everyone (investors/businessmen) but it is freely available for everyone to check out how it works and also for investment purposes (i.e.: when you buy at the right time and allow it to grow for an estimated period. However, Bitcoin is not the only opportunity coin (cryptocurrency) also we have other investable coins including Ethereum and BNB (Binance Coin). Before going into how to get started with Bitcoin, I am going to brief the nature of Bitcoin and its transactions on the Bitcoin Network.
What is Bitcoin: Bitcoin is simply a Non-Governmental currency that can be transacted within the Bitcoin Network and every transaction happening on the Bitcoin network is recorded in a public ledger. Transaction summaries are transparent and available on a public URL link comprised of the Host URL, block ID, and the Bitcoin Address to view transaction details of a particular address. Example Link: https://www.blockchain.com/btc/address/1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ
5 Steps To Get Started With Bitcoin:
Step 1 (Create a Bitcoin Wallet): A cryptocurrency wallet is a Software App (Android / iOS) or A Website where bitcoin holders can store their bitcoins. Similar to a bank App in which you can send and receive Bitcoin and the transaction history is recorded.
Step 2 (Get Your First Bitcoin): Receive your first Bitcoin by sharing your ‘Bitcoin Address’ (Alphanumeric format) generated on the wallet to receive the Bitcoin. On the other side, you can also send Bitcoin to any recipient’s Bitcoin address.
Step 3 (Secure Your Bitcoins): It is strongly recommended to secure your Bitcoin by backing it up using the backup section in your wallet. When a user clicks on the backup wallet then some set of words are given that are known as ‘backup phrases’ which can be used for restoring the wallet anytime your present device is inaccessible or misplaced.
Please note that the backup is your fund: It is mandatory and advised to save your backup phrase safely in a separate device and in a way no one will understand it’s a fund’s backup phrase.
Step 4 (Understand Bitcoin Price): Being aware of Bitcoin price history is also important for a Bitcoin user because it helps to understand the journey of Bitcoin so far. It is also recommended to watch out for bitcoin price and price predictions on the news or any updated forum.
Lastly (Make Money With Bitcoin): The aim of buying and investing in Bitcoin is with the sole expectation of profit-making and reselling them within an estimated period. The other way to make money in Bitcoin is to become an exchanger as a business to resell or exchange Bitcoin for cash or other currencies for customers by adding a sizeable fee on every exchange and transaction made from your end.
Conclusion:
It is recommended to meet experienced Bitcoin users as friends to enlighten more and to be exposed to the opportunities not only on Bitcoin but all other cryptocurrencies in general.