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How To Invest In Bitcoin (BTC)
Bitcoin (BTC) is a peer-to-peer decentralized digital currency that has gained massive momentum in the last few years. While it’s relatively easy to purchase BTC, you still might be wondering how to invest in the safest way possible and protect yourself from online fraud. Here, we will lay out fundamentals to help you get started securely and responsibly.
What is Cryptocurrency?
Satoshi Nakamoto created what is known as Bitcoin (BTC) in late 2008 initially as a peer-to-peer payment system. He had no idea he invented the craze of what is known as cryptocurrency today, but the following years would shape up to be a Bitcoin phenomenon across the globe. He created a system that decentralized payments between peers and successfully brought back a digital form of money, which had previously been attempted to no avail several times.
Cryptocurrency can be transferred between two people without a centralized authority (like a bank) to authorize it. There are several storage options, but it is typically kept in a digital wallet, where you can send or receive BTC.
Why Should I Buy Cryptocurrency?
Bitcoin is a legitimate form of payment between peers, but what is all the hype about? The craze is about the value of a bitcoin rising and potentially becoming profitable for investors. Some crytocurrencies like Bitcoin have seen high growth rates, making early investors rich. It’s hard to predict how cryptocurrencies will fluctuate moving forward, so it’s very important to invest only what you are willing and able to lose.
Buying Cryptocurrency Safely
Taking steps to ensure you purchase cryptocurrencies safely is a critical part of the process. Here are some recommendations to safely making your purchases:
- Create a new email for your Bitcoin wallet account. Make the password for your email extremely hard. It can be helpful to write down your email username and password and put it in your safe (or a really safe place).
- Use an extremely hard password for your Bitcoin wallet. And again, it can be helpful to write down your username (your email) and password and put it in your safe (or a really safe place). This is recommended for any account password that has to do with currency, not just cryptocurrency.
- Utilize virus and malware protection on any device you use. While you may think your computer is working just fine and you are doing everything you are supposed to do; viruses, malware and adware can be crawling undetected on your devices, potentially exposing you. Virus protection is necessary to defend you from these situations.
- Don’t share about it on social media. Think about it this way, you wouldn’t share bank account details online would you?
- After purchasing Bitcoin from Coinbase you could also consider storing your BTC on a hardware wallet, desktop wallet, or mobile wallet. This takes time to understand and setup, but is also a very secure option, especially for long term investors. (Learn More About This Here)
Where Do I Buy Bitcoin, Litecoin and Ethereum?
Creating an account with a digital wallet is easy and there are many options out there. The digital wallet that we have been using for a long time and recommend is Coinbase. Coinbase is secure and easy to use, also offering insights about Bitcoin, Litecoin and Ethereum, which is very helpful for choosing when you want to make a purchase. Click Here to signup and get $10 free. They have a website, iOS app and android app, making accessing your account a breeze. The best thing about Coinbase is you don’t have to buy a whole Bitcoin, you can purchase an incremental piece of a bitcoin to get your foot in the door, without spending $20,000.
It is important to invest responsibly at all times and understand that cryptocurrency value can be volatile. While, over time the value has trended upwards, it does vary and you shouldn’t bet your life savings on it. Do your research and do not buy at all time high prices. Our advice is never put all your eggs in one basket and be responsible with your money.
- Buy Bitcoin/ Litecoin/ Ethereum on Coinbase
- Best Bitcoin Wallet