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If you are reading this article, investing in Bitcoin has surely crossed your mind. Therefore, we will try to make you understand everything you need to know when investing in this cryptocurrency.
The concept of cryptocurrency was first invented in 1998 by Wei Daien. He was a computer scientist who called himself ‘cypherpunks’ on the web. This man created Bitcin with the purpose of creating a new type of money that was 100% digital and that was not controlled by any government institution.
Satoshi Nakamoto was the first user to post the first bitcoin protocol specification and proof of concept to an email list in 2009. It is not known if Satoshi Nakamoto is a real person or a pseudonym so his true name is not known. It could also be a working group that was assigned that name. This alleged person left the project at the end of 2010, and to this day his real identity is still unknown. Something remarkable is that the Bitcoin code is available to any person or computer scientist who wants to review or edit it to create their own version.
Bitcoin has something in common with the credit cards and banking networks that we are used to, and that is that they have the same level of virtuality. For some time, money has been changing more and more, from being so cash to becoming more like virtual payment commitments. Bitcoin can be used to pay both in physical stores and online, yes, as long as both participants agree.
Bitcoins balances are stored in a huge network and theoretically cannot be fraudulently altered by anyone. In other words, users who own Bitcoin are the only ones who have control over their own funds, without being able to suddenly disappear due to the fact of being virtual.
The accumulated returns per bitcoin since its inception make it the asset with the highest appreciation in history. Central banks already openly recognize that digital money or virtual currencies are going to play an important role in the future and are already designing their alternatives. But bitcoin itself has already managed to take the lead due to its own characteristics:
- The support given by large financial groups to bitcoin gives it a value that other cryptocurrencies do not have.
- It is an international currency. This will avoid currency conversion problems and we can use it in any country in the world.
- It is safe. Bitcoin has a strong encryption system that makes it impossible to counterfeit.
- It is a decentralized currency. This means that Bitcoin is not run by any State or financial system. This could benefit us if we have a bad streak, since they will not be able to freeze our bank account.
- The transactions are very agile and cheap. Transactions between individuals are almost instantaneous and we save bank fees.
- It is possible to know its real value at all times. Cryptocurrency brokers offer this information 24 hours a day in real time.
It is safe to invest in Bitcoin?
Bitcoin advocates argue that no organization or individual can control bitcoin and the network remains secure even though not all of its users can be trusted. In any case, security firms warn of the possibility of code theft from any user or computer attacks against exchange houses.
We also have to be careful not to forget or lose the code of our virtual wallet. Since the operations carried out cannot be canceled and it is anonymous, any data theft has no solution.
How can I buy Bitcoin?
Paypal
Paypal is a platform that offers a secure payment method that is accepted in most asset buying and selling platforms, including cryptocurrencies. This means that in many of these platforms they will accept payment through our Paypal account.
Buy Bitcoin with credit card
If you do not have a Paypal account or prefer to pay in a more conventional way, you also have the option of doing it with a credit card. It is one of the most used methods and also the most accepted by cryptocurrency platforms. It is also one of the fastest methods!
Bank transfer
This method is one of the most widespread among people who want to acquire a large amount of Bitcoin in one purchase. The reason for this is that this payment method has almost no limitations on the maximum amount of money and you can transfer the amount you want!
Where can I buy Bitcoin?
We can affirm that we find the easiest cryptocurrency to acquire of all. The reason for this is that it is the currency with the highest market capitalization.
We can find it on any cryptocurrency buying and selling platform. For example:
- Bitcoin.com
- Etoro
- Coinbase
- Binance
- Plus500
- Phemex
- Kriptomat
In addition to these online platforms that we just mentioned, since the rise of cryptocurrencies, physical stores have been created where you can buy Bitcoin. Just ask if there are any in the area where you live.
After we have made the purchase we must save our cryptocurrency in a virtual wallet.
It is a software that serves as a wallet where we can save, send and receive cryptocurrencies such as Bitcoin or Ethereum, therefore, this wallet is “encrypted”, which makes it impossible for someone else to know our balance, transactions or access to it. These virtual wallets are usually associated with a platform for buying and selling cryptocurrencies, such as the ones mentioned above.
Now that you know all this about Bitcoin, you can decide whether to invest in this appreciated cryptocurrency. In the case of doing it, you must remember to do it as safely as possible and keeping a cool mind.
We must bear in mind that it is an investment like any other, and every investment carries a risk. We have to control periods of high volatility to avoid losing money. You should also be aware of the news about Bitcoin if you decide to invest in this cryptocurrency. With that said, good luck in this exciting world of cryptocurrencies!
