Securing the currency that matters: the basics of investing in Bitcoin

The brainchild of Satoshi Nakamoto, Bitcoin is a peer-to-peer payment system designed to facilitate the transfer of value through a decentralized system. This digital currency has been on the market since 2009, and it has grown tremendously compared to all the other investment portfolios in the market. Today, this type of cryptocurrency is practically the face of the digital era and also the most valuable digital coin in the market.

So, why is bitcoin gaining traction?

With the world being at the dawn of the digital era, a lot of people now depend on the internet for both business and entertainment. Bitcoin provides a secure and global payment system that allows people to transact with one another, without government or geographical restrictions.

As a decentralized peer-to-peer system, bitcoin is open to everyone, and it’s exhilarating for both investors and average users. Its scarcity and usefulness make it as valuable as gold, diamond, and other scarce metals. In addition to all that, this cryptocurrency has a predictable monetary policy that is open to anyone.  

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Getting a Piece of the Pie (Investing in bitcoin)

Being an average investor in the crypto market, the simplest way to invest in bitcoin is buying some with your fiat currency. Luckily, the BTC market has quickly evolved over the past few years, and there are several simple ways of buying bitcoin. However, the ease of buying bitcoin may vary depending on your country of origin. Developing countries mostly have fewer options and liquidity compared to developed countries.

To buy bitcoins in United States, Canada, Turkey and other European countries, you can use cryptocurrency exchanges such as btcturk, Coinbase, and others. These companies allow you to pay for bitcoin using fiat currency and other types of tokens.

Securing your investment

Given its value, it’s automatically expected that thieves, hackers, and scammers will want to have access to your bitcoins. With that in mind, it’s only logical to take measures to secure your investment. Here are a few tips to ensure that your digital currency strays secure:

  • Use a cold storage wallet to secure large amounts of bitcoins. This wallet works free from the internet, and it’s, therefore, less likely to be hacked.
  • Oftenly backup your bitcoin wallet to ensure that you can recover your currency if you lose your digital wallet.
  • If using a wallet software, always ensure that it’s regularly updated to get a better security system.
  • Encrypting your wallet is a great way to ensure that no one can access the private keys of your wallet or even view the transaction history without the right key.
  • Multi-signature is also another ingenious invention that ensures a higher level of security, by requiring 3 to 5 people to authorize every transaction taking place.

Final Thoughts:

For nearly nine years now, bitcoin has been making waves in both the financial and the IT world. Exchanges like Coinbase and btcturk provide a convenient means of buying and selling these digital coins, and you can also buy from individual sellers. However, you need to be aware that there are several risks involved when it comes to investing in bitcoin.

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