Technology brings all kinds of novelties to human lives. That’s true for the world of finance as well. With this in mind, it’s no surprise that a virtual currency like Bitcoin is on the large. It gains users and changing the way people look at currencies at the same time. With its abundance of benefits, it’s no surprise this is happening at all.
When you become a Bitcoin user you can enjoy total control of your Bitcoin. That’s because no third party or bank has access to them. So, you won’t be getting any maintenance fees. With your username and password, you’ll be able to access your Bitcoin whenever you want to.
The password will not only let you access the assets but it will also serve as your seal of approval. This means that the password is your private key since it’s a code made up of a couple of digits. 16 to be exact. Because it’s a private key you’ll need to keep it to yourself.
The public key is the one you can share with other users. With this is in mind, you can make all kinds of transactions with Bitcoin. This means that you can swap Bitcoin for any fiat currency, another cryptocurrency and even use it to make purchases online at online sites that accept it as a viable payment method.
The one benefit to rule them all is Bitcoin’s profit potential. This is the reason why lots of people are looking to become Bitcoin traders. The various trading simulator apps available online can teach you all about Bitcoin trading. But you can also find a trading platform like bitcoinequaliser.org that will trade and make decisions in your stead.
If you go for this platform you’ll need to know a bit about it. It uses your input as a user and an algorithm to make trading decisions. But these decisions are also influenced by your settings, so creating an account and having a starting trading budget is a must. Another thing you must do is go over the training sessions with the demo account. When you’ve finished with that you’ll test your skills with a live session and then you’ll be able to experiment with the settings as much as you want. You won’t get any hidden fees, but you’ll get a commission of 2% for your profits, which is a small price to pay.
And What About Getting Bitcoin?
Well, there are 3 ways you can get your first Bitcoin. You can get it as a gift, but this is extremely rare so don’t rely much on this option. Alternatively, you can mine for Bitcoin. However, you should know that this is a costly way of getting Bitcoin because you’ll need a lot of computing power. The third way to get Bitcoin is to register at an exchange and buy it with a fiat currency of your choice. Then you’ll need to store it in a wallet, dubbed a Bitcoin wallet.
There’s more than one kind of wallet available online. In general, there are hot and cold ones. The hot ones store your keys online and you can conveniently use them to make online transactions whereas the cold ones store the keys offline. The cold ones are pretty much safe against hacker attacks, but the hot ones aren’t.
This means you’ll have to cautiously choose the right wallet and see that it has ample security measures as well as suit your needs. By finding the right wallet, keeping an eye on the value statistics of Bitcoin, and being in the loop on what’s going on in the market, you’ll be a step closer to becoming a great Bitcoin trader.