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Bitcoins For Dummies

Bitcoin is the largest social economic experiment conducted in the world and is a digital currency which has no value with a fixed maximum supply of coins released changing the value from nothing to something. The difference between bitcoin and the bank system is that banks can be manipulated by governments/bankers while with cryptocurrencies it is not controlled by any government/bankers and allows people freedom of privacy in their transactions

Now that the formal bit is out of the way, let me get to the personal interest of this topic. Its January and with most of us our budgets are extremely tight but actually I’ve got a feeling that most of us our budget situation has been extremely tight since November. So are most of us finding ourselves with a sudden new interest to bitcoin because of our financial situation at the moment hoping to change our financial situation soonest and willing to take the highest risk because call you what you like, this is new age investing. Now for some of us that are clueless about bitcoin and have jumped into the new money making craze and are gearing up to also invest in it, here are the basic things you should know on how it works.

 

Step 1

Make sure you researched and know the risks before plunging into this and taking the large digital leap and know how much a bitcoin is worth at the time you want to buy in.

 

Step 2

Set up a cryptocurrency wallet which a digital wallet used to store, send and receive digital currency like Bitcoin, you will then link this digital wallet to your bank account in order for you to be able to make transactions. Also note that there are different cryptocurrency wallet platforms which will need you to upload a photo of your ID and confirm your email address to get started, no cryptocurrency wallet platform will accept your application without these details.

 

Step 3

You will then decide how many bitcoins you will purchase via your bank account. Once you’ve purchased the bitcoins they will then stay in your digital wallet until such a time you decide to use and/or sell them.

 

Step 4

Watch the bitcoin market online to see how your investment is doing and then make a sound decision if you will keep, buy more bitcoins or sell your bitcoins.
Now, these 4 steps are just the basics but I would advise one does in-depth research to able to make sound investment decisions.

 

Good Luck!

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