All About Bitcoin: Tips On How To Get Started And Why You Should Buy In Now

bitcoin wallets

There’s no doubt that the financial world was shaken by recent global events (as it usually is, whenever a worldwide crisis is at play). But as the dust settles, it’s clear that non-fiat currencies are beginning to rise victorious against their fiat-based counterparts. Bitcoin is one such digital currency that continues to take the financial realm by storm. 

Learn about what the experts of hedgewithcrypto have to say about how to get started in Bitcoin buy-and-sell and why now is of utmost importance in investing. 

Getting Started With Bitcoin 

1. Your Bitcoin Wallet 

In case you don’t have one yet, download it now. There’s an array of platforms you can choose from for downloading your bitcoin wallet. Check customer reviews, ratings, and news about it before you hit that button. 

A bitcoin wallet is where you can store your coins. It’s also the medium for receiving and sending said coins. Now, this wallet operates beyond the function of “storage”. It can keep track of your transactions, archive the same, and track the progress of the coins coming into or going out of it. 

Its features may vary depending on the variant you download. Nevertheless, these are among its basic functions. And we’d like to stress that this is how you can kick off from the starting line in your bitcoin journey. 

2. Cash-In 

You might wonder how one can have bitcoins to sell or trade. You buy them. And yes, you buy them like you would other assets, goods, or services— via cash. Wallets typically grant access for payments through credit cards, debit cards, and bank transfers. Read the terms and conditions of the wallets you have in mind to guarantee that your preferred payment method will be accepted. 

Next on this list is that you are to create your profile and set up your account. You will be asked for personal information such as your full name, date of birth, permanent address, Social Security Number (or your country’s equivalent of an SSN), driver’s license, etc. 

After verifying these pieces of data, you’ll automatically be approved. It may take a few hours to an entire day. But no more than 48 hours. Again, this may vary according to the wallet variant of your choice. 

3. Public Key And Private Key 

Once verification is complete, you will be given your public key and your private key. Count this as your “official” bitcoin moment. Pour the champagne! From here on, you can call yourself a bitcoin “user”. 

Here’s where we need your attention a bit more seriously. Your private key is for you and you alone. Hence, the word “private”. This key is what will grant authorization to proceed with transactions from your account, also known as your bitcoin wallet. 

Should it get to the hands of anyone else other than yourself, that person can spend your bitcoins to nought. So keep it safe. 

Secondly, we’ll draw your attention to your public key as well. It should still be regarded with caution. But perhaps not the way you would, your private key. Public keys are what you are to give your bitcoin sellers. It’s the “ticket” that will permit them to send you coins, and simultaneously, have you receive them. 

Anybody can utilize this public key to send coins to your wallet. However, your private key alone is what will conclude the transaction. It will serve as a marker that you’ve received the sent coins. 

Easy Tips On “Moving” Bitcoins

How To Send Bitcoins 

a. Scan the QR code provided or jot down the receiver’s Bitcoin address (this one’s set to “public”).

b. Navigate through the “Send” page of your wallet and click on the command button of the same name. 

c. Type the receiver’s address in the space provided. 

d. Type the amount you will be sending. 

e. Confirm the above-information and send. 

How To Increase” The Value Of Bitcoins 

Buy Bitcoins

The main step is to buy bitcoins. That’s a must-do. The amount (real money a.k.a. fiat currency) you can trade-in (purchase) for bitcoins is up to you. Just try not to pour your savings and finances all-in. 

Recent researches show that, as with real-asset investing (i.e. stocks, real estate, gold, etc.), diversification is as crucial as ever, especially with digital currencies. Therefore, allot a portion of your budget for investments, and NOT all of them. Then, decide on the frequency you are to trade in this amount for coins. Once a month? Twice a month, to coincide with your salary cut-offs? 

Thereafter, hold them. Something we’ll explain below. 

Hold Bitcoins

Why hold bitcoins? Why not immediately withdraw them the second their price fluctuates upward (although this, too, is up to you)? The answer? Bitcoin’s value is based on its limited supply and the demand for bitcoins in general. 

Addedly, these fluctuations are erratic and often, at random. Unlike other forms of asset investments, there’s no real way of plotting bitcoin pricing movements. Analysts can only speculate and get as close to them if possible. Yet tracking its pathway is near impossible, which is why it is vital that you “hold” your bitcoins. Continue reading on because we’ll tell you more about this in the last few paragraphs. 

Bitcoin Value Explained

Cryptocurrency investing is a long-term gig. Think long-term gains as opposed to wanting to withdraw your funds too soon. Don’t be easily swayed by the news and social media posts regarding bitcoin panics and what not. 

Stay steady and still. As mentioned, bitcoin fluctuations don’t follow a trend. When they seesaw down, the world goes on a spree of trepidation, investment agitation, and irrational coin-withdrawals. Don’t joint said crowd.

Instead, be wiser. Understand that that’s exactly what bitcoin’s advantage is. That when it seesaws, even upward, your gains will skyrocket just as much. 

What you can do is follow the pricing movement of bitcoins, if you have the time to (and patience, dare we say). Or leave it as it is, keep your monthly investments going, and wait to reap a heap-full of rewards when your bitcoins earn mammoths, into the future. 

Our Say On The Matter

With the demand for bitcoins soaring high due to global events that have blacked economies from nation to nation, plus the fact that only a few bitcoins are left for the taking, you might want to rethink your investment plan and start one for digital currency, too.