Bitcoin's inception as a popular form of electronic cryptocurrency began in 2009. Many individuals have their own thoughts, speculations, and even doubts about Bitcoin. While some view it as a great form of virtual currency, others worry about its potential to be used for illegal or other dubious means. Additional individuals remain in the dark or otherwise unaware of how Bitcoin truly works and all that it entails.
Now, this form of cryptocurrency is not for everyone and that's OK. Nevertheless, having a fundamental understanding of Bitcoin, its ins and outs, and how to make the most of it, can come in handy for just about anyone.
Know Where to Store Bitcoin
As stated by
The College Investor
, users who purchase Bitcoin should also store their cryptocurrency in a virtual wallet known as Coinbase. Not only does this virtual wallet allow Bitcoin purchasers to hold their cryptocurrency, but users can also make payments, purchase goods/services, and experience security features which are designed to protect Bitcoin.
While Coinbase is a pretty reputable virtual wallet for storing Bitcoin, there are certain fees associated with the trade of the cryptocurrency.
Be Aware of Bitcoin Fun Facts
Bitcoin is a mildly complex form of cryptocurrency. While many people take time to do their research before making any purchases, knowing some basic trivia always comes in handy.
First and foremost, Bitcoin cannot be inflated, counterfeited, or otherwise manipulated unlike more mainstream forms of currency, as stated by
We Use Coins
. However, the overall value of Bitcoin also ebbs and flows. This can result in substantial gains or losses when purchases are made with the cryptocurrency.
Users can get the most bang for their Bitcoin by making purchases at opportune times; also be mindful of the fact that Bitcoin's rapid surges and declines in value can make predicting the best times for purchase somewhat challenging. More often than not, it is often left up to either chance or instinct.
Another important factor regarding Bitcoin is its permanence. Transactions are completely nonrefundable and irreversible; therefore, users of this cryptocurrency should always be 100% sure that they want what they're paying for. Moreover, Bitcoin does not have to go through a traditional banking system in order to be used.
There are also more and more companies and institutions which are accepting Bitcoin as payment; however, others are not. For this reason, doing research on Bitcoin-friendly organizations and businesses can save a lot of trouble.
Purchase Bitcoin Properly
Those who are interested in purchasing Bitcoin should be sure to do in via reputable sites. There are countless scams and phony web pages which pretend to sell Bitcoin all for the sake of stealing money from unsuspecting individuals. Therefore, established legitimate sites such as Coinbase, Indacoin, Kraken, and SpectroCoin should be used by people who are interested in getting ahold of some cryptocurrency.
Authored by Gabrielle Renee Seunagal