Cryptocurrency: The Future of Money?
The Step-by-Step Guide to Purchasing Bitcoin and other cryptocurrencies
Protect your hard earned wealth isn’t easy these days with seemingly every entity trying to get a piece of your money. Governments around the world are seemingly unstable and bank bail-ins become increasingly likely every day.
In this article, you’ll learn how to purchase Bitcoin and other cryptocurrencies.
Let’s face it, the banking system is completely obsolete.
Why does it take hours or days at a time to send money from one person to another through typical banking ways?
Heck, why hold all of your money in a bank that is not well capitalized at all?
Most banks only have about 3-4% of cash available for withdrawals. This means that if depositors with 4% of the banks total deposits asked to withdraw their money, the bank would fail.
What is a “Cryptocurrency”?
Cryptocurrencies are digital currencies, which are completely decentralized as they are not issued by a central authority thereby rendering it difficult for the government to manipulate it. Every transaction made using this cryptocurrency is part of a public ledger that is verifiable as multiple copies exist of every single transaction. Whenever a transaction is performed the public ledger is verified by all of the users on the network. There is no need for a third party to be involved in the transaction. This means it becomes incredibly cheap, safe, and easy to send money all over the world when compared with traditional systems.
It is imperative to have a complete grasp of each of the terms prior to investing in Bitcoin or any other cryptocurrency. The most important distinction is of public and private keys.
Public Keys or Bitcoin Address can be shared with anyone whom you want to exchange Bitcoins with. It is a string of letters and numbers similar to your checking or savings account number. At work if you have set up direct deposit to your bank account, you gave your employee your public key, or account number.
Private Keys are secret to you. Do not give this out to anyone, if someone gets ahold of your secret key, your account is at serious risk like any other password or a PIN that is needed to complete the transaction. Once the private key is validated, it allows the bitcoin to be transferred to the other bitcoin account.
Wallets are a way to store Bitcoins. There are many ways to store your Bitcoin including mobile, desktop, online, hardware, and paper wallets. There are advantages and disadvantages to each of these, which will be mentioned later. Remember, since you hold your cryptocurrencies it is your responsibility to ensure their safety.
Tips when investing in cryptocurrencies:
1. Do not risk more than you can afford to lose.
2. Become well versed prior to investing in the cryptocurrency.
3. If you don’t completely understand, be weary.
How much does Bitcoin cost?
We believe cryptocrrencies are a great diversification in your portfolio. With Bitcoin being the most widely known cryptocurrency, we think it is the best for those new to cryptocurrencies. The process of purchasing Bitcoin is relatively easy. Our favorite exchange for purchasing Bitcoin is Coinbase. To create an account on Coinbase, click this link here. By using this link, after purchasing at least $100 of Bitcoin you will receive $10 free of Bitcoin.
We have created a step-by-step video showing you exactly how to purchase your first Bitcoin or other cryptocurrency.
The world is changing at faster speeds and we don’t want you to get left behind.
Join the blockchain revolution.
Don't forget to claim your $10 of free Bitcoin right here.
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