Bitcoin is notoriously known for its volatile nature as its price fluctuation cannot be predicted. Many investors have made a lot of money through Bitcoin, and they all started the same way. This article is going to show you how you too can start investing in bitcoin.
The simplest method of participating in Bitcoin is by setting up a Bitcoin wallet. Another way is through Bitcoin mining, but that is considered a complicated process by a lot of people. Setting up and controlling your wallet through the services of third party agents is still a better choice.
There are lots of options available, but the popular ones are exchange platforms such as Blockchain.info, Xapo and Coinbase which works both on mobile and desktop. To sign up for their services is not complicated, in fact, it is more like signing up to a regular website. Simply input your details like your name, email address and then your password. Once that is done, you’ve gotten started.
The next thing to do is to provide a financial account like a bank account or debit card. Then secure your account with two-factor authentication, but your SMS or phone number shouldn’t be used to conduct this authentication. The reason for this precaution is to make it harder for fraudsters to access your bitcoin wallet because just your number and name are enough for them to cause some damages. The best option is to make use of a security key like YubiKey or Google Authenticator.
As soon as the registration is done, your bitcoin investment can begin. A Bitcoin value graph will be displayed by your chosen service which will show the changes Bitcoin has experienced over time. Once you have decided on the amount of fiat currency you want to invest, use the wallet service to make your exchange complete, by following the instructions provided.
The Need for Precautions
The best way to keep your investments safe is to take proper precautions. Fraudsters are getting smarter by the day, and therefore their tricks are also increasing. One of their tricks is phishing, which leads people to a fake website when a link is clicked. They also add suspicious emails to their gimmicks and the best way to beat them is to ignore their messages.
To stay safe, here are things to do;
- Avoid clicking on any links contained in the messages. Do not input private details of yourself into any suspicious website. Ensure you’re always using the right app or website.
- Do not get lured by scam websites promising trading tips and faster profits.
- When the time comes to sell your assets, the wallet service should be used to process the transaction.
Transactions conducted with Bitcoin cannot be changed, and that means no Bitcoin payment will be refunded. Therefore, an investor must adopt a careful approach when dealing with cryptocurrency so as not to lose out but make the most of it in the long run.