Bitcoin, for the uninitiated, is a digital currency, invested in 2008 by someone called Satoshi Nakamoto. No one knows who Satoshi Nakamoto really is, and his/her identity remains a mystery. All transactions made for bitcoin are recorded in a public ledger, called the blockchain, and the transactions are not irreversible. Today, mainstream investors are as much as interested in digital currencies, as they are interested in gold or stocks. If you are considering this as an investment, we have listed a few aspects worth knowing.
Why invest in bitcoin?
Bitcoin transactions are completely safe and protect your money and identity at the same time. Unlike credit card transactions, bitcoin transactions cannot be reversed. With traditional financial systems, cost related to transactions was a major concern, but that’s done away with in case of bitcoins. There’s no exchange fee to worry about. Keep in mind that bitcoin transactions are made transparently and saved on a public ledger, so if someone hacks into your account, the loss is yours and you have no choice but to accept the same.
Are there any cons?
Well, Bitcoins are volatile, and there’s no denying of that. You can check the charts from Coinbase to know the possible fluctuations. While the trend hasn’t been declining, there’s an inherent risk that investors need to know while spending money. Many have made considerable money with speculation, but you have to get better with it and learn to use the fluctuations to your benefit.
If you are wondering how to buy bitcoin with cash, you would be happy to know that there are dealers with physical offices that make things simpler for new investors. You will get to know how bitcoin works, can ask as many questions as required and make the purchase. Bitcoin transactions are instant, and there are no hidden charges either.
Ideally, bitcoin investors must do some initial homework when it comes to trends and other aspects related to cryptocurrencies. It is also best to use Bitcoin for making payments digitally when possible, more so when there’s a risk of credit card transactions. Bitcoin is also ideal for making foreign transactions, which usually have considerably high charges. Also, always buy bitcoins legally from a known and established dealer.
Check the trends, find more about the ways of making money with cryptocurrencies and work with a dealer who is open to sharing information related to the current market.
To conclude, Bitcoins stored in a Bitcoin wallet are the best proven investment today.