There are many investors who are looking for the best guide about bitcoin and crypto ecosystem. It is really a complicated process because bitcoin is all about technology and it is available in the digital form only. There are many courses about bitcoin trading available online and you can learn the basics from these courses. But, nowadays people do not want to spend their time and money on such courses and they need a free guide that can help them to invest in crypto wisely. In this case, you can check Cryptocurrency app where you can find such resources for beginners at free of cost.
Here, you can find some information about bitcoin:
Satoshi was introduced Bitcoin in 2009, and it has reached $20,0000 USD. Investors earned a huge return from their investment in 2021 and now people are looking for the best way to get this return again. You need to know about bitcoin, but first you have to understand the basics of crypto currencies.
Basics of crypto currencies:
Cryptographic process is the backbone of cryptocurrencies and it is based on blockchain technology. However, banking and finance sectors are also using blockchain technology and even government has implemented this technology in their sectors. But, bitcoin blockchain is different than others and it is a peer-to-peer network which is also decentralized.
There is no central authority like government or banks available for bitcoin and it is an open currency that is owned by users. It is impossible to control such currencies, but you can own such digital assets by investing your funds. Apart from that, developers have implemented this technology in a way that cannot allow you to spend twice and you cannot make a refund request once you invest in bitcoin. You cannot recover your coins if you lost them. So, keeping such coins in a safe place like hot or cold wallets is important.
Tips to buy bitcoin:
There are some centralized exchanges available from where you can buy bitcoin. You can buy bitcoin at market price from these exchanges. These exchanges can charge different types of fees like transaction fee, transfer fee, account maintenance fee and withdrawing fees. So, they can earn from these channels. Apart from these exchanges, you can also buy bitcoin from brokers. Therefore you need to pay an additional brokerage for this. Make sure, you must choose an exchange that has storage option. There are some exchanges available that has hot and cold wallet facility, and you can download their app at free of cost in your android or iOS phone.
- Once you open a crypto account with an exchange, you need to decide the trading strategy. It is a vital move because a wrong step can lead you to a huge loss. In this case, you can choose a daily trading option or you can hold your coins for a longer period of time to get the best returns.
- How would you buy bitcoin? It is a digital currency and it is not available physically. So, you cannot but it from a store or bank. Another possibility is to buy the digital money using the fiat currency. You can link your crypto account with your bank account and buy coins with fiat currency. Else, you also have the option of using PayPal account or normal credit card for purchasing the crypto assets.
- There are some BTMs available from where you can invest your funds on crypto. However, you will have to pay a huge transaction fee for it. To avoid such additional fees, you can use an exchange for buying and selling your coins.
- Selecting the best crypto is the most difficult task because you can find many options other than bitcoin. So, you can diversify your portfolio by adding other crypto currencies and you can use an exchange for the same. You can store all your coins and tokens in a single wallet.
Now, you can use your coins to buy products and services, but holding such coins for longer period of time can give you best returns. You can treat these digital coins as digital gold, and keep them in a secured wallet. Do proper research and know the current trends about crypto ecosystem before you invest your funds.