With the evolution of technology, many aspects of our lives have changed. Even the way we look at currencies. Thanks to the rise of digital currencies people see that they don’t need to rely on banknotes and coins. Among these new kinds of currencies stands Bitcoin, one of the most popular ones that is rocking financial markets across the world. But why?
Well, if you’re a new currency and you bring lots of benefits, it’s no surprise that lots of people will flock to you. This is the case with Bitcoin. It offers some things that fiat currencies don’t. User autonomy is one of them. In other words, you’ll be the only one that can access your Bitcoin.
So no banks or other third parties can charge you pesky maintenance fees or have an insight into your account balance. Moreover, users are anonymous as a username and a password are the things you need to access your Bitcoin. The password is a code made up of several digits and is called the private key.
This key is the one that approves your transactions and the one to keep to yourself. The one you can share with others is the public key. When you’re making a transaction you’ll also need another willing user. This can be a vendor that accepts Bitcoin as a payment method meaning you can use it to buy online goods or services. Also, you can swap Bitcoin for fiat currencies such as dollars and euros or swap it for another cryptocurrency.
Besides these benefits, the one that spawns new users is its profit potential. This is the reason why so many users are looking to trade Bitcoin. They can learn the trade or go for the trading platform option. Among the many platforms, you’ll come across Bitcoin Equaliser.
This is a platform that relies on your input as a user and combines that data with an algorithm to make trading decisions in your stead. So, you’ll need to register and deposit a small amount of money which will function as your trading budget. You’ll get the proper training to better understand the platform and you’ll have the chance to take it for a live session. When you start using it for real you won’t be getting any hidden fees. But you will pay a 2% commission on your profits which is a fair deal.
If you’re planning on getting Bitcoin, you’ll need a place to store them in. The “place” is a wallet and it’s not your regular wallet that contains nickels and dimes. It’s a virtual one, commonly known as the Bitcoin wallet. In your search for the right wallet, you’ll come across all kinds of wallets.
The main division is between hot and cold wallets. The hot ones store your keys online. This makes them quite convenient as they let you access your Bitcoin anytime you want to make a purchase or any other kind of transaction. But they are prone to hacker attacks if they have loose security.
So, you can opt for cold wallets and have your keys stored offline. But these wallets have their downsides. Namely, they’re not connected to the net and they can store a finite Bitcoin amount. But they are quite safe as the private key is on an offline device which makes your assets impregnable to hacker attacks.
When you’re searching for a wallet you’ll need to have security in mind and your needs have to be met as well. So, see what different companies offer and take your pick.
Besides getting the right wallet you’ll need to keep an eye on the current value of the crypto, know some tips and tricks, when to sell and buy assets, and much more to become a competent Bitcoin trader.