Cryptocurrency is still the most discussed and is still receiving close reviews in the financial world. With having ample knowledge, it is the proper time to invest in cryptocurrencies such as bitcoins. The article probes into different ways in which you can invest in bitcoins and own some. Follow these simple yet meaningful steps to own bitcoins.
Start with owning a digital crypto wallet
The process begins with a digital wallet. The wallet serves multiple purposes including stashing the bitcoins. Like an ordinary or physical wallet, you can utilize a digital crypto wallet for storing bitcoins. And like any electronic wallet such as bank credit card’s mobile applications; you can send or receive bitcoins from anywhere in the world. Ordering or getting one is not a complex task, various websites offer crypto wallet services. And there are various bitcoin trading websites like the Bitcoin Prime app where you can invest and earn insane profits.
An online bitcoin wallet ensures high-end encryption from the user side making it quite secure, however, swindlers and hackers can break into your wallet to steal or transfer money into their desired accounts. Therefore, the companies offering 100 % encryption are lying to attract potential customers.
Certain desktop wallet applications are also available that can be accessed using a computer or a laptop. In such cases, the digital cash is stashed over the desktop crypto wallet’s applications. But these applications are easier to hack than any cloud storage mobile applications. Therefore, it is often recommended by the companies to regularly backup the data.
An online wallet works similar to any standard website i.e. owning a unique IP or Bitcoin address. Every single wallet has a unique id that is different from any other. This distinct address serves various functions like it offers high-end encryption. Secondly, by sharing this peculiar bitcoin address, you can receive bitcoins from anyone. Furthermore, the address is quite complicated which makes it somehow impenetrable.
After owning a crypto wallet, start to store bitcoins. However, many analysts recommend thoroughly read all the best practices to overcome any potential risk involved in the process. In addition to owning a digital crypto wallet, there are multiple ways in which you can store or even produce bitcoins on your own like:
Sell products and accept bitcoins in return
Own any retail outlet? Even a small bakery offering customized cakes. You can start to accept bitcoins (the fractions) from your customers instead of dollars. There are multiple ways you can tell your customers. A neon-lit board hanging above the cash counter is a good option. Or you can chat it up with your customers while trying to show them the discounted products. Flyers or email newsletters are another way of spreading your messages. However, before beginning such promotional or informative campaigns, it’s better to choose a bitcoin merchant first. Bitcoin merchants offering such processing services that enable you to convert the received bitcoins into your desired fiat currency.
And if invoices are your mode of payment, then mentioning your bitcoin address on the bottom of the invoice is a good practice. However, practicing such methods, you must never share your private key. The private key is high end encrypted password that enables you to transfer bitcoins.
Search for adjacent traders or friends
Another good practice to trade or buy bitcoins is to search for adjacent traders or your friends. Numerous websites offer such services where you can find the bitcoin owners and traders just by highlighting your city. All the traders in that radius will be highlighted. And also, these websites offer the opportunity for connection with these people. After connection, you can trade your bitcoins.
Also, by chatting with that specific person, you can choose a public place for a physical meeting. But be cautious in such scenarios as sharing your closet location or meeting a stranger in person or for the first time can be a bit risky. It is not the best-recommended practice.
It is better to use online platforms as they also offer bank transfer exchanging options. They (websites) have PayPal or Western Union on their electronic payment panels. However, such services come at a small cost. They charge a small fee as per transaction like a standard bank.
But the best way to trade bitcoins is to look for close friends who are holding bitcoins. Why spend hours looking for unknown bitcoins traders when you can just simply ask your nearest and closest colleagues or friends for small fractions of bitcoins in exchange for dollars.
Mine the crypto!
It is one of the most complex ways to collect bitcoins. People using such methods are commonly called miners. They do not recommend the beginners dabble in this method. By utilizing specific software and high end and modern computers, complex mathematical problems are solved. In exchange, a single bitcoin is produced. However, if you still consider yourself tech-savvy and want to take a ride on this adventure, go prepared.
Purchasing bitcoins from crypto-exchange
It is one of the easiest and general options to fatten up your digital crypto wallet. This straightforward method works like any standard stock exchange where you can sell or purchase. The bitcoin exchange offers users to exchange (buy or sell) bitcoins using any local currency. There is a standard market rate. For entering such an exchange, it is mandatory to own a traditional bank account and link it with a bitcoin exchange. In such away, you can transfer the funds between the two accounts.
However, the process can require a couple of days. As the standard banks are involved in the transactions, usually it takes three to four days for the bitcoins to fill up your crypto wallet.
The bottom line
With every day passing, new digital currencies are being invented such as Pi. But the trading and investment process is still the same. Therefore, concluding the article, the mentioned steps will assist you in purchasing your cryptocurrencies especially bitcoins.
