Bitcoin trading is among the most popular mode of transaction nowadays. Do you want to learn more about bitcoin? The following ideas will guide you.
Bitcoin is a form of electronic money which is called cryptocurrency. It is a decentralized digital currency, so you will not be controlled by banks, government, and other organizations with your transactions.
Buying and earning Bitcoin
There are several methods of earning and buying bitcoins. You can choose from the following.
1] Accept it as a payment
You can get bitcoin if you accept it as a payment. You can do this by providing your bitcoin address with people. And you can also sell services and goods for bitcoin on different sites such as Purse.
2] Exchange real money to earn bitcoin
With cryptocurrency exchanges, you have a chance to buy bitcoin as well as other currency with the use of bank transfers, credit cards, and PayPal payments.
To give you an idea, some reliable online exchanges are Bitstamp, Bitfinex, and Coinbase. You can exchange real money to earn bitcoin through a retail store, Bitcoin ATM, bank, and with another individual.
3] Get interest from lending bitcoin
If you want to improve your bitcoin investment, you can earn interest by lending it. You can get this through site Bitbond or with your friends.
4] Complete tasks to earn bitcoin
Another way to earn bitcoin is to complete tasks. You can prefer for bitcoin faucets sites that allow you to exchange bitcoins with time on performing tasks like writing about crypto, watching ads, and playing games.
5] Get tipped with bitcoin
You can also get tipped with bitcoin. You can do this with the help of sites such as Bitfortip. These sites provide bitcoin incentives for different tasks. Some can tip bitcoin if you answer questions, take surveys, and sharing content.
1) Using and storing Bitcoin
As a beginner, you must know how to store and use bitcoin. If you wish to collect, earn, or buy, you must set up first your bitcoin wallet. You can choose from the storage method, including hot storage or cold storage.
Cold storage is when you store your bitcoin offline. On the other hand, hot storage is when you choose to store bitcoin online.
With bitcoin wallets, you can make payments and other transactions. You also have more freedom since there is no involved third party or intermediary on your trading.
2) Spending your Bitcoin
If you want to spend your bitcoin, you need a bitcoin address. It can be compared to a physical or email address. Every transaction involves a bitcoin address.
In spending your bitcoin, you must share your bitcoin address to your recipient for them to decode their wallet. There are more than 100,000 merchants in the world that accept payments like Overstock.com and Expedia.
If you want to earn more profits for your bitcoin trading, you can also use efficient platforms like a bitcoin lifestyle. They can offer you with amazing opportunities for your bitcoin trading.
3) Tips in Minimizing Risks in Bitcoin
Just like other transactions, Bitcoin trading also comes with risks. If you want to reduce losses, you can consider the following tips.
- Store your small bitcoin amount in cloud-based wallets. You can store your larger bitcoin amounts in your offline wallets.
- Support your wallet regularly and maintain your private keys and other data offline and secure.
- Plan of utilizing different software to maintain the safety of your bitcoin.
It is also essential for you to prevent scams like mining scams, wallet scams as well as exchange scams. You can develop an effective strategy to trade bitcoin in the best possible way.
With this guide, you can improve your bitcoin investment.