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A Beginner’s Guide to Bitcoin

This article is a brief beginners guide to Bitcoin.

It feels like it’s almost impossible to lose money in cryptocurrency right now, which has created a fear of missing out for many people. Although Bitcoin is not very beginner friendly at the moment, due to the massive spike in investments, it’s still possible to get involved. Although it appears expensive at more than £7000 per coin, many believe that by 2022, it will be worth more than £40,000 per coin.

Starting

To begin, you’ll need a Bitcoin. Sign up to Coinbase, the most trustworthy U.S. exchange. Your coins are 100% insured, and when traders lost millions when Ethereum flash crashed from around $300 to ten cents and jumped back up, they refunded everyone who lost money. They appear to be the only exchange that offers a safety net for customers.

Enable Two-Factor Authentication

You should have two factor authentication enabled in everything, but especially in Bitcoin. It’s a vital part of online security today. Hackers are everywhere, so you’ll need your wits about you. It’s easy to make a lot of money in Bitcoin if you’re a) patient and b) careful. Coinbase is the only mainstream exchange, so any coin on it automatically has an advantage of being more stable thanks to consistent demand. Read up on the stock market, learn about trading, and pay attention to people who know what they’re talking about.

Bitcoins can be used to purchase just about anything you want. Many people like to use a Bitcoin debit card which enables people to load a debit card with bitcoin funds. Just swipe and go. Some Bitcoin friendly retailers include Open Bazaar, a decentralised marketplace and Purse.io, which offers discounts of more than 20% on Amazon.com

The world of Bitcoin is fast paced and exciting, but try not to get swept up in it. Be very careful, and make sure you are protected at all times. This beginner’s guide to Bitcoin is a brief overview, but you’ll always have something new to learn.