What is crypto Currency?
A cryptocurrency, crypto-currency, or crypto is a digital decentralized currency that can be used to buy things online or you can invest in cryptocurrency when its value rises you can sell it and get your bank account filled with money. Crypto Currency's value rises like a rocket. the more people buy a cryptocurrency the more its value rises the more people sell the bitcoin its value decreases. there are many crypto-currencies some of them are
- BITCOIN
- DOGECOIN
- Litecoin
- Ethereum
- Ripple
- Stellar
- NEO
- Cardano
there are many crypto-currencies but today we are going to talk about BITCOIN.
BITCOIN
Bitcoin is the most popular cryptocurrency.
it is like any other crypto but it uses a blockchain format to store the data of your transactions of bitcoin. it stores everyone's date of their bitcoin in one form but there are millions and billions of copies of the form this is possible only because of the bitcoin miners who
buy many computers and uses all their resources in the mining of bitcoin and get a percentage of the bitcoin. so if a hacker hacks 1 form out of 1 million forms and changes the data of that form the blockchain algorithm would understand it as the hacker's forms shows 1 data and the other million forms show 1 data which means the majority shows one data and only 1 shows another data so the hacker's form will be eliminated which means it would be hard to hack bitcoin so it is secure.
a transaction in bitcoin is very fast.
people say that criminals use bitcoins and other cryptos as there it is decentralized you don't have to give your name so you are anonymous but that's a myth as whenever you buy a bitcoin or invest in bitcoin your computer's public key is stored in bitcoin server so you can be tressed using your public key I think cash is the most untraceable currency in the universe.
Investment is bitcoin and when to buy bitcoin and when to sell it
Before You Buy Bitcoin
There are several things that every aspiring Bitcoin investor needs. A cryptocurrency exchange account, personal identification documents if you are using a Know Your Customer (KYC) platform, a secure connection to the Internet, and a method of payment. It is also recommended that you have your own personal wallet outside of the exchange account. Valid methods of payment using this path include bank accounts, debit cards, and credit cards. It is also possible to get Bitcoin at specialized ATMs and via P2P exchanges. However, be aware that Bitcoin ATMs were increasingly requiring government-issued IDs as of early 2020.
Privacy and security are important issues for Bitcoin investors. Even though there are no physical Bitcoins, it is usually a bad idea to brag about large holdings. Anyone who gains the private key to a public address on the Bitcoin blockchain can authorize transactions. Private keys should be kept secret; criminals may attempt to steal them if they learn of large holdings. Be aware that anyone can see the balance of a public address that you use. That makes it a good idea to keep significant investments at public addresses that are not directly connected to ones that are used for transactions.
Step One: Choose an Exchange
Signing up for a cryptocurrency exchange will allow you to buy, sell, and hold cryptocurrency. It is generally best practice to use an exchange that allows its users to also withdrawal their crypto to their own personal online wallet for safer keeping. For those looking to trade Bitcoin or other cryptocurrencies, this feature may not matter.
Step Two: Connect Your Exchange to a Payment Option
Once you have chosen an exchange, you now need to gather your personal documents. Depending on the exchange, these may include pictures of a driver's license, social security number, as well as information about your employer and source of funds. The information you may need can depend on the region you live in and the laws within it. The process is largely the same as setting up a typical brokerage account.
After the exchange has ensured your identity and legitimacy you may now connect a payment option. At most exchanges, you can connect your bank account directly or you can connect a debit or credit card. While you can use a credit card to purchase cryptocurrency, it is generally something that should be avoided due to the volatility that cryptocurrencies can experience.
While Bitcoin is legal in the United States, some banks do not take too kindly to the idea and may question or even stop deposits to crypto-related sites or exchanges. It is a good idea to check to make sure that your bank allows deposits at your chosen exchange.
Step Three: Place an Order
Once you have chosen exchange and connected a payment option you can now buy Bitcoin and other cryptocurrencies. In recent years, cryptocurrency exchanges have slowly become more mainstream. They have grown significantly in terms of liquidity and their breadth of features. The operational changes at cryptocurrency exchanges parallel the change in perception of cryptocurrencies. An industry that was once thought of as a scam or one with questionable practices is slowly morphing into a legitimate one that has drawn interest from all the big players in the financial services industry.
Now, cryptocurrency exchanges have gotten to a point where they have nearly the same level of features as their stock brokerage counterparts. Once you have found an exchange and connected a payment method you are ready to go.
Crypto exchanges today offer a number of order types and ways to invest. Almost all crypto exchanges offer both market and limit orders and some also offer stop-loss orders. Of the exchanges mentioned above, Kraken offers the most order types. Kraken allows for the market, limit, stop-loss, stop-limit, take-profit, and take-profit limit orders
Step Four: Safe Storage
Bitcoin and cryptocurrency wallets are a place to store digital assets more securely. Having your crypto outside of the exchange and in your personal wallet ensures that only you have control over the private key to your funds. It also gives you the ability to store funds away from an exchange and avoid the risk of your exchange getting hacked and losing your funds.
While most exchanges offer wallets for their users, security is not their primary business. We generally do not recommend using an exchange wallet for large or long-term cryptocurrency holdings.
Some wallets have more features than others. Some are Bitcoin only and some offer the ability to store numerous types of altcoins. Some wallets also offer the ability to swap one token for another.
When it comes to choosing a Bitcoin wallet, you have a number of options. The first thing that you will need to understand about crypto wallets is the concept of hot wallets (online wallets) and cold wallets (paper or hardware wallets).
Some links regarding the better understanding of the wallets
How to Buy Bitcoin with PayPal
It is also possible to buy Bitcoin through the payment processor PayPal. There are two ways to purchase Bitcoin using PayPal. The first, and most convenient method, is to purchase cryptocurrencies using your PayPal account. The second option is to use the balance of your PayPal account to purchase cryptocurrencies from a third-party provider. This option is not as convenient as the first one because very few third-party sites allow users to purchase Bitcoin using the PayPal button.
How to Buy Bitcoin with Credit Card
The process to purchase Bitcoin with credit cards is similar to the one for buying the cryptocurrency with debit cards or through automated clearing house (ACH) transfers. You will need to enter your credit card details with the exchange or online trading firm and authorize the transaction. In general, however, it is not a good idea to purchase Bitcoin with credit cards. There are a couple of reasons for this.
Alternative ways to buy bitcoin
- Bitcoin ATMs
- P2P exchanges
How to Sell Bitcoin
You can sell Bitcoin at the same venues that you purchased the cryptocurrency, such as cryptocurrency exchanges and peer-to-peer platforms. Typically, the process to sell Bitcoin on these platforms is similar to the process used to purchase the cryptocurrency.
For example, you may only be required to click a button and specify an order type (i.e., whether the cryptocurrency should be sold instantly at available prices or whether it should be sold to limit losses) to conduct the sale. Depending on the market composition and demand at the venue, the offering price for Bitcoin may vary. For example, exchanges in South Korea traded Bitcoin at a Kimchi premium during the run-up in its prices back in 2018.
Cryptocurrency exchanges charge a percentage of the crypto sale amount as fees. For example, Coinbase charges 1.49% of the overall transaction amount as fees.
Exchanges generally have daily and monthly withdrawal limits. Therefore, cash from a large sale may not be immediately available to the trader. There are no limits on the amount of cryptocurrency you can sell, however.
IS INVESTING IN CRYPTO WORTH IT
Yes, it's worth it in investing in crypto. Crypto-currency is the new future.
YOU SHOULD INVEST IN BITCOIN
