Money In The Age Of Cryptocurrency: What Is Bitcoin And How To Invest In It ?

By Supreet Kaur Gujral | YEET MAGAZINE | Published 2:15 a.m. ET, June 25, 2021

YEET MAGAZINE Money - The latest breaking financial news on the US and world economy, personal finance, money markets and real estate.

Money - Wallet - Buy BTC, ETH & BCH | Wallet, news, markets info and education

Investment in a Bitcoin is itself an accomplishment if you follow the right track with proper knowledge.

The extent  of Elon Musk's influence on cryptocurrency

On the onset of 2021, Elon Musk, CEO of Tesla, assigned the handle #Bitcoin in his Twitter profile where he tweets about its inevitability which, in turn, surges its price. In the following month, Tesla purchases Bitcoin worth USD 1.5 billion and contemplates starting accepting Bitcoin as a method of payment for vehicles. This, further, expand the price to USD 44,141.

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Recently, the Legislative Assembly of El Salvador voted in favor of legislation to make Bitcoin legal tender in the country. It prompts curiosity among potential investors. Masses want to invest in this platform as a lucrative opportunity. Though it can be a jackpot for some, it requires in-depth knowledge and investigation before stepping one’s foot in.

Bitcoin was first launched in 2009 as the first-ever cryptocurrency the world witness.

First, you need to know what is Bitcoin? How does it work? What are its implications? How to Invest in Bitcoin? What is trending in the financial markets? To trade in a Bitcoin is equivalent to trade-in stocks and shares. It will either give you gains or you will lose it.

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It is an electronic cash system or a cryptographic peer-to-peer value exchange internet network formed by an economy of networked computers. It does not require any intermediaries such as banks for financial transactions. It requires blockchain which is a public ledger on which the transactions of a Bitcoin are recorded.

These transactions are cryptographically signed with ECDSA. To transact the Bitcoin, it could be done using public key addresses in which one would send a message via a public e-mail address. Then, they can send money via a public key Bitcoin address. Further, payments can be made by scanning a QR Code to identify the public key or using emerging near-field-communication technology.

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How to purchase Bitcoin?  What are the next steps required?

Now the question arises how to purchase it? Before buying a Bitcoin, you need to possess 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 inclusive of bank accounts, debit cards, and credit cards. You may also acquire it via Bitcoin ATM.

Just like traditional money, Bitcoin has no physical presence. Investors should be cautious about the privacy and security concerning the same. Anyone who gains the private key to a public address on the Bitcoin blockchain can authorize transactions. Thus, Private keys should be kept secret.

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There are some steps to follow if you want to deal with this virtual currency.

1. Sign up for cryptocurrency exchange. Some of the most popular exchanges are not decentralized and do require KYC.

Coinbase, Kraken, and Gemini offer Bitcoin and a growing number of altcoins. Before signing up, use safe internet practices such as using two-factor authentication and a password that is unique and long, including a variety of lowercase letters, capitalized letters, special characters, and numbers.

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2. Provide your documents such as pictures, driver's license, social security number, as well as id proof and source of funds which depends upon the factors feasible at that time.

The information warranted may depend upon the rules and regulations of the respective countries you are residing in. The process is almost equivalent to that of setting up a brokerage account.

After ensuring your identity, connect to your payment option. It would be best if you research the fees associated with each payment option to help choose an exchange or to choose which payment option works best for you.

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3. After following the requisite steps, you are all set to purchase Bitcoin or any other cryptocurrency.

It has similar features as compared to stock exchanges. Before taking any action towards the purchase, it would be practicable if you do some research in the financial markets to know the trends if you strive for profitable gains.

4. Now, it is equally important to store your virtual assets. One can use web wallets. It is equivalent to the private key on a server.

Another option is Hardware wallet, desktop, mobile wallets, and paper wallets

It is generally asked why Bitcoin has value. It is both useful and scarce. It is scarce because the protocol upon which it is built defines a hard cap limit of 21 million units of currency. It is useful because it allows us to do things with money we have never previously been able to do so.

Now, what if you want to sell your Bitcoin?

You can sell on the same place from where you purchased it such as through cryptocurrency exchanges or peer-to-peer platforms. The offering price may vary. It depends upon the market composition and the demand at the same time.

Remember that while purchasing and selling out your Bitcoin, you need to pay transaction fees. However, there are no limits regarding its amount.

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Bitcoin’s money is decreasingly inflationary.

Further, Bitcoin reflects many of the investment characteristics which make gold a viable investment. It is scarce, quasi-indestructible, serves industrial purposes, and also adds perfect portability and divisibility.

Initially, many nations were in a dilemma to provide them legitimate status. With the pursuance of recent changes in the economies and financial markets along with the statements dealing with it, several nations welcome it with open arms. It was seen as doubtful because it does not have any authority that regulates and controls it. But countries are imposing their own rules for the same. Moreover, its transparency varies from country to country.

As the digital currency landscape is constantly changing, with most tokens being untested as a medium of exchange, and users should be careful to weigh their benefits and risks. Thus, it requires proper scrutinization and follows the trends prevailing in the money market. And most importantly, do not overlook the rules and regulations set up by the respective countries concerning these virtual currencies. Be updated about the same.

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