Bitcoin is highly volatile, and being unregulated by a central authority means that the price is always highly speculative. Individuals who choose to invest in Bitcoin must weigh the risk factors, of which there are plenty, and also be prepared for the worst that can happen: the loss of all their investments.
In so many ways, for those immersed in the world of technology, bitcoin price is still subject wreathed in mystery, having an otherworldly air about it, almost as if it was a special gold currency to be earned in your favorite game to play, and in all honesty, it is pretty much that in reality. If you were looking to embark on a journey to understand the magical currency of Bitcoin and the ways in which it can benefit your life, you’re at the right place. Buckle up.
In order to truly understand what Bitcoin is and all its varying benefits, one must first go back to its roots to unearth why it was created to begin with.
Once a purchase is done at an exchange, store your currency in a “digital wallet”, which is basically a compilation of addresses, along with unlocking the funds you’ve stored within them. With this virtual wallet, the user can receive or send Bitcoins.
However, unlike being able to point fingers at a bank for losing all your hard earned cash, it works differently here. Keep in mind that you, and you alone, are responsible for safeguarding your Bitcoin funds, so keep that virtual wallet secured.
Storing your Bitcoins, safely
Paper and Hardware wallets are the most secure way to store your information, ironically. With these, an individual’s private keys are always offline and not at risk of being hacked. These hardware wallets are commonly purchased from Ledger Nano or Trezor, that can be bought online, again, ironically. Likewise, a paper wallet is used to store Bitcoins offline. Once again, remember to keep the printed wallet with its personal details safe, as there’s no way to recover them once lost or misplaced.
The tech behind the coin
Blockchain technology, as it is named, drives Bitcoin. It is a public record of all the transactions shared and maintained through global consensus among all within the Bitcoin network. Remember, Bitcoin users self-regulate. Transparency is at the forefront of the network management, ensuring that all transactions within the network are indisputable and also prevent the double spending of the Bitcoins.
