If you’re just getting into Bitcoin, there are a few things you should know before buying bitcoin. It’s important with any investment that you do some research and try and understand as much as you can about it.
Bitcoin is a platform of trust. It allows people to send value to each other without the need for any third party. The bitcoins never actually leave the blockchain, which is the underlying technology, but you can ‘kind of’ store them in a wallet.
Because Bitcoin is open source anybody can basically copy paste the program, and create their own version of Bitcoin. This has been done a few times, and some of them have called their coin: Bitcoin ‘Something’.
So, it’s important to note before buying bitcoin that these are not Bitcoin. If ever you want to buy Bitcoin, make sure you buy the BTC, and never leave your BTC on the exchange you buy it from.
A Wallet is The Best Way To Secure Your Bitcoin
As with everyday life, most people keep their money in a wallet or a purse. Well, Bitcoin is kind of no different. I say kind of, because as I said, bitcoins never actually leave the blockchain.
However, people say store bitcoin in a wallet for safety, etcetera. What they actually mean is get a secure platform that will interface your private and public Bitcoin address to your computer.
There are hardware and software wallets, and personally I prefer to use hardware wallets. Software wallets are free to download and are quite safe, but they are more susceptible to phishing and hacking attempts. Hardware wallets, never actually connect to the Internet and all your transactions are done offline. Read More…