If you have ever heard about virtual assets or blockchain technology, then you must have heard about Bitcoin. Founded in 2009, Bitcoin is the basis of all virtual assets worldwide.
It is the first and the biggest virtual assets ever, with value of over $56,000 (March 2021). As the first digital currency, Bitcoin has gained the interest of many organizations, companies, and investors. It is a decentralised digital currency, open to everyone, which can be used for buying, selling, or trading goods and services. If you are interested in investing in Bitcoin and wonder whether Bitcoin is a good investment or not, here is the answer.
How to invest in Bitcoin?
If you want to buy Bitcoin, you can do it by directly buying from exchanges like MidChains and you can use a virtual asset exchange such as Midchains that is the next generation digital asset exchange for any trader worldwide. The MidChains platform is aiming to develop a place where cryptocurrency trading will be accessible to everyone, of every skill level.
Storing Virtual Assets off an exchange
You need to have a digital wallet, where you can store your virtual assets. The wallet has a private key and a secret number that only you will know, and you will be able to access your Bitcoin through them. It is not an actual wallet – the Bitcoin wallet is created by cryptographic keys. The public key is the location where transactions are made, and the private key is the password to your wallet.
There are two types of wallets – software and hardware wallets. Software wallets are applications that you connect with your bank account. Hardware wallets are storing your private keys on a hardware device, such as the USB device. Many people think that hardware devices are more secure because they are not connected to the Internet.
There are countries that require users to verify their identities when they are registering for a digital wallet. So, there is a chance that you might need to verify your identity by attaching personal documents such as ID, passports, driver’s license, etc.
You will also need to connect your digital wallet with your bank account, credit card, or a debit card. When you buy Bitcoin, you have to exchange a fiat currency. So, after you’ve set up your digital wallet and have put a payment method, you are ready to go to an exchange like MidChains and buy Bitcoins.
Is Bitcoin a good investment?
Of course! Everyone knows that Bitcoin is the biggest cryptocurrency worldwide. It is a decentralized currency which means that no one central authority controls it. Bitcoins can be sent from anywhere in the world, and anyone can send as much Bitcoins as they want. No bank or a government will close your account or stop your payment. There is no doubt that Bitcoin is here to stay, and that it will completely transform the way we buy and sell products and services.