article cover image

How to invest in Bitcoin and cryptocurrencies


How to invest in Bitcoin and cryptocurrencies

Investing in cryptocurrencies has been a mystery to many people for about ten years now. This secret has hindered many people to participate in massive wealth distribution going on worldwide. This is because many people have been watching out to check if bitcoin and cryptocurrencies is a passing fad, besides others making billions of dollars on the same.

On cryptocurrencies one can trade, exchange, hold and store cryptocurrencies so long as they ensure that they do not break any existing law.

 

How to get started with cryptocurrency

Blockchain is an online wallet that is needed for everybody starting investments with cryptocurrency. This wallet allows members to send, store and receive digital assets. One can choose the option that suits them from the variety. That is the blockchain, mycelium, and coinomi.

Registration with blockchain wallet can be done by downloading the app in one’s phone and installing, then secure the wallet through adding a strong pin and back up of 12 words phases which later can assist in password recovery in case of forgetting the password or lose of one’s phones.

Some people using blockchain wallet have ignored setting backups for password recovery which has caused them to fall under a sophisticated hack, hence causing them to experience very worse scenarios.

In some countries within African, there are minimal services which offer to buy and sell bitcoin. Therefore, one has to consider which service to use among the two, that is;  Blockchain Association or online per- to –per marketplace (a platform for bitcoin exchange) so that one can put something in their blockchain wallet because without something in the blockchain wallet there is no need of having it.

 

How to transact with blockchain wallet

The transaction of bitcoin depends on the broker and the buyer of bitcoin. The transaction can be done either by cash, bank, and mobile money e.t.c.  For the transaction to be completed the person involved or broker will request for bitcoin address hence lead someone to pay through transaction method available or chosen.  For any person to get payment via bitcoin address, one should log into blockchain wallet and click on receive payment, then copy the address and sent it to the broker for payment.

The bitcoin wallet looks like this, 1P1jyUGjQpnZ5daExhvccWPcdZ2AVCviT, therefore, any bitcoin wallet forwarded for the purpose of payment should have the above format, otherwise, it may not be a personal wallet, and wrong bitcoin wallet may lead to an incomplete transaction or lose.  

 Therefore, it is recommendable to transact with trusted brokers or brokers with good reputation since there are many scams in the media using blockchain.

 

Sit and hold

Sit and hold is an option that can be used by people with blockchain wallet. This is done by buying the bitcoin when the price is down, wait till the price goes up. Then sell, wait again till the price goes down and buy again, hence creating a profit which can lead to making wealth through the said process.

 


0