19 Aug, 2022

Cryptocurrency & Bitcoins  Are they right for you?


Cryptocurrency has been in the limelight since its inception. It is just a few years old and has already generated a lot of hype.

It is a decentralized digital asset and payment system invented by Satoshi Nakamoto.

What is Bitcoin?

It is an open source protocol where all transactions are recorded & distributed across the network.

Cryptocurrency is a digital asset that uses encryption techniques to create money that is controlled by computer code and is decentralized. 

What is Cryptocurrency?

You can buy some goods and services with it and exchange it for other currencies or use it to transfer money across the world instantly.

Bitcoin is a cryptocurrency while, cryptocurrencies are a type of digital asset that uses encryption techniques to create a decentralized currency.

Differences Between Bitcoin & Cryptocurrency

Buying digital assets like Bitcoin is not a good idea. You can only use it as an investment and leave it untouched in your wallet.

How to Use Bitcoin in Trading?

Investing in cryptocurrencies is extremely risky and can result in heavy losses. You should be very careful while investing your money in it.

How to Safely store your digital asset

You should buy a funded, insured digital asset exchange account. You can transfer your Bitcoins to this account and send them to your digital wallet. 

You can buy or sell digital assets at any time and instantly. Bitcoin is not stored in any single server and is spread across a network of computers. 

Therefore, if one computer is hacked, you can easily transfer your Bitcoins to another computer. 

You also have the option of creating a cold wallet. A cold wallet is a digital asset that is stored offline and is not connected to the internet.

A paper wallet is a public key printed out on a piece of paper. You should keep this paper safely and offline so that no one can get access to it. 

A hot wallet is a computer connected to the internet and is vulnerable to hacking.