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5 Things You Should Know Before Investing In Bitcoins

By January 31, 2018 No Comments

2017 started and ended with a bang for Bitcoin, as its price raced through the $1000 mark without showing any signs of slowing down. Despite this, many are still unaware of what Bitcoin really is. If you are toying with the idea of investing in Bitcoins and want to know more about it, this article is for you. We have put together a list of 5 things you must know before you go head and join the Bitcoin bandwagon.
What Is Bitcoin and Why Is it So Popular Now?
In simple words, Bitcoin is a digital currency peer to peer online payment system backed by the revolutionary blockchain technology. There are basically two main reasons that are fuelling the growth momentum and overwhelming popularity of Bitcoin over the past few years. The first and foremost logical reason is, Bitcoin is following the basic economic principle of demand and supply, as in, the price of this digital currency goes up and down depending on the demand and supply like it is for any other commodity. Right now, for every one Bitcoin seller, there are nearly twenty buyers, so naturally, the demand is strong, which in fact is driving its price up.
Secondly, the extreme volatility in the economy of certain countries is raising large-scale concern amongst people, with many fearing that the value of paper currencies in these debt-ridden, inflation-hit countries might collapse, and may be worth nothing in the recent future. This is driving the demand for Bitcoin significantly, as the digital currency offers the same value in every country.
What Are the Security Issues?
Educating yourself about the security and storage of Bitcoins is of paramount importance, because if you lose the Bitcoins that are in your Bitcoin wallet, they are lost forever. Things can go severely wrong in many ways. For instance, you might lose Bitcoins worth hundreds of dollars in a single day in case your digital wallet gets hacked or compromised.
On the other hand, storing the coins locally on your computer has risks as well because you never know when your hard disk will crash. Either way, if the data is lost, it can’t be recovered ever again. So it is strongly recommended to store your Bitcoins only in reputed and reliable mobile wallets that are offered by leading Bitcoin exchanges like Belfrics.
Can I Cancel Bitcoin Transactions?
Transactions that are made over the Bitcoin network, cannot be cancelled. This essentially means, once the Bitcoins leave your wallet, the process cannot be reversed. Therefore, it is immensely important to double check the transaction details in order to be absolutely sure that everything is alright. Just in case you make a wrong transaction, your best bet would be to contact the person to whom you have made the payment.
Where Are Bitcoins Accepted?
What’s the worth of Bitcoins if nobody accepts it as a payment system? Luckily, big corporations like Microsoft, PayPal, WordPress, and Dell are accepting payments through Bitcoins, with more and more enterprises and business-place owners rapidly following the suit. If you are intending to use your Bitcoins at a local marketplace, look for the “Bitcoin accepted” sign similar to Master/Visa boards and stickers displayed at commercial places. However, if you are planning to cash your Bitcoin investment, you can easily exchange the coins for FIAT money like the US dollar through any Bitcoin exchange platform.
How Do I Get Invested in Bitcoin?
Bitcoin investments can be smoothly executed through several exchange platforms that are available today. But for seamless transactions, order keeping, and security, opt for high-powered platforms like BT18, which securely lets you buy and sell Bitcoins at the best prices. Platforms like BT18 also offer top-class digital wallets with high-grade security that you can use for storing your Bitcoins.
Now that you are equipped with substantial knowledge about the basics of Bitcoin, the technology, and the factors that affect it, you can go ahead and make some real money. Also, watch out for new developments, as there are many more complex applications in the pipeline that will enable you to do much more with this game-changing digital currency.

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