Cryptocurrencies like Bitcoin have been making headlines since their inception in 2009, and they aren’t going anywhere anytime soon.
In fact, more and more people are becoming aware of Bitcoin and other cryptocurrencies each day, causing the value of these virtual currencies to increase over time.
If you want to get in on the action but don’t know where to start, this guide will help you understand all the essentials of trading Bitcoin – from finding an exchange to buying your first coins.
Understanding Blockchain Technology
In order to be able to trade bitcoin, you must first understand blockchain technology.
The blockchain is a digital ledger that records transactions across many computers so that anyone with an internet connection can see and verify what’s happened.
The information recorded on blockchains is protected from modification and deletion. In short, it’s very difficult for hackers to change something on a blockchain because of how it’s designed-everything gets verified by multiple people.
This means that once data has been added to a blockchain, it cannot be changed or removed.
Buying Your First Bitcoins
Coinbase offers one of the easiest ways to buy Bitcoin. When you purchase your first bitcoins, it takes a few hours for them to show up in your wallet.
This process is called synchronizing. To avoid selling your bitcoins right away, you’ll need a way to store them offline.
With Coinbase, once you’ve purchased bitcoin, they automatically create an address for you so that you can access and send your money from anywhere in any amount at any time.
You simply insert cash into their machine and, within seconds, receive bitcoins in exchange. The best part about using coinbase is that you can use it as a digital wallet without having to worry about how secure your computer or phone is.
As long as you have access to your email account, you will be able to transfer funds into and out of your account.
Another great feature about coinbase is that if anything happens to your phone or computer, all of your information remains safe with coinbase because they are constantly backed up online.
How to buy bitcoin instantly? Well, another option for buying Bitcoins instantly is through LocalBitcoins. In addition to offering users anonymity when purchasing Bitcoins, LocalBitcoins also allows users to post advertisements where people who want Bitcoins can contact sellers directly.
The site has over 150 thousand active traders making it easy for anyone looking for Bitcoins to find someone willing to sell them quickly and easily.
Cryptocurrency Trading Platforms
Many cryptocurrency trading platforms are available, but a handful of them are truly reliable and trustworthy. You’ll want to look for several things in any trading platform you use; trustworthiness is high on that list. Here are a few platforms we recommend checking out:
(1) Bitstamp – One of the oldest and most well-established exchanges online, Bitstamp offers security and transparency on all transactions through its website. Although it does not accept deposits made by credit card, it does offer wire transfers for large amounts.
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(2) Coinbase – Coinbase is a digital currency exchange headquartered in San Francisco, California. It operates exchanges of Bitcoin, Ethereum, and other digital assets with fiat currencies in 32 countries and bitcoin transactions and storage in 190 countries worldwide.
It has also developed a cryptocurrency wallet called Toshi. Coinbase allows its users to buy/sell cryptocurrencies using several payment methods including bank transfers, credit cards, wire transfers, and more.
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(3) Poloniex – Poloniex is an American cryptocurrency exchange that offers maximum security and advanced trading features. Its system guarantees that user data remains confidential at all times through two-factor authentication as well as cold storage of 98% of all funds. Withdrawals are possible daily once your account balance reaches $1000 or more.
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