One thing you must know that the Bitcoin is not an official currency. Till now you know enough about Bitcoin currency trading and all its benefits [Pros & Cons], but you’re not sure about the best way to invest in bitcoin or how to get some of your bitcoins. Bitcoin as a cryptocurrency is an entirely a new crypto trading platform & is a different payment system you are using with your banks, so it is important to know several things you need to consider before buying bitcoins.
You can see 1 dollar in bitcoin value changes every day. The volatile bitcoin price allows you to be in control of your transactions & lets you pay/change/exchange/transfer money in various ways than with your banks, but if you use bitcoin currency trading correctly, then it can provide very high levels of security for all your bitcoin transactions.
Although the Bitcoins should be handled with the same attention as like the wallet, or even more in some special cases. These great features of Bitcoins come with high-security concerns that we need to know before buying bitcoins. Read all the things even if you are going to open a bitcoin demo account for just to try.
Most IMP 8 Things To Consider Before Buying BITCOINS OnlineCheck out and consider the following eight important things before purchasing the bitcoins:
1. Find out everything you get & know all about Bitcoins.What is bitcoin - No doubt Bitcoin is a very well invented mode of digital currency. But still, it is necessary to get complete information about it before buying. What Bitcoin really is? & how does it work? What are its advantages and disadvantages? How much it is safe? Is it really helpful for you? You may read more about with Bitcoin mining simple explanation published in the last article.
Make a list of such kind of questions and know how much it is suitable for you. Knowing about anything before buying it, clears all queries and allow you to be sure about your decision. It clears your mind that you should buy it or not & if yes how much quantity you should buy from any bitcoin wallet providers.
2. Bitcoin Security.Is bitcoin safe to use? - Bitcoin is an easy & fast way to transfer your funds worldwide & apart from this it has other benefits also. The bitcoin trading algorithm which offers great features but also requires more attention towards its security concerns. But still, it's up to you that how appropriately & carefully you handle it.
It's your responsibility to be careful with online services & back up your entire wallet. With the grow of bitcoin development you can have some ideas like using a strong password to be secure to keep encrypted wallet locked from theft.
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3. Fluctuating Bitcoin Exchange Value.Bitcoin trading market - The value of Bitcoin fluctuates anytime & the reason being there was no government or any authority control over it and considered to be still new in the market. So currently if anyone is looking for saving in Bitcoin, then they shouldn't do this instead you can trade bitcoin online with the help of bitcoin wallet providers.
Therefore there is no point in storing more money in Bitcoin as this may be like giving an invitation to lose your money. So it's better to convert the received amount in your regular currency whenever you feel necessary.
You must know; Is Bitcoin Trading Legal in India? Check out Why it is?
4. Refundable but not reversible.Reverse Bitcoin transaction - You can pay using bitcoin or transfer money using bitcoin quickly. The secure transaction in the Bitcoin can not be reversed or canceled once it is done, but it can be refunded by the receiving person.
Therefore it's always plus points to deal with your familiar people or well-known companies or the people you can trust on. Bitcoin is able to detect the typographical error & that's why it protects from sending money to the wrong address by a fault. There may be an increase no. of features in the future for consumers to let them select their options.
5. Bitcoin transactions are not hidden.Online Bitcoin trading - When a Bitcoin transaction is done, it is confirmed in block chain or block transactions & stored permanently on the network, & that is the reason, everyone can see the balance & transactions of every Bitcoin address. Thus something has to be done to protect the privacy of your Bitcoin address.
The user identity of any Bitcoin address remains intact until the information is disclosed at the time of purchase. That's why the Bitcoin addresses should be used once & you are responsible for protecting your privacy.
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6. Unconfirmed transactions not safe.Bitcoin unconfirmed transaction - Bitcoin transactions take few seconds to get completed & an average of 10 minutes time to get confirmed. Once the transaction is confirmed, it goes into the blockchain where it is stored permanently with bitcoin backlog & these transactions are safe. But the unconfirmed transactions are not safe. But you can make it secure by bearing small transaction fees, or you can make use of detection system which may not be that much safe.
7. It's still young.Testing Bitcoin's Blockchain - It's still new & testing time for Bitcoin. But with time it may become mature. It's a brand new invention in the crypto trading platform that has never been done before. But from this only you can't predict the future of Bitcoin.
So before taking any major decision about Bitcoin do consult the expertise or you are probably better off suggesting an investment consultant.
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8. Don't buy to sell.People used to invest in latest things in the market as the history of Indian market shows that whenever a new thing comes in market, people hurry to purchase it because they think that its value will increase in future. So they look at it as a future investment & once it increases they look to sell it.
Most of the user thinking to buy shares in bitcoin to sell it once they got higher values. Selling bitcoin isn't pretty good as buying bitcoin. Buy it when you have extra money and sell it once you really need it. It's the better choice I could say, but you may have a proper opinion from a wise adviser.
Bottom LineIf you are planning to buy Bitcoin, keep all these points in your mind because most importantly it's the price is fluctuating & nobody knows where it will end. Like most people are saying the Bitcoin is the future of currency but you need to take care for each step while you buying bitcoins.
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