Storing Your Bitcoin
Although Bitcoin is a cryptocurrency, there are still ways to store Bitcoin in a tangible wallet. Such products include those offered by Ledger or Trezor. Think of it this way - the best time to buy Bitcoin is when you have prepared your wallet.
Online wallets are equivalent to your regular bank account, where you can store Bitcoin, receive, and transact your money. Each user receives a key to access their account; without the key, the account is practically useless.
You have many types of wallets to choose from that can help you store your coins. There is an option suitable for everyone, so select from the many options available at your disposal. Wallet types range from security levels to the resources you are willing to spend
Hardware Wallets
As the name suggests, hardware wallets are tangible products. Having a portable wallet that you can carry with you makes it easy to buy and trade anywhere and anytime you want.
You simply plug your wallet into your computer, and it’s ready for use. Some devices even come with Bluetooth connectivity! Using a hardware wallet is very safe; you will be protected from any viruses or malware entering your device, as long as you are careful about where and how you use the device.
Web Wallets
Web wallets are essentially stored online, so everything is virtual. You can access your wallet from a specific device (usually integrated as a browser extension), and you can perform all transactions online.
You just need to enter your unique password to access your account, although it comes with risks. Your password is susceptible to exposure due to online data breaches, or someone could hack into the account.
Desktop Wallets
Another way to access your Bitcoin is through desktop wallets installed on your PC. While it provides you with good control and security over your funds, this wallet requires regular maintenance and upkeep.
Since the wallet resides on your computer, it will be safe from prying eyes, although everything will be lost if your computer is stolen. Therefore, I recommend switching to a hardware device.
Mobile Wallets
With the whole world stored in the palm of your hand on your smartphone, it’s no surprise that you can also access your Bitcoin wallet from there. Like installing any other app, you can install a wallet app on your smartphone, and the rest is history.
You can log into your account and use your funds whenever you want; it’s quite secure, and you always know where your money is. Your mobile wallet will go with you wherever you go. So, whenever you decide the best time of day to buy cryptocurrency, you can do it immediately.
Timing is Key
After all we’ve discussed, the most evident reality is the limited supply of Bitcoin available to the global market. With only 21 million in supply, 91% has already been mined, so if you’re thinking of buying, now might be the best time to buy Bitcoin.
As the world becomes more aware of this excellent way to buy and trade assets, along with the rapidly increasing value of cryptocurrencies, it won’t be long before all are mined.
Moreover, countries like China have banned cryptocurrency mining due to the high energy consumption (among other reasons). With global environmental issues on the rise, mining Bitcoin is becoming increasingly challenging.
Ensure You Are Proficient in the World of Cryptocurrency Before Trading with Bitcoin
I previously mentioned that BTC can be held for the long term, but when you need to, it's essential to know when to sell Bitcoin.
Major companies like Microsoft and Whole Foods have started accepting Bitcoin, and the number of smaller vendors capable of processing Bitcoin transactions is also on the rise.
Certain services are excellent if you want to use your cryptocurrency as regular currency. Just like using a credit card to make purchases, you can get a cryptocurrency-based debit card and receive cashback, rewards, etc.
Interestingly, some countries with unstable or devalued currencies have also diversified by using cryptocurrency as regular currency.
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