Everything You Should Know Before Investing in Bitcoin
Whether you’re one of the 70% of Americans struggling financially or you’re loaded, you’re likely looking for new investments that will make you cold, hard cash.
But have you considered making money less tangibly?
Investing in Bitcoin is a fantastic way to put some money into your (virtual) pocket. As a result, it’s valued highly as the most common cryptocurrency on the market. Moreover, the price of Bitcoin is increasing day by day, making cash-for-crypto exchanges a surefire way to make more money over time.
Here, we will talk about the basics of Bitcoin, why it’s a worthwhile investment, and how you can access it. Then, read on to begin making money in a way that’s even better than traditional alternatives.
What Is Bitcoin?
Bitcoin is the most popular type of cryptocurrency on the market as of 2021. 45% of individuals who use virtual money choose Bitcoin as their primary currency. However, those who use other forms of crypto often also invest in Bitcoin on the side.
Like government-issued currency, you can use Bitcoin to purchase goods and services both online and in person. It’s a ubiquitous form of money that the government doesn’t issue so that you can spend it regardless of location.
It also doesn’t exist in print or coin form- it’s completely virtual. So on the most basic level, Bitcoin is software. It’s a network.
This network runs on an online protocol called the blockchain. The blockchain is a completely decentralized online system that users can access from anywhere in the world. Safely recorded within its ledger, transactions take place via the blockchain.
Once a transaction takes place, tech enthusiasts known as ‘bitcoin miners’ will run computer rigs that confirm groups of transactions that users have made. These groups, known as ‘blocks,’ are then sealed off and added to the blockchain. Bitcoins in sealed blocks can no longer be used, which stops users from attempting to use the same money twice.
Is Bitcoin Secure?
Bitcoin is, in fact, significantly safer than government-issued currency.
Because bitcoin isn’t tied to or regulated by the government, it’s secure and untraceable. One of the greatest draws of Bitcoin is that neither buyers nor sellers can track the location that Bitcoin comes from or goes, allowing for anonymous transactions that let everyone feel safe and secure.
Contrary to popular belief, this isn’t a network for illegal transactions. Fewer than 1% of Bitcoin transactions are illicit. Most transactions are entirely legal.
There are a variety of reasons that law-abiding people love Bitcoin. Some reasons include convenience, lack of transaction or import fees, secure information, and easy accessibility.
The primary reason that most people like Bitcoin is that unauthorized users can’t trace them through it. Because of this fact, users are far less susceptible to credit card and identity theft. So if you like to feel safe, Bitcoin is an ideal choice.
Where Can You Spend Bitcoin?
As you might imagine, Bitcoin can be used for a lot of secure online transactions. For example, you can purchase goods with it both from domestic venues and international ones.
It’s especially great for imports and foreign transactions because the currency is global. You won’t be charged an import fee when you purchase things from other countries in the same way that you would when shopping with government-issued currency. You and the seller also avoid the inconvenience of currency conversions.
Bitcoin is also a leading choice for those who enjoy online gambling. Most legal gaming sites accept cryptocurrency. That’s fantastic because you can place instant deposits without worrying about the gambling page’s reputability. Your information is safe.
As the popularity of cryptocurrency has increased, major credit card companies like Visa have started offering bitcoin cards. These cards are just like regular debit cards, but you load them up with cryptocurrency rather than USD.
You can then spend Bitcoin in stores just like you would with regular currency. As tech evolves, this phenomenon will likely grow, so look out for stores that accept Bitcoin cards!
Is Investing in Bitcoin Worth It?
Yes, Bitcoin is a worthwhile investment. The reason for this lies in its market value.
As of 2021, the crypto market is worth around USD 1.6 billion. By 2026, the market value will be approximately USD 2.2 billion. This increase of roughly 7.1% per year means that your Bitcoins will be worth that much more as time goes by.
If you put USD 1000 in a savings account, you would accrue an average interest rate of 0.06% per year. So, after ten years, you would only have $6 more than with which you started. (A low gain considering the length of time that you waited for interest to accrue.)
On the flip side, putting $1000 worth of Bitcoin aside to watch its value rise over time would be a very lucrative endeavor. For example, if it continued to grow at its 7.1% annual rate for ten years, you would ultimately have $710 more than you invested. That’s much better than $6!
Will Bitcoin Remain Profitable?
You likely are skeptical of whether or not Bitcoin’s growth will sustain itself over the next decade. After all, the 7.1% market growth needs to continue for your crypto to accrue value. However, all signs point to it being a more significant phenomenon in 10 years than it is right now.
First, people are more aware of Bitcoin than ever before. Around 90% of young people know what it is. Among elderly populations, 88% are aware of it.
Because more people know about Bitcoin, it stands to reason that more will be using it in the coming years!
Additionally, according to the same report, young people show the most interest in cryptocurrency. Around 48% believe that Bitcoins are the future, agreeing that it’s likely that more people will be using Bitcoin than not within the next decade. These younger people also have great attitudes towards cryptocurrency, with millennials supporting it most.
How Can You Access Cryptocurrency?
Once you make the intelligent decision to invest in Bitcoin, the next question is where you can access it.
Many people choose to become Bitcoin miners so that they can gain access to ‘free’ cryptocurrency. These miners are the individuals that close off blocks within the blockchain to secure and validate transactions. They’re the people that make Bitcoin a technology that works.
While the temptation of ‘free’ Bitcoin as payment for mining is tempting, it’s a rose-colored lie. First, mining is highly time-consuming and challenging because it requires knowledge of the blockchain that only experts have. In addition, you’d need to do a lot of research and networking, so you’d be paying for this Bitcoin with a lot of time.
You also would need to put a lot of money into purchasing the technology needed to mine. You’d need high-speed computers that have a lot of memory. The processors would be highly costly.
Bitcoin mining may give you a small passive income, but it would take years even to make up the cost of the equipment you had to buy to mine. Combine this with your time and effort, and mining isn’t worth it.
Buying Bitcoin is a much better idea. You only need to give up the exact amount of USD that you’ll get back in Bitcoin. Purchasing Bitcoin also only takes around 5 minutes if you use a Bitcoin ATM, a stark contrast to the weeks that mining takes.
Buying Bitcoin Online
Many people choose to purchase Bitcoin online. When you consider that Bitcoin’s nature is to be 100% virtual, this makes a lot of sense. Many people haven’t even thought of taking cash to a physical venue and getting Bitcoin in exchange.
There are dozens of online exchanges from which you can purchase Bitcoin. You’d need to give the site your banking and routing information in most instances. Some areas may also accept funds from eWallets like PayPal and Venmo.
If giving all that info up sounds sketchy, and, well, it is. While most Bitcoin buying sites are probably reputable, and you’ll be okay if you do your research, there’s always the chance of theft. In addition, you’re giving your banking information to a site that you don’t know to receive something untraceable in exchange. So when you put it that way, it doesn’t sound like a great idea.
Online Bitcoin exchanges also have quite a bit of wait time. Linking your account and entering the amount that you want to receive is straightforward. However, some of these exchanges have long transaction delays and approval processes.
You might not see your Bitcoin in your eWallet for an entire week. By that point, if the Bitcoin still doesn’t come and you’re still empty-handed, it’ll be too late. You won’t have much recourse for getting your money back.
Bitcoin ATMs: The Basics
Bitcoin ATMs are a superior alternative to online exchanges.
These machines are essentially ATMs that you can insert cash into and receive Bitcoin from in exchange. Bitcoin ATMs are easy to operate.
Bitcoin ATMs are secure and don’t require you to enter a banking and routing number. Instead, you need a QR code for your virtual wallet, and you’ll be able to access Bitcoin. (Significantly lowers the likelihood of identity theft or compromised financial information.)
Additionally, Bitcoin ATMs are convenient and accessible. You can find them all over the US in gas stations, retail stores, and banks. With hundreds of locations across the country, it’s easy to find a machine near you.
When you use a Bitcoin ATM, you will also have instant access to the funds you put into your virtual wallet. Websites can take many days to verify the transaction. However, once you scan relevant documents, your transaction at a Bitcoin ATM has already been confirmed.
There is no need to wait for your money, and you can begin to spend cryptocurrency immediately.
How Do You Use a Bitcoin ATM?
Once you find a bitcoin ATM, operating it is a pretty straightforward process. You need to:
- Scan your driver’s license or government-issued ID (to prove your identity before dealing with secure finances)
- Scan the QR code for your eWallet (so the machine knows the virtual account that the Bitcoin must be delivered to)
- Insert the amount of cash that you want to convert into bitcoin
- Wait a few minutes while your funds convert to cryptocurrency
There’s no hassle, and the process only takes a couple of minutes.
You can also use Bitcoin ATMs to get cash in exchange for Bitcoins. Scan your ID and QR code and tell the machine the amount of cash that you want. It will take the Bitcoin equivalent of these funds out of your eWallet and give you government-issued currency.
Beyond Bitcoin for Beginners
While there are a plethora of cryptocurrencies that you could invest in, Bitcoin is valuable and accessible, making it one of the best.
Now that you know the basics of investing in Bitcoin, it’s time to get started. Contact our experts with any remaining questions you have on how Bitcoin works and why it’s a worthwhile investment.
We’ll let you know why the cryptocurrency is a fantastic thing both to spend and save. We also will tell you where you can find a Bitcoin ATM near you so that you can convert cash to crypto in the blink of an eye. Since we’re committed to helping you get the benefits of Bitcoin with none of the hassles, we look forward to hearing from you soon.FIND A BYTEFEDERAL BITCOIN ATM NEAR YOU
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Additionally, Bitcoin ATMs are convenient and accessible. You can find them all over the US in gas stations, retail stores, and banks. With hundreds of locations across the country, it’s easy to find a machine near you.
When you use a Bitcoin ATM, you will also have instant access to the funds you put into your virtual wallet. Websites can take many days to verify the transaction. However, once you scan relevant documents, your transaction at a Bitcoin ATM has already been confirmed.
There is no need to wait for your money, and you can begin to spend cryptocurrency immediately.
How Do You Use a Bitcoin ATM?
Once you find a bitcoin ATM, operating it is a pretty straightforward process. You need to:
- Scan your driver’s license or government-issued ID (to prove your identity before dealing with secure finances)
- Scan the QR code for your eWallet (so the machine knows the virtual account that the Bitcoin must be delivered to)
- Insert the amount of cash that you want to convert into bitcoin
- Wait a few minutes while your funds convert to cryptocurrency
There’s no hassle, and the process only takes a couple of minutes.
You can also use Bitcoin ATMs to get cash in exchange for Bitcoins. Scan your ID and QR code and tell the machine the amount of cash that you want. It will take the Bitcoin equivalent of these funds out of your eWallet and give you government-issued currency.
Beyond Bitcoin for Beginners
While there are a plethora of cryptocurrencies that you could invest in, Bitcoin is valuable and accessible, making it one of the best.
Now that you know the basics of investing in Bitcoin, it’s time to get started. Contact our experts with any remaining questions you have on how Bitcoin works and why it’s a worthwhile investment.
We’ll let you know why the cryptocurrency is a fantastic thing both to spend and save. We also will tell you where you can find a Bitcoin ATM near you so that you can convert cash to crypto in the blink of an eye. Since we’re committed to helping you get the benefits of Bitcoin with none of the hassles, we look forward to hearing from you soon.
