How I can Own Bitcoin?

A simple guide to owning bitcoin.
By Savannah Moss
Image: Kanchanara | TikTok

Bitcoin is an electronic currency that is decentralized worldwide. Bitcoin has started in 2009 and ever since people have been trying to mine Bitcoin and own Bitcoin. Technology has now gifted us a bitcoin trading bot that can help us more precisely in Bitcoin trading. 

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BTC Payment Method

Bitcoin can be used as an online payment method that makes it easy to manage your money if you know how to operate it properly. You can then use Bitcoin anywhere where Bitcoin or other cryptocurrencies are accepted as a means of payment. If you also choose, you can hold on to Bitcoin as an investment with the hope that their value continues rising so as to net yourself more profit over time. The cryptocurrency market is now very volatile but Bitcoins may potentially become even more valuable than now! There are however several different ways for getting involved in cryptocurrency mining. Some include buying shares from mining companies or Bitcoin cloud mining where Bitcoin is purchased and then ‘leased’ out to others for Bitcoin mining purposes.

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As Bitcoin has a value, depending on the type of Bitcoin Investment you wish to make your Bitcoin can either be cold storage or hot storage. Cold storage means that Bitcoin is removed from an online computer and instead saved offline in a physical medium such as a USB stick or even an actual piece of paper! In comparison, hot storage would mean that Bitcoin is kept online in some sort of web wallet which makes it easier to access but this also opens up your Bitcoin to more risks. 

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The money will therefore have to be insured against potential hacking attacks by someone else who doesn’t have your best interests in mind within the Bitcoin community. A good way of holding Bitcoin for years, without having to worry about them being hacked or stolen from you is by using a paper wallet. Once created the Bitcoin address and private key will be saved onto a physical piece of paper which can then be taken offline and stored in a secure location such as your own home.

Depending on how much Bitcoin you actually possess determines whether they are classed as cold storage or hot storage within Bitcoin terms. If you own less than $1,000 worth of Bitcoin this would equate to cold storage – but if you were to purchase say $10,000+ worth of Bitcoin this would then become hot storage! Your Bitcoin ownerships will also depend on if they are held in an online digital wallet or perhaps even armory which is the only Bitcoin wallet that can be installed on a computer hard drive.

Online Bitcoin Wallet

Bitcoin, if held within an online Bitcoin wallet is more likely to experience hacking attacks or become victims of theft! If you have an extremely large amount of Bitcoin or any other cryptocurrency being stored in cold storage wallets then it’s highly recommended that you should consider investing in a hardware Bitcoin wallet. Hardware Bitcoin wallets work by storing your Bitcoin offline away from potential threats which can do harm to your virtual Bitcoin accounts. It is anonymous as no personal information needs to be revealed during the process of purchasing, selling, or trading Bitcoin, unlike identity cards for example.

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Your first step should always include finding out how much one unit of Bitcoin is worth! Once you know what the value is then you can decide what Bitcoin price you wish to pay for each Bitcoin. Make sure that the Bitcoin wallet address displayed on your computer has not been tampered with and is correct! After completing your purchase it is highly recommended to send your Bitcoin over to a cold storage or hardware Bitcoin wallet as quickly as possible! You should never leave your Bitcoin in an online digital wallet once they have been purchased because this makes them more vulnerable to hackers and theft.

Conclusion

Never lose focus of the fact that you need to secure any Bitcoin accounts from unauthorized access by others – if someone were able to gain access then there’s the potential for Bitcoins being stolen, which would be a nightmare scenario. There are some exchanges that also offer debit cards where cryptocurrency owners can use their Bitcoin balance with Bitcoin debit cards to pay for goods or services. Bitcoin can be used to buy Bitcoin or Bitcoin cash using the Bitcoin exchange, Bitcoin wallet, and Bitcoin ATM.

Bitcoin is a free resource that anyone can access online in order to see Bitcoin price charts etc. Bitcoin only exists in electronic format which makes it harder for anyone else at all to steal Bitcoin in comparison to Bitcoin cash which can be stolen.