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Bitcoin- Beginner’s Guide for Starting Out

Whenever there is a new technological breakthrough, the world welcomes it with open arms and rejoices over the fact that things are now easier for mankind as manual efforts in completing grueling tasks are decreasing with each passing decade.

Now, the machines are slowly but surely taking over men and as we are now into 2020, the coming decade is going to be quite interesting with a new turn of events as artificial intelligence hopes to overtake humans in the next few years.

For now, let us now go all the way back to 2009 when there came a revolution in the field of crypto money in the form of Bitcoins. Here was a new technique that came as a ray of hope for youngsters who were freshly graduated from college but were unable to find jobs due to various reasons.

Brief Study

Bitcoin, by definition, is a cryptocurrency that hopes to salvage the lives of people who want to do something worthwhile in life while on the other hand, businessmen and investors are happy to put their hard earned money into this venture and increase their net worth by manifolds.

It is important to note that crypto currency is one that is decentralized in nature and does not have a central bank to regulate and watch over it so many people have difficulty in trusting it.

However, as soon as Bitcoin launched, it quickly became a massive success as people all over the world started buying and trading in bitcoins in large numbers from all over the world.

To understand bitcoin in detail will take a long time and one article is not enough to put everything in as it is a vast structure and only a part of a huge topic like cryptocurrency.

Impact

To measure the impact that it has had on its users, majority of whom belong to the younger generation, is a virtually impossible task as within a year of its launch, many of them turned from paupers to princes.

In 2010-11, it shot up at a record $4392 within a span of 3 months and such a growth had never been seen before and that too in such a short period. No sooner, people from all walks started purchasing bitcoins and took to it like fish to water.

Such was the craze that even the makers themselves had never expected that it would become a success at such a huge scale and soon they started hoping that it would replace all the currencies of different countries and become the universal currency of the entire world.

However, it was plainly arrogance on their part and very soon, within a year and a half, things started falling apart as numbers came crashing down like ninepins and bitcoins were slouching at $800 to $1000, which soon put its future into jeopardy.

People who had invested their everything into it lost millions in one go and were reduced to penury overnight, a stark contrast compared to what happened in the initial years.

Advice to Beginners

Given the above circumstances, youngsters are polarized in their views on whether to trade in bitcoins or not because they have seen the results and are skeptical of trying it out while others want to give it a shot as its too tempting for anyone.

Therefore, if you are one of those youngsters who want to purchase and trade in bitcoins, you will need to follow certain tips so as to be careful as this is a slippery slope to success where there is much to gain but way lot more to lose.

Now, we are going to talk about some important points on how to begin trading in bitcoins and they are as follows:

  • Always keep different wallets because if it contains your entire savings, then they are quite vulnerable to abuse and easy for others to steal so take care of the bitcoin revolution account with security
  • Never store anything in a web wallet as they are prone to getting hacked by cyber criminals and therefore need to be used as current accounts
  • Don’t share your private passwords and keys with anyone\
  • Apply the cold storage process and encrypt private keys with strong passwords
  • Keep a backup ready and put your files in flash drive
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