The price of the digital currency, bitcoin is skyrocketing, breaking its own record nearly every month. It is already have doubled its investors’ money so far in 2017 and is expected to hit 3.000 dollar by the end of this year, $10.000 by the end of 2018 which would put the entire market cap at close to 180 billion US dollars. ¹
Convinced to get on board?
The days of buying one bitcoin for pennies are long gone. Unfortunately, most of us missed that glory train. But, for those who have nerves made of steel and are willing to welcome extreme volatility, big weekly ups and downs with a smiling face, can still invest in digital currencies, especially in Bitcoin, because some believers in BTC like Cramer from CNBC predicts its future value to be around 1 million dollars per bitcoin. Another speculator Jeremy Liew who’s also very first investor in Snapchat says cryptocurrencies are not anywhere close to their potentials and predicts its value to reach $500.000 per Bitcoin by 2030 in an interview with BusinessInsider.
First of all, you are going to need a digital currency wallet. It should be safe for your digital currency’s security and shouldn’t charge much transaction fees. We would highly recommend you Coinbase for buying and selling Bitcoin, Etherum and Litecoin.
Because it’s available world-wide, supports 32 countries, serves 7.6 million customers, available in every device, your wallet is insurance protected and you have full control over your account.
Best of all, it gives you $10 worth of free Bitcoin when you make your first $100 transaction.
Sure, you can store your bitcoins locally on any machine, even a simple USB trick would do the trick, but storing large amounts of digital currency on any internet connected device is the worst thing you can do, considering hackers steal millions of dollars of Bitcoin each year. So, you should either setup an offline machine spending at least a few thousand dollars on right infrastructure, or get a secure and insured wallet for short term buying/selling and vault for holding large amounts of digital coin for your longer term investment plans.
Assuming you have set up your account with Coinbase, which secures more than 25 million wallets and vaults combined, now it’s time for you to exchange some $$$ with a digital currency of your choice. It either could be Bitcoin (BTC), Etherum (ETH), or Litecoin (LTC).
Just another reason to pick exchange market and wallet provider Coinbase is their API partnership with hundreds of other third party applications which make your day to day operations a lot easier. Just take Lawnmower.io for example. The app built top on the Coinbase API that gives you realtime currency price and allows you to get desired amount of digital coin automatically each month, since it’s Coinbase integrated, each transaction made through Lawnmower immediately appears in your Coinbase wallet.
Regardless of which medium you choose to buy, sell or store your currencies, the important detail you need to keep in mind is that you own your coins…
Let’s say you bought 100 dollars worth of BTC on Coinbase, you can immediately transfer that amount to another wallet opened on another company with just a click of a button, store them else where, sell it on another medium and did you know you can even print out your Bitcoins, though it doesn’t make sense from security point of view, store them as paper?
Congratulations! Now you own some amount of Bitcoin (at least know steps to get some). Now, what’s next? Since it’s built as a peer to peer transaction technology without the control of central authorities, banks or governments, you could start sending money to your friends and family all over the world. Spend it on millions of online/offline retailers or even become an investor in BTC and make your retirement plans holding onto it for years.