3 Tips For First Time Bitcoin Users

By Staff Reporter - 27 Dec '18 21:49PM

In 2018, if you haven't heard about Bitcoin than you've probably been living under a rock. In our current era, Bitcoin and digital currencies (crypto) in general, have become a massively popular phenomenon that is typically purchased as an alternative to fiat currency, or as a unique investment.

Despite the fact that everyone is abuzz about crypto, the truth is that only a small portion of the population actually owns any - even fewer understand how it actually works. Bitcoin, Ethereum and Bitcoin Cash have become buzzwords at parties, in addition to terms like "hard fork", "smart contracts" and "distributed ledger". Pretty much any cocktail party or office get together involves a dreaded chain-splainer straining to elucidate the workings of crypto - a nearly impossible task.

While understanding how cryptocurrencies really work is virtually impossible unless you're a math and computer whiz, it's easy to understand the appeal of these digital currencies. On the one hand, they are an alternative to fiat currencies which are controlled by central banks. In a world where crypto has replaced fiat, governments would not be able to bail out big banks when their lack of foresight leads to financial disaster.

Secondly, in our current era, since digital coins are so new, the volatility of their value presents an attractive opportunity for investors looking for a high-risk, high reward asset. This volatility may actually pose an existential threat to crypto's future, but for adventurous investors, it's a once in a lifetime situation.

For those readers out there who are considering purchasing some Bitcoin for the first time, we're going to share a few tips that will help you navigate the process with a deeper understanding. There's a massive amount of information concerning crypto on the Internet, but we're going to try and keep it simple and concise; you can also visit the Bitbuy Blog to learn more about the fundamentals of the crypto universe.

1. You Can Get Out Whenever You Want - While there is a common misconception that it takes a long time to convert fiat to crypto and vice versa, most digital platforms and exchanges can execute a conversion in less than twenty-four hours. Many quality exchanges are also starting to offer express two-hour exchanges for a small fee.

2. There's More Than One Option - While Bitcoin is still king, options like Ether and Litecoin are becoming more and more popular. Research each digital currency and find out which one appeals to you, they all have a unique personality and the one that you choose is a vote for its success. Choose wisely!

3. Yes, You Can Actually Use It - Many big retailers like Microsoft, Expedia and Shopify have begun to accept Bitcoin, in addition to a number of independent, forward-thinking businesses. All of these transactions exist outside of the traditional fiat eco-system, so Visa, Bank of America and Scotiabank don't get any transaction fees; crypto is the currency of the people!

Hopefully this list has given you some sense of security in your quest to explore cryptocurrency. Check back for more on this unfolding story and enjoy the ride!

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