It’s the fintech era people so you shouldn’t be surprised that so many new ways of making payments are being invented. Cryptocurrencies are some of these methods and they’re taking financial markets by storm. In the sea of cryptocurrency, Bitcoin stands out as one of the most popular ones. It makes sure to come with a lot of perks which is why people are looking to trade with it. But just what kinds of perks are we talking about?
Well, anonymity for starters. You don’t need to link your bank account or disclose any other kind of information to hold Bitcoin assets. A simple username and password are what’s needed to have access to your Bitcoin. Also, no bank or any other authority will have access to your assets. In other words, you’re your own authority.
The password will be a 16 digit code which is also your private key. It’s private, so don’t share them with anyone unless you want to give them access to your assets. The private key also works as your seal of approval for a transaction. To make a transaction happen you’ll need your public key and another willing Bitcoin user.
You can safely share your public key with them. A transaction can be purchasing goods or services online, purchasing Bitcoin at exchanges, or swapping your existing Bitcoin for another cryptocurrency or fiat currency. This is just how versatile Bitcoin is. But its profit potential is the thing that gets a lot of attention.
In other words, you can profit from Bitcoin trading. You can learn how to do it yourself via the various trading simulator apps available. Or you can let trading platforms do it for you. If you’re interested in the latter option then BitcoinChampion is the app for you.
It’s a trading platform that uses an algorithm as well as user input to do the trading in your place. This means that you’ll need to create an account to use the platform. A starting budget is needed so a small deposit on your side is needed for the app to have something to trade with. Also, you’ll need to get familiar with the platform which is why you’ll need to go over the tutorials. A demo account will also be provided and once you’re comfortable with the platform, a live session is needed to get things started.
Other Bitcoin Details
Yes, it’s a popular crypto with a lot of perks but it has some disadvantages as well. Volatility is the one that you’ll notice first. This means that the value of Bitcoin can drop in an instant and if that happens then the value of your assets will drop as well. Also, if the opposite happens, then your assets will have a bigger value.
Another issue with this cryptocurrency is the level of security. Since it’s a popular virtual currency it attracts the attention of many hackers. They’ve hacked wallets with weak security as well as online exchanges to steal Bitcoin. But this doesn’t mean that you should give up on Bitcoin entirely.
One of the things you can do to stay safe is to get a proper Bitcoin wallet. To do this you’ll need to see what the plethora of wallets offer to users. They should have ample security measures to keep your assets secure. Also, a user-friendly interface is needed so you can easily use your wallet. Make sure the wallet suits your needs as well. Moreover, check to see if an exchange has been hacked in the past before you register. By doing these steps you’ll keep your assets safe from the hands of grubby hackers and you’ll be a successful Bitcoin trader and user.