New to Bitcoin? Here's what you need to know

David Banks
Authored by David Banks
Posted Tuesday, April 27, 2021 - 7:39am

The Bitcoin mania is far from over as the virtual currency gains more and more users. It gets the attention of many thanks to the many advantages it comes with. If you’re new to Bitcoin, then you need to be aware of these benefits.

The first that you’ll notice is that there isn’t a third party in charge of regulating it. Instead, it’s the miners and users that do this. Also, you won’t get any maintenance fees as you’ll be in charge of your assets. No personal information is needed to access your assets.

You remain anonymous and therefore much more secure. To access your Bitcoin you need a username and a password in the form of several digits. This password is your private key which also serves as a seal of approval of all your transactions. For a transaction to happen you need another willing user and a public key which you share with the user.

When it comes to transactions you can use Bitcoin to buy goods and services, but you can also swap it for any fiat currency or another virtual currency. This is just how versatile Bitcoin is. The benefit that gets the most attention is the profit potential.

That’s why many people are looking to get started with Bitcoin. But learning how to trade takes time and you’ll need a bit before you get the hang of it. That’s why there are several trading simulator apps that offer you the opportunity to learn Bitcoin trading. With them, you’ll get a virtual exchange, virtual assets, and some competition. But if it all seems a bit too much then you can go for another solution that comes in the shape of trading platforms.

In the sea of trading platforms, you’ll come across the BTC System app. What it does is mimic the decisions of a Bitcoin trader and it does this based on the settings the user sets. That’s why you’ll need an account and a small deposit, so you’ll have something to trade with. Training is part of the package here which means you’ll get some tutorials and a demo lesson. When you’ve got the hang of it, you can adjust the platform’s settings and go for a live session. Afterward, you can experiment with the platform’s settings as much as you’d want to.

What Else Do You Need to Know

Bitcoin is far from perfect. The first thing you need to be aware of is the currency’s volatility. That means that its value can drop in a short span and it can go up in the same tame. It’s good for you if it goes up, but if it goes down then your assets will lose value. That’s why it’s a good idea to keep an eye out for the value of the currency and adapt to the changes.

Another thing that’s also important is security. Hackers have been known for stealing Bitcoin assets from users on the Dark Web and traders trading at online exchanges. But this doesn’t mean that you can do nothing in that regard. In other words, you can take certain precautions to secure your assets.

You’ll need to find a secure wallet as wallets with loose security is a target for hackers. Make sure to do your research and the wallet you pick also suits your needs. Researching the exchange is also important when it comes to using Bitcoin online. A history of hacker attacks isn’t a good thing when it comes to an exchange. Also, stay away from the Dark Web since you’re not as secure when it comes to browsing the web with known browsers.

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