How To Buy Bitcoin A Beginner S Guide To Crypto Investing

“How to buy Bitcoin” is still a popular Google search query despite the current volatile cryptocurrency climate. Why? Well, as the old saying goes, “buy low, sell high.” As Bitcoin’s price gets slashed to a fraction of its all-time high of $64,000, investors are scooping up the most popular cryptocurrency at a discount. Perhaps you, too, want to take a risky plunge into the Bitcoin bonanza, but you don’t know how to get started. Fortunately, it’s a lot easier than you may think. Not only is Bitcoin a well-established cryptocurrency, but it’s the most widely used digital asset in the world, so you don’t have to jump through hoops to buy it (unlike SafeMoon).

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Before you buy Bitcoin, you should know what you’re getting yourself into. We’ll dive into what, exactly, is Bitcoin — as well as its pros and cons — so that you’re well informed of the risks involved with purchasing Bitcoin.

What is Bitcoin?

What is Bitcoin?

Bitcoin, the brainchild of Satoshi Nakamoto, was born out of fury against the traditional monetary system, especially after the devastating 2008 financial crisis. The housing market collapsed, millions lost their jobs, retirement accounts plummeted to painful lows — it was an absolute nightmare. Institutional trust took a nosedive; Americans were enraged that their wealth was jeopardized due big banks’ shady practices. Determined to launch a financial system without central authorities (e.g. banks and governmental bodies), Nakamoto launched Bitcoin in 2009. Bitcoin is a virtual currency that uses a blockchain technology, or a peer-to-peer network, that thwarts third-party middlemen from taking over and calling the shots. If the word “blockchain” is too abstract for you, simply imagine a network of computers communicating with each other to validate transactions. Anyone can participate in the Bitcoin blockchain. If you decided to hop on the Bitcoin network, you’d be called a “miner.” You’d need powerful hardware to solve mathematical algorithms to confirm incoming transactions, and in return, you’d receive Bitcoin rewards for your contributions. However, because Bitcoin mining is an energy-guzzling practice, it’s drawing the ire of green advocacy groups. Even Nvidia is trying to discourage Bitcoin miners from buying their gaming graphics cards (GeForce RTX 30-series GPUs are gems for miners who want to earn Bitcoin at speedy rates). However, Nvidia is poised to release a mining-focused graphics card (opens in new tab) soon. While Bitcoin disrupts the GPU industry, it’s also shaking up the worldwide economy. Bitcoin wasn’t taken seriously at first, but as several major tech firms like Tesla, MicroStrategy, Paypal and Square stockpiled the cryptocurrency, faith in Bitcoin strengthened. Hell, a whole nation (i.e. El Salvador) decided to adopt Bitcoin as legal tender, so it’s solidifying its footing in the financial world.