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Cryptocurrency for Beginners

You Have A Bitcoin Wallet, Now What?

2 min read
Have you spent hours, days and even weeks figuring out which Bitcoin Wallet is best for you? Now that you actually have the a Bitcoin wallet that everyone has been telling you to get first, now what do you do?

You Have A Bitcoin Wallet, Now What?

Have you spent hours, days and even weeks figuring out which Bitcoin Wallet is best for you?

Now that you actually have the a Bitcoin wallet that everyone has been telling you to get first, now what do you do?

 

You Have A Bitcoin Wallet, Now What?

Have you spent hours, days and even weeks figuring out which Bitcoin Wallet is best for you? Now that you actually have the a Bitcoin wallet that everyone has been telling you to get first, now what do you do?

Remember that a cryptocurrency wallet is a storage for your Bitcoin.

 

Step 1: Mastering sending and receiving Bitcoin

So the next thing you have to do is understanding how it works.

This is very important because if you give out the wrong address you might risk giving a complete stranger access to your Bitcoin wallet.

If you already know the difference between your public key and private key, you can move to the next step.

 

Private Key vs Public Key You Have A Bitcoin Wallet, Now What?

Your public key is the address you give out to receive Bitcoin (BTC).

But NEVER EVER GIVE OUT YOUR PRIVATE KEY.

Your private key You Have A Bitcoin Wallet, Now What? is your username and password integrated in one.

If you give someone your private key they they will get FULL ACCESS to your Bitcoin Wallet.

 

Step 2: Keep your Private Key SafeYou Have A Bitcoin Wallet, Now What?

If you lose your private keys, you will not be able to access your Bitcoin Wallet.

Even worse, you could love your Bitcoin.

 

Create a Wallet Back Up

You want to create a paper backup also known as a paper wallet.

This simply means to write your private key and passphrase on a piece of paper in a safe place away from your computer.

Most importantly

 

Protect Your Bitcoin Wallet  From Hackers

Hackers love to target cryptocurrency exchanges.

Forbes reported that hackers stole over $4 Billion in Crypto Crimes in August 2019.

Which is why you should never keep all your Bitcoin in an exchange wallet.

If you use an exchange wallet, it means a third party can has access to your keys and that list of private keys is the first thing hackers target.

 

How they do they target exchanges?☠You Have A Bitcoin Wallet, Now What?

They usually find security weaknesses during updates and then inject viruses or worms.

Remember that the account login and password is just the front door.

So hackers will always try to find to get through the back door or an open window.

 

In case you lose your phone

Ever have your phone end up in the You Have A Bitcoin Wallet, Now What?You Have A Bitcoin Wallet, Now What? or a washing machine?

It is the closest I ever gotten to a heart attack.You Have A Bitcoin Wallet, Now What?You Have A Bitcoin Wallet, Now What?

 

In case your computer crashes

It has happened to even the best of us.

If it hasn’t yet, it will…

 

Step 3: Buy ₿itcoin (Of courseYou Have A Bitcoin Wallet, Now What? )

You can buy Bitcoin with a credit card or debit card in less than 10 mins with Coinmama.

Coinmama is extremely user-friendly and great for those new to cryptocurrency because they offer the most popular cryptocurrencies such as Litecoin, Ethereum or Ripple.

 

Step 4: Start learning about the tech

Bitcoin is also a payment system.

And blockchain technology is what powers Bitcoin transactions.

New Bitcoins are created through a process called cryptocurrency mining.

If you understand the technology, you will be able to quickly identify scammers and most importantly genuine projects.

 

Step 5: Start researching other cryptocoins

Bitcoin is the first cryptocurrency created, which is why it is so popular.

However, there hundreds of other cryptocurrencies that have been created.

And you have the advantage of being an early adopter.

 

Step 6: Figure out when to sell the Bitcoin 

Getting in is great, but remember that you have to get out as well.

This means you have to set an exit price.

In other words, because Bitcoin is so volatile, you can easily get your ROI is a matter of months.

For this reason, you need an exit strategy.

 

Step 7: Start going to local meetups and conferences

The networking is always amazing.

What I personally love about the local networks is that you not only.

 

Conclusion

Owning a Bitcoin wallet is the just first step into the cryptocurrency and blockchain rabbit You Have A Bitcoin Wallet, Now What? hole.

Being an among the early adopters gives you the advantage of owning crypto assets at their lowest price.

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