Technology has revolutionized every aspect of our lives; our everyday life is revolving around technology. Advancements in technology have also led us to digital currency, the latest way to trade and invest. Digital currency allows you to make money through the internet. The bitcoins are stored in a software program called the bitcoin web wallet. It is in fact, a kind of virtual bank account in which you can send and receive transactions furthermore, save money.
With cryptocurrency, you can make huge profits. Anyone who wishes to save their money from theft can rely upon the bitcoin wallet, to store their currency. Over recent years, digital currency has become popular and is a reliable source for trading. Regular users can access the bitcoin web wallet through their mobile phones, it can also be accessed through the web at any time. Desktop wallets are also available moreover, hardware wallets are offline wallets and are the safest among all.
Reason for popularity of cryptocurrency:
- Fewer transaction fees required: To make a transaction, a transaction fee must be paid, which is higher at banks. However, transactions made through cryptocurrency are comparatively less expensive. Therefore transactions by cryptocurrency such as bitcoin are becoming immensely popular
- Making profits: The prices of bitcoin increase and decrease therefore purchasing them when their rates are low and then selling them when their value increases are a way to earn great profits. This method is used by many people who are then able to make a lot of money
- No government rules: Any government is not involved in the cryptocurrency industry, so its value is not affected from one country to another it’s value remains the same globally
- Convenient to use: Using bitcoins is becoming a trend therefore many online businesses accept cryptocurrency as a form of money. It is much convenient to work with and is easily accessible
- Secure way to make transactions: With an increasing number of security issues, and bank robberies, digital money seems much safer to use and helps to save your money against theft. Transactions can be made much smoothly and effectively with cryptocurrencies.
Is Bitcoin risky?
Investing in bitcoins has many benefits, however, it can be risky. Bitcoin is a volatile currency, its value fluctuates greatly throughout the day. If one can handle the increase and decrease of the currency only then shall he invest in bitcoins? An expert, however, can judge the rise and fall in the currency’s value and ultimately make substantial profits.
Cybercrimes like hacking are another factor that makes digital currency risky. If the hacker hacks the system the investors would lose all their money. Along with the loss of money; their personal account information may also be leaked. If a person forgets his account’s login detail such as the password he will be permanently logged out of his bitcoin wallet and cannot recover the money within his account.
Cryptocurrency security tips:
To ensure safe and scam-free transactions, here are some security tips that can be followed
- Hackers can hack your web wallets therefore, prefer using a well-known cryptocurrency company that provides maximum security against hackers
- Using offline wallets to store money is preferable as they reduce the risk of network-oriented attacks
- Avoid giving anyone open access to your wallets
- Keep your keys offline this way the hacker won’t be able to access them
- Use a USB for transferring data between computers. This can be done to avoid hacking.
- You can lose access to your wallet due to computer viruses. Thus it is advisable to create backup wallets in multiple devices
Success stories of cryptocurrency giants:
Bitcoin is a digital currency system worth billions of dollars annually. Bitcoins have made people millionaires throughout the years. Despite all this, it is a risky way of earning money due to the continuous fluctuation in bitcoin’s value. Sam Bankman-Fried founder of FTX crypto exchanges is worth 8.7 billion dollars as of April 2021. Barry Silbert, CEO of Digital Currency Group has a net worth of 1.6 billion dollars. Brian Armstrong co-founded Coinbase in 2012 and has a net worth of 10.9 billion dollars. Michael Saylor, the CEO of MicroStrategy Incorporated has a worth of 3.5 billion dollars.
