Bitcoin has long ceased to be treated as an uncertain source of investment. And is more often perceived as a modern Bitcoin Investment.
Is in the form of investing savings and a means of payment.
Despite this, some people are still not fully aware of what a digital currency really is. And what legal regulations determine its functioning.
Virtual currencies are starting to hit our daily lives. More and more companies allow you to make payments using the outline of Bitcoin. It is very likely that more will join them soon.
Recently, the American giant PayPal, owned by eBbay, announced that it intends to support several platforms that enable cryptocurrency trading .
This means that users of the largest auction site in the world will be able to pay for the purchased products using Bitcoin.
How To Invest In Bitcoin?
Now, if we want to jump on the speeding train and invest in cryptocurrency, we need to register with the appropriate trading platform. Attention! There are a lot of suspicious things going on in this market and lots of scams.
Reliable exchanges are eToro, Binance, Bitpanda and Coinbase. Once we choose the exchange, we are only a few steps away from buying the first bitcoins. However, traditional registration with an e-mail address
and password is not enough to create an account.
As this is a financial transaction, tax issues and anti-money laundering measures play an important role. So users need to identify themselves clearly, most often this is done by video or mail. We almost always need to complete a questionnaire to test user experience in trading bitcoin and protecting the user from investment mistakes. If these things are not the case then the platform is not serious.
After activating the account, we pay money to buy bitcoins or connect our stock exchange account with a bank account. You can usually choose popular credit cards or PayPal as the means of payment.
How To Protect Yourself Against Theft Of Bitcoin Investment?
Bitcoin, just like real money, can also be stolen, which is why you should protect yourself against losing it. As in the case of the classic currency, the security must be adequate to the amount of funds we have – we secure money in the wallet differently, funds for the purchase of a car or apartment, or savings for the whole life.
We can keep smaller funds using the application on a mobile phone. This is a way that resembles carrying money in a wallet, but it has one advantage over it – we can easily secure our phone by placing a pin code lock, password or pattern unlock on it.
It is a good idea to keep larger sums in the form of backups that will be encrypted with a email address and password. We can have several such copies and each of them should secure all our funds.
We can keep them at home, in the office and other places, thanks to which we will be sure that the loss of a computer or device with a virtual wallet will not result in a loss of funds.
What To Look For When Buying Electronic Currency?
First of all, we should verify the platform through which we conclude the transaction. Let’s check where the company is registered, what law it is subject to, what share capital it has and whether we can find information on its website who is its creator and owner.
It is also worth paying attention to whether it allows the use of encrypted SSL transmissions and whether it allows you to use two-factor authentication when logging in and performing important operations.
However, if it happens that we have fallen victim to a dishonest contractor, it is not worth breaking down. As in the case of an ordinary transaction, we can count on the help of the judiciary, because a payment with Bitcoin is treated as theft of other goods.
There are also a number of advanced cryptographic tools that not only protect against theft, but can also be helpful in tracking down the perpetrator.
In addition, Bitcoin Investment is worth paying attention to the fact that when buying Bitcoins on virtual exchanges, there is no practical risk of fraud on the part of a dishonest contractor. This is because the client’s funds are fully deposited on the exchange before the order is placed to secure the execution of the transaction.