At the start of the BTC rally i.e., on February 7, 2019, the price of Bitcoin was $3,409. The momentum of the rally caused the price of BTC to be $8,023 (an increase of over 200% in BTC market cap ) at the time of writing which is still increasing. I know, many of you would be interested in entering the crypto space at this time because, obviously, FOMO. However, before you purchase your first BTC, here are a few things that you need to keep in mind.
- Bitcoin is a decentralized currency, free of centralized control. Not even the pseudonymous creator of Bitcoin can change the rules of the Bitcoin protocol.
- Bitcoin is very secure as every transaction made with BTC is encrypted. It is maintained on a worldwide Blockchain and cannot be seized or demonetized by anyone.
- The entire Blockchain of Bitcoin is maintained by a network of miners who work together to secure the network, and in the process maintaining a verifiable and incorruptible ledger of all transaction. It is transparent and anyone can check the data freely.
- Bitcoin transactions are made with wallets which means that the source of transactions or wallet addresses can be identified but not the owners of those wallets. This makes BTC anonymous.
Safety Measures to take before and after buying Bitcoin to safeguard your digital assets.
- Bitcoin is a decentralized currency, stored on a ‘address’ on the blockchain. A decentralized wallet keeps your private keys on a Blockchain server which means even if the wallet is hacked or shut down, you will be in possession of your private keys.
- Never share or lose your private keys as it is your private keys which give you access to your assets. If malicious parties get access to your private keys, they will get into a position of stealing your digital assets.
ARAX as a safe crypto wallet option
When talking about safe and secure cryptocurrency wallets, Arax has some of the best security features to offer.
- It is a great option if you are the owner of more than one cryptocurrency as it stores 30+ cryptocurrencies in one single wallet.
- It is a decentralized wallet which means all the private keys are saved with the user and not visible to Arax thus ensuring your privacy and security of the assets.
- The wallet has ease of control with one master password. You can access all your private keys with this one password releasing you of the worries of remembering different private keys.
- Arax also facilitates crypto to crypto swap within the wallet.
- You can send and receive crypto via GPS using the Near-by feature offered by the wallet.
As a new BTC investor, things can get quite confusing. However, we hope we helped you a bit here. Take your decisions wisely and store your crypto in a safe and decentralized wallet like Arax Crypto Wallet.
Disclaimer – The Content is for informational purposes only and doesn’t include any professional investment advice. You should not construe the provided information as professional and/or investment advice.