How to start saving in Bitcoin

How to start saving in Bitcoin

Make a success of Bitcoin by taking custody with a hardware wallet.

It’s not too late to start saving in Bitcoin. Rather than chasing the hype as markets skyrocket, the cool-off period that follows is a great opportunity to explore new assets. Whether Bitcoin enters a bear market or returns to new highs from here, now’s the time to set a strategy and take the first step with confidence.

It might seem intimidating, but it doesn’t have to be. With an all-in-one secure hardware wallet, it’s easier than ever to take full control of one’s personal finances with Bitcoin. The beginner-focused Trezor Starter Pack sets new investors up with a place to buy, store and use their Bitcoin, all in the palm of their hand, making it perfect for starting out or introducing a friend.  

Getting started safely

Learning a little about Bitcoin is important for anyone who wants to invest. It’s not the technical information that matters, but practical stuff: how to take custody of your coins and keep your private keys safe. Starting with a hardware wallet makes self-custody easy by taking those keys offline where they can be held and managed in the hand.

Custody is one of Bitcoin’s killer features, but often misunderstood. While it’s normal to trust a bank to store money, trusting someone with bitcoin is a security risk. Since anyone can manage their bitcoin securely without the need for intermediaries, leaving it on an exchange or in someone else’s custody is never necessary.

Bitcoin is an asset that enables full ownership of any savings or fortune using a pocket-sized device that is easy to use and easy to hide. It can even be backed up and recovered on other devices in an emergency, even if the original product goes out of business. Bitcoin is the only asset that regular people can take complete control over safely and easily, and the only one that can be sent anywhere in the world instantly and without restriction.

Managing risk

Bitcoin is often misunderstood as a risky asset, based on it’s historical price growth and sudden corrections along the way. But most  of these risks are avoidable. As an asset, Bitcoin is more reliable, predictable and secure than practically any other. Why then, is it thought to be risky?

The risks associated with Bitcoin are almost exclusively user error, or related to third-party services. Without knowing how to use Bitcoin properly, it’s easy to accidentally lose access to your coins or never bother withdrawing them from the exchange they were bought them from.

Managing the risks of loss and theft is surprisingly easy. The answer is to keep the critical data offline at all times, which is exactly what a hardware wallet does. By isolating your keys from the internet, there is no way for a hacker to take control of your assets. Loss is also much less likely, as the wallet creates a backup to recover from.

One way to feel more comfortable with Bitcoin’s perceived risks is to consider the alternative: what is the risk of keeping savings in dollars? If current inflation rates are sustained, those savings will be worth half as much in ten years! That is why many consider investing in Bitcoin to be a hedge against the risk of inflation, and a large reason why bitcoin’s value has increased so much in recent years it that dollars are being aggressively devalued. 

Bitcoin has changed

Readers with a strong interest in technology may have read about or used Bitcoin in the past, and found it to be too technical or cumbersome. Times have changed. Professional wallet interfaces like Trezor Suite have replaced the clunky UI of old desktop clients, so transacting is quick and easy, with clear navigation and ways to minimize network fees, and buying and exchanging bitcoin can all be done direct to custody of your hardware wallet. Bitcoin is ready for everyone.

Bitcoin itself has also undergone a lot of changes. Recent upgrades have made it possible to pay instantly with tiny fees, while more privacy and utility is set to come in future. Bitcoin is quickly becoming even more efficient and useful, so adoption is accelerating in tandem.

Getting an open source hardware wallet is the simplest way to start and stay on top of all the technology advancements. By using a secure transparent device that is regularly audited by security researchers, its easy to keep financial activity isolated offline, under control, and enjoy a consistent experience from day one.

Create a crypto community

The Bitcoin network is a global community of individuals. Getting started has always been a personal decision to make, so usage has grown organically over the years. By introducing friends and relatives to Bitcoin through word of mouth and setting them up with a self-custody starter pack, people can build parallel peer-to-peer economies locally, where Bitcoin becomes preferred for everyday use as well as long term savings.

As the number of users grows, Bitcoin adoption speeds up. This year’s Superbowl will feature ads from crypto exchanges and even non-crypto companies are throwing crypto references into theirs. Awareness is exploding, but many people will continue to wait to learn how to use Bitcoin. Now is the time to take advantage of the head start by building long-term savings and onboarding those close to us.

Gaining confidence in crypto

For a long time, it could be a little embarrassing to bring up Bitcoin in conversation. People have become much more interested in recent years, so it is important to support their curiosity by offering safe and straightforward options to get started. While the starter pack is an ideal one-stop solution for those who plan to invest for the long term, there are other ways to start for those who want to first learn more.

Not everyone will want to commit to crypto as a long-term investment straight away. Many overlook bitcoin’s benefits because they never experience them first-hand. Free open-source software wallets topped up a small amount of bitcoin can be a good way to learn how things work. When the time comes to secure it properly, a starter pack makes the transition quick and stress-free. 

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

SHARE THIS POST

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

More News

All articles loaded
No more articles to load

Knowledge Base

Terra (LUNA)

What is Terra (LUNA)?

This time we take a look at another project that dived deep into the hearts of investors. What exactly is…

What is Avalanche (AVAX)?

Avalanche (AVAX) is a blockchain, which conquers the hearts of programmers and at the same time is a great bargain…

What is Sandbox (SAND)?

In this material, we take a look at one of the fastest growing spaces in the metaverse family. We are…
All articles loaded
No more articles to load

Analysis

All articles loaded
No more articles to load

Knowledge Base

What is Terra (LUNA)?

This time we take a look at another project that dived deep into the hearts of investors. What exactly is Terra (LUNA)? Blockchain Terra (LUNA)…

What is Avalanche (AVAX)?

Avalanche (AVAX) is a blockchain, which conquers the hearts of programmers and at the same time is a great bargain for investors. What distinguishes the…

What are stablecoins and how can you use them?

In recent years, cryptocurrencies are experiencing a real “boom”! And not just for cryptocurrencies – the rise in popularity applies to blockchain technology in general.…

What is Sandbox (SAND)?

In this material, we take a look at one of the fastest growing spaces in the metaverse family. We are talking about Sandbox and SAND…

What is Polygon (MATIC)?

Another coin worth looking at is Polygon (MATIC). It is especially liked by many investors. So what makes its popularity constantly growing? Support for Ethereum…

What is Shiba Inu (SHIB)

Shiba Inu (SHIB) is one of the most sought-after coins on the market. This is evidenced by its dynamic rallies and global interest. But does…
All articles loaded
No more articles to load