Bitcoin is synonymous with cryptocurrencies in many ways. Because it was the first coin that came about, BTCs have become synonymous with virtual currencies in many ways. With crypto trading becoming more and more popular by the day, knowing a bit more about the prestigious bitcoin is never going to hurt! Before you can head to a “crypto ATM near me” for trading bitcoins, here are some important facts to reckon with.
Salient Facts about Bitcoins
- Bitcoins are highly volatile: Prices of bitcoins undergo several fluctuations. And these fluctuations can be unnerving at times owing to the wide range of jumps and bumps. So, if you have invested in bitcoins, you need to have the patience of holding on to them before selling them off. Make sure you plan your investments accordingly and also have the required appetite for risks.
- Investing in Bitcoins Alone is not a Good Idea After All: Just because there is a BTC ATM nearby does not mean you invest in bitcoins alone. Putting all your eggs in one basket is a gross mistake. Consider a diversified portfolio where you invest in several coins from different categories of large-cap, medium-cap, and small-cap. The price correction of bitcoin in recent times has also proved that investing in bitcoins alone is a wrong move!
- Storing BTCs in Cold Wallets is Advisable: Storing BTCs in cold wallets is always advisable since they cannot be accessed online. Online accessible wallets are more prone to hacking. Cold wallets are far more secure. However, if you must choose online wallets, securing them well with authorizations and passwords is mandatory. Depending upon the device you use to access wallets, be it your smartphone or your tablet, the devices too should be secured well with passwords and encryptions. These measures will prevent accidental thefts from your wallet.
- KYC is needed at ATMs: When you head to a bitcoin ATM in Oklahoma, make sure you carry your KYC documents along with you. ATM transactions will not be possible without proof of identification. A record for every transaction that you make is maintained.
- Using Bitcoins for Real Goods and Services is a “not so distant” possibility: Very soon, crypto gateways will make real-time usage of BTCs a possibility. Companies are gearing up to accommodate these gateways in their systems so that crypto acceptance can be fuelled across platforms. Once this system has been stabilized, cryptocurrencies can be used as regular money, with complete convenience and safety. The price fluctuations of these coins however have to be factored in while making payments for standard goods.
- Bitcoins Make International Payments Easy: Whereas making international payments in real money could take weeks or even months to achieve completion, crypto payments can be completed in a jiffy. Since there are no intermediaries involved, the time taken is less and the process is also less cumbersome.
The most important factor to know is that bitcoins are not regulated. So, payments and transactions are to be carried out carefully. There is no way to retrieve money in case you lose it. Make sure you are careful as you buy online.