7 Interesting Bitcoin Facts That You Need to Know Before Buying It

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7 Interesting Bitcoin Facts That You Need to Know Before Buying It

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Many people consider Bitcoin to be frightening and confusing. Is Bitcoin a form of investment that suits you?

I'm Claristy, Country Analyst Luno (formerly BitX) Indonesia - one of the global platforms for Bitcoin buying now in Indonesia. This article will show you the facts you should know before buying your first Bitcoin.

Bitcoin is a digital currency that you can use as a form of investment with the hope that Bitcoin value will be more expensive, for transactions, or for sending money abroad at no cost. Seven years after its first launch - Bitcoin is becoming increasingly popular, and people are starting to use Bitcoin for various reasons.
Whatever the reason, there are some important things before you buy your first Bitcoin. Here are 7 things you need to know:

1. Bitcoin pricing is based on supply and demand
   
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Unlike money in general, produced by central banks and government-controlled - there is NOT any company or institution that controls Bitcoin. Bitcoin pricing is based solely on supply and demand amongst those who buy and sell Bitcoin in the Bitcoin market. So, if you see the Bitcoin price changing every second, it reflects that someone has just sold and bought Bitcoin in the market.

2 The amount of Bitcoin is limited

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The limited amount of Bitcoin is intended to keep the value of the currency. There are only 21 million Bitcoin available in the world. This amount has been converted in the form of programming codes and the last Bitcoin is expected to be 'mined' around the year 2140.

That way, Bitcoin looks like gold - the number is limited worldwide. The limitation of gold makes the value of gold always valuable, and Bitcoin is the same as Bitcoin in that respect

3 Every transaction made with Bitcoin is 100% transparent

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All Bitcoin transactions are recorded on a 'book' called blockchain, even from the first Bitcoin transaction ever made. The amount of Bitcoin you send and the wallet (destination) address, all recorded and can be seen on the block chain, by everyone. However, transactions can only be identified through 'private key' so no one can see or steal your personal information

4 Choose simple and easy access to your Bitcoin

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If you want to buy Bitcoin, you need to find a 'wallet' to store the Bitcoin. Choose a simple and trusted wallet so you can easily buy, sell, and store your Bitcoin. The wallet should offer the convenience of buying Bitcoin with Rupiah and also sell Bitcoin to get Rupiah.

5 Secure your Bitcoin safely

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Bitcoin security wallet you choose should be one of your main ones. Some Bitcoin wallets allow you to store Bitcoin on your device (computer, hp, or other hardware). But this can be dangerous because if you lose your cell phone or laptop, your Bitcoin will be gone forever. Therefore, it is important for you to choose a trusted and secure Bitcoin storage place, such as when you choose a bank when it will save your Rupiah.

Usually Bitcoin Wallet service providers are free and free of charge. We recommend that you choose an existing Bitcoin Wallet provider in different countries, as they typically store your Bitcoin with hot and cold storage, multi-factor authentication, and other security.

6 You do not have to buy 1 Bitcoin. You can even buy 0.00000001 Bitcoin!

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1 satoshi is 0.00000001 Bitcoin. So, satoshi is the term used for the smallest amount of Bitcoin. Many people do not buy Bitcoin because they do not have millions of Rupiah to buy 1 Bitcoin, but actually you can even buy Bitcoin with 10,000 Rupiahs!

7 Buy Bitcoin as a form of investment, but do not spend all your revenue for Bitcoin.

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This Latin proverb perfectly illustrates the advice of investing in any form, including Bitcoin. Portfolio diversification is a best practice for your investment. Bitcoin is considered by many investors as assets that have no correlation to other forms of investment (stocks, gold, etc.). This makes Bitcoin the perfect choice for someone to diversify their investment assets. It's best to have some pure Bitcoin because Bitcoin is a form of investment that does not look like any other asset you have.