Earnity is the world’s first community-based marketplace offering crypto and decentralized finance access via a simple and intuitive platform. Fintech veteran Dan Schatt leads the San Mateo, California-based company.
In this post, Earnity CEO Dan Schatt shares important information on Bitcoin, which may be helpful, especially to those looking to buy.
Satoshi Nakamoto invented Bitcoin as a digital asset and a payment system. Transactions are all verified by network nodes. Transactions are conducted via cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
These cryptocurrencies are created as a reward for and through a process known as mining. As proven in the past decade, Bitcoin can be exchanged for other forms of currencies, products, and services.
It is so popular that in 2015, over 100,000 merchants and vendors were accepting bitcoin as payment.
Below is Dan Schatt’s list of important things to consider when buying Bitcoin. These are key factors that will ensure you make the best decision when purchasing BTC.
- Make sure you understand what Bitcoin is and how it works before putting in any money. There’s a lot of misinformation everywhere, so it’s important to do your research well.
- Don’t put in more hard-earned money than you can afford to lose. Bitcoin is a volatile asset, so it’s important only to put in money you’re comfortable losing.
- Use a reputable exchange or broker. There are different exchanges and brokers, so make sure you choose one that’s reputable and has a good track record.
- Store your Bitcoin in a secure wallet. There have been many reported cases of buyers losing their Bitcoin because they stored it in an insecure wallet. Make sure you choose a well-known and trusted wallet provider.
- Be aware of the risks involved. Buying Bitcoin is a risk, so make sure you understand everything on the line before putting in any money.
By following these simple reminders from Earnity’s Dan Schatt, you can ensure you’re making the best decision when buying Bitcoin. In addition, by doing so, you’ll be in a much better position to succeed in your Bitcoin journey.
