Now people are more aware of the long-term investment, not merely in crypto/bitcoin but in every sector, because they know the return of the long-term holding of any investment. If you invest in the right shares or stock, then over the period, the compounding will make your investment 50X. So people also know that bitcoin’s value at the initial stage was less than a dollar, but now a middle-class person or cannot afford to buy a single bitcoin because the amount is too high today, around 20646 dollars. People know that bitcoin may be a good investment for an extended period but are not aware of the holding technology, or they are afraid of holding it for an extended period because it is a decentralized system. So this guide is for you to know the right way to secure your long-term bitcoin holding from scratch. A website named Bitcoin Prime offers a wide variety of crypto tokens for trading.
There is a bunch of bitcoin wallets available on the web space, and choosing or selecting the right one is too complex. So there are two categories of crypto wallets to go with. The first is hot wallets nd the second is coled wallets. The hot wallet can operate with the internet but is not best for the long period of holding these coins and cold wallets are the wallets you will use to make your investment safe and secure, but without a hot wallet, you cannot process further.
Is bitcoin good as a long-term investment?
Bitcoin’s value fluctuates every second and depends on different factors, but significant factors that play vital roles are demand and supply and people’s belief systems. If they are scared and start selling bitcoin, the price will go down, and they are excited and start purchasing, and the value will go up. According to the report, the technology will enhance in the next few years, and there will be a massive share of bitcoin on the digital network. People were unaware of the technology when it came into existence, and the value was less than a dollar when people knew the potential. Then, the price suddenly started increasing, and after a decade of launching, the current value is around 20,646 dollars, recently hitting over 60,000 dollars.
Steps to safely hold bitcoin
There are the following steps from scratch (hot wallet to cold wallet) to safely securing your bitcoin holding for an extended period given below:
1. Exchange account – The cold wallets do not give the option to buy directly from the network because there is no need for an internet connection, and without the internet, you cannot do any bitcoin transaction. So it is a must to create an account on the bitcoin exchange by putting your correct information.
2. Securing your exchange account – It is also essential to research the exchange that you choose because plenty of exchanges are available on the internet. You can do the two-step authentication so no unknown person can access your wallet without your permission. You can also enable the screen or application lock when opening the app that you will not share with anyone. It would help if you did not use any random internet connection from your area because someone is tracking you by removing the password to their Wi-Fi so they can access the computer or mobile device connected with the Wi-Fi. Instead, it would help if you used your home internet connection and always use antivirus on your computer or mobile device to enhance the security level before going further to the next step. These are the security steps for the hot wallet you are going to use; before that, you cannot proceed; otherwise, you can lose your coins.
3. Choosing the offline wallet – Now, after adding the funds to your hot or exchange wallet, the next step is selecting the offline wallet, which may be a USB wallet or paper wallet. A paper wallet is a wallet where your private and public keys are stored on paper, and you take the printout and keep it safe offline place.
Disclaimer: The presented material by no means represents any financial advice or promotion. Be sure to do your own research and acknowledge the possible risks before using the service of any cryptocurrency platform.