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Thursday

13 May 2021

How To Maximize The Privilege Of Holding Bitcoin

How To Maximize The Privilege Of Holding Bitcoin


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Both the statistics and the stories suggest that Bitcoin is crossing the threshold from the early adopter stage to mass use.

A growing surge of retail investors may stumble upon platforms that claim to allow them to buy bitcoin when that isn’t strictly the case.

Although CFDs might be suitable for short-term traders, those who wish to accumulate and hold bitcoin will be left disappointed to discover that they don’t own any real bitcoin.

As a monetary network, Bitcoin handles transactions between parties by relaying value from one to others, recording all transactions in a distributed, public ledger.

Becoming a first-class Bitcoin citizen requires running your own wallet that contains your own private keys and keeping that wallet safe.

Only by buying real bitcoin, not CFDs, and storing it in a secure wallet can you record your balance on the open Bitcoin ledger.

Once you venture into the world of obtaining and holding bitcoin, you become your own banker.

When you own bitcoin, you possess a store of value that can be used relatively quickly as a means of exchange, and you also have a means to exchange that value.

You can’t hold your bitcoin in your hand, but since we left behind gold doubloons in the 1600s, the only thing we’ve ever been able to hold is a government-issued promissory note of value.

Bitcoin takes us deeper into financial freedom by decoupling a store of value and its exchange from central banks and financial institutions.

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