Everyone is well aware of the terms blockchain and cryptocurrency. Did you know that besides being trading assets, cryptocurrencies offer a multitude of benefits in sectors such as personal finance, housing, or energy?
But due to the prevalence of mansplaining around this topic, people think women have no role to play in this digital cryptocurrency world. Well! That's not the case anymore, as more than 10% of the people investing in Bitcoin are women. And since various studies confirm that women are by far equal in generating ROIs, why should they not use their skill set in this digital space.
Naturally, the question arises, "Why are women considering Bitcoin in today’s time?"
For the simple reason that this currency contributes to low-cost money transfers. Does that intrigue you a bit? To explain it further, when it comes to bank-to-bank transfers, various factors are governing it. These include- expensive transaction fees, exchange rates, and geographical limits.
In fact, as per the World Bank Study, an average cost of a bank transaction can reach up to 5.5% of the transaction amount. It doesn't end here! It even takes up to 5 working days to settle the accounts.
Contrary to that, cryptocurrencies offer traditional money transfer opportunities with the added advantage of diversifying your income. Indeed, this reason is sufficient enough to persuade you into thinking about investing in this incredible technology.
So, if you are new to bitcoin and are thinking about investing in this cryptocurrency, let's help you understand the concept better.
Bitcoin: The Groundbreaking Technology That Infiltrated Markets Quickly
In the year 2009, the world saw its first-ever Bitcoin transaction between Nakamoto and the late Hal Finney. Since then, this concept saw a whopping rise, with the growth accounting for more than 20%. Even world-renowned corporations like Microsoft, Starbucks, AT&T, Overstock.com, and many others are finally accepting Bitcoin payments.
Admittedly, this adoption is growing and entirely past the threshold stage and finally reaching the masses. Even though the concept shows no signs of slowing down, people are still unaware of its true potential.
In this guide below, we will cover the fundamental aspects of Bitcoin and help you uncover the true privilege of holding bitcoin.
But before that, let's answer the most frequently asked question by many entrepreneurs.
Should You Buy or Mine Bitcoins?
Ideally, there are three ways to acquire bitcoin.
- Buy it.
- Receive it as payment.
- Just get it (Mining).
While the first methods are self-explanatory, there is usually a debate around whether you should mine them.
Bitcoin mining is nothing but to use computer power to solve a puzzle. They aren't mathematically challenging at all. But they require a lot of number crunching or guesswork. So, the next question is, why buy it at around $40,000 when you can solve the puzzle and get one on your own? Well, it's because it shares traits with commodities.
So, it can get really expensive in the long run since you have to pay for a miner, storage, security, electricity, and internet. Not only that, it will incur maintenance costs as well. Also, like gold, the value fluctuates a lot.
This is why opting for other measures seems a viable option, especially if you are doing it for the first time.
Now comes the next part of the guide.
How to Buy Bitcoin?
Before searching the most plausible options to buy bitcoin in Canada, you must first figure out how much you wish to bet on Bitcoin. Make sure to keep the emergency fund aside before deciding the amount. Once you are ready with a figure, the following ways will allow you to invest in bitcoin currency.
Use a Trading Platform
You can use a reliable crypto trading platform to buy or sell bitcoin quickly. The providers mostly bring together different exchanges at one platform to let their clients get the best Bitcoin prices. However, these platforms don't allow you to transfer your cryptocurrency to anyone. So, you'll have to sell it first to withdraw the amount.
All you need to do is sign up and check the exchange rates and invest in the one that seems financially feasible.
Look for Online Exchanges
In this option, you exchange cryptocurrencies in a digital marketplace. Ideally, it's another form of trading. Not only for Canadians, but this option is quite popular globally as well. Surprisingly, there were more than $2 Trillion Bitcoin exchanges.
You can use the following methods for this particular exchange. These include:
- Interac E-transfer
- Bank wiring
- Credit Card
Try Using Bitcoin ATMs
These are a type of kiosks that allows users to purchase bitcoins using credit or debit cards. In fact, users using these ATMs to buy or sell bitcoin often find it easy to use and a state-of-the-art experience. You are likely to find these ATMs across the country around a mall or a convenience store.
In this option, you can buy bitcoins directly from marketplaces. You can trade them for anything you wish. You can also look for online peer-to-peer networks to take advantage of this new concept.
With the price of Bitcoin skyrocketed in 2020, new investors started signing up for various online trading platforms. While men seem to rule the market as of now, more women entrepreneurs are investing in this emerging market with the advancement of technology.
In fact, one of the studies confirmed that women are now signing up for these platforms faster than men. There is around a 350% rise in the number of women sign-ups. Moreover, women in the age group of 26-45 or working as lawyers, accountants, and economists make more than 20% of the people active in this industry. To put it in another way. The sense of comfort in spending cryptocurrency is finally attracting them to blockchain technology.
In the end, one can easily say that women are finally opening their minds to the world of cryptocurrencies, not only as traders but also holding vital parts, such as developers or analysts.
So, tell us, did you invest in this futuristic technology yet?