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In 2020, a key issue was on everyone’s mind: security. Whether you’re talking about personal safety with a virus sweeping the globe or having fair and transparent elections, security is key to ensuring that as we move forward, we adapt and make positive changes. Some changes may also be needed with the current pandemic situation, particularly with companies looking to use blockchain security to protect their data.
When it comes to data management, it seems like everything is under threat these days. Compromised data and leaks are hitting the largest companies and organizations. Most of the systems used to store and host data are out of date and susceptible to manipulation. However, blockchain technology is not. It is the technology that companies need to start investing in to ensure that data is kept securely in the future. As an individual, you can also get involved in the blockchain by investing in cryptocurrency. Therefore, we will see below how to buy Bitcoin.
What is Blockchain technology?
You may have heard of blockchain technology in combination with Bitcoin. While it is true that Bitcoin uses blockchain, the technology itself is much more versatile. In short, the technology keeps everything encrypted and the data is securely stored within blocks. When transactions occur on the Bitcoin blockchain, a new block is added and it is linked to other blocks, hence blockchain.
Bitcoin has a very simple blockchain with simple functionality. It is designed to act as a virtual ledger that manages all Bitcoin accounts. Outside of Bitcoin, however, there is a wide range of other crypto projects, all with different and sometimes highly innovative blockchains.
It’s great for Crypto, but how does it help businesses?
Initially, Bitcoin exhibited blockchain technology, but many believed it underutilized the capabilities of the technology. A group of developers decided to move crypto in a new direction by focusing on systems and assets rather than pure currency. This is how the second largest cryptocurrency, Ethereum, was born.
Ethereum allows developers and companies to build their own blockchain applications for internal systems and data management.
Which companies have cryptocurrencies?
There are many large companies that have sponsored existing crypto projects or created their own crypto tokens. Here is a short list of companies that are now taking steps to protect their data using blockchain technology:
- Microsoft invested in an ERC20 (i.e. Ethereum-based) token called Enjin. It is a blockchain rewards system for video games.
- JC Penney has created its own cryptocurrency which is used internally within the company. The token cannot be purchased as it is for business use only. But you can track it using the JCP ticker.
- Visa created its own business-to-business (B2B) blockchain platform in 2016, but only recently became operational.
- Ford and IBM. Ford uses IBM for technology partnerships, and IBM has actively invested and used blockchain technology. This means that you will often find Ford connected to cryptocurrency and blockchain technology.
Crypto is a fledgling market
It is true that many companies are starting to dive into cryptography. Their number is growing every day as new companies become part of the blockchain technology. But despite this enthusiasm, the cryptocurrency market itself is still in its early stages and is definitely a growing industry.
With the COVID-19 pandemic, stock markets have really struggled and investors have turned to cryptocurrencies. This spread of cryptocurrencies will undoubtedly cause further growth and further adoption of blockchain technology by large companies. This leads to a big question, what can you do to get involved?
The answer to the question is that you can take advantage of the growing market by buying Bitcoin. Aside from Bitcoin, there are thousands of tokens – some are great, while others aren’t that good. To make the right choice, you can look at your favorite brands and companies and see who they are partnering with.
Buying Bitcoin itself is simple. But don’t be put off by the price of a single Bitcoin. Most investors will buy fractions of Bitcoin.
Get Bitcoin step by step
Buying Bitcoin is easy with this step by step guide.
First step
The first step in getting your hands on Bitcoin is to grab a wallet. All cryptocurrencies need a wallet to store in, which is very similar to a digital vault. The best wallets are hardware wallets like Ledger Nano or Trezor. These ensure that your currency is not connected to the internet and vulnerable to hacking.
Step two
Once you have a wallet, the best place to buy Bitcoin at competitive prices is cryptocurrency exchanges like CEX.IO. Exchanges trade large volumes of cryptocurrency, so they can keep overheads and costs down. Single crypto transactions can incur high fees, so using broker services tends to be more expensive.
Once you have registered with CEX.IO, you are free to trade Bitcoin and many other cryptocurrencies. All of this is done securely as it is critical for legitimate businesses. CEX.IO actively invests in heavy security protocols to protect users and has not yet been hacked or compromised.
Phase three
If you are a UK customer, you can use faster payments on CEX.IO to transfer funds directly from your bank account or you can use a credit or debit card to purchase Bitcoin. Similarly, all transactions that go in the opposite direction and involve the sale of cryptocurrencies and the collection of profits can be done in the same way.
After purchasing your chosen cryptocurrency, you should make sure to remove it from your exchange account (exchange wallet) and transfer it to your personal hardware wallet. And that’s it, buying cryptocurrencies is as easy as one – two – three.
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