Firstly, buying bitcoin is relatively easy. If you have familiarity with buying shares online, I don’t imagine buying bitcoin would cause you too much difficulty.I set up an account with an Australian bitcoin provider, transferred some money into it via internet banking and input my instructions to “buy”.
I was told instead to transfer my bitcoin off the web and onto a USB connected dongle – about the size of a USB flash drive. I ordered one from Amazon that cost about $100. The flip side to the deal is that if I ever lose the dongle and can’t recall the 24-word password, then my bitcoin is lost forever.So, after setting I set up my USB dongle, also known as a “cold wallet”, I then transferred my tiny fraction of a single bitcoin onto it. That was a simple enough process.
Importantly, the bitcoin provider advised to have no electronic record of that password – no photo of it, no storing it on my computer, or anywhere else that might be connected to the internet. It’s a completely offline arrangement.
Source: Digital Coin News (digitalcoinnews.net)
TrendWatchAU Top notch journalism 🥴🤢🤮
?
This reads like an TheOnion headline
Bitcoin is fast becoming a widely accepted currency particularly for international transactions. I think we could all benefit from understanding blockchain a little more.
It really isn't as difficult as even you have pointed out in this horrible article. You deposit, BUY/SELL, withdraw. It could not get any simpler.