In 2020, one key issue has been on everyone’s mind — security. Whether we are discussing personal safety with a virus sweeping the globe or having fair and transparent elections, security is vital to ensure that going forward, we adapt and make positive changes. Some changes might also be necessary with the current pandemic situation especially with businesses wanting to utilize blockchain security to protect their data.
When it comes to data management, it seems like everything nowadays is under threat. Compromised data and leaks are hitting the biggest companies and organizations. The majority of systems used to store and house data are old-fashioned and susceptible to manipulation. Blockchain technology, however, isn’t. It is the tech 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 with blockchain by investing in crypto. Therefore, we will cover how to purchase Bitcoins below.
What is Blockchain Technology?
You may have heard of blockchain technology in conjunction with Bitcoin. While it is true that Bitcoin uses blockchain, the tech itself is far more versatile. In short, the technology keeps everything encrypted and data is held securely within blocks. When transactions occur on the Bitcoin blockchain, a new block is added and gets linked to other blocks — hence blockchain.
Bitcoin has a very basic blockchain with simple functionality. It is designed to act as a virtual ledger that manages all Bitcoin accounts. Outside of Bitcoin though, there’s a wealth of other crypto projects, all with different and sometimes highly innovative blockchains.
That’s Great for Crypto, But How Does It Help Businesses?
Originally, Bitcoin showcased blockchain technology, but many felt it underutilized the capability of the tech. A group of developers decided to move crypto in a new direction — one that focused on systems and businesses rather than a pure currency. This is how the second-largest cryptocurrency, Ethereum, was born.
Ethereum allows developers and companies to create their own blockchain applications for internal systems and data management.
Which Companies Have Cryptocurrencies?
There are plenty of big companies that have either sponsored existing crypto projects or created their own crypto tokens. Here is a short list of companies that are now moving towards securing their data using blockchain technology:
- Microsoft has invested in an ERC20 token (i.e. Ethereum-based) called Enjin. It is a blockchain rewards system for video games.
- J. C. Penney has created their own cryptocurrency that is used internally within the company. You can’t purchase the token as it is for corporate use only. But you can track it using the JCP ticker.
- Visa created its own business-to-business (B2B) blockchain platform in 2016, but it has gone live only recently.
- Ford and IBM. Ford uses IBM for technology partnerships, and IBM has been actively investing and using blockchain technology. This means you will frequently find Ford linked to cryptocurrency and blockchain tech.
Crypto is a Fledgling Market
It is true that many companies begin to dip their feet into crypto. Their number grows daily as new companies get on board with blockchain tech. But, despite this enthusiasm, the crypto market itself is still in the early stages and it is definitely a growing sector.
With the COVID-19 pandemic, the stock markets have really struggled, and investors have been turning to crypto. This uptake in crypto will undoubtedly cause further growth and further adoption of blockchain tech by big companies. This leads to one 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. Other than Bitcoin, there are thousands of tokens — some are amazing, while others are not so 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 straightforward. But don’t be put off by the price of a single Bitcoin. The majority of investors will buy fractions of Bitcoin.
Get Bitcoin Step by Step
Buying Bitcoin is easy with this step-by-step guide.
The first step in getting your hands on Bitcoin is to grab yourself a wallet. All crypto needs a wallet to be stored in, which is very much like a digital vault. The best wallets are hardware wallets like Ledger Nano or Trezor. These ensure your currency isn’t connected to the internet and vulnerable to hacking.
Once you have a wallet, the best place to buy Bitcoin at competitive prices is crypto exchanges like CEX.IO. Exchanges trade big volumes of cryptocurrency, so they can keep overheads and costs down. Individual crypto transactions can incur heavy fees, so using broker services tend to be more expensive.
Once you have registered with CEX.IO, you are free to trade Bitcoin as well as many other cryptocurrencies. This is all done securely since it is paramount for legit businesses. CEX.IO actively invests in heavy security protocols to protect users and hasn’t been hacked or compromised yet.
If you’re a UK customer, you can use faster payments on CEX.IO to move funds directly from your bank account or you can use a credit or debit card to buy Bitcoin. Likewise, any transactions that go the other way and involve selling crypto and cashing out profits can be done in the same manner.
Once you have purchased your chosen cryptocurrency, you should ensure that you remove it from your exchange account (exchange wallet) and transfer it to your personal hardware wallet. And that is it, buying crypto is as easy as one – two – three.