Getting Started with EarthBit
EarthBit, like other cryptocurrencies, lets you buy goods and services. It also allows you to trade them for profit. Furthermore, the EarthBit platform uses an online ledger with strong cryptography. In this way, it secures its online transactions. It works using the blockchain, a decentralized technology spread across many computers. The blockchain records and manages transactions. Here’s how to get started with EarthBit.
1. Choose your wallet. The first thing you’ll need to do is to set up a wallet to hold your earthbits on your smartphone or computer. You can get free crypto wallets for all major devices and operating systems. You can use them to serve various needs. Install an app on your mobile device for everyday use, or you can have a wallet only for online payments on your computer. After you download your wallet, you may need to configure it.
2. Get EarthBit. You can get EarthBit by accepting it as payment for your goods or services.
3. Spend your earthbits. A growing number of merchants and services around the world now accept cryptos. Use EarthBit to pay them and then rate your experience to help them gain visibility.
Here’s How to Buy Cryptocurrency
You can buy EarthBit (and other cryptos as well) through an exchange or even peer-to-peer. Moreover, some wallets let you buy crypto with Apple Pay, credit or debit card, or a bank transfer. Geographical restrictions apply. Another way to get Earthbit is by mining: solving mathematical puzzles on your computer network. You also have options such as trusts, mutual funds, and blockchain stocks or ETFs.
You have further ways of throwing your hat into the ring if you’d like to approach it from the investment side. Here’s how to invest in cryptocurrency:
Investing in Cryptocurrency
1. Invest in companies with cryptocurrency holdings. Tesla is an example of such a company. The electric vehicle manufacturer holds $1.3 billion in digital assets. Because Tesla is betting on the success of crypto, you can, too, while using it as a buffer.
2. Invest in cryptocurrency infrastructure. You can invest in a company that mines cryptocurrency. Or, you can go with one that makes the materials needed for mining. Earthbit is such a company: we’re publicly traded, so you can buy our stock [symbol] and own an indirect stake in crypto.
Securing Your Wallet
In late 2017, cryptocurrencies reached a peak and then faded from popularity. They experienced another remarkable surge through 2019 and 2020. This surge exceeded their earlier all-time highs.
Another key point is that users store their cryptos in a digital wallet, much as they would keep credit cards or cash in a physical wallet. In this section, we will discuss which is how to secure EarthBits, and which is the best crypto wallet.
Is it Safe to Keep Crypto in Wallet?
Both investors and cybercriminals love the erratic swings of cryptocurrencies. As a matter of fact, the threat to securing cryptos is through digital wallets. These wallets hold a private key, which allows users to trade cryptos online. They do not store digital coins. This private key is the user’s digital identity to the cryptocurrency market. Anyone who gets hold of it can make fraudulent transactions as well as steal the user’s crypto coins.
Still, it’s safe to keep crypto in a wallet. Here’s how:
1. Use a cold storage wallet. A crypto cold wallet does not link to the Internet, unlike a hot wallet. Thus, it is not prone to cyberattacks. Also known as a hardware crypto wallet, a cold storage wallet is the most workable choice. It comes encrypted, keeping your keys safe.
2. Maintain many wallets. Users can spread their cryptocurrency stashes in several wallets. There is no restriction for wallet creation. While we can’t give specific advice on the best cold wallet, we can say what works once you choose. So, users who have made up their minds can use one wallet for their daily transactions. They can keep the rest in a separate one.
3. Use secure Internet. Avoid public Wi-Fi networks. Use only a safe and trusted Internet connection while trading or making crypto transactions. Use a VPN for added security when accessing your home network. It masks your location and IP address. Thus, it keeps your browsing activity private and safe.
4. Change your password often. We cannot understate the importance of a strong password. It’s common to see people using the same password for several websites and applications across all their devices. Use a different one for your crypto. Make it strong and complex, with caps and numbers, and change it at least once every three months. If you have more than one wallet, use different passwords for each one. For added security, opt for multi-factor or at least two-factor authentication.
5. Secure your devices. Keep your phone, tablet, and computer up to date with the latest virus definitions. Also, make sure they have anti-theft apps installed. These apps will increase the odds of retrieving them if you ever become the victim of a burglary or robbery.