Step 1 – Understanding Bitcoin And The Block-Chain
Bitcoin is a peer-to-peer payment system, otherwise known as electronic money or virtual money. It offers a twenty-first century different to brick and mortar banking. Exchanges are made via “e wallet software”. The bitcoin has truly subverted the traditional banking system, while operating outside of government regulations.
Bitcoin uses state-of-the-art cryptography, can be issued in any fractional denomination, and has a decentralized dispensing system, is in high need globally and offers several definite advantages over other currencies such as the US dollar. For one, it can never be garnished or frozen by the bank(s) or a government agency.
Back in 2009, when the bitcoin was worth just ten cents per coin, you would have turned a thousand dollars into millions, if you waited just eight years. The number of bitcoins obtainable to be purchased is limited to 21,000,000. At the time that this article was written, the total bitcoins in circulation was 16,275,288, which method that the percentage of total bitcoins “mined” was 77.5%. at that time. The current value of one bitcoin, at the time that this article was written, was $1,214.70 USD.
According to Bill Gates, “Bit coin is exciting and better than money”. Bitcoin is a de-centralized form of money. There is no longer any need to have a “trusted, third-party” involved with any transactions. By taking the edges out of the equation, you are also eliminating the lion’s proportion of each transaction fee. In addition, the amount of time required to move money from point A to point B, is reduced formidably.
The largest transaction to ever take place using bitcoin is one hundred and fifty million dollars. This transaction took place in seconds with minimal fee’s. In order to move large sums of money using a “trusted third-party”, it would take days and cost hundreds if not thousands of dollars. This explains why the edges are violently opposed to people buying, selling, trading, transferring and spending bitcoins.
Only.003% of the worlds (250,000) population is estimated to keep up at the minimum one bitcoin. And only 24% of the population know what it is. Bitcoin transactions are entered chronologically in a ‘blockchain’ just the way bank transactions are. Blocks, meanwhile, are like individual bank statements. In other words, blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is regularly growing as ‘completed’ blocks are additional to it with a new set of recordings. To use traditional banking as an analogy, the blockchain is like a complete history of banking transactions.
Step 2 – Setting Up Your E Wallet Software Account
As soon as you create your own rare e wallet software account, you will have the ability to move funds from your e wallet to a recipients e wallet, in the form of bitcoin. If you would like to use a bitcoin ATM to withdraw funds from your account, essentially you will link your e wallet ‘address’ to the chosen ATM machines e wallet ‘address’. To ease the move of your funds in bitcoin to and from a trading platform, you will simply link your e wallet ‘address’ to the e wallet ‘address’ of your chosen trading platform. In actuality, it is much easier than it sounds. The learning curve in relation to using your e wallet, is very short.
To set up an e wallet, there are a myriad of company’s online that offer safe, obtain, free and turn-meaningful e-wallet solutions. A simple Google search will help you find the right e wallet software for you, depending upon what your needs are exactly. Many people get started using a “blockchain” account. This is free to set up and very obtain. You have the option of setting up a two-tier login protocol, to further enhance the safety and security, in relation to your e wallet account, essentially protecting your account from being hacked into.
There are many options when it comes to setting up your e wallet. A good place to start is with a company called QuadrigaCX. You can find them by doing a Google search. Quadrigacx employs some of the most stringent security protocols that currently exist. Furthermore, Bitcoins that are funded in QuadrigaCX are stored in cold storage, using some of the most obtain cryptographic procedures possible. In other words, it is a very safe place for your bitcoin and other digital currencies.
In order to withdraw money in your local money, from your e wallet, you are required to locate a bitcoin ATM, which can often be found in local businesses within most major cities. Bitcoin ATM’s can be located by doing a simple Google search.
Step 3 – buy Any Fractional Denomination Of Bitcoin
To buy any amount of bitcoin, you are required to deal with a digital money broker. As with any money broker, you will have to pay the broker a fee, when you buy your bitcoin. It is possible to buy.1 of of bitcoin or less if that is all that you would like to buy. The cost is simply based on the current market value of a complete bitcoin at any given time.
There are a myriad of bitcoin brokers online. A simple Google search will allow you to easily source out the best one for you. It is always a good idea to compare their rates prior to proceeding with a buy. You should also confirm the rate of a bitcoin online, prior to making a buy by a broker, as the rate does tend to fluctuate frequently.
Step 4 – Stay Away From Any Trading Platfrom Promising Unrealistic Returns To Unsuspecting Investors
Finding a reputable bitcoin trading company that offers a high return is paramount to your online success. Earning 1% per day is considered a high return in this industry. Earning 10% per day is impossible. With online bitcoin trading, it is possible to double your digital money within ninety days. You must avoid being lured by any company that is offering returns such as 10% per day. This kind of a return is not realistic with digital money trading. There is a company called Coinexpro that was offering 10% per day to bitcoin traders. And it ended up being a ponzi scheme. If it’s 10% per day, walk away. The aforementioned trading platform appeared to be very complex and came across as being authentic. My advice is to focus on trading your bitcoin with a company that offers reasonable returns such as 1% per day. There will be other companies that will attempt to separate you from your bitcoin using unscrupulous methods. Be very careful when it comes to any company that is offering unrealistic returns. Once you move your bitcoin to a recipient, there is literally nothing your can do to get it back. You must ensure that your chosen trading company is fully automated & integrated with blockchain, from receipt to payment. More importantly, it is crucial that you learn to differentiate authentic trading opportunities from unscrupulous “company’s” that are experts when it comes to separating it’s clients from their money. The bitcoin and other digital currencies are not the issue. It is the trading platforms that you must exercise caution with, prior to handing over your hard-earned money.
Your ROI should also be upwards of 1%+ per day because the trading company that you are lending your bitcoin to, is most likely earning upwards of 5%+ per day, on average. Your ROI must also be automatically transferred into your “e-wallet” at regular intervals, throughout your contract term. There is only one platform that I feel comfortable using. It pay’s each bitcoin investor/trader 1.1% per day in interest in addition as 1.1% per day in capital. This kind of a return is staggering compared to what you would earn with traditional financial markets, however, with crypto money, it is shared. Most edges will payout 2% per year!
If you are required to conduct monotonous activities such as logging into your account, sending e mails, clicking on links etc, you definitely need to keep searching for a appropriate trading company that offers a set-it-and-forget-it kind of platform, as they absolutely exist.