Step 1 – Understanding Bitcoin and the Blockchain
Bitcoin is a peer-to-peer payment system, otherwise known as electronic money or virtual currency. It offers an alternative to twenty-first century classical banking. Exchanges are made through “e-wallet software”. Bitcoin actually subverted the traditional banking system, while operating outside government regulations.
Bitcoin uses state-of-the-art cryptography, can be issued in any denomination and has a decentralized distribution system, is in high demand globally and offers several distinct advantages over other currencies such as the US dollar. First, the bank (s) or government agency can never decorate or freeze it.
Back in 2009, when bitcoin was worth only ten cents per coin, you would have turned a thousand dollars into millions, if you had waited only eight years. The number of bitcoins available for purchase is limited to 21,000,000. At the time of writing, the total bitcoins in circulation were 16,275,288, which means that the percentage of total bitcoins is “mined“was 77.5% at the time. The current value of one bitcoin, at the time of this writing, was $ 1,214.70.
According to Bill Gates, “bit coin is exciting and better than currency”. Bitcoin is a decentralized form of currency. No more need to have “reliable, third party“involved in any transaction. By eliminating banks from the equation, you also eliminate the lion’s share of each transaction fee. In addition, the amount of time required to move money from point A to point B is significantly reduced.
The biggest transaction that has ever happened using bitcoin is one hundred and fifty million dollars. This transaction took place in seconds with minimal charge. It would take days to transfer large sums of money through a “reliable third party” and cost hundreds if not thousands of dollars. This explains why banks vehemently oppose people who buy, sell, trade, transfer and spend bitcoins.
It is estimated that only 003% of the world’s population (250,000) holds at least one bitcoin. And only 24% of the population knows what it is. Bitcoin transactions are entered chronologically in the ‘blockchain’ just like bank transactions. Meanwhile, the blocks are like individual bank statements. In other words, blockchain is the public ledger of all Bitcoin transactions that have ever been executed. It’s constantly growing as ‘finished’ blocks are added to it with a new set of shots. To use conventional banking as an analogy, blockchain is like the full history of banking transactions.
Step 2 – Set up your E Wallet software account
As soon as you create your unique e-wallet software account, you will be able to transfer funds from your e-wallet to the recipient’s electronic wallet, in the form of bitcoin. If you want to use a bitcoin ATM to withdraw funds from your account, you will essentially associate your e-wallet ‘address’ with the ‘e-wallet’ address of the selected ATMs. To make it easier to transfer your bitcoin funds to and from the trading platform, you will simply associate your e-wallet ‘address’ with the e-wallet ‘address’ on the selected trading platform. In fact, it is much easier than it sounds. The learning curve regarding the use of your e-wallet is very short.
To set up an e-wallet, there are countless companies online that offer secure, secure, free turnkey e-wallet solutions. A simple Google search will help you find the right e-wallet software for you, depending on your needs. Many people are starting to use a “blockchain” account. This is free to set up and is very safe. You have the ability to set up a two-layer login protocol, to further improve the security and safety of your e-wallet account, essentially protecting your account from hacking.
There are many options when it comes to setting up your e-wallet. A good place to start is a company called QuadrigaCX. You can find them by doing a Google search. Quadrigacx uses some of the most stringent security protocols currently in place. Furthermore, bitcoins funded in QuadrigaCX are stored in cold storage, using some of the most secure cryptographic procedures possible. In other words, it is a very secure place for your bitcoin and other digital currencies.
To withdraw money in your local currency, from your e-wallet, you need to locate a bitcoin ATM, which can often be found at local businesses in most major cities. Bitcoin ATMs can be located by a simple Google search.
Step 3 – Buy any fractional denomination of Bitcoin
To buy any amount of bitcoin, you need to deal with a digital currency broker. As with any currency broker, you will have to pay a broker a fee when you buy your bitcoin. It is possible to buy 1 bitcoin or less if that is all you want to buy. The cost is simply based on the current market value of full bitcoin at any given time.
There are countless bitcoin brokers online. A simple Google search will allow you to easily find the one that works best for you. It is always a good idea to compare their prices before proceeding with your purchase. You should also confirm the bitcoin rate online before buying through a broker, as the exchange rate often varies.
Step 4 – Stay away from any trading platform from promising unrealistic returns to unsuspecting investors
Finding a reputable bitcoin trading company that offers high returns is paramount to your online success. Earnings of 1% per day are considered a high return in this industry. It is impossible to earn 10% a day. With online bitcoin trading, it is possible to double your digital currency within ninety days. You need to avoid being lured by any company that offers refunds such as 10% per day. This type of return is not realistic when trading digital currency. There is a company called Coinexpro that offered 10% a day to bitcoin traders. And in the end it was a ponzi scheme. If 10% per day, walk away. The above mentioned trading platform seemed very sophisticated and proved to be legitimate. My advice is to focus on trading your bitcoins with a company that offers reasonable returns such as 1% per day. There will be other companies that will try to separate you from your bitcoin by unscrupulous methods. Be very careful when it comes to any company that offers unrealistic returns. Once you transfer your bitcoin to the recipient, there is literally nothing you can do to return it. You need to ensure that your chosen trading company is fully automated and integrated with blockchain, from receipt to payment. More importantly, it is crucial that you learn to distinguish legitimate trading opportunities from unscrupulous “companies” that are experts when it comes to separating their clients from their money. Bitcoin and other digital currencies are not a problem. With trading platforms you have to be careful before handing over your hard earned money.
Your ROI should also be higher than 1% + per day as the trading company to which you lend your bitcoin is most likely to earn more than 5% + per day on average. Your ROI must also be automatically transferred to your “e-wallet” at regular intervals, during the term of the contract. There is only one platform on which I feel comfortable using. Each bitcoin investor / trader pays 1.1% per day in interest as well as 1.1% per day in equity. This type of return is astonishing compared to what you would earn in traditional financial markets, however, it is common with cryptocurrencies. Most banks will pay 2% per year!
If you are required to perform tedious activities such as logging in to your account, sending emails, clicking on links, etc., you should definitely continue to look for a suitable trading company that offers a “set-and-forget” platform. , because they absolutely exist.