Step 1 – Understanding Bitcoin and the Blockchain
Bitcoin is a peer-to-peer payment system, commonly known as electronic money or virtual currency. It offers a 21st century alternative to brick and mortar based banks. Exchanges are made via an “e-wallet program”. Bitcoin has already sabotaged the traditional banking system, while operating outside government regulations.
Bitcoin uses the latest encryption technology, it can be issued in any partial denomination, it has a decentralized distribution system, the demand for it is increasing globally, and it provides many distinct advantages over other currencies such as the US dollar. For one, it cannot be decorated or frozen by the bank (s) or government agency.
Back in 2009, when Bitcoin was only worth 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 this article, the total Bitcoin in circulation was 16,275,288, which means that the percentage of total BitcoinsmindIt was 77.5%. At the time. The current value of one Bitcoin coin, at the time of writing this article, is $ 1,214.70 USD.
According to Bill Gates, “Bitcoin is exciting and better than coinage”. Bitcoin is a decentralized form of currency. There is no longer a need to exist ”Trusted, third partyParticipating in any transactions. By taking the banks out of the equation, you also cancel the lion’s share of the fees for each transaction. In addition, the amount of time required to move funds from Point A to Point B is greatly reduced.
The largest Bitcoin deal ever made is $ 150 million. This transaction took place in seconds with minimal fees. In order to transfer large amounts of money using a “trusted third party,” it can take days and cost hundreds if not thousands of dollars. This explains why banks are so fiercely against people who buy, sell, trade, transfer and spend bitcoins.
It is estimated that only 0.003% of the world’s population (250,000) own at least one Bitcoin. And only 24% of the population knows what it is. Bitcoin transactions are entered in chronological order in the ‘blockchain’ just as bank transactions are entered. Meanwhile, the blocks are similar to individual bank account statements. In other words, the blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as “completed” blocks are added to it with a new batch of records. To use traditional banking as a metric, the blockchain is like a complete history of banking transactions.
Step 2 – Set up your e-wallet program account
Once you create your unique e-wallet program account, you will have the ability to transfer funds from your e-wallet to recipient e-wallet, in the form of Bitcoin. If you wish to use a Bitcoin ATM to withdraw money from your account, you would essentially link your e-wallet “address” to the e-wallet “address” of the chosen ATM. To facilitate the transfer of your Bitcoin funds to and from the trading platform, you will simply link your e-wallet “address” to the e-wallet “address” of your chosen trading platform. In fact, it’s much easier than it sounds. The learning curve for using your e-wallet is very short.
To create an e-wallet, there are countless online companies that offer secure, free, and ready-to-use e-wallet solutions. A simple Google search will help you find the right e-wallet program for you, depending on your exact needs. Many people start using a “blockchain” account. This is free to set up and extremely secure. You have the option to set up a two-level login protocol, to further enhance the safety and security of your e-wallet account, and primarily protect your account from being hacked.
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 it by searching on Google. Quadrigacx uses some of the most stringent security protocols currently in place. Moreover, QuadrigaCX funded bitcoins are stored in cold storage, using some of the most secure cryptocurrencies possible. In other words, it is a very safe place for Bitcoin and other digital currencies.
In order to withdraw money in your local currency, from your e-wallet, you have to locate a Bitcoin ATM, which can often be found at local businesses within most major cities. Bitcoin ATMs can be found by doing a simple Google search.
Step 3 – Buy any partial denomination of Bitcoin
To purchase any amount of Bitcoin, you have to deal with a cryptocurrency broker. As with any currency broker, you will have to pay a fee to the broker, when purchasing your bitcoin. It is possible to buy 1 Bitcoin or less if that is all you wish to buy. The cost is simply based on the current market value of the full Bitcoin at any given time.
There are countless online bitcoin brokers. Simple Google Search will allow you to easily locate the best search for you. It’s always a good idea to compare their prices before proceeding with a purchase. You should also confirm the bitcoin price online, before making a purchase through a broker, as the price tends to fluctuate frequently.
Step 4 – Move away from any trading platform promising unrealistic returns to unsuspecting investors
Finding a reputable Bitcoin trading company that offers a high return is critical to your success on the Internet. Earning 1% daily is a high return in this industry. Earning 10% a day is impossible. With Bitcoin online trading, it is possible to double your digital currency within ninety days. You should avoid the temptation of any company offering returns like 10% per day. This type of return is unrealistic in cryptocurrency trading. There is a company called Coinexpro that has been offering 10% daily to Bitcoin traders. And it ended up being a Ponzi scheme. If it’s 10% a day, stay away. The aforementioned trading platform appears to be very sophisticated and has been considered legitimate. My advice is to focus on trading your bitcoins with a company that offers reasonable returns like 1% per day. There will be other companies that will try to separate you from your Bitcoin using unscrupulous methods. Be very careful when it comes to any company offering unrealistic returns. Once your bitcoin has been converted into a recipient, there is nothing you can do to recover it. You must ensure that the trading company you choose is fully automated and integrated with it blockchain From receiving to payment. Most importantly, it is vitally important to learn to differentiate legitimate trading opportunities from an unscrupulous, expert “company” when it comes to separating its clients from their money. Bitcoin and other digital currencies are not the problem. You must be careful when using trading platforms before handing over your hard-earned money.
Your return on investment should also be higher than 1% + per day because the trading company to which you lend bitcoin, is likely to earn in excess of 5% + per day, on average. Your ROI should also be transferred automatically to your ‘e-wallet’ at regular intervals throughout the term of the contract. There is only one platform that I feel comfortable using. Each Bitcoin investor / trader pays 1.1% per day as interest plus 1.1% per day of the equity. This type of return is staggering compared to what you will earn from traditional financial markets, however, with cryptocurrency, it is popular. Most banks will pay 2% annually!
If you are asked to do boring activities like logging into your account, sending emails, clicking on links etc., then you definitely need to keep looking for a suitable business that offers some sort of stable and forgettable platform. Because it already exists.