Bitcoin and Cryptocurrency for Beginners
What is all the Fuss and Excitement about?
This article is all about what Bitcoin and Cryptocurrency is, how it works, it’s future and how you can profit from being involved.
What is Cryptocurrency?
It is the digital currency of the future on the Internet. No one can seize it or censor it. It’s a way of purchasing goods from one person direct to another person with no middle men or clearing houses to slow things down with your transactions. There are very few fees involved and little delays in the process. It can be used worldwide with no qualifications. You simply need a computer or mobile device and the Internet.
Bitcoin is the father of all Cryptocurrency and was started by an unidentified person or group under the name of Satoshi Nakamoto in January 2009 and has quickly become the talking point and trading currency of many people around the world. Bitcoins are the broken down into Micro bitcoins ( 10-6 ) and Satoshi (10-8) of a Bitcoin.
Watch this simple explanation video right here – https://bitcoin.org/en/
More Information about Bitcoin can be found right here – https://en.wikipedia.org/wiki/Bitcoin
How does it work?
Bit coin is a currency and now a commodity. It involves depositing your currency into an exchange account and then buying Bitcoin or the coin of your choice. ( eg common Coin list ) It is used for Investment, purchasing, everyday items and trading on exchanges. Even though this currency is in it’s infancy it still can be used in many locations around the world for purchasing cars, homes and doing many business transactions. There are even ATM’s being installed where you can convert your Bitcoin into cash.
From your exchange wallet you generally transfer it to your Bitcoin wallet for future transactions and security. There are fees involved around 1 to 2 % max. Beware that some companies have up to 5% so do your homework well. ( Exchanges compared, No 2 compared )
All transactions are verified by what we call Miners and they are rewarded with new Coins for doing that. The details of each transaction are made public in a ledger called a blockchain. Most transactions take only an hour or two to get validated and processed in the blockchain.
Is Bitcoin and Cryptocurrency Secure?
There are security concerns with Cryptocurrency which are being improved daily. The thefts that have occurred have been as a result not from the blockchain structure, but from the standard Digital signature technology used to send money. Thieves sometime hack people’s computers and steal their private keys.
Always Backup your Bitcoin Wallets. Most wallets will be on the web so go into each of your Bitcoin wallet web accounts and find the security section. Look at the backup and storage options in there.
Web wallets can have security issues, but are easily accessed from anywhere in the world. Where possible enable 2FA – two factor login. ( User ID, Password and Google authenticator ) ( Also Backup Authenticator as well )
( Here are some Storage and Backup methods explained – Pros and Cons – Video explains )
Never leave your Bitcoins in your exchange which is very easily hacked. Beware some offline download wallet tools can be scammed easily as well unless you know they are from a valid source.
Harware Wallet Storage and Backup Backing up your Bitcoin Wallet These are wallets you download or buy. Locate your data directory location which is where Bitcoin’s data files are stored, including the wallet data file and copy those to a second place and create a password protected archived file. You can even Email yourself with the file attached. ( Another video to explain )
Future of Bitcoin
Bitcoin came into existence such a short time ago but the idea has caught on by millions of people around the world and now Bitcoin is a household name. There are 14.6 million Bitcoins in circulation right now worth around US$34 Billion dollars.
In the near future Cryptocurrency will make such a paradigm shift to money transfer that it will also end up crippling many institutions like today’s governments because there is only one layer of work being done by individual people and three layers of money abstraction. The first layer of taking money out of the system is Corporate profits. The second layer that is taking out money is the banks. And finally the biggest layer is governments taking out through taxes. All these layers rely on the flow of cash.
Cryptocurrency will do away with banks cutting them out of the loop entirely making them redundant and obsolete. This will result in a gap between the working economy, corporations and governments who want funds. By not being able to tap into money flows. They lose taxes which makes things very difficult to operate governments. They will have to depend on working people deciding to fund them in some new plan.
Whichever way you look at things, big changes are coming and the Blochchain is here to stay even after the 21 Million coins are finished being mined in around 2140. So the price will continue to go up regardless of what all the doomsday prophets say and even then most of us will have many other ICO’s ( Initial Coin Offerings )that we have invested in anyway.
The future is indeed very bright and will return very big profits for those who buy and hold and those who Buy, Hold and Trade.
How do you Buy Bitcoin and Crypto currency?
There are many forms of Cryptocurrency at present, with the father of all being Bitcoin. Current price is now at US$19,800 in Jan 2018. Years ago you could have bought Bitcoins for $1.00 each in 2011. They continue to be in huge demand with incredible growth.
Even though Bitcoins are highly priced at present, you can still be involved in the action for a basic investment of between $50 to $5,000. It is not the Entry price that matters but the exit price. This is where you gain most.
You have three choices in buying and collecting Bitcoins.
1. Buy and Hold for future Capital gain. ( eg. Buy Investment House ) Through a Bitcoin Exchange.
2. Trade Bitcoin for Daily Cash Flow. ( ie Rent Investment House ) Profits in Bitcoin.
3. Mine Bitcoin. Join a group that has the equipment and collect a share of the profits. Profits in Bitcoin.
How to profit from Cryptocurrency?
There are many things that people are doing to make Cryptocurrency work for them and give them huge profits.
Here are some ideas on How to profit from Cryptocurrency.
– Trade Bitcoins
– Bitcoin Loans.
– Selling goods and services for Bitcoin.
– Complete Micro tasks for Bitcoin.
– Ad viewing for Bitcoin.
– Bitcoin Mining – large computer needed. Best join a club.
– Bitcoin Cloud Mining -online Computer Resources shared.
Because Bitcoins have their prices dictated by the masses it creates a lot of volatility and price fluctuations.
These fluctuations are ideal for passive income trading provided you find a legitimate company. Be careful there are many scammers out there. ( see my article on how to pick a scammer ) It is not hard to make 15% to 30% per month on your money with cryptocurrency trading.
How do I get started now?
How to change your situation immediately?
- Do an Inventory. Work out all the things that extra Income from Bitcoin and cryptocurrency would allow you to do
- Set an intention of your ideal situation. Change your Thoughts and the Words you say to align to your Dream.
- Follow this simple plan of action by becoming involved with a Mentor and join a Cryptocurrency Group
- Take massive action daily to make your dream come true.Here is the Recipe to start Now.
The Ingredients are :-
1. Exchange Account
2. Bitcoin Wallet
3. Trading Account
4. Risk Strategy of spreading eggs in different baskets and withdrawing seed capital from profits.
Want to start collecting Bitcoin now? Here are the simple steps you need to take.
To begin collecting cryptocurrency this is what you need to do : –
- Research all your options ( trading and business ) Spread the Risk. Talk to your Financial advisor first.
- Set up a Cryptocurrency Wallet – ( eg. BTC Markets in AUS or Blockchain )
- Buy coins. ( eg. Bitcoin using BTC Markets or Cointree in AUS )( Watch for High Fees > 2% )
- Hold your coins or Invest your Bitcoin in Trading, a Business or both.
- Use your profits to compound your Capital for early retirement or purchase other coins, precious metals or real estate, etc.
If you would like to start collecting your own Cryptocurrency or begin to profit from using Cryptocurrency, then head on over to our website. Click below and check out some options.
You may also like to Join our Facebook group – Crypto Success System
I wish you every success in CryptoCurrency. Everyone profits – All succeed. Fund your future now.