Step 1 – Understanding Bitcoin and Blockchain
Bitcoin is a peer-to-peer payment system, otherwise known as electronic money or virtual currency. It offers a 21st century alternative to brick and mortar banking. Exchanges are created through “e-wallet software”. Bitcoin has actually destroyed the traditional banking system while operating outside government regulations.
Bitcoin uses sophisticated cryptography, can be issued in any fraction, and has a decentralized distribution system, has high global demand and offers several distinct advantages over other currencies such as the US dollar. For one, it can never be equipped or frozen by banks (s) or government agencies.
In 2009, when Bitcoin was worth only ten cents per coin, if you only waited eight years you would turn thousands of dollars into millions. The number of bitcoins available for purchase is limited to 21,000,000. At the time of writing, the total Bitcoin in circulation was 16,275,288, which is a percentage of the total Bitcoin. “To dig“The current value of a bitcoin at the time of writing this article was $ 1,214.70 USD.
According to Bill Gates, “bitcoin is exciting and better than currency”. Bitcoin is a decentralized form of currency. No need to stay “Trusted, third party“By excluding the banks involved in any transaction, you are deducting the lion’s share of the fees for each transaction. In addition, the amount of time required to transfer money from point A to point A has been drastically reduced.
The largest transaction using Bitcoin is one hundred and fifty million dollars. This transaction was done in 7 seconds with minimum fee Transferring large sums of money using a “trusted third-party” will take days and cost hundreds if not thousands of dollars. This explains why banks are violently opposed to buying, selling, transacting, transferring and spending bitcoin.
Only 003% (250,000) of the world’s population is estimated to have at least one bitcoin. And only 24% of the population knows what it is. Bitcoin transactions are entered into a ‘blockchain’ chronologically just like bank transactions. The block, meanwhile, is like a separate bank statement. In other words, blockchain is a public ledger of all bitcoin transactions that have ever been performed. It continues to grow as a ‘complete’ block is added to it with a new set of recordings. To use conventional banking as an analogy, blockchain is like the whole history of banking transactions.
Step 2 – Set up your e-wallet software account
As soon as you create your own e-wallet software account, you will be able to transfer funds from your e-wallet to the recipient e-wallet in the form of Bitcoin. If you want to use a Bitcoin ATM to withdraw funds from your account, you will basically link the ‘address’ of your e-wallet to the selected ATM machine and the ‘address’ of the wallet. To facilitate the transfer of your funds to and from Bitcoin on a trading platform, you simply link the ‘address’ of your e-wallet to the ‘address’ of the e-wallet of your chosen trading platform. In fact, it’s much easier said than done. The learning curve is very short when it comes to using your e-wallet.
To set up an e-wallet, the company has countless online that offer safe, secure, free and turn-key e-wallet solutions. A simple Google search will help you find the right e-wallet software for you, depending on exactly what your needs are. Many people start using a “blockchain” account. It’s free and very safe to set up. To further enhance security and safety with your e-wallet account, you have the option to set up a two-tier login protocol to protect your account from being hacked.
There are many options to set up your e-wallet A good place to start with a company called QuadrigaCX. You can find them by doing a Google search. Quadrigacx employs some of the most stringent security protocols currently in existence. Furthermore, Bitcoins funded by QuadrigaCX are stored in cold storage using some of the most secure cryptographic methods possible. In other words, it is a very safe place for your Bitcoin and other digital currencies.
To withdraw money in your local currency, from your e-wallet, you need to identify a Bitcoin ATM, which is often found in local businesses in most large cities. Bitcoin ATMs can be identified by a simple Google search.
Step 3 – Buy the value of any fraction of bitcoin
To buy any amount of Bitcoin, you need to deal with a digital currency broker. Like any currency broker, you must pay a fee to the broker when you purchase your bitcoin. It is possible to buy 1 or less of Bitcoin if you want to buy whatever. Cost is based on the current market value of an entire bitcoin at any given time.
There are numerous Bitcoin brokers online. A simple Google search will allow you to easily find the best one for you It is always a good idea to compare rates before purchasing. Before buying through a broker, you need to confirm the rate of Bitcoin online, as the rate fluctuates frequently.
Step 4 – Stay away from any trading platform from promising unrealistic returns to undoubted investors
Finding a reputable bitcoin trading company that offers a high return is the best for your online success. Earning 1% per day is considered a high return in this industry. It is impossible to earn 10% per day. With online bitcoin trading, it is possible to double your digital currency in ninety days. You need to avoid being tempted by any company that is offering a return of up to 10% per day. Such returns are not realistic in digital currency trading. There is a company called Coinexpro which offers 10% per day to bitcoin traders. And it ended up being a register scheme. If it is 10% per day, go away. The trading platform mentioned above seemed highly sophisticated and it seemed legitimate. My advice is to focus on trading your bitcoin with a company that offers a reasonable return of 1% per day. There will be other companies that will try to separate you from your bitcoin using dishonest methods. Be very careful with any company that offers unrealistic returns. Once you transfer your bitcoin to a recipient, you literally have nothing to do with getting it back. You must 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 dishonest “companies” who are experts when it comes to distinguishing their customers from their money. Bitcoin and other digital currencies are not the problem. This is a trading platform that you must be careful about before handing over your hard earned money.
Your ROI should also be above 1% + per day because the trading companies to which you lend your Bitcoin are probably earning above 5% + per day on average. Your ROI must be automatically transferred to your “e-wallet” at regular intervals throughout the duration of your contract. There is only one platform that I feel comfortable using. It pays every bitcoin investor / trader 1.1% interest per day as well as 1.1% in capital. This kind of return is surprising compared to what you would earn with a traditional financial market, but it is common with cryptocurrencies. Most banks will pay 2% per year!
To manage tedious activities like logging into your account, sending emails, clicking on links, etc., you must look for a suitable trading company that offers a set-a-and-forget-it-like platform. , As they absolutely exist.