Step 1: Understand Bitcoin and the blockchain
Bitcoin is a peer-to-peer payment system, also known as electronic currency or virtual currency. It offers a 21st century alternative to brick and mortar banking. Exchanges are made using “electronic wallet software”. Bitcoin has actually 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 distribution system, has high global demand, and offers several different advantages over other currencies, such as the US dollar. On the one hand, it can never be garnished or frozen by banks or government agencies.
In 2009, when bitcoin was worth only ten cents per coin, you would have turned a thousand dollars into millions if you had waited just eight years. The number of bitcoins available for purchase is limited to 21,000,000. At the time of writing, the total number of bitcoins in circulation was 16,275,288, which means the percentage of total bitcoins. “extracted“was 77.5%. at the time. The current value of a bitcoin, at the time this article was written, was $ 1,214.70.
According to Bill Gates, “bit currency is exciting and better than currency.” Bitcoin is a decentralized form of currency. You no longer need to have a “of trust, of third parties“involved in any transaction. By taking the banks out of the equation, you also eliminate most of each transaction fee. In addition, the amount of time it takes to move money from point A to point B is drastically reduced.
The largest transaction ever made with bitcoin is one hundred and fifty million dollars. This transaction took place in a matter of seconds with minimal commissions. To transfer large sums of money through a “trusted third party” would take days and cost hundreds, if not thousands of dollars. This explains why banks are violently opposed to people who buy, sell, trade, transfer and spend bitcoins.
It is estimated that only 003% of the world’s population (250,000) has at least one bitcoin. And only 24% of the population knows what it is all about. Bitcoin transactions are entered chronologically into a “blockchain” such as banking transactions. Meanwhile, the blocks are like individual bank statements. In other words, blockchain is a ledger of all Bitcoin transactions that have ever been executed. It grows steadily as “completed” blocks are added with a new set of records. To use conventional banking as an analogy, the blockchain is like a complete history of banking transactions.
Step 2: Setup the E Wallet software account
As soon as you create your own unique e-wallet software account, you will be able to transfer funds from your e-wallet to a recipient e-wallet, in the form of bitcoins. If you want to use a bitcoin ATM to withdraw funds from your account, you will basically link your wallet address to the chosen wallet address. To facilitate the transfer of your bitcoin funds to and from a trading platform, simply link your e-wallet address to the e-wallet address of your chosen trading platform. It’s actually a lot easier than it sounds. The learning curve in relation to the use of your e-wallet is very short.
To set up an e-wallet, there are a plethora of online companies offering secure, secure, free and turnkey e-wallet solutions. A simple Google search will help you find the right e-wallet software for you, depending on your exact needs. Many people start using a “blockchain” account. It can be set up for free and is very secure. You have the option to set up a two-tier login protocol, to further enhance the security and safety of your e-wallet account, essentially protecting your account from being hacked.
There are many options when setting up your e-wallet. A good place to start is with a company called QuadrigaCX. You can find them by searching on Google. Quadrigacx uses some of the strictest security protocols that exist today. In addition, QuadrigaCX-funded bitcoins are stored in cold storage, using some of the most secure cryptographic procedures 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 locate a bitcoin ATM, which can often be found at local businesses in most major cities. Bitcoin ATMs can be located by simply searching Google.
Step 3: Buy any Bitcoin fractional denomination
To buy any amount of bitcoins, you need to deal with a digital currency broker. As with any currency broker, you will have to pay a commission to the broker when you buy your bitcoin. It is possible to buy 1 bitcoin or less if that is all you would want to buy. The cost is simply based on the current market value of a complete bitcoin at any given time.
There are countless bitcoin brokers online. A simple Google search will allow you to easily get the best for you. It is always a good idea to compare your rates before proceeding with the purchase. You should also confirm the rate of an online bitcoin before making a purchase through a broker, as the rate tends to fluctuate frequently.
Step 4: Stay away from any negative trading platform that promises unrealistic returns to untrusted investors
Finding a reputable bitcoin trading company that offers great performance is critical to your online success. Earning 1% a day is considered a high performance in this industry. Earning 10% a day is impossible. With online bitcoin trading, it is possible to double your digital currency within ninety days. You should avoid attracting any of the companies that offer returns of up to 10% a day. This type of return is unrealistic with digital currency trading. There is a company called Coinexpro that offered 10% a day to bitcoin traders. And it ended up being a ponzi scheme. If it’s 10% a day, leave. The trading platform mentioned seemed to be very sophisticated and seemed legitimate. My advice is to focus on bitcoin trading with a company that offers reasonable returns like 1% a 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 that offers unrealistic returns. Once you have transferred your bitcoin to a recipient, there is literally nothing you can do to recover it. You need to make sure that your chosen trading company is fully automated and integrated with blockchain, from receipt to payment. More importantly, it’s crucial that you learn to differentiate legitimate business opportunities from unscrupulous “companies,” who are experts at separating their customers from their money. Bitcoin and other digital currencies are not the problem. These are the trading platforms with which you should be careful before handing over your hard earned money.
Your return on investment (ROI) should also be more than 1% + per day, as the trading company to which you are lending your bitcoin is likely to earn more than 5% + per day, on average. Your ROI should also be automatically transferred to your “e-wallet” at regular intervals throughout the term of the contract. There is only one platform that makes me feel comfortable. It pays each bitcoin investor / operator 1.1% daily in interest and 1.1% daily in principal. This type of return is staggering compared to what you would gain with traditional financial markets, but with cryptocurrency, it is common. Most banks will pay 2% per annum!
If you have to perform tedious activities like logging in to your account, sending emails, clicking on links, etc., you should keep looking for a suitable trading company that offers one type of platform, as they absolutely exist.