Step 1 – Understanding Bitcoin and Blockchain
Bitcoin is a peer-to-peer payment system known as electronic money or virtual currency. It offers a 21st century alternative to brick and mortar banks. Exchanges are made through “wallet software”. Bitcoin actually works outside government regulations, subverting the traditional banking system.
Bitcoin uses state-of-the-art cryptography, can be minted in any unit, has a decentralized distribution system, is in high demand worldwide, and offers several distinct advantages over other currencies such as the US dollar. First, it cannot be seized or frozen by banks or government agencies.
In 2009, when Bitcoin was only 10 cents a coin, it could have turned a thousand dollars into millions if it had waited eight years. There is a limit of 21,000,000 Bitcoins that can be purchased. At the time of this writing, there were 16,275,288 total Bitcoins in circulation, meaning that the percentage of all Bitcoins “mined” was 77.5%. At that time. At the time this article was written, the present value of 1 Bitcoin was $1,214.70 USD.
According to Bill Gates, “Bitcoin is interesting and better than currency.” Bitcoin is a decentralized form of currency. You no longer need a “trusted third party” to deal with. Excluding the bank from the equation also removes the largest portion of each transaction fee. Also, the time required to move money from point A to point B is greatly reduced.
The largest transaction using Bitcoin was $150 million. The transaction was made in seconds with minimal fees. Using a “trusted third party” to transfer large amounts of money can take days and cost hundreds if not thousands of dollars. This explains why banks are strongly against people buying, selling, trading, transferring, and using Bitcoin.
It is estimated that only 003% of the world (250,000) population owns at least one Bitcoin. And only 24% of the population knows what it is. Bitcoin transactions are entered chronologically on the ‘blockchain’, just like bank transactions. A block, on the other hand, is like an individual bank statement. In other words, the blockchain is a public ledger of all Bitcoin transactions executed so far. It continues to grow with the addition of ‘finished’ blocks along with new recording sets. To use a traditional banking analogy, the blockchain is like the entire 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 can transfer funds from your e-wallet to your recipient e-wallet in the form of Bitcoin. To withdraw funds from your account using a Bitcoin ATM, you basically need to link your e-wallet ‘Address’ to your chosen ATM machine e-wallet ‘Address’. To easily transfer funds in bitcoins from your 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 associated with using an e-wallet is very short.
There are numerous companies online that offer safe, secure, and free turnkey e-wallet solutions for setting up e-wallets. A simple Google search will help you find the right e-wallet software for your exact needs. Many people start using “blockchain” accounts. It’s free to set up and very secure. When it comes to e-wallet accounts, you have the option to set up a two-tier login protocol for even greater safety and security. It protects your account from being hacked by default.
There are many options when setting up an e-wallet. A good place to start is with a company called QuadrigaCX. You can find it through a Google search. Quadrigacx uses some of the most stringent security protocols in existence today. Additionally, the Bitcoins funded by QuadrigaCX are stored in cold storage using the most secure cryptographic procedures possible. That said, it is a very secure place for Bitcoin and other digital currencies.
To withdraw money from your e-wallet in your local currency, you will need to find a Bitcoin ATM, common at local businesses in most major cities. Bitcoin ATMs can be found with a simple Google search.
Step 3 – Buy fractional units of Bitcoin
To buy Bitcoin, you need to trade with a digital currency broker. As with other currency brokers, you have to pay a broker fee when you buy Bitcoin. It is possible to purchase no more than 1 Bitcoin. If that’s all you want to buy. The cost is simply based on the current market value of all Bitcoins at any given time.
There are numerous bitcoin brokers online. You can easily find the one that suits you best with a simple Google search. It is always a good idea to compare prices before proceeding with a purchase. Also, Bitcoin tends to fluctuate frequently, so you should check the Bitcoin exchange rate online before buying through a broker.
Step 4 – Stay away from any trading platform that promises unrealistic returns to unsuspecting investors.
Finding a reputable Bitcoin trading company that offers high returns is paramount to your online success. Earning 1% per day is considered high profit in this industry. It is impossible to earn 10% per day. With online bitcoin trading, you can double your digital currency in less than 90 days. Don’t be fooled by companies that offer returns like 10% per day. This type of return is not realistic in digital currency trading. There is a company called Coinexpro that offers Bitcoin traders 10% per day. And it ended up being a Ponzi scam. If it’s 10% a day, step back.
The aforementioned trading platforms turned out to be very sophisticated and legit. My advice is to focus on trading Bitcoin with companies that offer reasonable returns like 1% per day. There will be other companies out there trying to decouple you from Bitcoin using unscrupulous methods. You have to be very careful when it comes to companies that offer unrealistic returns. Once you send your bitcoins to the recipient, there is literally nothing you can do to get them back.
You need to ensure that the trading company you choose is fully automated from receipt to payment and integrated with the blockchain. More importantly, it is important to learn to distinguish legitimate trading opportunities from unscrupulous “companys” who are experts at separating money from customers. Bitcoin and other digital currencies are not the problem. One thing you should be careful about before handing over your hard-earned money is the trading platform.
Your ROI should also be above 1% per day, as the trading companies that lend you your bitcoins are more likely to earn an average of 5% or more per day. In addition, the ROI should be automatically transferred to the “e-wallet” on a regular basis for the duration of the contract. There is only one platform I’m comfortable using. Each Bitcoin investor/trader is paid 1.1% per day in interest and 1.1% per day in equity. These types of returns are huge compared to what you can get in traditional financial markets, but they are common with cryptocurrencies. Most banks pay 2% per year!
If you need to perform tedious tasks such as logging into an account, sending an email, clicking a link, etc., you should keep searching for the right trading company that offers the tangible platform to forget once. , they absolutely exist.