Step 1 – Understanding bitcoin and blockchain
Bitcoin is an equal access payment system, also known as electronic money or virtual currency. It offers an alternative to the twenty-first century of bank banking. Exchanges are made through “e-wallet software”. Bitcoin has actually undermined the traditional banking system while operating outside government regulations.
Bitcoin uses state-of-the-art cryptography, can be issued in any part of the denomination and has a decentralized distribution system, is in great demand worldwide 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 the bank (s) or government agency.
In 2009, when bitcoin cost only ten cents a coin, you would turn a thousand dollars into millions if you waited only eight years. The number of bitcoins available for purchase is limited to 21,000,000. At the time of this writing, the total number of bitcoins in circulation is 16,275,288, which means that the percentage of total bitcoins “mined“was 77.5% at the time. The current value of a bitcoin at the time of this writing was $ 1,214.70 USD.
According to Bill Gates, “a household coin is exciting and better than a currency.” Bitcoin is a decentralized form of currency. You don’t need to have anymore “trusted, third party“related to any transactions. By excluding banks from the equation, you also eliminate the lion’s share of the fee for each transaction. In addition, the time required to move money from point A to point B is significantly reduced.
The largest transaction ever made with bitcoin is one hundred and fifty million dollars. This transaction takes place in seconds with a minimal fee. It will take days and costs hundreds, if not thousands, of dollars to transfer large sums of money with the help of a “trusted third party.” This explains why banks are fiercely opposed to people buying, selling, trading, transferring and spending bitcoins.
Only 003% of the world’s population (250,000) is believed to own at least one bitcoin. And only 24% of the population knows what it is. Bitcoin transactions are entered chronologically in a blockchain just as bank transactions are. Meanwhile, the blocks are like separate bank statements. In other words, a blockchain is a public register of all bitcoin transactions that have ever been executed. It is constantly growing as “completed” blocks with a new set of records are added to it. To use conventional banking as an analogy, the blockchain is like a complete history of banking transactions.
Step 2 – Set up your 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 the e-wallet of the recipients in the form of bitcoins. If you want to use a bitcoin ATM to withdraw funds from your account, you will essentially associate the “address” of your e-wallet with the selected “address” of the e-wallet of ATMs. To make it easier to transfer your bitcoin funds to and from a trading platform, you will 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 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 countless online companies that offer safe, secure, free and ready-made e-wallet solutions. A simple Google search will help you find the right e-wallet software for you, depending on your needs. Many people are starting to use a “blockchain” account. It’s free to set up and very secure. You have the ability to set up a two-step login protocol to further improve the security and safety of your e-wallet account, essentially protecting your account from hacking.
There are many options when it comes to setting up your e-wallet. A good place to start is with a company called QuadrigaCX. You can find them by doing a Google search. Quadrigacx uses some of the most stringent security protocols currently in place. In addition, bitcoins funded by QuadrigaCX are stored in cold storage using some of the most secure cryptographic procedures possible. In other words, this is a very safe place for your bitcoins and other digital currencies.
To withdraw money in your local currency from your e-wallet, you need to find a bitcoin ATM, which can often be found at local companies in most major cities. Bitcoin ATMs can be found by simply searching on Google.
Step 3 – Buy any fractional denomination of bitcoin
To buy any amount of bitcoins, you are required to work with a digital currency broker. As with any currency broker, you will have to pay the broker a fee when you purchase your bitcoin. It is possible to buy 1 bitcoin or less if that is all you want to buy. The price is simply based on the current market value of an entire bitcoin at any given time.
There are countless 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 their prices before proceeding with the purchase. You should also confirm the bitcoin exchange rate online before making a purchase through a broker, as the exchange rate tends to fluctuate frequently.
Step 4 – Stay away from any trading platform by promising 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 a high return in this industry. Earning 10% a day is impossible. With online bitcoin trading, it is possible to double your digital currency in ninety days. You should avoid being lured by any company that offers a return of 10% per day. This type of return is not realistic when trading digital currency. There is a company called Coinexpro that offered 10% a day to bitcoin traders. And in the end it turned out to be a poncho scheme. If it’s 10% a day, get out. The trading platform mentioned above seemed very complex and proved to be legitimate. My advice is to focus on trading your bitcoins 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 bitcoins using unscrupulous methods. Be very careful when it comes to any company that offers unrealistic returns. Once you transfer your bitcoin to a recipient, there is literally nothing you can do to return it. You need to make sure that the trading company you choose is fully automated and integrated with blockchain, from receipt to payment. More importantly, it is crucial that you learn to distinguish between legal trading opportunities and unscrupulous “companies” that are experts when it comes to separating customers from their money. Bitcoin and other digital currencies are not a problem. With trading platforms, you need to be careful before handing over your hard-earned money.
Your return on investment should also be above 1% + per day, as the trading company where you borrow your bitcoins is likely to earn an average of over 5% + per day. Your return on investment must also be automatically transferred to your “e-wallet” at regular intervals throughout the term of the contract. There is only one platform that I feel comfortable using. It pays each bitcoin investor / trader 1.1% per day in interest as well as 1.1% per day in equity. This type of return is stunning compared to what you would gain in traditional financial markets, but with cryptocurrency it is common. Most banks will pay 2% per annum!
If you are required to perform annoying activities such as logging in to your account, sending emails, clicking on links, etc., you should definitely continue to look for a suitable trading company that offers a “tune and forget” platform, as as they absolutely exist.