Step 1 – Understand bitcoin and blockchain
Bitcoin is a peer-to-peer payment system, otherwise known as electronic money or virtual currency. It offers an alternative to the twenty-first century of banking. The exchange is done using e-wallet software. Bitcoin has actually undermined the traditional banking system by operating outside government rules.
Bitcoin uses the latest cryptography, can be issued in any fractional denomination and has a decentralized distribution system, is in great demand worldwide and offers several clear advantages over other currencies such as the US dollar. First, it can never be garnished or frozen by a bank (banks) or a government agency.
Back in 2009, when bitcoin cost only ten cents per coin, you would have turned a thousand dollars into millions if you had waited only eight years. The number of bitcoins that can be purchased is limited to 21,000,000. At the time of writing, the total number of bitcoins in circulation was 16,275,288, which means that the percentage of the total number of bitcoins is “extracted“It was 77.5% at the time. The current value of one bitcoin at the time of writing was $ 1,214.70.
According to Bill Gates, “a bit coin is exciting and better than currency.” Bitcoin is a decentralized form of currency. No more to have “trusted, third party“Participating in any transaction. By excluding banks from the equation, you also get rid of the lion’s share of the commission for each transaction. In addition, the amount of time required to move money from point A to point B is greatly reduced.
The largest transaction that has ever taken place using bitcoin is one hundred and fifty million dollars. This transaction took place in seconds with minimal commission. To transfer large sums of money through a “proven third party” would take several days and cost hundreds if not thousands of dollars. This explains why banks fiercely oppose people who buy, sell, trade, transfer and spend bitcoins.
Only 003% of the world’s population (250,000 people) is estimated to have at least one bitcoin. And only 24% of the population know what it is. Bitcoin transactions are entered chronologically into a “blockchain” just like bank transactions. Meanwhile, the blocks are similar to individual bank statements. In other words, the blockchain is a public book 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. If you use ordinary banking as an analogy, the blockchain is like a complete history of banking transactions.
Step 2 – Set up an E Wallet software account
Once 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 recipients in the form of bitcoins. If you want to use a bitcoin ATM to withdraw funds from your account, in fact, you will link the “address” of your e-wallet with the “address” of the selected ATM e-wallet. To facilitate the transfer of your bitcoin funds to and from the trading platform, you simply associate the “address” of your e-wallet with the “address” of the e-wallet of the selected trading platform. In fact it is much easier than it seems. The learning curve regarding the use of your e-wallet is very short.
To set up an e-wallet, there are many online company resources 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-tier login protocol to further enhance security against 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 a company called QuadrigaCX. You can find them by searching Google. Quadrigacx uses some of the most stringent security protocols in existence today. In addition, bitcoins funded by QuadrigaCX are stored in cold storage using the most secure cryptographic procedures. In other words, it is a very safe place for your bitcoin and other digital currencies.
In order to withdraw local currency money from your e-wallet, you need to find a bitcoin ATM, which can often be found at local businesses in most major cities. Bitcoin ATMs can be found by performing a simple Google search.
Step 3 – Purchase any fractional bitcoin denomination
To buy any amount of bitcoins, you need to deal with a digital currency broker. As with any currency broker, when buying bitcoin you will have to pay him a fee. You can buy 1 bitcoin or less if that’s all you want to buy. The price is simply based on the current market value of the full bitcoin at any given time.
There are many bitcoin brokers on the Internet. A simple Google search will allow you to easily find the best one for you. You should always compare their prices before buying. You also need to 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 and do not promise unrealistic returns to unsuspecting investors
For your success online it is important to find a reputable bitcoin trading company that offers high returns. A salary of 1% per day is considered to be the highest return in the industry. It is impossible to earn 10% a day. With online bitcoin trading it is possible to double your digital currency in ninety days. You should avoid attracting any company that offers a profit, such as 10% per day. This type of return is unrealistic when trading digital currency. There is a company called Coinexpro that offered 10% a day to bitcoin traders. And in the end it was Ponzi’s scheme. If it’s 10% a day, go away. The aforementioned trading platform proved to be very complex and seemed legitimate. My advice is to focus on trading your bitcoin with a company that offers a reasonable profit, such as 1% per 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 profits. Once you transfer your bitcoin to the 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 very important to learn to distinguish legitimate trading opportunities from unscrupulous “companies” that are experts when it comes to separating their customers from their money. Bitcoin and other digital currencies are not an issue. These are trading platforms that you need to be careful with before transferring your hard earned money.
Your return on investment should also be more than 1% + per day, because the trading company to which you lend your bitcoin is likely to earn an average of more than 5% per day. Your return on investment should also be automatically transferred to your “e-wallet” at regular intervals throughout the life of the contract. There is only one platform on which I feel comfortable. Each bitcoin investor / trader pays 1.1% per day in interest as well as 1.1% per day in equity. This type of profit is staggering compared to what you earn in traditional financial markets, however with cryptocurrency it is common. Most banks will pay 2% per year!
If you are required to perform tedious activities, such as logging in to your account, sending emails, following links, etc., you should definitely continue to search for a suitable trading company that offers a platform like “get up and forget”. for they absolutely exist.