Step 1 – Understanding 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 cans of brick and mortar. The exchange is done through “e-wallet software”. Bitcoin has in fact violated the traditional banking system while operating outside government rules.
Bitcoin uses state-of-the-art cryptography, is issued in any fractional denomination and has a decentralized distribution system, is in great demand worldwide and offers several obvious advantages over other currencies such as the US dollar. On the one hand, it can never be decorated or frozen by a bank (s) 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 just eight years. The number of bitcoins available for purchase is limited to 21,000,000. At the time of writing, the total amount of bitcoins in circulation was 16,275,288, which means that the percentage of the total number of bitcoins is “extracted“at the time it was 77.5%. The current value of one bitcoin at the time of this 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 need “trusted, third party“Participate in any transaction. By removing banks from the equation, you also eliminate the lion’s share of each transaction fee. 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 bitcoins is one hundred and fifty million dollars. This transaction took place in seconds with a minimum fee. It will take days and costs hundreds if not thousands of dollars to transfer large sums of money through a “trusted third party”. This explains why banks are strongly opposed to people buying, selling, trading, transferring and spending bitcoins.
It is estimated that only 003% of the world’s population (250,000) hold at least one bitcoin. And only 24% of the population knows what it is. Transactions with bitcoins are entered chronologically in the “blockchain” in the same way as banking transactions. The blocks meanwhile 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 regular banking as an analogy, the blockchain is like a complete history of banking operations.
Step 2 – Set up an e-wallet software account
Once you create your own unique e-wallet software account, you will have the opportunity to transfer funds from your e-wallet to the e-wallet of the recipients in the form of bitcoin. If you want to use a bitcoin ATM to withdraw funds from your account, you will essentially link your “e-wallet” to the address of your chosen ATM. To facilitate the transfer of your funds in bitcoins to and from the trading platform, you simply link your “e-wallet” to the “address” of the selected trading platform. In fact it is much easier than it seems. The learning curve due to the use of the e-wallet is very short.
To create an e-wallet, there are many online companies that offer safe, secure, free and turnkey e-wallets. A simple Google search will help you find the right e-wallet software depending on what your needs are. Many are starting to use a “blockchain” account. It’s free and very safe. You have the ability to set up a two-layer login protocol to further enhance security and safety in relation to your wallet account, essentially protecting your account from hacking.
When it comes to setting up an e-wallet, there are many options. You need to start with QuadrigaCX. You can find them by doing a Google search. Quadrigacx uses some of the most stringent security protocols in existence today. In addition, bitcoins funded by QuadrigaCX are stored in cold storage using some of the most secure cryptographic procedures. In other words, it is a very safe place for your bitcoins and other digital currencies.
In order 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 businesses in most major cities. Bitcoin ATMs can be found by a simple Google search.
Step 3 – Purchase any small denomination of bitcoin
To buy any amount of bitcoins, you need to deal with a digital currency broker. Like any currency broker, you will have to pay a broker a commission when buying bitcoin. 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. It’s always a good idea to compare their rates before moving on to buying. You also need to confirm the bitcoin rate online before making a purchase through a broker, as the rate usually fluctuates frequently.
Step 4 – Stay away from any trading platform, promising unrealistic returns for unsuspecting investors
Finding a reputable bitcoin trading company that offers high profitability is key to your success online. A salary of 1% per day is considered a high return in this area. It is impossible to earn 10% a day. With online bitcoin trading, it is possible to double the digital currency in ninety days. You should avoid the lure of any company that offers a profit of, say, 10% per day. This type of return is unrealistic in digital currency trading. There is the company Coinexpro, which offered 10% per day to bitcoin traders. And the result was a poncho scheme. If it’s 10% a day, leave. The aforementioned trading platform proved to be very perfect and legitimate. My advice is to focus on trading your bitcoins in a company that offers a reasonable return, such as 1% per day. There will be other companies that will try to separate you from your bitcoin by unscrupulous methods. Be very careful when it comes to any company that offers unrealistic profits. Once you transfer your bitcoin to the recipient, you will be virtually unable to return it. You need to make sure that the chosen trading company is fully automated and integrated blockchain, from receipt to payment. More importantly, it is important that you learn to distinguish legitimate trading opportunities from an unscrupulous “company” that is an expert when it comes to separating customers from their money. Bitcoin and other digital currencies are not an issue. These are trading platforms with which you should exercise caution before transferring your 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 your contract. There is only one platform on which I feel comfortable. It pays each bitcoin investor / trader 1.1% per day at interest as well as 1.1% per day in equity. This type of return is staggering compared to what you could earn in traditional financial markets, however with cryptocurrency it is common. Most banks will pay 2% per annum!
If you are required to perform tedious activities, such as logging in to your account, sending an email, clicking on links, etc., you should definitely continue to search for a suitable trading company that offers an “install and forget” platform. for they absolutely exist.