Step 1: Understand Bitcoin and the Blockchain
Bitcoin is a peer-to-peer payment system, also known as electronic money or virtual currency. It offers a 21st century alternative to traditional banking. Exchanges are made through “electronic wallet software”. Bitcoin has actually subverted the traditional banking system, while operating outside of government regulations.
Online Bitcoin Trading Bitcoin uses state-of-the-art cryptography, can be issued in any fractional denomination, and has a decentralized distribution system, is in high demand globally, and offers several distinct advantages over other currencies such as the US dollar. For one, it can never be seized or frozen by the bank(s) or a government agency.
Back in 2009, when bitcoin was worth just ten cents a coin, it would have turned a thousand dollars into millions if it 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 that the percentage of total bitcoins “mined” was 77.5%. At that time. The current value of one bitcoin, at the time this article was written, was $1,214.70 USD.
According to Bill Gates, “Bit coin is exciting and better than currency.” Bitcoin is a form of decentralized currency. It is no longer necessary to have a “trusted third party” involved in any transaction. By removing banks from the equation, you’re also removing the bulk of each transaction fee. Also, the amount of time needed 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 was carried out in seconds with a minimal fee. To transfer large sums of money using a “trusted third party” would take days and cost hundreds if not thousands of dollars. This explains why banks violently oppose people buying, selling, trading, transferring, and spending bitcoin.
It is estimated that only 003% of the world’s population (250,000) have at least one bitcoin. And only 24% of the population knows what it is. Bitcoin transactions are entered chronologically on a ‘block chain’ just as bank transactions are. Blocks, meanwhile, are like individual bank statements. In other words, the blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It constantly grows as ‘completed’ blocks with a new set of recordings are added to it. To use conventional banking as an analogy, the blockchain is like a complete history of banking transactions.
Step 2 – Setting Up Your E-Wallet Software Account
As soon as you create your own unique eWallet software account, you will be able to transfer funds from your eWallet to a recipient’s eWallet, in the form of bitcoin. If you want to use a bitcoin ATM to withdraw funds from your account, it will essentially link your e-wallet ‘address’ to the e-wallet ‘address’ of your chosen ATM(s). To facilitate the transfer of your bitcoin funds to and from a trading platform, you will simply link your e-wallet ‘address’ to the e-wallet ‘address’ of your chosen trading platform. Actually, it is much easier than it seems. The learning curve in relation to the use of your electronic wallet is very short.
To set up an eWallet, there are a plethora of companies online that offer free, secure, turnkey eWallet solutions. A simple Google search will help you find the right eWallet software for you, depending on exactly what your needs are. Many people start using a “blockchain” account. This is free to set up and very secure. You have the option to set up a two-tier login protocol, to further enhance security in relation to your eWallet account, essentially protecting your account from being hacked.
There are many options when it comes to setting up your eWallet. A good place to start is with a company called QuadrigaCX. You can find them by doing a Google search. Quadrigacx employs some of the most stringent security protocols in existence today. Furthermore, the Bitcoins that are funded on QuadrigaCX 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 bitcoins 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 within most major cities. Bitcoin ATMs can be located by doing a simple Google search.
Step 3 – Buy any fractional denomination of Bitcoin
In order to buy any amount of bitcoin, you need to deal with a digital currency broker. As with any forex broker, you will have to pay a fee to the broker when you buy your bitcoin. It is possible to buy .1 bitcoin or less if that is all you would like to buy. The cost is simply based on the current market value of a full bitcoin at any given time.
There are a large number of bitcoin brokers online. 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 proceeding with a purchase. You should also confirm the rate of a bitcoin online before making a purchase through a broker, as the rate tends to fluctuate frequently.
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 critical to your online success. Earning 1% per day is considered a high return in this industry. Earning 10% per 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 returns like 10% per day. This type of return is not realistic with digital currency trading. There is a company called Coinexpro that offered 10% per day to bitcoin traders. And it ended up being a Ponzi scheme. If it’s 10% per day, stay away. The aforementioned trading platform appeared to be very sophisticated and seemed legitimate.
My advice is to focus on exchanging your bitcoins with a company that offers reasonable returns, such as 1% per day. There will be other companies that will try to separate you from your bitcoin using unscrupulous methods. Be very cautious when dealing with any company that offers unrealistic returns. Once you transfer your bitcoin to a recipient, there is literally nothing you can do to get it back. You need to ensure that your chosen trading company is fully automated and integrated with the blockchain, from receipt to payment. More importantly, it’s crucial that you learn to differentiate legitimate business opportunities from unscrupulous “companies” who are experts when it comes to separating their customers from their money. Bitcoin and other digital currencies are not the problems. They are the trading platforms you need to be careful with, before handing over your hard-earned money.
Your ROI should also be above 1% or more per day because the trading company you’re lending your bitcoin to is likely earning more than 5% or more per day, on average. Your ROI should also be automatically transferred to your “electronic wallet” at regular intervals, during the term of your contract. There is only one platform that I feel comfortable with. It pays each bitcoin investor/trader 1.1% per day in interest as well as 1.1% per day in principal. This kind of return is staggering compared to what you would earn from traditional financial markets; however, with cryptocurrency, it is common. Most banks will pay 2% per year!
If you have to perform tedious activities like logging into your account, sending emails, clicking on links, etc., you should definitely keep looking for a suitable trading company that offers a type of platform that you set and forget about. , since they absolutely exist.
My name is Brett and I am an active online bitcoin trader with a company called Gladiacoin. If you want to earn an extra stream of passive income online, using a fully automated system that you’ll set and forget, once you have some bitcoin and an e-wallet, check out this website: [http://www.doublemydinero. com] for information on how to start receiving your bitcoin earnings daily and automatically in the amount of 2.2% on a ninety-day contract.