A Beginner’s Guide To Bitcoin
Look at the numbers today.
SEVEN WHOLE THOUSAND. Let me just be one of the first on this forum to say: “I KNEW IT!”
We’ve been watching these numbers climb and crash since they were a mere $300… and we had 20 at a time at that price; could you imagine??
The following behind this currency grows every single day now.. with more and more people realizing just how much money there could be here.
There are plenty of professional-informational ads about Bitcoin out there, so I’m just here to talk to y’all today, and give you my experience with these bad boys.
What are they?
Bitcoins are, in a very simplified version, a collective piece of data that carry currency value.
They are transferred peer-to-peer and operate outside of the central banking system. Nobody owns or controls bitcoin, as it is an open-source and the design is always public!
This ensures everyone around the entire world can use it safely.
There are a set number of bitcoins, and the price is based on the amount of money in the system.
For example, if there are 10,000 coins, and $200,000 in the system, each coin is $20.
There are of course many more coins, and so much more money circulating currently, but the simplified numbers help.
The prices on coin fluctuate every second, depending on current transactions and how much money is being pulled out or put back in. Use of these coins resembles the stock market in a way, and many folks make thousands by day-trading between these coins and a few others.
Bitcoin launched in 2009 when Satoshi Nakamoto mined the genesis block (the first block of bitcoin ever), which had a return of 50 bitcoins. Could you imagine having 50 coins right now?
These can be used for many different reasons, such as being spent on different purchases in different places online, and even at select local businesses. Many people use them to hold their savings, and make money on the rising price.
Even more people are day-trading as a day job or side job, as they rise and fall multiple hundreds of dollars sometimes.
You can easily access your own bitcoins through different trading sites!
Our favorite is Coinbase, as they have the lowest trade-rates and the quickest turn-around on coin. On most sites the Bitcoin is privately sold, which is great in some cases, but also scary and expensive.
With recent jumps in price, those sellers are charging upwards of 8% per purchase- which is now equal to 400-600 dollars extra in fees PER COIN. If you buy 5 coins, that equals to a few extra thousand just in fees. No Bueno.
Coinbase, however, offers a solid range around .5 of a percent every time, with direct guaranteed sales and purchases. It is a simple process to deposit cash into your own bank account, and connect to Coinbase immediately to make fast purchases.
This proves especially helpful when day-trading.
This wouldn’t be a Bitcoin article without talking about the risks, because with any investment system there will always be a risk!
Make sure you are using a trusted company to lend, hold, and trade your coin. There has been a build of negativity towards Bitcoin because patrons pool money into a source they did not check first, and the money came up missing.
Bitcoin is not backed by the FDIC so those losses are your own, and that scares many people away. This just depends on your willingness to pay attention, work hard, and understand the possibilities of profit/loss.
We have made thousands, but also lost thousands.
Technically I’ve been losing money on a few of my Ether, because I bought at a high point of $340 a few months ago, and they’ve been dropping and slowly climbing back up ever since; currently teetering around $280. But I know that they will raise a great deal eventually, so I patiently wait for the price to be higher to sell again.
This is a risky market for sure, but one that has proven to be worth the risk if hard work is put in! Happy trading 🙂
Is Bitcoin trading a job for you? Is this something you’re thinking about investing in? Do you have savings you’d like to double?
You can contact us for any questions regarding Bitcoin here. Thank you for reading, we hope this was helpful 🙂
Are you interested in Bitconnect? Tune in soon for a full post about the site.
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