Online Bitcoin Trading: Discover The Keys To Earning A Formidable Income Trading Bitcoin

Step 1 – Understanding Bitcoin And The Block-Chain

Bitcoin is a peer-to-peer payment system, otherwise known as electronic money or virtual currency. It offers a twenty-first century alternative to brick and mortar banking. Exchanges are made via “e wallet software”. The bitcoin has actually subverted the traditional banking system, while operating outside of government regulations.

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 garnished or frozen by the bank(s) or a government agency.

Back in 2009, when the bitcoin was worth just ten cents per coin, you would have turned a thousand dollars into millions, if you waited just eight years. The number of bitcoins available to be purchased is limited to 21,000,000. At the time that this article was written, the total 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 that this article was written, was $1,214.70 USD.

According to Bill Gates, “Bit coin is exciting and better than currency”. Bitcoin is a de-centralized form of currency. There is no longer any need to have a “trusted, third-party” involved with any transactions. By taking the banks out of the equation, you are also eliminating 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 reduced formidably.

The largest transaction to ever take place using bitcoin is one hundred and fifty million dollars. This transaction took place in seconds with minimal fee’s. In order to transfer large sums of money using a “trusted third-party”, it would take days and cost hundreds if not thousands of dollars. This explains why the banks are violently opposed to people buying, selling, trading, transferring and spending bitcoins.

Only.003% of the worlds (250,000) population is estimated to hold at least one bitcoin. And only 24% of the population know what it is. Bitcoin transactions are entered chronologically in a ‘blockchain’ just the way bank transactions are. Blocks, meanwhile, are like individual bank statements. In other words, blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. To use conventional banking as an analogy, the blockchain is like a full history of banking transactions.

Step 2 – Setting Up Your E Wallet Software Account

As soon as you create your own unique e wallet software account, you will have the ability to transfer funds from your e wallet to a recipients e wallet, in the form of bitcoin. If you would like to use a bitcoin ATM to withdraw funds from your account, essentially you will link your e wallet ‘address’ to the chosen ATM machines e wallet ‘address’. To facilitate the transfer of your funds in bitcoin to and from a trading platform, you will simply link your e wallet ‘address’ to the e wallet ‘address’ of your chosen trading platform. In actuality, it is much easier than it sounds. The learning curve in relation to using your e wallet, is very short.

To set up an e wallet, there are a myriad of company’s online that offer safe, secure, free and turn-key e-wallet solutions. A simple Google search will help you find the right e wallet software for you, depending upon what your needs are exactly. Many people get started using a “blockchain” account. This is free to set up and very secure. You have the option of setting up a two-tier login protocol, to further enhance the safety and security, in relation to your e wallet account, essentially protecting your account from being hacked into.

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 employs some of the most stringent security protocols that currently exist. Furthermore, Bitcoins that are funded in 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 bitcoin and other digital currencies.

In order to withdraw money in your local currency, from your e wallet, you are required to locate a bitcoin ATM, which can often be found in local businesses within most major cities. Bitcoin ATM’s can be located by doing a simple Google search.

Step 3 – Purchase Any Fractional Denomination Of Bitcoin

To buy any amount of bitcoin, you are required to deal 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 of of bitcoin or less if that is all that you would like to purchase. The cost is simply based on the current market value of a full bitcoin at any given time.

There are a myriad of bitcoin brokers online. A simple Google search will allow you to easily source out the best one for you. It is always a good idea to compare their rates prior to proceeding with a purchase. You should also confirm the rate of a bitcoin online, prior to making a purchase through a broker, as the rate does tend to fluctuate frequently.

Step 4 – Stay Away From Any Trading Platfrom Promising Unrealistic Returns To Unsuspecting Investors

Finding a reputable bitcoin trading company that offers a high return is paramount 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 feasible to double your digital currency within ninety days. You must avoid being lured by any company that is offering returns such as 10% per day. This type of a return is not realistic with digital currency trading. There is a company called Coinexpro that was offering 10% per day to bitcoin traders. And it ended up being a ponzi scheme. If it’s 10% per day, walk away. The aforementioned trading platform appeared to be very sophisticated and came across as being legitimate. My advice is to focus on trading your bitcoin with a company that offers reasonable returns such as 1% per day. There will be other companies that will attempt to separate you from your bitcoin using unscrupulous methods. Be very cautious when it comes to any company that is offering unrealistic returns. Once you transfer your bitcoin to a recipient, there is literally nothing your can do to get it back. You must ensure that your chosen trading company is fully automated & integrated with blockchain, from receipt to payment. More importantly, it is crucial that you learn to differentiate legitimate trading opportunities from unscrupulous “company’s” that are experts when it comes to separating it’s clients from their money. The bitcoin and other digital currencies are not the issue. It is the trading platforms that you must exercise caution with, prior to handing over your hard-earned money.

Your ROI should also be upwards of 1%+ per day because the trading company that you are lending your bitcoin to, is most likely earning upwards of 5%+ per day, on average. Your ROI must also be automatically transferred into your “e-wallet” at regular intervals, throughout your contract term. There is only one platform that I feel comfortable using. It pay’s each bitcoin investor/trader 1.1% per day in interest as well as 1.1% per day in capital. This type of a return is staggering compared to what you would earn with traditional financial markets, however, with crypto currency, it is common. Most banks will payout 2% per year!

If you are required to conduct tedious activities such as logging into your account, sending e mails, clicking on links etc, you definitely need to keep searching for a suitable trading company that offers a set-it-and-forget-it type of platform, as they absolutely exist.

Bitcoin Basics

For someone not familiar with Bitcoin, the first question that comes to mind is, “What is Bitcoin?” And another common question that is often asked relates to the Bitcoin price. It started out a under 10 cents per Bitcoin upon its introduction in early 2009. It has risen steadily since and has hovered around $4000 per Bitcoin recently. So regarding Bitcoin value or the Bitcoin rate this is a most remarkable appreciation of value and has created many, many millionaires over the last eight years.

The Bitcoin market is worldwide and the citizens of China and Japan have been particularly active in its purchase along with other Asian countries. However, recently in Bitcoin news the Chinese government has tried to suppress its activity in that country. That action drove the value of Bitcoin down for a short time but it soon surged back and is now close to its previous value.

The Bitcoin history chart is very interesting. Its creator was an anonymous group of brilliant mathematicians (using the pseudonym Satoski Nakamoto) who designed it in 2008 to be “virtual gold” and released the first Bitcoin software in early 2009 during the height of the USA economic crisis. They knew that to have lasting value, it like gold had to have a finite supply. So in creating it they capped the supply at 21 million Bitcoin.

Bitcoin mining refers to the process by which new Bitcoin is created. With conventional currency, government decides when and where to print and distribute it. With Bitcoin, “miners” use special software to solve complex mathematical problems and are issued a certain number of Bitcoin in return.

A question that then arises is, is Bitcoin mining worth it. The answer is NO for the average person. It takes very sophisticated knowledge and a powerful computer system and this combination of factors makes it unattainable for the masses. This applies even more to bitcoin mining 2017 than in past years.

Many wonder, who accepts Bitcoin? This question gets asked in various ways, what are stores that accept bitcoin, what are websites that accept bitcoins, what are some retailers that accept bitcoin, what are some places that accept bitcoin and where can I spend bitcoin.

More and more companies are beginning to see the value of accepting cryptocurrencies as a valid payment option. Some major companies that do are DISH network, Microsoft, Expedia, Shopify stores, Newegg, Payza, 2Pay4You, and others.Two major holdouts at this time are Walmart and Amazon.

Ethereum is the strongest rival to Bitcoin in the cryptocurrency market and many wonder at the question of Bitcoin vs Ethereum. Ethereum was created in mid-2015 and has gained some popularity but still ranks far behind Bitcoin in usage, acceptance and value.

A question that often comes up often relates to Bitcoin scam. This author has a friend who made a purchase from a company that promised 1-2% growth per day. The company website listed no contact information and after a couple months the website simply vanished one day and my friend lost all the money he had invested which was several thousand dollars.

One has to know how to buy Bitcoins, how to purchase Bitcoin or how to buy Bitcoin with credit card in order to get started. Coinbase is a very popular site to do this. Their fee is 3.75% and the buying limit is $10,000 per day. This would probably be the easiest way to buy bitcoins.

Others would like to buy Bitcoin with debit card. Coinbase also provides this service and has clear step by step instructions on how to proceed with either your debit or credit card.

There are those who would like to buy Bitcoin instantly. This can be done at Paxful, Inc. and can be done through W. Union or any credit/debit card.

Other common questions that come up are what is the best way to buy Bitcoins, the best way to get bitcoins or where to buy bitcoins online. The easiest way is probably to purchase it through a digital asset exchange like the previously mentioned Coinbase. Opening an account with them is painless and once you link your bank account with them you can buy and sell Bitcoin quite easily. This is quite likely also the best place to buy Bitcoins.

One must know what a Bitcoin wallet is and how to use it. It is simply the Bitcoin equivalent of a bank account. It allows you to receive Bitcoins, store them and send them to others. What it does is store a collection of Bitcoin privacy keys. Typically it is encrypted with a password or otherwise protected from unauthorized access.

There are several types of digital wallets to choose from. A web wallet allows you to send, receive and store Bitcoin though your web browser. Another type is a desktop wallet and here the wallet software is stored directly on your computer. There are also mobile wallets which are designed for use by a mobile device.

A question that occasionally comes up is that of Bitcoin stock or how to buy Bitcoin stock. By far the most common way to proceed in this area is to buy Bitcoin directly and not its stock.

There is one entity called Bitcoin Investment trust which is an investment fund that is designed to track the market flow of Bitcoin. Some analysts however are calling this a risky way to become involved in this marketplace.

The Bitcoin exchange rate USD is a closely watched benchmark both on a daily basis and long term over the last 8 years since its introduction to the world’s financial marketplace. A popular company to receive the most current rate in Bitcoin valuation is XE. They show Bitcoin to USD valuation and also the complete Bitcoin price chart, the Bitcoin value chart and the Bitcoin to USD chart. If you ask, “How much is one Bitcoin?” you will always know from their continuously updated charts.

Similar questions that come up in this area relate to the bitcoin rate history, the bitcoin price chart live, the bitcoin to dollar exchange rate, the bitcoin dollar chart and the bitcoin 5 year chart. The previously mentioned website, xe, is also a good source for answers to these questions.

Regarding Bitcoin cash, ie. to get USD from selling Bitcoin, Bitwol is one company that enables you to do this. WikiHow is another company that will take you through this process.

Bitcoin projected value is a subject often discussed. In January of 2015 the price of one bitcoin was $215. Currently it is around $5000. This is a phenomenal increase and one far beyond what most experts would have projected at that time. Currently in reviewing forecasts from experts around the world a common answer seems to be that the top value will settle in at around $10,000 and one expert even projected a value reaching $100,000.