Bitcoin is a digital currency. It is different than any currency you have come across or used before. Bitcoin is different and it will serve you well to inform yourself. In this post, we will not just explain why Bitcoin is different but also how to get started with Bitcoin.
What is Bitcoin? Bitcoin is a cryptocurrency. It is a world leader in digital currencies. Despite the fact that Bitcoin has been deemed “dead” many times, it is a breakthrough in the fastest peer-to-peer money transfer system.
Bitcoin is Different – It is Digital Money
Bitcoin is different to any other currency because it is a digital currency. Therefore, it is not a tangible currency. Bitcoin in your wallet, however, is the same as savings in your bank account. If you own Bitcoin, you own a reserve. Bitcoin is different in the fact that you do not see it as paper money, but beyond that, it is an asset like gold or any other tangible asset.
Bitcoin is different to any paper money and in a sense much better because it facilitates easy transfer of money from one person to another. It does away with banks, rules, and centralisation. Bitcoin is a decentralized currency. It is extremely popular in countries like China and India where local currencies are subject to much central bank rules.
China and Japan have both acknowledge Bitcoin as a legitimate method of payment.
If Bitcoin is Different How Can You Own It? Can You Make Money with Bitcoin?
Bitcoin is different in the sense that it gives you the liberty of investing in the asset as savings. However, it is not just that. Bitcoin is different in the fact that you can use your savings as an easy means of payment. It is a peer-to-peer payment gateway.
This is how you can earn money with bitcoin
b. Easy Payment Structure
#1 Bitcoin Is Different – You Need to Download a Bitcoin Wallet
What is a Bitcoin Wallet? This is a program or an App that will allow you to receive or send bitcoins. It is not different than an account balance. It helps you keep track of your balance and where you have sent or received bitcoin payments. A Bitcoin wallet is a historical record of your transactions.
Wallets are offered by many different platforms. They give all the same basic functions. However, they may vary in basic functions.
#2 How to Add Bitcoin to Your New Wallet
If you have downloaded your wallet, you will now want to add some coins. Coins today have become mighty expensive. Recent Bitcoin movements have seen price soaring from $2000 – $2900 per bitcoin. However, do not fret. You do not need to own a full bitcoin in your wallet. Bitcoins come in fractions of Satoshis! Allegedly, Satoshi was the mythical mastermind behind the configuration of Bitcoin. In reality, no one really knows who invented Bitcoin. However, for the sake of the argument, whoever invented it wanted to be called Satoshi. And hence, fractions of Bitcoin are now called Satoshi.
Therefore, notwithstanding the soaring price of Bitcoin, you can easily purchase fractions of Bitcoin with a Credit Card. It makes sense to choose a legitimate Bitcoin Exchange. An exchange is the equivalent of a bank. However, exchanges, do not need too much personal information. Nor will they ask you too many questions. They also charge very little commission.
#3 Sending and Receiving Money with Bitcoin
Sending and receiving money has never been easy. This is where Bitcoin is different to any traditional type of money transfer. Whereas all money transfers have to be processed by a bank, Bitcoin transfers can be processed simply by giving the sender your public address.
Care and attention should be placed when giving your public address because once Bitcoin is transferred, the transfer is irrevocable and irreversible.
#4 Bitcoin has become a very diffuse method of payment accepted by many businesses worldwide.
In a recent article about Bitcoin’s most monumental purchases we have described how purchases made by bitcoin range from Pizza to Villas in Bali. Today brick and mortar business are accepting bitcoin making it a diffuse method of payment.
Trading Bitcoin on the Open Market
Did you know that you can trade Bitcoin without needing to “own” bitcoin?
In our review for MyBitcoinBot we explained that it is not necessary to have a wallet in order to trade bitcoin and cash out on it.
With My Bitcoin Bot all you will need to do is deposit with a recommended broker in your own currency. However, the trading is based on the volatility of bitcoin’s value.
Recently bitcoin has been very volatile, mostly due to the fact that the software will have a soft fork in the coming weeks. As we have thought in “The Secret Trader” the most rewarding trading can only happen when an asset has plenty of market movement. Therefore in this case Bitcoin can be traded in the same manner as any other asset such as gold, oil and corn!
Interested in Bitcoin?
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