Should You Buy Bitcoin?

The wave of banks banning cryptocurrency purchases on their credit cards is growing, with Wells Fargo now enforcing these types of bans. A number of other banks such as Chase, Bank of America, Citigroup, etc. are also part of this new trend that limits the purchase of cryptos.

Debit cards can still apparently be used to buy crypto (check with your bank to be sure of their policies), but using credit cards to buy crypto has taken a turn for the worse with these banks leading the way with these purchase bans. and it probably won’t be long before this ban becomes standard.

It seemed like overnight purchases started to get canceled when credit cards were used to buy crypto, and people who had never had any trouble before buying crypto with their credit cards started noticing that they were no longer allowed to make those purchases. Volatility in the cryptocurrency market is to blame here, and banks don’t want people to spend large amounts of money that will be a struggle to get back if a major cryptocurrency crash occurs, as it did earlier in the year.

Of course, these banks will also miss out on the money to be made when people buy cryptocurrencies and the market booms, but they seem to have decided that the bad outweighs the good when it comes to their credit card game : This also protects the consumer because it limits their ability to get into financial trouble by using a loan to buy something that could strain cash and credit.

Most investors who used credit cards to make cryptocurrency purchases were probably looking for short-term gains and didn’t plan on sticking around for the long haul. They hoped to get in and out quickly and then pay off the credit cards before the high interest rate. assets as the market declines. Now they are paying interest on the money they lost and that is never good. This, of course, was bad news for banks and led to the current and growing trend of banning crypto purchases with credit cards.

The lesson here is that you should never max out a line of credit to invest in crypto, and only use a percentage of your assets to make crypto purchases. These funds should be funds that you can hold onto for a long time without hurting your budget.

So don’t get caught putting money into cryptocurrency that you’ll soon need only to find out that the crash has taken money out of your pocket. There is an old saying that says: “Don’t gamble with money you can’t afford to lose,” and that’s the lesson banks want people to learn as they enter this new investment frontier.

A quick comparison between cryptocurrency, gold and bitcoin

In some places, gold is becoming more important in the financial world. On the other hand, some people are starting to see Bitcoin as a valid method of storing our savings.

This allows us to make purchases and other everyday transactions. For the average consumer, Bitcoin and other cryptocurrencies seem to provide a viable alternative. It’s probably a good time to do a comparison between gold and Bitcoin and Ethereum (another cryptocurrency).

People have been using gold as a form of currency for thousands of years. while Bitcoin has only been around for a decade. Although the concept has gone through a certain maturation process, gold still has a pervasive influence on the market. Bitcoin promises continuous improvements in convenience, security and functionality. Experts have compared the current state of Bitcoin to the Internet in the early to mid-1990s. Proponents of Bitcoin argue that nearly all advances in gold have already taken place, as evidenced by the mass adoption of any physical gold bullion product millennia ago. In fact, some companies have made acquisitions using gold as currency. They simply do not trust that the government will not go into hyperinflation.

The idea of ​​gold vs. bitcoin is an important argument worth shelving. Instead of choosing one of them. Most of us would prefer to use a combination of these to take advantage of the better qualities of each. In fact, we’ve seen Bitcoin and gold co-exist in the form of “Casascius Coins”. This is the first time Bitcoin and gold have come together, and it won’t be the last.

Another crypto currency Ethereum is worth $1549.00. It’s usually best mined with Raedon graphics cards x 5 or 6 rack mounted for optimal organization. Network cables allow it to be mined at high speed to get more profit from power consumption.

Paper money is our solution to improve circulation, and gold is our ancestors’ solution to maintain currency value. Metal is less affected by inflation because it is much more expensive than paper or other cheap metals. And cryptocurrency is a new technological tool to ensure reliability during transactions with the timelessness and precision of a Swiss watch.

Regardless of the criticism, Bitcoin and other cryptocurrencies will continue to appeal to many people due to their clear advantages, especially when compared to conventional currencies such as banknotes, which are inflated and often lost, spent or stolen.

It is based on instant, direct P2P (peer-to-peer) transactions to completely avoid cumbersome and expensive electronic payment systems. Over time, investors will find that Bitcoin provides a better store of value than serially printed flat currencies.

The Bitcoin protocol places a limit on the number of bitcoins available at one time. There will always be 21 million bitcoins and the system sometimes seems fairer than even the US dollar. With Bitcoin and other cryptocurrencies, consumers can gain greater financial privacy; although there are fears that the government will quietly infiltrate the system with constant financial monitoring.

A Guide to Understanding Bitcoin and Cryptocurrency.

Although Bitcoin is one of the most searched terms (according to Google), it is a very technical topic for many people and can be too technical for non-geeks. However, there are now hundreds of cryptocurrencies and more and more people are starting to want to know how they work, possibly due to bankers being distrustful, which is a whole other discussion.

It’s hard to get a layman’s explanation without using technical terms like “private keys,” “digital keys,” “digital wallet,” and “cryptocurrency,” so I’ll do my best to make things as simple as possible. may be.

The concept of fiat money, i.e. paper currency, was created to make it easier for people to exchange goods or services to replace barter, as this would be limited at best to an exchange between two willing parties, while money allows you to provide your service or good and then buy it. the service or product you request from another person or others.

Therefore, I would argue that Bitcoin is the 21st century equivalent of bartering because it works as an exchange of goods or services directly between two willing parties. The exchange had to be based on every promise and trust to secure and deliver the promised good or service.

With Bitcoin or any other cryptocurrency today, each party needs a unique file or a unique key to exchange an agreed upon value between them.

Having a unique key or file makes it easier to keep track of each transaction. However, this too has problems.

Now, an exchange is a simple exchange of skills or goods, as I said earlier, the modern equivalent or Bitcoin is susceptible to security breaches ie file theft or hacking, this is where a “cryptocurrency wallet” comes into the equation to secure. your transactions.

Basically, you need a safe place to buy and store your cryptocurrency/bitcoin. Hence the need for a hardware wallet.

So now that you’ve written/recorded which amount of bitcoins are at which address and then it’s updated every time a transaction is made, the file is known as the “blockchain” and it keeps a record of all bitcoin transactions :

The next challenge is to keep our files unique.

I will deal with this in my next article.

What is Bitcoin?

Answer: Bitcoin is a digital product (payment method/currency/commodity/digital gold) created in 2009.

Who owns Bitcoin?

Answer: Bitcoin is a network. It is not owned by one person or bank. The name of the creator of Bitcoin is Satoshi Nakamodo.

How does Bitcoin increase in value?

Answer: There are many factors that determine the value of Bitcoin, below are the main two factors that affect its growth after it goes public:

1. One of the factors is the usability of the coin. Bitcoin has over 250,000 merchants, the more Bitcoin is accepted and used worldwide, the more its value increases.

2. Supply and Demand – Only 21 million Bitcoins can ever be created, but demand is growing. This has a positive effect on the value of Bitcoin. There are other factors that affect the price of Bitcoin, below I will list some government regulations, media influence, more adoption, technological changes and advancements, confirmations.

How does Bitcoin work?

Answer: Bitcoin is an Internet-based currency that provides financial independence. It is used and sold in a smart way. using your smart phone or computer. It’s like having your own bank in your pocket.

Is Bitcoin the only digital product?

Answer: No Bitcoin was the first since 700 other digital currencies have been created and used/accepted globally. However, Bitcoin is the GOLD standard for digital products. It is the one that has the most credibility. To buy any other digital currency, you must first buy Bitcoin.

Can Bitcoin be converted into a normal local currency?

Answer: Yes, and now you can go to a local ATM and buy bitcoin or withdraw local currency.

What is Bitcoin Trading?

Answer: Trading simply means buying low and selling high. The same concept applies to bitcoin trading, we have a smart system that watches the bitcoin market 24/5 and automatically captures when bitcoin goes down and then goes up, the system buys and sells FOR YOU on YOUR behalf. The result is that you make a healthy profit every day.

You get paid in BITCOINS.

What are the returns/profits from these investments?

Answer: All profits are made in bitcoins. This expansion is driven by our trading operations and profits are generated on a daily basis. Based on any amount invested over a period of 8-12 months, the return will average 70% to 90% in bitcoins. Given the fact that Bitcoin prices increase over time as demand increases, profits in fiat currency will be even greater.

What are the benefits of telling family and friends?

Answer: We encourage our contributors to share their experiences with their business circle. Any mentioned registration guarantees a commission of 10% of the invested amount

How will profits be paid to investors?

Answer: Profits will be generated on a daily basis but can be distributed weekly or monthly as required and can be transferred to the investor’s bank account. The main profit is in the form of bitcoins, but we will convert these profits to fia currency according to the market value of the transfer.

Well, like almost anything else in life, if not everything, you have to buy it before you invest in it. Investing in Bitcoin can be very difficult, and that’s if you don’t have a plan ahead of you.

First you need to know that Bitcoin is a type of cryptocurrency, one of the first digital currencies that was invented, designed and developed by Satoshi Nakamoto and it was released to the public in 2009.

And since then, updates as well as improvements have been made by a network of very experienced developers, and the platform has been partially funded by the Bitcoin Foundation.

Since Bitcoin has become a hot topic of interest and many people are investing in it, there is no harm in getting some digital wealth as well. It is interesting to note that back in 2012, Bitcoin companies were only able to raise $2.2 million.

Despite falling prices this year, the cryptocurrency continues to grow in both users and merchants accepting it as payment.

So how can you get in on the action? Investing in Bitcoin can be simple for the average Joe because he buys some directly.

Today, buying it has become simple as many companies in the United States and all over the world are involved in the business of buying and selling.

The easiest solution for US investors is Coin Base, a company that sells BTC to people at a quote that is usually around 1% of the current market price.

If you want a traditional exchange, Bit Stamp may be a better option, as users you will not only be trading with the company, but also with the users.

The company acts only as an intermediary. Liquidity is higher and you can almost always find someone else to take the other side of your trade.

Fees start at 0.5% and go up to 0.2% if you’ve traded more than $150,000 in the last 30 days. All of these are already in their own way, investment vehicles, because the more BTC you buy, the more profit you will collect if you decide to hold it or resell it to other traditional buyers at a higher price than the price you bought it for. real companies.

You can also buy bitcoins from an exchange otherwise. One of the most popular routes to offline is Local Bitcoins, a website that pairs you with potential buyers and sellers. During the purchase, the coins are locked from the seller in a safe, from where it can be released only to the buyers.

But buying bitcoins offline should be done with the extra precautions that are always common, just like when meeting a stranger. Meet in a public place during the day and bring a friend if possible.

Bitcoin is the hottest thing online right now. Investors and venture capital firms are betting it’s here to stay. There are many ways for the average Joe to invest and buy Bitcoin.

The most popular avenues in the US are Coin Base, Bit Stamp, and Local Bitcoins. Each has its advantages and disadvantages, so do your research to find the best one for you.

The big question is how to get bitcoins.

After gaining a basic understanding of what Bitcoin is and how a wallet actually works, you may want to dive into the world of digital currency and get yourself some Bitcoin. So the big question arises in your mind. How can I get bitcoins?

Becoming difficult.

After you know about the origin of each bitcoin that is based on the mining process, you will believe that the best way to get them is to join this mining process. The point is that it has become very difficult because of the rapid popularity of cryptocurrency.

Sell ​​products or services.

Each bitcoin comes as a result of a previous transaction. So the way to get them when you don’t have is to get a deal from someone else when you buy them with cash or also by mining new bitcoins.

When you know an individual who uses bitcoins, you can ask them to receive bitcoins. If you don’t know anyone who has them, you can get bitcoins by recommending other types of transactions with another bitcoin user, resulting in you being paid in bitcoins. An alternative is to extract them yourself.

Mining industry.

While you can’t buy bitcoins from someone else, you can get them by mining them. The term mining here refers to solving a complex mathematical problem with the aim of verifying the transactions of other individuals. In return, you are rewarded with Bitcoins. Receiving bitcoins is sometimes free, but sending them may involve a fee, depending on the online platform you use. Before you get into bitcoin mining, you should understand that it is not an easy way to earn bitcoins, it requires some technological knowledge that may not be practical for you.

Buy:

In case you don’t know anyone who has bitcoins, you have nothing to sell to exchange for bitcoins, there is a way to buy bitcoins. There are several online platforms that sell bitcoins in a process called trading/exchange. Here I list some ways to buy bitcoins.

Buy bitcoins from a person.

There are online marketplaces where you can buy bitcoins on a person-to-person scheme. You can pay these people in cash or other ways. The good thing is that you and the seller can arrange the payment method: cash in person, cash on deposit, bank transfer, PayPal, etc. The key element here is finding someone you trust. A good tip is to use an online escrow service, this way you can protect yourself from any kind of fraud. The good thing about this online backup platform is that everyone has to upload their scanned ID, this ensures security during transactions.

Buy bitcoins from exchange and socket.

Bitcoin exchanges or outlets are basically online services that make it easy for buyers and sellers to transact bitcoins. To be a part of one of them, you only need to create an account and get your identity verified before you can buy or sell bitcoins.

Buy bitcoins with ATM.

Some cities around the world offer physical bitcoin ATMs. You just get your bitcoins through them using the local fiat currency. Governments regulate the use of these ATMs for security purposes. Sometimes finding a bitcoin ATM near your location can be difficult because even where they are located is regulated.

What is Bitcoin?

Bitcoin is a decentralized, peer-to-peer, digital currency system designed to enable online users to process transactions using a digital unit of exchange known as Bitcoins. In other words, it is a virtual currency.

The Bitcoin system was created in 2009 by an unidentified developer. Since then, Bitcoin has attracted a lot of attention, as well as controversy, as an alternative to the US dollar, the euro and commodity currencies such as gold and silver.

Rise to popularity

Before 2009, Bitcoin did not receive much attention in the world of business and finance. It became popular in 2011-2012 when it gained more than 300%. Bitcoin has seen a 400 percent increase in its value since August of last year. As a result, venture capital firms and investors around the world continue to highlight cryptocurrency.

In the first half of 2014, venture firms invested $57 million in bitcoin in the first quarter, followed by another $73 million in the second quarter, for a total of $130 million, a 50% increase from the $88 million total the previous year. This is in stark contrast to the 2012 scenario where Bitcoin firms raised a relatively paltry $2.2 million.

These statistics prove without a doubt that Bitcoin is worth your investment, which begs the question of how you can buy and invest in Bitcoin.

A Guide for Beginner Bitcoin Investors

The easiest and least complicated method to invest in Bitcoin is to buy Bitcoins. There are many established firms, mostly in the US as well as abroad, that deal in buying and selling Bitcoins, abbreviated as BTC.

Coinbase:

If you live in the US, Coinbase is the place you are looking for. Coinbase provides its customers with BTC at 1% above the prevailing market price. Residents of the United States have the option to sync their Coinbase wallets with their bank accounts. As a result, future payment transfers are made without difficulty. This company also enables automatic purchases of bitcoins from time to time. For example, if you’re interested in buying $50 in bitcoins at the beginning of each month, Coinbase lets you set up an automatic purchase for that amount.

Be aware of the terms and conditions before using this service. If you subscribe to an automatic bit coin service, you will not be able to control the price at which BTC is purchased each month. Note that Coinbase does not act as a Bitcoin exchange, meaning you buy and sell coins directly from the company. Because the company must source the coins from other buyers, you may experience delays or disruptions when placing orders during fast market moves.

BitStamp:

BitStamp meets the standard bitcoin exchange requirements. Bitcoin acts as an intermediary that allows you to trade with other users and not with the company. Liquidity is higher here and you always have a good chance of finding someone willing to trade with you. There is an initial fee of 0.5% which can be reduced to 0.2% if you trade $150,000 within 30 days.

Alternative ways to buy Bitcoins

Local Bitcoins

Exchange is not the only method of investing in bitcoins. Local Bitcoins are often used to buy BTC offline. The site is designed to connect potential buyers and sellers. Bitcoins are held by the seller and can only be issued to buyers.

Buying bitcoins offline is not always very reliable or safe. Therefore, it is preferable to meet the sellers during the day and have a friend tag along with you in case things go south.

Bitcoin is not just a modern trend. Venture capital firms see Bitcoin as a worthy substitute for regular currency in the long run. There are no-nonsense ways to enter the field of Bitcoin investing. As mentioned before, Coinbase, BitStamp, and Local Bitcoins are the most popular channels for investing in Bitcoin in the US. Do your homework and find out which avenue ticks all your boxes.

Since it’s all the rage right now, I’d like to announce that I’ll be launching my own cryptocurrency next week.

Let’s call it “kingcoin”.

No, that’s too self-serving.

How about muttcoin? I’ve always had a soft spot for mixed breeds.

Yes, that’s perfect, everyone loves dogs.

This is going to be the biggest thing since fidget spinners.

Congratulations Everyone reading this will get one darkcoin when my new coin launches next week!

I’m going to distribute 1 million darkcoins evenly. Feel free to spend them wherever you want (or wherever someone will accept them).

What is it? The cashier at Target said they wouldn’t accept our mutcoin.

Tell the doubters that darkcoin has little value. only 1 million darkcoins will exist. Plus, it’s backed up by the full faith and credit of my desktop computer’s 8GB of RAM.

Also, remind them that a decade ago Bitcoin couldn’t even buy you a piece of gum. Now one bitcoin can buy a lifetime.

And, like Bitcoin, you can keep Mutcoin safe from hackers and thieves.

It is basically an exact replica of Bitcoin’s properties. Muttcoin has a decentralized ledger that is impossible to crack with cryptography and all transactions are immutable.

Still not convinced that our darkcoins are worth billions in the future?

Well, that’s understandable. The fact is that launching a new cryptocurrency is much more difficult than it seems, if not downright impossible.

This is why I believe Bitcoin has reached these heights against all odds. And because of its unique user network, it will continue to do so.

Of course, there have been setbacks. But each of these setbacks eventually led to higher prices. The recent 60% drop will be no different.

The Bitcoin Miracle

Bitcoin’s success is based on its ability to create a global network of users who are either willing to transact with it now or hold it for later. Future prices will be determined by the growth rate of the network.

Even with wild price fluctuations, Bitcoin adoption continues to grow at an exponential rate. There are now 23 million wallets open worldwide chasing 21 million bitcoins. Within a few years, the number of wallets could grow to include 5 billion people on the planet connected to the Internet.

Sometimes the motivation of crypto converts was speculative; At other times, they looked for a store of value away from their own currency. In the last year, new apps like Coinbase have made it even easier for new users to get on board.

If you haven’t noticed, when people buy bitcoin, they talk about it. We all have that friend who bought Bitcoin and then didn’t shut up about it. Yes, I’m guilty of this, and I’m sure many readers are too.

Perhaps subconsciously, owners become covert evangelists because persuading others to buy serves their own interests to increase the value of their property.

Bitcoin evangelism, the spreading of the good word, is what miraculously led the price to rise from $0.001 to a recent price of $10,000.

Who would have imagined that its pseudonymous creator, fueled by a global banking oligopoly, would launch an intangible digital asset that rivaled the value of the world’s largest currencies within a decade?

No religion, political movement, or technology has ever witnessed this rate of growth. Then again, humanity has never been so connected.

The idea of ​​money

Bitcoin started as an idea. To be clear, all money, be it shell money used by primitive islanders, gold bullion, or the US dollar, began as an idea. It’s the idea that a network of users value it equally and will be willing to part with something of equal value for your money.

Money has no intrinsic value. its value is purely external, only what others think it is worth.

Look at the dollar in your pocket. it’s just a fancy piece of paper with a one-eyed pyramid, a stapled portrait, and signatures of important people.

To be useful, society must treat it as a unit of account, and merchants must be willing to accept it as payment for goods and services.

Bitcoin has demonstrated an amazing ability to reach and connect millions of users to a network.

One bitcoin is only worth what the next person is willing to pay for it. But if the grid continues to expand at an exponential rate, limited supply argues that prices can only move in one direction… higher.

Bottom line

Bitcoin’s nine-year rise has been marked by massive bouts of volatility. There was an 85% correction in January 2015 and several more than 60%, including a massive 93% drop in 2011.

Through each of these corrections, however, the network (as measured by the number of wallets) continued to expand at a rapid pace. As some speculators saw their value eroded, new investors saw margin and became buyers.

Abnormal levels of volatility are actually what helped the Bitcoin network grow to 23 million users.

Hey, maybe we just need some mutcoin price volatility to attract new users…