Bitcoin… What is it ?
This is an article describing what bitcoin (BTC) is, What Blockchain is and how it all works together seamlessly.
You will have seen this in the news over the last few years, You will have seen merchants (Stores) starting to accept bitcoin for paying for goods and services.
It’s important you understand that btc can be used to purchase goods and services provided you have a bitcoin wallet (which i recommend you protect with as much security as you can!) But also you can just purchase and HOLD (Also known as HODL) your Bitcoin online and leave it to grow. Be aware the prices change every minute of the day however it’s an excellent was of ‘investing’ in you because you are 100% in control of your money held in bitcoin.
There are companies that help you ‘mine’ bitcoin some say now is the best time to join whilst the prices are as low as they have ever been then when the prices jump UP then you get your gains quicker but this post of not to sell you anything… Just to provide you with some information, Which it seems not everyone knows about Bitcoin.. So I want to help to educate those that dont know.
Over the last 10 years I would say most people are looking to make money online doing one thing or another, To make money you needed to ‘recruit’, Which is where most people fail but with Bitcoin (HODL) you don’t need to recruit anyone… You just buy as much as your need and let it sit in your account it will gain.. Alternatively if available in your country you could try to obtain a bitcoin debit card. I personally have several of these cards and that is for a good reason. Spreading risk.
Right now, Bitcoin is unregulated this is soon to change but imagine if you put $500 into one bitcoin debit card company and they folded overnight..then your money is gone.. No come backs.. No refunds.. As good as Bitcoin is you must use caution and use caution when deciding to work with any person or company that accepts btc for payments/ Services. I have not yet found company that did not deliver the goods purchased using btc.
Here are a few questions you might be thinking about right now about Bitcoin
- Who Can benefit from Bitcoin? Answer Anyone can. just create your wallet, Confirm your details and secure your accounts with 2FA (2 Factor Authentication Usually Email/Goods Auth Code/Text Message) Perhaps not dissimilar to your bank except btc will pay better in the long run!
- Is it free to create an account? Answer YES! It’s always free to create your wallet, Once created always write down your recovery seed and password… if you lose these you will be locked out! Most wallet providers do NOT have access to recovering your account without at-least your seed but with your seed you can recovery it yourself anyway.
- Where do you buy it? Answer Did you know you can even buy it in walmart now ? Some major stores also have terminals.. You deposit cash scan your QR code generated from your wallet and the machine will credit the amount you are purchasing directly into your wallet within a minute usually.. Subject to what is called confirmations.
- What are confirmations ? Answer Think of confirmations as a handshake. Btc itself is held on remote servers and they must ‘confirm’ the transaction took place so the blockchain can be updated which updates the value of your wallet.
- What is the blockchain? Answer Blockchain AKA THE Blockchain underpins the entire btc infrastructure. Every single transaction (Buy/Sell signals) updates the blockchain every time a transaction is done. The Blockchain is the code that Bitcoin uses to work… Nearly all other coin currencies use blockchain for structure and the bitcoin platform to purchase products and services.
- How do you turn bitcoin to cash ? Answer. This is not always easy. There are debit cards which are linked to your bitcoin card.. If you had say $50 in bitcoin residing in your bitcoin wallet and you wanted to spend it you would simply open the corresponding app and move funds from your btc wallet to your local currency wallet which takes seconds then go and spend away!
- I recently started a partnership with a well known bitcoin company which means I can offer a bitcoin service… It’s fully manual right now but it means I can supply bitcoin on demand and its usually delivered to your wallet within 30 minutes of receiving cleared funds. If you need that service you can message me <<Contact Me>>
- Can you mine Bitcoins? Answer. Yes But that’s for another post.
How Many Bitcoins are in existence?
There are currently 17,581,550 bitcoins in existence. This number changes about every 10 minutes when new blocks are mined. Right now, each new block adds 12.5 bitcoins into circulation.
The maximum and total amount of bitcoins that can ever exist is 21 million.
There are 3,418,450.0 bitcoins left to be mined.
(Information correct as of January 2019)
Once the maximum amount of bitcoin has been mined there will be no more available for purchase from reseller sites. The Value of 1 BTC will sky rocket as people wont want to sell what they have, It become a very rich commodity.. If you don’t yet have any bitcoin then perhaps you should consider looking into it right now and get some whilst you still can.
However! Note! Don’t buy bitcoin with the aim of selling it right away… I suggest you buy and HOLD! for as long as you can. Christmas last year was the highest Bitcoin has reached so far… All the way to $19’500 per Bitcoin! Can you imagine .. If you had bought 1000 Bitcoin at ‘launch’ for less than $1 and just held them for 10 years. ?
19 Million 500 Thousand dollars would be your Worth…
Your cost at the beginning would have been $1000.
Are your eyes bulging yet?
if you look at the chart you will see the big spike last year from shortly after the spike Bitcoin prices came right back down… Looks at the charts every now and then I notice a trend which simply put means when the prices go high.. they must come back down… This trend of going up and down continues daily.
You can see this spikes here… The chart is a little outdated but it goes to show the spikes I am referring to.
Bitcoin In my opinion is one of these things that most people put of! They wait so long for the price increases by which times they are priced out of the market.. They can no longer to afford to buy any… I think most people perhaps.. Don’t know that you can buy any amount of Bitcoin that you want… You don’t need to be a high roller to make money with bitcoin.. Some people start from just a few dollars.. Obviously the more you have the more gains you will have but that’s your call… Remember you and ONLY are in charge of your wallet funds that you can withdraw at any time….
I could go on to discuss bitcoin exchangers and bank cards etc but I will keep that for my next post which will follow this one up.
Until next time!