How to Buy Bitcoins

Over time, Bitcoins have become a very well-known and popular form of currency. However, what exactly is Bitcoin? The following article will look at the pros and cons of this currency that came out of nowhere and spread like wildfire. What makes it different from normal currencies?

Bitcoin is a digital currency, it is not printed and never will be. They are kept electronically and no one has control over them. They were produced by people and businesses, creating the first form of money known as cryptocurrency. While normal currencies are seen in the real world, Bitcoin flows through billions of computers around the world. From Bitcoin in the United States to Bitcoin in India, it has become a global currency. But the biggest difference it has from other currencies is that it is decentralized. This means that no specific company or bank owns it.

Who created it?

Satoshi Nakamoto, a software developer, proposed and created Bitcoin. He saw this as a chance to have a new currency on the market, free from central authority.

Who prints it?

As mentioned earlier, the simple answer is no one. Bitcoin is not a printed currency, but a digital one. You can even transact online with bitcoins. So you can’t produce unlimited bitcoins? Absolutely not, Bitcoin is designed to never “mine” more than 21 million Bitcoins in the world at once. Although they can be divided into smaller amounts. The hundred millionth part of a bitcoin is called a “satoshi” after its creator.

What is Bitcoin based on?

Mostly for appearance and conventional use, Bitcoin is based on gold and silver. However, the truth is that Bitcoin is actually based on pure mathematics. It also has nothing to hide as it is open source. So anyone can check it out to see if it works as it claims.

What are the features of Bitcoin?

1. As mentioned earlier, it is decentralized. It is not owned by a specific company or bank. Each software that mines bitcoins makes up a network and they work together. The theory was, and it worked, that if one network went down, the money kept flowing.

2. It is easy to set up. You can set up a Bitcoin account in seconds, unlike the big banks.

3. It’s anonymous, at least the part where your bitcoin addresses are not associated with any kind of personal information.

4. It’s completely transparent, all transactions using bitcoins are shown on a big chart known as the blockchain, but no one knows it’s you because there are no names associated with it.

5. Transaction fees are minimal and compared to bank fees, the rare and small bitcoin fees are almost zero. It’s fast, very fast. Wherever you send money, it will usually arrive within minutes of processing.g. It cannot be rejected, which means that once you send your bitcoins, they are gone forever.

Bitcoin has significantly changed the world and the way we see money. Many people wonder if it is possible to make a living with Bitcoins. Some have even tried to do so. However, Bitcoin is already part of our economy, a unique kind of currency, and it’s not going away anytime soon.

Bitcoin is a relatively new type of currency that has just begun to enter mainstream markets.

Critics state that using Bitcoins is not safe because –

• They have no authentic value

• They are not regulated

• They can be used to make illegal transactions

Bitcoin is still being talked about by all the major market players. Below are some good reasons why it is worth using this crypto currency.

Fast Payments – When payments are made through banks, the transaction takes a few days, like bank transfers also take a long time. On the other hand, Bitcoin virtual currency transactions are usually faster.

“Zero-confirmation” transactions are instantaneous, where the merchant assumes the risk of not yet being approved by the Bitcoin blockchain. If the merchant needs approval, the transaction takes 10 minutes. This is much faster than any interbank transfer.

Cheap – Credit or debit card transactions are instant, but you are charged a fee for using this privilege. In Bitcoin transactions, fees are usually low and in some cases it is free.

No one can take it away – Bitcoin is decentralized, so no central authority can take away a percentage of your deposits.

No Refund – Once you trade bitcoins, they disappear. You cannot claim them back without the recipient’s consent. This makes it difficult to commit chargeback fraud, which people with credit cards often run into.

People buy goods and if they find that they are defective, they contact the credit card agency to do a chargeback, which effectively cancels the transaction. The credit card company does and charges you an expensive chargeback fee ranging from $5 to $15.

Secure Personal Data – Credit card numbers are stolen during online payments. Bitcoin transaction does not need personal data. You will need to combine your private key and bitcoin key to complete a transaction.

You just need to make sure that your private key cannot be accessed by strangers.

It is not inflationary – The Federal Reserve prints more dollars whenever the economy collapses. The government injects the newly created money into the economy, causing the currency to depreciate, thus causing inflation. Inflation reduces people’s ability to buy things because the prices of goods go up.

Bitcoins are in limited supply. The system is designed to stop mining more bitcoins when 21 million is reached. This means that inflation will not be a problem, but deflation will be triggered, where the prices of goods will fall.

Semi-anonymous operations – Bitcoin is relatively private but transparent. The Bitcoin address is revealed on the block chain. Anyone can look at your wallet, but your name will be invisible.

Easy micropayments – Bitcoins allow you to make micropayments like 22 cents for free.

Substitute for fiat currencies – Bitcoins are a good option to hold national currencies experiencing capital controls and high inflation.

Bitcoin goes legit – Major institutions such as the Bank of England and the Fed have decided to accept bitcoins for trading. More and more businesses like Redditt, pizza chains, WordPress, Baidu and many other small businesses are now accepting Bitcoin payments. Many binary brokers and Forex brokers also allow you to trade Bitcoins.

Bitcoin is the pioneer of the new era of cryptocurrency, the technology that gives you a glimpse into the currency of the future.

What is Bitcoin Black?

Bitcoin Black is basically the cryptocurrency of the people, by the people for the people. It will be adopted for use as a peer 2 peer payment system that puts the power back to the people.

If we talk about bitcoin, bitcoin failed in this, real value comes from actually using the ecosystem and empowering people. Bitcoin transactions are slow and expensive, and it can be said that Bitcoin is somewhat centralized. Bitcoin takes people power because it is heavily manipulated and through cycles that discourage participants from cryptocurrency as a whole.

People buy bitcoins to get rich, not to participate in the ecosystem. The one percent elite are taking advantage of Bitcoin and creating discouragement by strategically increasing the price and attracting access to the dream of wealth and dumping coins in their favor. In fear of adoption. Bitcoin is completely controlled, pumped and manipulated at will for many different reasons.

Bitcoin Black focuses on solving these problems as the coin is a fair distribution cryptocurrency Airdropped to 1 million wallets before the IEO, with all funds going to community groups voted by the community to move the project forward with a focus on fair distribution, mass adoption, usability, education, ease of access, simplicity and community.

The goal is to become a true decentralized autonomous network that gives power back to the people. He does not belong to a group, but belongs to many branches of the community.

Handing out coins

Bitcoin Black aims to initially airdrop to at least 1 million wallets with no more than 0.5% of the supply held by 1 founder, making it a truly decentralized cryptocurrency.

The project has a presale of 2.5% of the total supply, which is almost 900 million coins.

If we look at the IEO, 7.2 billion IEO coins will be distributed to several public foundations that will help the community move the project forward in the future.

Countermeasures for manipulation (about 5%). Part used for the stability control fund to eliminate the possibility of early manipulation at low volume and maintain the stability of the currency.

Finally, the rewards for introducing the app will be 14.4 billion coins.

Entering 30 million members with increasing number of new users. A method of bringing the coin into any school yard / university / workplace and community.

Total supply

The maximum supply is 36 billion coins.

Awards

3.6 billion coins to be claimed by members who help share the Airdrop.

A simple one-click social sharing platform. Share a social message that provides an introduction to the encrypted video and the app download link that will allow your friends to download it. The platform is currently live and functioning well.

Innovation

The best innovation is fee-free transactions. You can send bitcoin black to anyone for free. Transactions are instant and you can send money as easily as sending a message.

Wallets are readily available and very easy to use.

Conclusion

Bitcoin Black has a fairly mass distributed currency with a wide supply spread, which will create less volatility through synchronized pumps and dumps and result in a more stable price. Bitcoin black will be the next bitcoin. You can sign up for the airdrop by clicking here. I wish someone in 2008 had included me in the bitcoin airdrop. Bitcoin Black is going to change lives and we want to tell as many people as possible.

Let’s recap on crypto security and refer to part 1 if needed.

Bitcoin security is important. Your Bitcoin or any other cryptocurrency has a unique address or identification or private key. Therefore, you should realize how important it is to keep it safe. If you lose it, it is difficult to recover, therefore it is necessary to secure it as best as possible.

I must clearly emphasize this as security should be paramount and should not be taken lightly.

There are countless stories of people who have lost access to their computers (either due to carelessness or abuse) and ended up unable to recover their bitcoins or other cryptocurrency. This should be the equivalent of leaving your wallet vulnerable through pickpocketing or carelessness when out and about.

Fortunately, there is a way to doubly protect your assets. A secure hardware wallet will ensure that if you have the misfortune of losing access to your computer or tablet, etc. (by whatever means), you will have the ability to recover your Bitcoin, Ethereum, Litecoin, etc.

A hardware wallet allows you to restore your cryptocurrency on any other computer as it is basically a USB connection that you use to secure your transactions.

Second level of security.

Trezor is the original hardware wallet and is easy to set up for your Bitcoin security. There are other products available, but for the rest of this article I decided to focus primarily on the Trezor hardware wallet.

The core tenet of Trezors’ bitcoin security is zero trust.

Using the Trezor screen, you can independently verify and physically confirm each transaction directly on your device.

It also requires a pin from you every time you log in. This ensures that you are the one present at all times.

As a single purpose device, the wallet has no other functions.

Simplicity equals added security.

Trezor is no exception to the risk of malware or viruses, period. However, the fewer devices the Trezor communicates with, ie. there is no bluetooth, wifi or qr code scanning, so the simpler the communication protocol, the more secure your bitcoin security.

Also, the Trezor doesn’t have a battery. When it’s off, it’s off and your coins are safe from any cyber attacks.

I hope I have highlighted the importance of Bitcoin security. The main problems are zero trust and concrete security. Also ensure that your backup process is equally secure ie. if necessary, make sure your data is accessible to someone you specifically trust.

Ok, so what is Bitcoin?

It is not a real coin, it is a “cryptocurrency”, a digital form of payment that is produced (“mined”) by many people around the world. It enables instant peer-to-peer transactions, worldwide, for free or at very low cost.

Bitcoin was invented after decades of cryptographic research by software developer Satoshi Nakamoto (believed to be a pseudonym), who designed the algorithm and introduced it in 2009. His true identity remains a mystery.

This currency is not backed by a tangible commodity (such as gold or silver); Bitcoins are traded online, making them a commodity in their own right.

Bitcoin is an open source product available to anyone who is a user. All you need is an email address, internet access and money to get started.

Where does it come from?

Bitcoin is mined on a distributed computer network by users running specialized software; the network solves certain mathematical proofs and looks for a specific sequence of data (“block”) that produces a specific pattern when the BTC algorithm is applied to it. Coincidence produces Bitcoin. It is complicated and takes time and energy.

Only 21 million bitcoins will ever be mined (about 11 million are currently in circulation). The mathematical problems that networked computers solve are becoming increasingly difficult to keep mining operations and supplies under control.

This network also validates all transactions through cryptography.

How does bitcoin work?

Internet users transfer digital assets (bits) to each other over a network. No online bank; rather, Bitcoin is described as a distributed ledger on the Internet. Users buy Bitcoin with cash or by selling a product or service for Bitcoin. Bitcoin wallets store and use this digital currency. Users can sell from this virtual ledger by trading their bitcoins to anyone else who wants them. Anyone can do this, anywhere in the world.

There are smartphone apps for making mobile bitcoin transactions and bitcoin exchanges populate the internet.

How is bitcoin valued?

Bitcoin is not held or controlled by a financial institution; it is completely decentralized. Unlike money in the real world, it cannot be devalued by governments or banks.

Instead, Bitcoin’s value lies simply in its consumer acceptance as a form of payment and because its supply is limited. Its global currency values ​​fluctuate according to supply and demand and market speculation; as more people create wallets and hold and spend bitcoin, and more businesses accept it, the value of bitcoin will increase. Banks are now trying to value bitcoin, and some investment websites predict that the price of one bitcoin will be several thousand dollars in 2014.

What are its advantages?

There are benefits for consumers and merchants who want to use this payment option.

1. Fast Transactions – Bitcoin is instantly transferred over the internet.

2. No Fees/Low Fees — Unlike credit cards, Bitcoin can be used for free or with very low fees. Without the centralized institution as an intermediary, no permits (and fees) are required. This improves profit margins on sales.

3. Eliminates the risk of fraud – Only the Bitcoin owner can send a payment to the intended recipient, who is the only one who can receive it. The network knows that the transfer has taken place and the transactions have been validated; they cannot be challenged or taken back. That’s big for online merchants, who are often subject to credit card processors’ evaluations of whether a transaction is fraudulent or not, or for businesses that pay the high cost of credit card chargebacks.

4. Data is secure — As we’ve seen with recent hacks into the payment processing systems of national retailers, the Internet isn’t always a safe place for personal data. With Bitcoin, users don’t give up personal information.

a. They have two keys – a public key that serves as a Bitcoin address and a private key with personal data.

b. Transactions are digitally “signed” by combining the public and private keys; a mathematical function is applied and a certificate is generated proving that the user initiated the transaction. Digital signatures are unique to each transaction and cannot be reused.

° C. The merchant/recipient never sees your secret information (name, number, physical address), so it is somewhat anonymous, but traceable (to the Bitcoin public key address).

5. Convenient payment system — Merchants can use Bitcoin entirely as a payment system; they don’t need to hold bitcoin currency as bitcoin can be converted to dollars. Users or traders can trade in and out of Bitcoin and other currencies at any time.

6. International payments – Bitcoin is used worldwide; merchants and e-commerce service providers can easily accept international payments, which opens up new potential markets for them.

7. Easy to Track — The network tracks and permanently records every transaction in the Bitcoin blockchain (database). In the event of a potential breach, it is easier for law enforcement officials to trace these transactions.

8. Micropayments are possible – Bitcoins can be divided up to one hundred millionths, so making small payments of a dollar or less becomes a free or near-free transaction. This can be a real boon for convenience stores, coffee shops, and subscription-based websites (videos, posts).

Still a little confused? Here are some examples of transactions:

Bitcoin in Retail

At checkout, the payer uses a smartphone app to scan a QR code with all the transaction information needed to transfer bitcoin to the retailer. Tapping the Confirm button completes the transaction. If the user does not own Bitcoin, the network converts the dollars in his account into digital currency.

The retailer could convert that bitcoin into dollars if they wanted, there were no or very low processing fees (instead of 2 to 3 percent), no hackers could steal personal user information, and there was no risk of fraud. Very smooth.

Bitcoins in Hospitality

Hotels can accept Bitcoin for on-site room and board payments for guests who wish to pay with Bitcoin using their mobile wallets or PC-to-website to pay for a reservation online. A third-party BTC trade processor can help process the transactions it clears through the Bitcoin network. These processing clients are installed on tablets at the front desk of establishments or in restaurants for users with BTC smartphone apps. (These payment processors are also available for desktop computers, in retail POS systems, and integrated into food service POS systems.) You don’t need to change hands on credit cards or cash.

These cashless transactions are fast and the processor can convert bitcoins into currency and make a daily direct deposit into the establishment’s bank account. In January 2014, it was announced that two Las Vegas hotel-casinos would accept Bitcoin payments at the front desk, in their restaurants and in the gift shop.

Sounds good – so what’s the catch?

Business owners must consider participation, security and cost issues.

• A relatively small number of ordinary users and merchants currently use or understand Bitcoin. However, adoption is increasing globally and tools and technologies are being developed to facilitate participation.

• It’s the Internet, so hackers are a threat to exchanges. The Economist reported that a bitcoin exchange was hacked in September 2013 and $250,000 in bitcoins were stolen from users’ online vaults. Bitcoins can be stolen like any other currency, so vigilant network, server and database security is paramount.

• Users should carefully guard their Bitcoin wallets, which contain their private keys. Secure backups or printouts are critical.

• Bitcoin is not regulated or insured by the US government, so there is no insurance for your account if the exchange goes down or gets robbed by hackers.

• Bitcoins are relatively expensive. Current exchange rates and selling prices are available on online exchanges.

Virtual currency is not yet universal, but it is gaining market awareness and acceptance. Businesses may decide to try Bitcoin to save on credit card and bank fees, as a customer convenience, or to see if it helps or hinders sales and profitability.

Thinking of accepting Bitcoin? Are you already using it? Share your thoughts and experiences with us.

Bitcoin is a cryptocurrency created in 2009 by an unknown person using the pseudonym Satoshi Nakamoto. While the currency has been around for a long time, its popularity grew a few years ago when merchants began accepting it as a form of payment. Apart from using it in your transactions, you can also trade with it thereby earning huge profits.

The benefits of currency trading

There are many reasons why you should consider buying the currency. Some of these reasons include:

Easy login: Unlike the stock market and other trading channels, there are almost no barriers to entry in the Bitcoin market. All you need to do is identify a seller you can buy from. If you’re interested in selling, identify a buyer and you’re good to go.

Global: You can trade the currency from any part of the world. This means that a person in China can buy or sell Bitcoin to a person in Africa or anywhere else. This makes the currency significant as it is not affected by the economy of a country.

This is impermanent: Just like other currencies in the forex market, Bitcoin is highly volatile. This means that it quickly changes its price due to slight changes in the economy. If you take advantage of the changes, you can make huge profits.

24/7 trading: Unlike the stock market, which operates during business hours, Bitcoin trading takes place throughout the day and night. Trade restrictions are only for you – not in time.

How to get bitcoins

If you are interested in entering the market, there are many ways you can use to get the currency. Some of the ways you can use include:

Buying the stock market: Here you have to enter the market and you will find people who want to sell the currency. You need to find a reputable seller and place an order.

Transfers: You can also get bitcoin from a friend. Here, a friend has to send you the currency through an application located on the computer or phone.

Mine: This is the traditional way to get coins. In this method, you use the computer to solve complex math puzzles. After successfully completing a puzzle, you get coins. Although this method is free, it usually takes a lot of time.

Conclusion

This is what you need to know about Bitcoin and its trading. When you own the currency, you can decide to keep it in your digital wallet or trade it.

Since it’s all the rage right now, I’d like to announce that I’m 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.

It’s going to be the biggest thing since fidget spinners.

Congratulations! Everyone reading this will get one muttcoin when my new coin is released next week.

I will distribute 1 million muttcoins evenly. Feel free to spend them wherever you want (or wherever someone accepts them!).

What is this? The cashier at Target said they won’t accept our muttcoin?

Tell those who doubt that muttcoin has scarcity value – only 1 million muttcoins will ever exist. On top of that, it’s backed by the full faith and credit of my desktop’s 8GB of RAM.

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

And like Bitcoin, you can store muttcoin safely offline, away from hackers and thieves.

It is essentially an exact copy of Bitcoin’s properties. Muttcoin has a decentralized ledger with uncrackable cryptography and all transactions are immutable.

Still not convinced that our muttcoins will be worth billions in the future?

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

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

Of course, there were setbacks. But each of these setbacks ultimately 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 willing to transact with it now or store it for later. Future prices will be determined by the rate at which the network grows.

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

Sometimes the motivation of the new cryptocurrencies was speculative; other times they sought a store of value away from their own local currency. Over the past year, new apps like Coinbase have made it even easier to onboard new users.

If you haven’t noticed, when people buy bitcoins, they talk about it. We all have that friend who bought bitcoin and then wouldn’t shut up about it. Yes, I’m guilty of it – and I’m sure quite a few readers are too.

Perhaps subconsciously, holders become crypto-evangelists, as persuading others to buy serves their self-interest in increasing the value of their holdings.

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

Who would have imagined that its pseudonymous creator, fed up with the global banking oligopoly, would launch an intangible digital resource that rivals the world’s largest currencies in value in less than a decade?

No religion, political movement or technology has witnessed these growth rates. On the other hand, humanity has never been so connected.

The idea of ​​money

Bitcoin started as an idea. To be clear, all money—whether fictitious money used by primitive islanders, gold bullion, or the US dollar—started as an idea. The idea is that a network of users values ​​it equally and would be willing to part with something of equal value for your form of 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 portrait with dots and signatures of important people.

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

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

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

The bottom row

Bitcoin’s nine-year rally has been marked by huge bouts of volatility. There was an 85% correction in January 2015 and several others above 60%, including a whopping 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 decline, new margin investors saw value 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 muttcoin price volatility to attract new users…