How To Invest In Bitcoin | Buy It Cheap

Wednesday, 1 April 2020

How To Invest In Bitcoin | Buy It Cheap


How to invest bitcoin, how to buy and sell bitcoin, best platform/site to use for bitcoins


TABLE OF CONTENT


  • Brief History Of Bitcoin
  • Creation
  • Growth 
  • What Is Cryptocurrency
  • How To Invest Bitcoin
  • What Is Bitcoin Wallet
  • What Is Bitcoin Address
  • Websites To Keep Your Bitcoin 
  • How To Buy Bitcoin and How To Sell Bitcoin
  • Recommendation


Welcome, First let me start with the history of Bitcoin.


            On 22 October 2010, consumer "Laszlo" made the first real-world transaction through shopping two pizzas in Jacksonville, Florida for 10,000BTC. Consumer "SmokeTooMuch" auctioned 10,000BTC for $50 (cumulatively), however, no buyer was found. In five days, the rate grew one thousand%, rising from $0.008 to $0.08 for 1 bitcoin. 

CREATION


In November 2008, a paper was posted on the internet under the name Satoshi Nakamoto (Founder Of Bitcoin) titled ''bitcoin: A Peer-to-Peer Electronic Cash System''. This paper detailed methods of using a [[peer-to-peer]] network to generate what was described as "a system for electronic transactions without relying on trust. In January 2009, the bitcoin network got here into existence with the discharge of the primary open supply bitcoin purchaser and the issuance of the primary bitcoins, with Satoshi Nakamoto mining the primary block of bitcoins ever (referred to as the "genesis block"), which
had a reward of 50 bitcoins. The value of the first bitcoin transactions have been negotiated via contributors on the bitcointalk forums with one remarkable transaction of 10,000 BTC used to not directly buy two pizzas delivered through Papa John’s.
On 6 August 2010, a principal vulnerability within the bitcoin protocol was once noticed. Transactions weren't safely proven earlier than they were incorporated in the transaction log or "blockchain" which let customers skip bitcoin's monetary restrictions and create an indefinite quantity of bitcoins. On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction and despatched to two addresses on the community. Inside hours, the transaction was once noticed and erased from the transaction log after the worm was constant and the network forked to an updated variation of the bitcoin protocol. This was the only principal protection flaw found and exploited in bitcoin's history. 

GROWTH

In January 2012, bitcoin was featured as the foremost discipline inside a fictionalized trial on the CBS legal drama the good wife in the 0.33 season episode "Bitcoin for Dummies". The host of CNBC's Mad money, Jim Cramer, played himself in a courtroom scene where he testifies that he doesn't consider bitcoin true foreign money, pronouncing "there is no significant bank to keep an eye on it; it's digital and capabilities completely peer to look" In October 2012, BitPay stated having over 1,000 retailers accepting bitcoin below its cost processing provider.

In February 2013 the bitcoin-centered fee processor Coinbase mentioned promoting the US $1 million worth of bitcoins in a single month at over $22 per bitcoin. The web Archive introduced that it was ready to take delivery of donations as bitcoins and that it intends to give workers the choice to receive portions of their salaries in bitcoin currency. Bitcoin won better awareness when services equivalent to OkCupid and Foodler started out accepting it for cost. Two companies, Robocoin, and Bitcoiniacs launched the sector's first bitcoin ATM on 29 October 2013 in Vancouver, BC, Canada, permitting customers to sell or purchase bitcoin currency at a downtown espresso save. In November 2013, the school of Nicosia introduced that it could be accepting bitcoin as a fee for lesson prices, with the college's chief economic officer calling it the "gold of tomorrow".
As of September 2019, there were 5,457 Bitcoin ATMs worldwide. In August of that year, the countries with the highest number of Bitcoin ATMs were the United States, Canada, United Kingdom, Austria, and Spain. 

Prices and value historical past (comparison to US$)


Bitcoin value history

Date Price Of 1 Bitcoin (1 BTC)
JanuaJan 2009 – Jan 2010
basically none
Feb 2010 – May 2010
less than $0.01
July 2010
$0.08
Feb 2011 – April 2011
$1
8 July 2011
$31
Dec 2011
$2
Dec 2012
$13
Dec 2013
$600 – $1000
Dec 2014
$375
Dec 2015
$455
Dec 2016
$958
Dec 2017
$17,549.67
Dec 2018
$3,880
Dec 2019
$7,232
January 2020
$8,541
February 2020
$10,126
March 2020
$$6,459.81


Also Read: How To Prevent Losses In Forex Trading

What Is Cryptocurrency?

Cryptocurrency is a digital asset, used as a medium of exchange to secure financial transactions over the internet i.e these are currencies used on the web for a payment transaction, they are invisible unlike the physical currencies like dollar, pounds, euro naira, and other world notes that can be seen and touched.
Examples of some major cryptocurrencies are;
  • Bitcoin
  • Ethereum
  • Ripple
  • BitcoinCash
  • Litecoin
  • Dash
  • Dogecoin
  • Bitcoin SV
  • Maker
  • Monero

How To Invest Bitcoin Or Earn Bitcoin

In today's market of digital assets (Internet Money), Bitcoin Investment might be a very lucrative choice for you to partake in. How you invest your bitcoin is your choice to make... I will enlighten you on where to invest your bitcoin for profits. They are so many ways one can invest bitcoin. I will be sharing with you where I invest my bitcoin, some others and let you know the ones I recommend for you. 

Trading
This is the act of buy & sell of bitcoin... You must have learned the basic strategies of when to buy and when to sell bitcoin. It involves buying at some drops in the price and selling when the price has risen. This is similar to Exchange, but in trading, you are buying bitcoin with flat currency and selling to collect flat currency. When I say flat currency I mean the money you spend in your country, for example, I buy bitcoin with naira in my country (Nigeria) and sell to collect naira in return... You can use a dollar to buy bitcoin and sell to receive a dollar. I do buy bitcoin on LocalBitcoins website and sell on luno app or website to receive naira, that's because being in Nigeria and naira is the flat currency spent here.

Exchange 
This is also the act of buying & selling of bitcoin, but this time with pair to another cryptocurrency. You buy bitcoin with another cryptocurrency and also use bitcoin to acquire other cryptocurrencies. Remember bitcoin is a cryptocurrency so you can use it to exchange with another cryptocurrency. for example, you can use Ethereum to buy bitcoin when the price is low and vice versa. Blockchain.com allows me to exchange my bitcoin for another cryptocurrency... This is just like a foreign exchange where you pair (buy/sell) world currencies with one another, for example (EUR USD), (GDP JPY) or (AUD NZD). 

Mining 
Bitcoin can be mined just like Gold is mined, gold miners have to bring out the gold into the surface. In this case, bitcoin into BLOCKs. You can mine bitcoin from anywhere. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the blockchain as it is a chain of blocks.
Requirements
  • Get The Best Bitcoin Mining Hardware
  • Download Free Bitcoin Mining Software
  • Join a Bitcoin Mining Pool
  • Set Up A Bitcoin Wallet
  • Stay Up To Date With Bitcoin News and Update

Gambling
Just like sports gambling with your country currency. Some gambling sites like El Royale, Wild Casino, Vegas Casino Online, Sloto Cash and others not mentioned accept bitcoin as a method of payment to place bets when you win you earn some more bitcoin but when you lose your bitcoin is gone if the bet placed was lost. I don't advice gambling bitcoin, I recommend you trade or buying and holding bitcoin.

Buying and Holding
Buying bitcoin at a cheap price and you save it for future sales... In the brief history of bitcoin above where consumer "Laszlo" made the first real-world transaction through shopping two pizzas in Jacksonville, Florida for 10,000BTC. Imagine Laszlo has that 10,000 bitcoins in this present day where 1 BTC is 6,481.20 United States Dollar. Laszlo's 10,000 BTC will be worth $64812000 (64.8 Million Dollar), wow! that's so massive... Buying and Holding involves a lot of patients, risks, and security. You need to secure your bitcoins from scammers, like having physical cash, keep your bitcoin safe and keep your bitcoin wallet safe. This may mean enabling your Google 2FA, backing up your device or keeping your antivirus updated. There are a lot of digital threats waiting for you.

Bitcoin Faucets
Bitcoin can be earned from the ads placement website. Generally, these websites generate revenue from advertisements placed on their pages. Those who visit their site and answer short questions or captchas will be paid from the small portion of their revenue. You can readily check one of the most popular faucet sites: I use moon bitcoin to earn free bitcoin some time ago, the site is still well and active. Noteto use the site, you have to first register on coinpot.co, then use the same email address you used for registration on coinpot to login to the bitcoin faucet website (moon bitcoin). Coinpot serves as a wallet to store the bitcoin collected from moon bitcoin.

Accepting Bitcoin as a means of payment
This might sound wired but I bet it can worth it in the long run. Look back in 2010 according to the brief history above where SmokeTooMuch" accepted 10,000BTC for the payment of two pizza bought by consumer "Laszlo". In five days, the rate grew one thousand%, rising from $0.008 to $0.08 for 1 bitcoin, that's massive profit for him in just 5 days. If you own a store, shopping site or any business that involves performing payments transactions, you can consider accepting bitcoin as a way to earn and profit also.

What Is Bitcoin Wallet

A bitcoin wallet is a wallet used to save, receive and send bitcoin, it can be in form of a device (physical medium), program or services online that contains your public and/or private key. This serves as your bank account for bitcoin. Examples of the site that you can use to create a bitcoin wallet include but not limited to the likes of blockchain, LocalBitcoins, coinbase, and luno.

What Is Bitcoin Address

This can be acquired only when you have a bitcoin wallet. It contains numeric and alphabetical strings used to receive payment in bitcoin - 3BX47E2cfWookZoaXKuzZjZ6robFLP4QEC is an example of a bitcoin address. We all have an account number connected to our various bank account, this is the same for bitcoin, a bitcoin address is connected to a bitcoin wallet. 

How To Buy Bitcoin and How To Sell Bitcoin

How to buy bitcoin and how to sell bitcoin is categorized under trading and this involves a lot of information, monitoring the market value of bitcoin and thorough investigation of the site to be used for your trades. A website like luno, LocalBitcoins, and coinbase allows you to trade bitcoin... I shall write a separate stand-alone post on these two topics - How to buy bitcoin and how to sell bitcoin, check back for an update.



Recommendation


Bitcoin is, after all, a digital currency. So why not sell goods or services in exchange for bitcoin. try to secure your bitcoins from scammers, keep your bitcoin safe and keep your bitcoin wallet safe, this may mean enabling your Google 2FA, backing up your device or keeping your antivirus updated. Avoid being scammed.

Besides, don't participate in gambling with bitcoin, it's advisable by me, you might get addicted and lose your bitcoin. 
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