Get On Board With The Digital Currency Revolution
Without going into the entire what is a Bitcoin and what is the Blockchain here is a link for that. Today I have posted an article about how to buy bitcoins online. Stay with me for a few minutes as I explain a little about digital currency so you have a bit of an understanding of it.
Bitcoins are real, it is not fake money and no they are not a physical coin. You can buy and sell them for real money. To bring this into perspective a bit for you, Bitcoin is a “non-regulated” form of currency that is created and traded completely online.
A great source of information about Bitcoin is available in the Ultimate Beginners Guide To Bitcoin as an additional reference.
All records and transactions regarding Bitcoin are stored in what is called the “block chain” which has an ever growing list of every transaction. Now before you say wait what? my transaction would be public record? yes, it is but it is not done by name or personal information. Let me explain.
To store and transact Bitcoin you need a Bitcoin wallet, which is basically a place to store your bitcoin. Wikipedia has a good description of a bitcoin wallet, a place that “stores the digital credentials for your bitcoin holdings”. It is basically a really long string of numbers and letters in a sequence. A 36Bit number. Looks something like this (example only) y4bgr6t44eswn5xbtr4sp33hffb3.
Where to go
Most Bitcoin transactions are shown in millionths of a coin, yes someone had a great sense of humor when they created this but it is true. You will see numbers like 0.00000010 of a Bitcoin as a transaction or 0.000045 and stuff like that. Use your decimal system to figure out how much of a coin that is ( your homework). Here is an example of a transaction that I received a while back. 0.01021643 BTC which equaled at the time $6.66
I actually would recommend a fairly easy route to get started. You can simply buy them or pieces of them just like buying with PayPal. Except you use a different option. I use Coinbase they are a legit company that handles Bitcoins, and 2 others, you can verify your bank just like for PayPal and then purchase.
There is also a Coinbase app in the play store for Android, well as one for iPhone I also recommend you go with the 2-factor authentication route when you set up your account, there are instructions for that on the Coinbase website. This helps keep your precious cargo secure.
Bitcoins and other digital currencies are white-hot right now. This is the beginning of the Glory days for Bitcoin and digital currency. What makes them a good buy is the same thing that makes them a risk. The Volatility, the value goes up and down regularly but the trend is a steep climb up ( see chart).
The Way to make money with it is to play it much like the stock market, buy low sell high then wait for a drop and buy again. As of the writing of this article Bitcoin or also abbreviated as BTC value is $2585.34 for 1 Bitcoin. Yes, that is correct, twice the price of real gold which most people buy and sit on.
There are other ways to acquire Bitcoins, One of which is to mine for bitcoins, yes I said mine for it. No there is not a huge cavern in the mountains with a bunch of people banging away at the walls with picks to get this mythical thing called a Bitcoin to show up.
Mining for Bitcoins is another post altogether and is a bit complicated, so I won’t go on too long about it, but lets just say it requires a Hardware device that does nothing but crunch numbers faster than a normal PC can handle and it is hoping to match a 36 Bit number to “Find a Block” on the BlockChain ( I told you it was complicated) which then spits out a set amount of Bitcoins currently 12.5 to all the people “miners” involved. Stop me before I go on for a half hour about mining for Bitcoins.
Keep It Simple
If you are new to Digital Currency then keep it simple, but to do so you will need to purchase it or trade for it. Or Add a Nice “Pay with Bitcoin Button” to your website, Available on Coinbase and also many plugins if you are using word press. To except Bitcoin payments on your site, I suggest you buy some of your own first and see how the transactions work so you understand what you are looking at.
Since there are thousands of Digital currencies ( bet ya didn’t know that), get familiar with Bitcoin and the 2 others on Coinbase, Ethereum, and Litecoin. Basically like The Silver and Platinum of Digital currency. Ethereum is a newer coin that has exploded on the scene and is going up even faster than Bitcoin. Many experts believe it is the Next Bitcoin, so you have a chance to get it early while it is still affordable
You can simply follow the steps on the Coinbase website to get going. Again, I do strongly recommend setting up 2-factor authentication on your account. Which is critical to the security of your account. Not really much different from PayPal, as they have an option to do the same thing.
Also, once you get signed up at Coinbase, go ahead and download the Coinbase app for your phone. On your phone I recommend adding an app called “authy” available in your app store, it is entirely a two-factor authentication app. Very helpful. What it does is sync with Coinbase to spit out a random number set for you to use for authentication when login into Coinbase.
The link I have here for Coinbase. Gets you going and we both benefit as it is a referral link. You and I both benefit. You can get an additional $10 of Bitcoin by getting going. See what is inside and you are on your way
Get In The Game
Once you have set up your account and verified it with your bank attached to it. You are in the game and can buy and sell at will for either of the 3 coins Coinbase supports.There are many industry experts predicting that Bitcoin Will Climb Many more thousands of dollars in value so you still have a chance to get it and make money. Here is an article about it
You may also want to get signed up on GDAX via Coinbase, it is a digital exchange much like the stock market, buy-sell exchange coins there. The link is on the Coinbase website
You are now on your way to owning and understanding the digital currency market.
Good Luck and Coin On