In this World of today, people are more and more aware of what is going on in the financial world because of the bank crashes which occured in 2008, it had such massive implications on the Worlds money markets.
Today people are looking for safe places to keep their cash assests and for places which will offer better returns than those which traditional banking has to offer. Many small investors find it extremely difficult to find interest rates higher than 2 or 3 percent. With returns like this it is no wonder people are seeking better returns.
Some lucky people who are computer savvy have discovered new and inovative ways of investing small amounts of money which offer excellent returns over short periods of time. I am sure your next question will be, “What have they found ?”
It’s a digital currency that is called Bitcoin. Bitcoin was created in 2009 by an unknown person going by the alias Satoshi Nakamoto. His idea was to create an currency that was independent of any central authority. He was fed-up with how much control centralaized authorties had and how they were able to stop lending, cause crashes and gamble our money away. Today Bitcoin is known as “money 2.0” and holds the term “peoples money”
What’s all the fuss with Bitcoin?
If you are anything like me then you have probably been wondering what all the fuss is about with BitCoins.
I have to admit that around a year ago I was just curious, but never curious enough to make any effort to find out any more about it.
So if you are curious and:-
- You know absolutely nothing about bit Coins
- You’ve heard about Bit Coins but don’t own any
- You already own a few you bought or aquired some time ago and want to do even more with them
- You think it’s probably all a big scam
- You think it’s the latest fad and only a short term bubble
- You Don’t care about Bit coins
Here is a short Video All about Crypto Currency
well let me tell you this…
You owe it to yourself to discover as much as you can about Bitcoin!
Why? Good Question, The answer is that it’s turning every day main street men and women into millionaires !
In this article I will try to point out some reasons as to why you should not overlook this rapidly growing currency, why you still have time to get into bitcoin yourself and the best ways to start of your investment into Bitcoi.
What actually is a Bitcoin?
Bitcoin is a virtual currency / digital token that can be stored and moved around on a network. It is also an online payment system.
Are Bitcoins Physical objects?
Bitcoins are not physical like paper money is, each unit inside of a bitcoin is an entry on a digital ledger. It’s not something you can hold in your hand.
How is the price of Bitcoins Set?
There is no single person that controls or sets the price of Bitcoins, the price of Bitcoins are set on the open market based on what people are willing to buy and sell for them. These prices are usually take place on exchanges, its very similar to how stock prices are set.
Whats the difference between Fiat money and Bitcoin? (Other than the de-centralization)
All Bitcoin transactions are kept on an open Ledger which is available to everyone. This is known as a blockchain and it cant be tampered with or altered. This blockchain technology makes Bitcoin different to regular Fiat money.
How many Bitcoins will there be in circulation?
There will only ever be a total of 21 million bitcoins in circulation. Fiat currency on the other hand gets printed all the time devaluing the entire currency. this means the money you hold today will be worth less tomorrow when more money is printed and out in circulation. This however is not the case with Bitcoin.
Can Bitcoin be Shut-down?
The bitcoin network is not central, there is no one to shut it down or demand information from its users.
Can anyone have a Bitcoin account?
Yes, anyone can have a Bitcoin account even if they dont have a passport, address or any other form of ID. All you need is your bitcoin details such as your password and pass key.
What is Crypto currency?
Cryoto currency comes in many forms and is basically not really money at all but a digital currency which other like minded people trade between themselves and like the regular money markets this causes the value of the digital currency to either raise or fall depending on the number of trades being done and the value at which the buyer is prepared to pay for a number of units of digital currency on that particular trade.
what different digital currencies are there?
At the time of writing there over 1300 different crypto currencies but topping my list of researches in to crypto currenies is the bitcoin, which currently (December 2017) has a market cap in excess of $55 billion.
Ethereum is reasonably close second with a market cap of approximately $25 billion,
Ripple approx ($6.8 billion),
Bitcoin Cash approx ($5.1 billion),
Litecoin approx ($2.3 billion),
NEM approx ($2.3 billion),
Dash approx ($1.4 billion),
Ethereum Classic approx ($1.4 billion) and
IOTA aprox ($1.3 billion).
The most well know is of course is the Bitcoin which is the most commonly traded by ordinary people rather than specialist traders dealing only in one or more of the
alternatives.
Who owns Bitcoin?
It is not owned by any individual or any banks, Bitcoin is a digital network. The creator of Bitcoin is named Satoshi Nakamodo. .
What is it that makes Bitcoin’s grow in value?
There are several varied reasons combined which will determine the value of Bitcoin at any point in time. To further expand on this you will find below what i believe are the main two factors effecting its growth on the open market:
1. The usability of the bitcoin – Bitcoin has over 250,000 merchants and the more Bitcoin is accepted Worldwide and used the more its value continues to increase.
2. Supply and demand – There will only be 21 million Bitcoins ever be generated, however the demand is increasing on a daily basis for them which is having a positive effect on the value of Bitcoin. There are other factors that influence the price of Bitcoin which are answered below, but basically the main factors are a few Government regulations, media influence, wider acceptance of the bitcoins, technological changes and advancements and finally, endorsements.
How Does Bitcoin work?
Bitcoin is an internet based digital currency which assures its long term financial independence. It is used and traded in many ways, including but not exclusive to using it on your smart phone or computer, many people treat this as like having their very own independent bank in their pocket.
Can Bitcoin be converted into a normal local currency or cash?
Yes, since bitcoin has evolved and entrepenours have developed applications for trading and using the currency you now can go to an ATM locally and buy Bitcoin or withdraw local currency in exchange for your bitcoins.
What is Bitcoin trading?
Trading simply means that you buy low and sell high. This is the same concept which is use in traditional money markets and has now been applied in Bitcoin trading, we have intelligent applications which monitors the value and trades 24/7 of the Bitcoin market and automatically captures when the Bitcoin value decrease or increases, these applications will then automatically buy and sells FOR YOU on YOUR behalf. This results in you making healthy profits on a daily basis.
Can You be paid in BITCOINS!
yes if you would like to be paid in this way and your employer or contractor is willing to pay you by this method,but it is quite rarely done.
We hope that this article has helped to make it a little easier for you to understand the basic principles of Crypto Bit Cash Trading and that you will follow us as we continue to pass on our knowledge and experience going forward.
Original article and pictures take cryptobitcash.com site
