ยท 28 Oct 2017 in Guides, Home
What Is Bitcoin?

Bitcoin is the NEW MONEY. Yeah, that’s it. Nothing to it than that. Bitcoin was created in the year 2009 by someone whose real identity isn’t known till date, but he nicknames himself Satoshi Nakamoto. He was for sure someone who was tired of the banking system and wanted a system that people could send money from one end of the world to the other at the speed of light and also without those high transaction fees the current banking system charges. Same as other new technologies, it didn’t come to limelight until recent years.

Why Is Bitcoin Getting So Much Attention?

Bitcoin is both a payment system and a unit of currency. The Internet has immensely contributed to the spread of Bitcoin adoption. Still, we still have just about 2 percent of the world’s population knowing about Bitcoin right now. Bitcoin’s gold characteristic has led to the interest people have in it today. Not only is it money, but it also increases in value by the day. Gold was the most expensive thing on earth not until recent times that Bitcoin took over. If you own a Bitcoin (Gold 2.0) today, it’s able to double its value in few months. So your $100 worth of Bitcoin today will be over $200 in few months. So, why won’t you want to keep such a valuable commodity?

Why You Should Be Part Of Bitcoin

If you’ve been reading from the beginning with keen interest, I guess you know the answer to this. Your fiat/paper money is what it is. $1 today is $1 tomorrow, or in the next five years, it remains $1. What’s even more terrible about that is, what you buy at $1 today is going to be $2 and your $1 remains $1. Now you have to look elsewhere to get the extra $1 to get what you desire. Now let’s take a look at Bitcoin. $1 worth of Bitcoin today grows $5 in some couple of days. What you buy for $1 turns $2, so you take out $2 from your now $5 of Bitcoin and you still have $3. The $3 keeps growing until it breaks the bank. Now you get the point.

What Determines The Price Of Bitcoin?

The people determine the market price of Bitcoin. It’s basic Economics. If something is scarce or rare, then it must be useful/valuable. Bitcoin is limited; there is only going to be 21 million Bitcoins in circulation. Because everyone wants a piece of it, the value will always go up.

When Is The Right Time To Buy Bitcoin?

There is no right or wrong time to buy Bitcoin. Remember, the adoption of Bitcoin is just by a tiny little bit of the world’s population. Think of what the price of Bitcoin will be if 50% of the world has a share of this. But like in any market, nothing is for sure. and are tools you can use to see the price of Bitcoin at a glance. Also, consult with a financial expert.

Where to buy Bitcoins?

Bitcoin can be bought in 2 major ways, you can buy from your family and friends, and they send it to you. You can also buy from exchanges such as Bisq, Bitstamp, Bitwage, Kraken, or Local Bitcoins.

How Do I Secure My Bitcoins?

Now that you have decided to buy some Bitcoins, how do you hold it you might ask. Well, just as your paper monies are kept in wallets, Bitcoins are as well. But Bitcoin wallets are software that you can carry about on your mobile and PC devices. You can also decide that an exchange keeps your money for you. But it’s best you hold your coins yourself. To secure it, make sure your device or private keys aren’t stolen. If you are storing with an exchange, you just have to trust that their platform won’t be compromised and your Bitcoin gets stolen.

How Do I Invest My Bitcoins?

There are plenty ways to invest your Bitcoins. Some of them are risky – like Bitcoin HYIPs – and some of them way more safer – Like peer-to-peer lending or a Bitcoin saving account. You can find more details in the “10 Ways To Make More Bitcoin” article.

An example of a Bitcoin investment would be USItech. The USItech program have 35% commission over 12 levels. There, you would earn a 10% commission from any direct referrals and 3% from your 2nd level referrals. To earn money from the next levels, you’d need to purchase an agency license with 3 direct partners or a Forex license. You can find more on your website mentioned above.

The most important thing however – is to verify that the business you invest your Bitcoin in is legitimate.This way, you’d keep yourself away from the shady businesses, HYIPs and so on. The best way to check this is to search for information about that business on bitcointalk or Google. If something smells fishy – it probably is; Don’t invest your Bitcoin in any business like that.

Bitcoin is Gold 2.0; it’s also in its early stages. Just as the Internet in the 1980s. So it’s probably will be your best decision to get on board today. But before you get on, take some time to get lots of education on how it works and how it defers from your fiat money.

Photo Source: Coindesk

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