What is Bitcoin?
If you’ve been here, you’ve heard of Bitcoin. It has been one of the most popular headlines over the past year – like a rapid enrichment scheme, the end of finance, the birth of a truly international currency, the end of the world, or an advanced technology. the world. What is Bitcoin?
In short, you can say that Bitcoin was the first decentralized monetary system used for online transactions, but it will probably be useful to dig a little deeper.
In general, we all know what “money” is and why it is used. The most important issue we have witnessed in the use of money before Bitcoin is its management by a centralized and unified institution – the centralized banking system. Bitcoin was invented in 2008/2009 by an unknown creator known as Satoshi Nakamoto to monetize global decentralization. The idea is that currency can be bought internationally without any hassle or commission, checks and balances will be distributed around the world (not just in the books of private corporations or governments), and money will be more democratic and more democratic. equally accessible to all.
How did Bitcoin get started?
The concept of Bitcoin and cryptocurrency in general was developed in 2009 by an unknown researcher Satoshi. The reason for his invention was to solve the problem of centralization in the use of money based on banks and computers, which many computer scientists were not satisfied with. Achieving decentralization has failed since the late 1990s, so when Satoshi published an article in 2008 offering a solution, it was greeted very positively. Today, Bitcoin has become a familiar currency for Internet users and has led to the creation of thousands of altcoins (non-Bitcoin cryptocurrencies).
How is Bitcoin made?
Bitcoin is developed through a process called mining. Just as paper money is made by printing and gold is extracted from the earth, Bitcoin is created by “mining.” Mining involves solving complex mathematical problems related to blocks using computers and adding them to a public book. When it started, a simple CPU (as in your home computer) was all you needed to mine, but the difficulty level increased significantly and now you need special equipment, including a high-level Graphics Unit (GPU). Remove Bitcoin.
How can I invest?
First, you need to open an account with a trading platform and create a wallet; You can find some examples by searching for ‘Bitcoin trading platform’ on Google – they generally have “coin” or “market” names. After joining one of these platforms, you click on the assets, and then click on the cryptocurrency to select the currencies you want. Each platform has many indicators that are very important, and you should make sure you observe them before investing.
Just get it and keep it
While mining is the safest and, in a sense, the simplest way to earn Bitcoin, there is a lot of hustle and bustle, and the cost of electricity and special computer equipment makes it inaccessible to most of us. To avoid all this, make it easy for yourself, enter the amount you want directly from your bank and click “buy”, then sit back and watch your investment increase as the price changes. This is called an exchange and occurs in many transactions. Exchange platforms available today with the ability to trade between many different fiat currencies (USD, AUD, GBP, etc.) and different cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.).
If you are familiar with stocks, bonds or Forex exchanges, you will easily understand crypto trading. There are e-social trading, FXTM markets.com and many other Bitcoin brokers to choose from. Platforms offer you Bitcoin-fiat or fiat-Bitcoin currency pairs, for example BTC-USD means Bitcoin trading for US dollars. Pay attention to price changes to find the perfect pair to match the price changes; The platforms offer pricing among other indicators to give you the right trading tips.
Like Bitcoin stocks
There are also organizations that allow you to buy shares in companies that invest in Bitcoin – these companies trade back and forth, and you simply invest in them and wait for your monthly profits. These companies simply combine the digital money of different investors and invest on their behalf.
Why invest in Bitcoin?
As you can see, investing in Bitcoin, as explained above, requires some basic knowledge of the currency. As with all investments, this involves risk! Whether or not to invest is entirely up to the individual. However, if I were to advise, I would advise investing in Bitcoin that Bitcoin continues to grow – although there is a period of significant boom and bankruptcy, it is highly likely that cryptocurrencies as a whole will continue to grow. value growth over the next 10 years. Bitcoin is the largest and most popular of all available cryptocurrencies, so it is a good place to start and is currently the safest bet. Although volatile in the short term, you will find that Bitcoin trading is more profitable than most other businesses.