Bitcoin: Beginner’s Guide – Everything You Need To Know To Make Money With Bitcoins
You might be already aware of this NEW digital currency known as BITCOIN, you might have heard it from the news, or even from your friends… and you’ve even heard about some of the stories being told about overnight millionaires that seem rather surreal.
But I am here to grab you by your Shirt’s collar and say this..
‘Listen Up Pal!… Wake up! It’s all real… the question is… what are you DOING right now to take advantage of this?’
SO…if you are curious on how you too can rake a piece of this PROFITABLE Pie,
..then read on…
First of all, let me fill you in with some crazy facts as an attempt to reel
you in and get you to understand the magnitude of the phenomenon that we are experiencing at this very moment.
What is Bitcoin –
The word bitcoin is still not very commonplace and most people are not in the know about it. The biggest news about bitcoin has not been very favorable.
The truth of the matter is that bitcoin is an extremely safe and reliable, software-based online payment system. To keep things simple, we can just look at it as a form of digital currency.
Bitcoin is not a payment system but it’s actually like money. Digital money, to be exact. Just like real money, it can be exchanged for goods and services.
How Bitcoins Works –
To understand how bitcoin works, you will need to understand the components that make bitcoin what it is.
- It is digital. There is nothing to see or hold. It is not tangible like paper currency or coins.
- It is peer-to-peer based. That means you are in total control. There are no banks, third parties or intermediaries to take a chunk of your bitcoin as fees.
- You send your bitcoin directly to the person you want it to go to. This is one factor that is seeing the rise in popularity of bitcoin.
- Bitcoin is not controlled by any one bank or financial institution. It is decentralized and run by a group of people worldwide.
- We live in a day and age where people want more freedom and wish to break away from the shackles of the top 1%. Bitcoin is a symbol of that freedom.
- Pseudonyms are used with bitcoin transactions ensuring ultimate privacy. This again makes this method of payment very popular with people who do not want others to know their financial transactions.
- The transactions are viewable but all you’ll see are a bunch of numbers and alphabets that really make no sense.
- The movement of bitcoin is protected by top of the line cryptography that ensures the digital currency is secure and can’t be abused by criminals.
- Despite all the positive points about bitcoin, it is not all sunshine and rainbows. There are certain negative aspects associated with bitcoin.
- For starters, while the transactions are safe and secure, bitcoin can be used to purchase illegal items such as drugs, child pornography and other illegal goods.
- The same positive points such as privacy and security become negative when people use bitcoin for illicit purposes.
- Bitcoin has seen increased growth and merchants are slowly starting to accept it as a digital currency so that they can cut costs on fees imposed by payment processors.
- However, there is no consumer protection for bitcoin users. The bitcoin can be stolen with no possible means of recourse. For example, sellers may not deliver goods that may have been paid for with bitcoin.
- Certain countries also impose restrictions on bitcoin purchase. Bitcoin still has some ways to go as far as becoming accepted like traditional currency. Nevertheless, as trends indicate, it is on its way there.
The History of Bitcoins
Your First Bitcoin Wallet –
To make your first bitcoins wallets online
- Go to coinbase.com [You will get 10% Extra Bonus of your $100 buying/selling here If You click at my link.]
- Enter your details and confirm you email address.
- After Login you will get such screen.
4.Click at your wallet address and you will get your first bitcoin wallet .
5. Every-time You want to receive /send/sell/buy or trade you need this wallet address.
How to make money on Bitcoins-
Watch this full video to learn how you can money on bitcoins.
There are basically four main method to cash on bitcoins.
1.Invest in bitcoins .
Buy bitcoins in lower price and sell them higher price.Its also called bitcoins trading .
It very easy and doesn’t need any techniqual knowledge.
Buy bitcoins from www.coinbase.com and get 10% bonus.
Trading in Bitcoins –
2. Getting free bitcoins.
You can get free bitcoins from many sites for viewing or click ads ,playing free games /lottery and doing survey .
I would like to give you suggestions for joining freebitco.in [You will get 0.00000100 BTC bonus by joining this link.] where you can win bitcoins just by playing Lucky Number Game.
You will also get 50% referral commission lifetime if your friends sign up under you.
3. Bitcoins mining –
Its very hard and need a lot of technical knowledge. This Ebook Will Help You.
Simple Steps to Mining –
Mining Digital Currency -Part 1 -The Basic
Part 2 Calculation For Profit –
4.Selling your own products with bitcoins .
You can also sell your digital products or service to earn some bitcoins from your blog .
Accepting Bitcoins For your Business –
Discover How Bitcoin Prevents Double Spending
Bitcoin is fast gaining popularity all over the world as a form of digital currency and payment system that is secure, private and reliable.
In order to understand how bitcoin solves the double spending problem, you will need to know what double spending is.
It’s a pretty simple concept to understand and this problem only exists on the internet and not in the real world since you can’t double spend with traditional currency.
Wikipedia states that double spending is, “a failure mode of digital cash schemes, when it is possible to spend a single digital token twice.
Since, unlike physical token money such as coins, electronic files can be duplicated, and hence the act of spending a digital coin does not remove its data from the ownership of the original holder.”
So, what does this mean?
Let’s look at this scenario. You visit a store to buy a book. You have ten dollars in your wallet and the book costs ten dollars.
Once you pay for the book with your cash, the money will now be in the store’s cash register. The money can only be in one place at one time. It absolutely cannot be in your wallet and the store register at the same time.
With online monetary transactions however, this can happen.
The online sales and purchases are all done using computer codes and algorithms. That basically means, the same money could be in different places at the same time.
To prevent this from happening, there are extremely sophisticated payment gateways and processors such as PayPal, Worldpay, Authorize.net and many more to make sure double spending does not occur.
These payment processors have systems in place that review all the transactions carefully to prevent any mistakes from occurring and also to prevent fraud which is always a threat.
Despite these processors being first rate and highly reliable, there are some disadvantages too.
If there are any technical issues or the systems flag your transaction as shady, your transactions will be denied. This is known as a single point of failure.
Not only that, your account may be suspended pending review. Your funds will also be stuck till your account is cleared after the review.
Many people have reported having their PayPal accounts suspended for no good reason. Besides this, in order to maintain their service, these processors charge fees ranging from 2% to higher. Depending on your volume of transactions, these can add up and be quite exorbitant.
Bitcoin solves the double spending problem because it does not rely on a single point of failure. The bitcoin payment system uses the block chain to prevent double spending from occurring and it does so without incurring high fees.
Without getting too technical, a block chain is a database that is shared by all the nodes participating in the bitcoin system. This database has a record of all transactions that have taken place using bitcoin.
Every block has the hash from the previous block. So, the blocks are in chronological order and you cannot just modify one block because every other block down the line will have to be modified too.
This makes double spending very difficult because every transaction depends on the one before it and the one before that. At any point in time, the bitcoin’s movement can be traced all the way back.
There is much more to the block chain but for now, the point is that bitcoin prevents double spending online without incurring fees or having your funds locked.
This is one of the best features of using bitcoin for your online transactions. No hassles as far as your funds are concerned. That’s a plus point in anyone’s book.
How Do I Buy Bitcoins?
Bitcoin is the latest and hottest online payment system that the internet savvy community is raving about these days. It is a topic that the general layman is not really aware about and does not really understand due to its steep learning curve.
It is a digital currency and payment system that is secure, private and very simple to use once you know how. It is not regulated and is becoming more and more valuable with each passing day despite the fluctuations.
As I Have Mentioned Earlier the best way to make money from bitcoins is trading and you need to have some walllets to do trading .
https://www.coinbase.com/ is the best website to buy and sell your bitcoins and earn in trading .You will also get 10 % Extra bonus If you buy from this link.
Learn How to Protect Your Bitcoins from Loss or Theft
Just like traditional currency, bitcoin too can be lost or stolen. It is crucial to take steps to protect your bitcoin or you may end up in a situation where your bitcoins are coin and there is absolutely no way to get them back. You can’t go to the police because unlike normal theft or burglary, most police are not equipped to handle digital theft, etc.
Prevention is better than cure. Follow the steps below to safeguard your money.
The number one reason people lose their bitcoins is through carelessness. Bitcoins are kept in a digital wallet. There is an encryption and a password. If you commit the password to memory and forget it later on, it is impossible to recover the bitcoins. This has happened to many people and they were never able to retrieve their coins.
The best thing you can do is write down the password to your wallet and keep it under lock and key. If you’re storing the details on a portable hard drive, make a backup and keep that under lock and key too. As always, write down the details. There is no substitute for good ól pen and paper when it comes to this.
It would be a good idea to use paper wallets because of their high level of security.
While all these measures are good to protect your bitcoins from digital theft, one must not neglect threats in the real world. There may be IT savvy thieves who may know that you have bitcoins and will steal them if they have a chance.
Do not go around boasting to every Tom, Dick and Harry that you have bitcoins and they are a dream come true. Someone who is familiar with the system may be looking for an opportunity to relieve you of these coins.
Keep your bitcoin wallet encrypted and under lock and key. Friends, relatives and even strangers may steal your bitcoins. The temptation is always there. So, keep a low profile as far as your investments are concerned.
The internet is not a safe place. If you are surfing online a lot, you may have all types of malware, keylogger software, etc. on your computer without even realizing it. These software will send details to your bitcoins, passwords, credit card details, etc. to the person trying to hack into your account. Anything is possible.
The threats of hacking are very real and this is not a case of “it only happens to others”. It can happen to you too. So, take steps to secure your computer from these attacks. Invest in a good computer security system.
Make sure your computer operating system is clean. Keep only small amounts of bitcoin in your wallet if you’re making purchases online. In this way, even if there is theft, the amount lost will be minimal.
Implement a 2-Factor authentication feature. This means that anytime you try to use your bitcoin, you will receive a text message on your phone with a one-time password. Only after you key in the password, will you be able to access the bitcoin.
These are just some of the ways that you can protect your bitcoin. Always remember that the initial hassle to protect your bitcoins will pay off in the long run.
The Pros and Cons of Bitcoin
Bitcoin is one of those things that you either have a good idea about or you’ve heard of it but have no inkling what it really is. The media has not really mentioned bitcoin really is.
In simple words, it’s a digital currency and a payment system. A two-in-one online currency solution that is gaining popularity all over the world. In this article, we’ll examine the pros and cons of bitcoin.
At the end of the day, you will need to decide for yourself if bitcoin is your cup of tea. Whatever your decision may be, bitcoin is here to stay and is gaining popularity with more and more people accepting it around the world.
Let’s look at the pros first.
1. Low transaction fees
Fees charged by online payment processors can be steep if the volume is high. Many merchants may balk at the fees and exchange costs over time. Since bitcoin is not controlled, it has very low fees and it’s still secure since it doesn’t rely on one point of failure as is common with normal payment processors.
It’s also much faster since there is no approval process or verification required because bitcoin is extremely private.
2. Bitcoin is deflationary
One of the unique features of bitcoin is that only 21 million bitcoins will be created. That is the limit. That means the value of the coins will grow over time.
3. No taxation
There are no taxes involved with bitcoin. This should be music to many people. No need to pay additional taxes on your purchases.
4. High degree of privacy
Almost all bitcoin transactions are extremely secure and very private. Users of bitcoin use pseudonyms for their transactions. This high degree of privacy makes the use of bitcoin very appealing to many people.
5. Simple to use
Bitcoin was made for the internet and it’s simply a dream to use. To send bitcoin to someone, all you will have to do is key in the receiver’s address and send. It’s as fast as sending an email. No hassle. No waiting times. An extremely flexible form of online payment.
6. Bitcoin is not regulated
That means there are no banks or financial institutions manipulating bitcoin to attain their own agenda. Bitcoin eliminates all third party interference in the transactions. Nobody can freeze a bitcoin account.
Traditional money relies on trust. The people need to trust the banks that they place their money in. With the collapse of financial institutions, dodgy practices, runs on the bank, etc. many people have lost faith in banks and actually view these institutions as detrimental to society in general.
Now we’ll look at the disadvantages and there are a few that we must bear in mind.
1. Bitcoin requires some learning
There is a learning curve involved when it comes to bitcoin. Unlike traditional money that we are accustomed to using from an early age, bitcoin is relatively new. The concept requires some study and understanding.
There are not many comprehensive guides on the subject. Users will need to understand the terminology such as block chain, cryptography, mining, etc. All these can be learnt by using Google. If you truly wish to understand bitcoin, there is more than enough information online to make you well-versed on the subject.
2. Not accepted in many places
Unlike PayPal which has been widely adopted, most merchants have not started accepting bitcoin as a means of payment yet. So, if you’re a buyer, you may not be able to make purchases from many places.
3. Difficult to obtain
In the beginning, it was relatively easy to mine for bitcoin. Now, as the number gets higher, it is getting extremely difficult to obtain bitcoin. Thankfully, there are more bitcoin exchanges opening with more willing sellers.
4. Bitcoin transaction can be slow at times
Most bitcoin transactions are fast but since this a peer to peer system, there is a time set for confirmation on the transaction. The bigger the transaction, the longer the wait. You can opt for zero confirmations and not have to wait as long but it would be wise to wait.
5. Bitcoin can be stolen
Even though bitcoin is a digital currency, it can still be stolen. Many bitcoin owners store their data in digital drives and secure these drives in safety deposits to ensure they’re not stolen. You will have a digital wallet to protect your bitcoin but you must know how to do it correctly.
After weighing the pros and cons, you’ll notice that bitcoin is worth considering as a means of payment online and definitely worth exploring. Take your time to understand the system and see if it will work for you.
Final Words – First Fast Game Plan