What is Bitcoin?
Bitcoin is a digital currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin uses decentralised technology for secure payments and storing money that is peer to peer (doesn't require banks or people's names). But as Bitcoin and other digital "cryptocurrencies" have evolved, along with the public ledger system that makes up the blockchain, much of the bitcoin economy has been increasingly overtaken by big money or by entrepreneurs who want to grab a piece of the ICO phenomenon. As of today's writting, there are more than 1500 different cryptocurrencies, also known as Altcoins. Bitcoin leads the pack!
Using Bitcoin to pay and get paid is easy and accessible to everyone. But before jumping into the Bitcoin market with both feet, there are a couple of things to know about buying and holding Bitcoin:
1. Never invest more than you are willing or able to lose – Bitcoin is a very risky investment so keep this in mind at all times.
2. Bitcoin prices are very volatile.
3. Only buy Bitcoin from exchanges that have proven to be reputable.
4. After buying Bitcoin, move them into your own personal wallet rather than leaving them at the exchange.
5. Consider purchasing a "hard wallet" to store your Bitcoins off line.
6. Buy Bitcoin through "dollar cost averaging" – In other words, don’t buy all of your Bitcoins in one trade. Instead make a purchase of Bitcoin every month, week or even days throughout the year. In this way, you average the price over the course of a whole year.
Would you Like to Earn More?
Once you begin accumulating Bitcoin, and watch the dollar value escalate over time, you will be inclined to leverage your Bitcoin to earn even more Bitcoin via compounding. There are numerous opportunities to be found online, however, just like anything else, there are scams. One needs to do their due diligence on companies before handing over hard earned cash.
Having said that, I have found several opportunities that have a proven track record and I am pleased to promote these to anyone who is looking for stable, long term growth of their Bitcoin.