How to Invest in Bitcoins

How to Invest in Bitcoins

One can invest in Bitcoin by either buying some themselves or by mining it successfully by setting up a node.

Bitcoin is nothing more than a pretty valuable token issued from the Bitcoin Blockchain and acquisition of this token would have it such that you have invested in Bitcoin.

Bitcoins are valuable because a lot of people are willing to pay a high price for it and it may be more valuable in the coming times as the supply of bitcoins gradually decrease over time to a cap of 21 million bitcoins in the network.

Bitcoins work similar to stock where it is only worth what someone is willing to pay for it. Buying Bitcoin could prove to be quite eventful in a scenario where the price is deemed to rise by the artificial demand created by the higher cap of infusing 21 million Bitcoin into the network.

You should be able to buy Bitcoin through a local exchange in your country or through people that already own some.

21: Earn Money by Answering Messages & Completing Tasks is an email service that pays you to answer your emails and also helps you set up a bitcoin node.

Bitcoin & Ethereum Wallet is an exchange that has limited its operations within the United States alone.

http://localbitcoins.com is a platform where you should be able to find someone that’s willing to sell Bitcoin within your country.

By buying or having bought Bitcoin, you are said to have invested your time and money. Just like investment options that the government washes their hand off liabilities and FDIC insurance, Bitcoin isn’t an insured investment opportunity.

It is recommended to proceed at your own risk.

Similar to how one is able to invest in bitcoin by buying or hosting their own blockchain service, they may do so by mining as well, which if profitable could be a worthwhile investment, however, the hardware and expertise required to conduct this elaborate setup isn’t cheap or easily available.

As mentioned previously, acquisition of Bitcoin would imply that you have successfully invested in Bitcoin.

Apart from having invested in Bitcoin with substantial amounts of money and time, One might say that they have invested in Bitcoin by developing software solutions for various scenarios involving Bitcoin where one is said to have invested their time and resources towards developing solutions towards a better world and frankly this would be the best investment that we could do.

Invest in Bitcoin for a Better future! For those that have questions about why anybody should invest in Bitcoin, this article should shed some light as to why anybody is required to invest in bitcoin. Why should anyone invest in Bitcoin?

References:

Bitcoin Investing A Smart Long Term Move In 2017
Should I Invest in Bitcoin in 2017? Here’s What You Need to Know
How can I buy bitcoins? – CoinDesk
Why should anyone invest in Bitcoin?


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Why Bitcoin May be Worth Thousands

Why Bitcoin May be Worth Thousands

To answer your question, and explain the rationale well, I’m going to dig into details.

Bitcoin was created in 2009, and the first transaction was 10,000BTC for two pizzas. People bought and sold Bitcoins for under a dollar at the time.

In 2011, Bitcoins were priced at 5 dollars. At the end of 2013, BTC hit the price over 1,100 US dollars. That’s a huge increase in demand over time. As the demand grew, the price followed.

It’s logical – if many people want something, some of them will be willing to pay more to get it. And when the sellers realize they can sell their coins for more money, new, higher prices are set.

Bitcoin network is supported by so-called miners, which offer their computing power to keep the network running. Transactions are stored into blocks. After the miners create each block, they are rewarded with Bitcoins by the network.

The Bitcoin code dictates that 21 million coins will be produced over the course of cryptocurrency’s lifecycle. The reward for miners was initially 50BTC. In late 2012 the reward was halved to 25BTC. In 2016 the halving happened again – the reward is currently 12.5BTC. Next halving will occur in 2020.

As the reward gets smaller, the miners need Bitcoin prices to grow in order to cover the expenses such as electrical power and equipment.If the price remains at the same level after halving, mining becomes unprofitable.

So, now we have two variables:

1. Higher demand (as Bitcoin adoption rates grow every year)

2. Lower supply (as miners go out of business due to unprofitability)

Simple law of the market applies:

When everyone wants something that only a few have – the price goes up.

Considering the high adoption rate and an exponential growth in the number of Bitcoin transactions in combination with lower mining rewards, lost coins, and other factors that lower supply many cryptocurrency enthusiasts believe that the price will drastically grow. The 10,000 US dollars mark is often mentioned as it seems realistic considering the growth tendency of the cryptocurrency.

References:

History of bitcoin – Wikipedia
Bitcoin Block Reward Halving Countdown
The Path To $10,000 Bitcoin


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Top 5 Alternative Money Cryptocurrencies

Top 5 Alternative Money Cryptocurrencies

When it comes to the value, Bitcoin remains gold. Litecoin is still used by many, but there are currencies that could be a better match for cryptographical silver. Ethereum, for example.

There are so many excellent cryptocurrencies that it wouldn’t be fair to propose just one as an alternative to paper money (paper money has different currencies, so does cryptocurrency). So, I’ll sort them by their popularity and explain their advantages.

1. Bitcoin

Bitcoin is the first cryptocurrency and has by far the highest adoption rate. At the moment, you can buy almost anything with Bitcoin, which makes it a good alternative to classical currencies. Bitcoin’s anonymity has been compromised during the years, so try to stay away from illegal stuff.

2. Ethereum

Ethereum can be considered as cryptographical silver due to its smart contracts. Smart contracts allow developers to build apps using Ethereum as a fuel which is the reason for its popularity. You may not be able to buy a boat with Ether, but everything digital is at your disposal. Strong community is the reason for fast-paced adoption rate of Ethereum.

3. Ripple

Ripple is a cryptocurrency which is made to ensure cheap financial transactions in every way possible. It can be considered replacement for fiat currency (quite literally), as it supports “tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes.” Banks use it a lot, and consequently individuals too.

4. Monero, Dash, Zcash, Shadow Coin…

These coins have something in common – they are the champions in providing anonymity to the users. In the era of Big Brother, where everything is tracked by the government, many people have learned to appreciate their privacy. This type of coins is traded in high volumes on all exchanges and the adoption rates are so high that within a few years we might be able pay for our groceries with them.

5. Steem

Steem is also a nice alternative to classical currencies, as it’s generated through user’s contribution to the SteemIt social network. Every like, comment and piece of content posted is awarded. As the network gains popularity, the cryptocurrency adoption rates grow. Who knows, maybe one day it could be a nice alternative to mainstream social networks such as Facebook and Twitter.

Conclusion

There are many great alternatives to the fiat currencies, but only time will tell which one(s) is/are going to prevail. Hope this answers your question.

References:

Bitcoin – Wikipedia
Ethereum – Wikipedia
https://news.bitcoin.com/meet-top-3-coins-cryptocurrency-anonymity-race/
Ripple (payment protocol) – Wikipedia
Steemit – Wikipedia


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Top 3 Trustworthy BitCoin/USD Exchanges

Top 3 Trustworthy BitCoin/USD Exchanges

In my book, trustworthy Bitcoin exchange is not only secure from hackers’ attacks, but it also guards the privacy of its users and always acts in the community’s best interest.

Considering my personal experience and online reviews posted by other users, I’ve put a small list of the most trustworthy exchanges:

1. Bitstamp

Bitstamp has a reputation of a secure exchange. The platform has great security, high transparency, and probably the best privacy policy in the industry.

The exchange was hacked in January of 2015 and the company decided to rebuild the platform from scratch in order to restore the trust of the users. Moves like this one are the reason why the community trusts Bitstamp, and for a good reason too.

Bitstamp also has a very good reputation among investors and other key organizations and persons in the industry, giving it extra credibility. Of course, it offers trading in BTC/USD pair.

2. Cryptonit

Cryptonit is an exchange with excellent reputation. The company works closely with FCA (Financial Conduct Authority of UK), which helped establish the Cryptonit as a reputable and trustworthy Bitcoin exchange.

Many online user reviews confirm that the exchange is considered trustworthy, especially by the European community.

3. Kraken

Kraken is one of the most secure trading platforms in the world. Many standard security features such as proof of reserves were created by the Kraken. Also, it’s the only Bitcoin exchange selected to support the investigation into *Mt. Gox‘s stolen Bitcoins.

*Mt. Gox was the largest Bitcoin exchange at the time. It was closed after the attack.

The community trusts the company, as well as the leading figures in the industry.

Worth mentioning – Poloniex

Poloniex is a great exchange with excellent security (now) and is number one platform for altcoin trading. The reason I decided to mention it is a way the company handled a hack which happened in March of 2014. After approximately 50,000 US dollars were stolen, Mr. D’Agosta, CEO of Poloniex, stepped forward and said:

“If I had the money to cover the entire debt right now, I would cover it in a heartbeat. I simply don’t, and I can’t just pull it out of thin air.”

This type of honesty is the best advertising for an exchange. The solution was simple too – the fee was raised from 0.2% to 1.5% and after two months the balances were restored and the fee went back to 0.2%.

Poloniex is now a trustworthy exchange, serving a large community of satisfied users.

References:

Bitstamp Exchange Reviews, Live Markets, Guides, Bitcoin charts
Kraken Exchange Reviews, Live Markets, Guides, Bitcoin charts
Poloniex Exchange Reviews, Live Markets, Guides, Bitcoin charts
Cryptonit.net – Scam or Not?
Which is your favourite BTC exchange to use and why? • r/Bitcoin


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8 Alternative Ways to Earn Bitcoin

8 Alternative Ways to Earn Bitcoin

There are many ways to earn 3 or more Bitcoins per year. Here are some ways you can earn Bitcoins without any (or with minimal) technical knowledge:

1. Bitcoin Affiliate Marketing

The idea is to get paid for promoting someone else’s products. Basically, you get paid whenever someone comes to the website following your link and purchases the product. The list with numerous Bitcoin affiliate programs can be seen here.

2. Micro Jobs

There are a few sites where people offer small payments for simple tasks such as retweeting a post or finding a price of a product. Coinworker has the lead in this niche, and you can check some other website in this Bitcointalk topic.

3. Playing Games for Bitcoins

There are many Bitcoin games that allow users to earn Bitcoins while playing. The games often contain a lot of ads (their source of income) and users are paid small amounts for doing stuff in the game. The list of BTC games can be found here.

4. Bitcoin Trading

If you’re interested in stock market, maybe you could give it a shot. With a bit of investment and a lot of research you could easily earn 3 Bitcoins per year.

5. Bitcoin Lending

This is a somewhat safer option than trading. It’s simple – you lend Bitcoins to someone, and get them back with an interest. Of course, be extra careful to whom you lend the money, as you might not see it again.

6. Paid-to-Click websites

These websites give users small amount of Bitcoin for visiting websites and viewing ads. The average amount of money you would get for one hour of work is around $0.5. You can check the list of these sites here.

7. Bitcoin Faucets

Bitcoin faucets are websites that give away a small amount of Bitcoin every few minutes for free. The amount is really tiny and it’s probably not worth the trouble, but if you dedicate a lot of time to this you could get around 0.5 BTC per year. A list of Bitcoin faucets can be found here.

8. Gambling with Bitcoin

You could get small amounts of free BTC from other sources such as faucets or games and try it out. If you’re lucky, you could make those 3BTC in a few hours. Of course, make sure you invest only the amounts you can afford to lose. You can check Bitcoin casinos here.

There are many other ways to earn Bitcoins with only the basic computer science knowledge, but these are the main ones. You can check out Bitfortip, too, where you answer questions for Bitcoin tips – but I haven’t included it in the list due to its low number of questions asked.


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How Consensus Makes Blockchain Trusted

How Consensus Makes Blockchain Trusted

A blockchain is composed of blocks each of which is attached to the previous block by adding the hash of the previous block in the current and the current hash in the block after and henceforth. Theses blocks that are attached to one and other in the blockchain are composed of transactions assembled by miners.

A blockchain is said to be immutable or a transaction is said to be immutable when included within the blockchain because upon insertion into the blockchain, the whole blockchain network(Miners) would have a copy of the ledger(Block) inclusive of the transaction. Guarantee against this sense of immutability is provided when the amount of computational power required to modify a transaction included within the blockchain is immensely huge that makes it impractical for anyone to establish malpractice as such.
Lack of dishonest practices and the sense of immutability contributes a massive amount of trust towards this project.

On a lighter note, one might ask, What makes democracy so trustworthy? Yet, we can observe how democracy is seen as a wiser choice against centralized power.

It is also quite well known that the programs for mining and majority of the source code implemented in Bitcoin protocol are open source meaning that anybody has all the right to go through, inspect and modify the source code.

Bitcoin is only as powerful as its community for anything foreign and with the wrong intention is discarded and not used.

There have been instances where people have tried to embed malware and it essentially depends on the protocols and standards with which they are done that decide if it is indeed processed or not.

In all fairness, Consensus, mutual agreement between members of the Bitcoin community makes the Bitcoin economy so trustworthy.

References:

Still Don’t Get Bitcoin? Here’s an Explanation For Five-Year-Olds
Why should anyone invest in Bitcoin ?


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Cryptocurrency and Hashing Algorithm with the Highest Mining Profitability

Cryptocurrency and Hashing Algorithm with the Highest Mining Profitability

According to the Whattomine.com the highest profits could be acquired from mining the following cryptocurrencies:

  1. Zclassic(ZCL) – with current profitability of 177 percent and a 7-day profitability of 260 percent
  2. Zcash (ZEC) – with current profitability of 179 percent and a 7-day profitability of 131 percent
  3. Nicehash-Equihash – with current profitability of 150 percent and a 7-day profitability of 115 percent

Ethereum and Decred are also profitable cryptocurrencies at the moment. Mining Ethereum could turn out to be very profitable, as its starting to gain momentum and its likely to increase in value during the next couple of months. You can always use Whattomine.com or Coinwarz.com to calculate the profitability of your mining operations.

Keep in mind that there are more than one way to profit from cryptocurrency mining. You can immediately sell the coins you mine and earn some extra cash, or you can keep them in anticipation of the future increase in value. All of the major digital currencies have growth tendencies, in the long run, so keeping the coins could bring high profits at some point.

Before starting your mining operations, always do some research of your own. Some coins might seem like a profitable investment, but if they don’t have a set of useful features and a strong developers’ community that would allow its market cap to grow – it may be better to keep looking.

In order to understand which coins are profitable, you can find website indexes such as CoinChoose that give you a complete breakdown of the each altcoin. On CoinChoose you can see the difficulty, where can you exchange them and what are the chances to profit in Bitcoins by mining each of those altcoins.

Finally, cryptocurrency mining is a bit risky and it often turns out unprofitable for the miners. Be careful and try not to rush into mining a coin just because it’s currently profitable. Do your research, as the cryptocurrency market is volatile and the mining could end up costing you money.

Hope this answer helps.


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