getting started with bitcoins

Getting into the Bitcoin Game as a Starter

crypto investing pro portfolio

BUILD A CRYPTOCURRENCY PORTFOLIO

We'll walk through step-by-step how to buy and sell Bitcoin and other cryptocurrencies on an online exchange that is safe and reliable. Don’t worry if you’re not technical!


Hi Fellas, how you doing? today I am gonna let you know about the most happening cryptocurrency Bitcoin which have attracted massive investment opportunities from all over the world especially because of the amount and huge percentage of returns on investment this easily tradeable currency is providing.

I would like to mention here that Bitcoin is not the only cryptocurrency out there. There are a number of other cryptocurrencies viz. Litecoin, Peercoin, Namecoin, Quarkcoin etc. However, Bitcoin being the star of the show and the most widely used and accepted cryptocurrency, this post will only revolve around the Bitcoin.

What is Bitcoin?

Bitcoin is an open source software which is used as a cryptocurrency or digital payment system developed by an unknown group of programmers under the name Satoshi Nakamoto. It follows a peer-to-peer system, and transactions take place between users directly, which are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin is called the first decentralized digital currency since the system works without a central repository or single administrator. For deep information about Bitcoin, you can go to the bitcoin Wikipedia page.

The important aspect for Bitcoin nowadays is that the currency is being accepted widely all over the world and is publicly tradeable in many stock exchanges. Many countries (for example Japan) have even legalized its use and the blockchain technology is now being widely applied to present digital payment systems by various banks.

And mind you!

1BTC=2519.77 US Dollar as of 06.04.2017

How can we earn Bitcoins?

Bitcoin is like Digital Gold and it has immense potential. Earning bitcoin is like earning gold, its value increases every day. Recently after Japan legalized Bitcoins the price skyrocketed, and in the coming 4–5 years the price per 1 BTC will reach 20,000$, Mark my Words. Nothing in this world can give you such a huge return.

To earn Bitcoin we either have to create it or trade it. The process of creating the Bitcoin is called mining.

Bitcoin Mining: GPU/CPU vs. ASICS vs. Cloud Mining

Bitcoin mining is resource-intensive. But this was not the case in the beginning. Initially, the mining was performed with basic CPU. But as soon as miners increased exponentially and the hash rates began to increase, more dedicated machines were being manufactured and finally GPUs and ASICs came into play. However, these machines have a price tag of $1000 and are not at all practical for normal use and profits. If interested then you can get yourself an Ant-Miner S9,  the world’s first consumer-grade 16nm ASIC miner from Britain.

Alternatively, you can mine other cryptocurrencies like Monero, Bytecoins  DASH, Ethereum etc. and then convert them into bitcoins with a cryptonator. All you need to do is to register an account with minergate.com.

There are many other cloud mining websites instead of minergate but most of them are scams and therefore you must research before investing. However, I personally use Genesis Mining and Hashing24, and out of the two, I prefer Hashing24 more since it is convenient to use and are partnered with BitFury, one of most well-funded Bitcoin companies.

Is Cloud Mining Profitable?

NO! Big No, read again NO. Mining is not at all profitable if you are looking for huge profits in short time. However, if you think mining looks cool and you have enough time to literally kill, or you want to gain bitcoins only through mining only and it satisfies you, then it is completely your call. I have done mining and I still do for the same reason I just gave to you. Also, I have to review these mining websites for my subscribers and therefore I do mine. But when I have to make a quick bang for the buck I usually buy Bitcoins and store them in my wallet. This is the fastest way to earn bitcoins. PERIOD.

Where Can I buy Bitcoins?

For starters, I would recommend Localbitcoin, the fastest and easiest way to buy and sell bitcoins. Just add a 2-factor authentication method of your choice, and log in.

Localbitcoins is basically a marketplace for buyers and sellers of Bitcoins. Buyers and sellers exchange Bitcoins for different forms of payments – cards, bank, gift cards, mpesa, etc. depending on the country.

On the homepage, sellers will list their prices per Bitcoin and the maximum or a minimum number of Bitcoins you can buy from them.

Tips:

Find a seller with a high reputation listed on your country’s local bitcoins

After the trade, you may want to transfer your bitcoins to a bitcoin wallet that only YOU control.

Once you have gone through buying on localbitcoins, you will have learned enough to buy bitcoins at an exchange.

So this is it, my friend, if you are just starting out on your journey then these are the things you need to take care of. Have my advice, don’t go advance in the start. First get to know the various stuff and keep your stake minimum. This game is played electronically and bitcoins are just pieces of code. So they are highly susceptible to get hacked and mind you, the loss will be permanent.

3 replies
  1. Minerva
    Minerva says:

    excellent put up, very informative. I ponder why
    the opposite specialists of this sector don’t realize this.
    You should proceed your writing. I am sure, you have a great
    readers’ base already!

    Reply
  2. agcpl.net
    agcpl.net says:

    As bitcoin reaches for $2,500 again, I thought this would be a good time to let readers know exactly how digital currencies work and how to get more information.

    Reply

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