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Think Bitcoin Before You Invest Photo by Kevin Paul Anderson By Kevin Paul

What is Bitcoin?

If you’re here, you’ve heard of Bitcoin. It was one of the biggest news headlines for the last year or so: as a fast-paced scheme, the pinnacle of finance, the birth of a truly international currency since the end of the planet, or as a technology that improves the planet. But what is Bitcoin?

We all generally know what “money” is and what it is used for. The main problem that has been observed in the use of money before Bitcoin refers to the fact that it is centralized and controlled by one entity: the centralized banking industry. Bitcoin was invented in 2008/2009 by an unknown creator who goes by the pseudonym ‘Satoshi Nakamoto’ to bring decentralization to money on a global scale. The idea is that the currency is often traded on international lines without difficulty or fees, checks and balances will be distributed around the world (rather than simply on the ledgers of personal companies or governments), and the money it would be more democratic and equally accessible to everyone or to everyone. 

How did Bitcoin start?

The concept of Bitcoin, and cryptocurrency in general, was launched in 2009 by Satoshi, an unknown researcher. The foundation of his invention was to solve the difficulties of centralizing the use of cash, which depended on banks and computers, a problem that many computer scientists were not proud of. Achieving decentralization has not been successful since the late 1990s, so when Satoshi published an article in 2008 with an answer, it was very well received. Today, Bitcoin has become a well-known currency for Internet users and has created thousands of ‘altcoins’ (cryptocurrencies other than Bitcoin). 

How is Bitcoin made?

Bitcoin is formed through a process called mining. A bit like collecting money is generated by printing, and gold is mined from below, Bitcoin is made by ‘mining”. Mining involves solving complex mathematical problems related to blocks with computers and adding them to a public ledger. Once you have started everything that was removed was a simple CPU (like the one in your home computer), but the difficulty level has increased significantly and you now need specialized hardware, including the graphics processing unit (GPU). ) High-end, for mining Bitcoin. 

How do I invest?

First, you need to open an account with a trading platform and create a wallet; You can find some examples of Google ‘Bitcoin trading platform’; they usually have names that involve ‘currency’ or ‘market’. After joining one of these platforms click on assets and then click on crypto to set the required currencies. There are tons of indicators on every platform that are pretty important, and you need to make sure you look at them before investing. 

Just buy and hold

While mining is the safest and somewhat simplest method to earn Bitcoin, it involves an immense amount of effort and hence the cost of electricity and specialized hardware make it unaffordable for most people. To avoid all of this, make it easy, immediately enter the amount you want from your bank and click “buy”, then sit back and look at your investment upwards after the change in value. This is often called an exchange, and it takes place on many exchange platforms available today, with the power between many fiat currencies (USD, AUD, GBP, etc. ) and various cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc. ). ) they act. ). 

Bitcoin Trading

If you are familiar with stocks, bonds or currency exchanges, you can easily understand cryptocurrency trading. There are Bitcoin brokers like e-social trading, FXTM Markets. com and many others that you can easily choose. The platforms offer you Bitcoin-Fiat or Fiat-Bitcoin currency pairs, for example, BTC-USD means to exchange Bitcoins for US Dollars. Keep an eye on the value changes to find the right pair after the price changes; the platforms offer prices among other indicators to give you proper trading advice. 

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