Bitcoin For Dummies
A Beginner’s Guide To Bitcoin
This Bitcoin For Dummies guide will help you get started with Bitcoin and other cryptocurrencies. I will go straight to the point. No BS. Let me make a few things clear:
- Bitcoin is not an earning program
- Anyone who claims to trade for you is a scammer. There is no such thing as an “Account manager” in cryptocurrency. They are scammers
- Bitcoin mining is not for you if you are not a millionaire. All the online mining websites are scams or pyramid schemes
- Cryptocurrency is not a get-rich-quick scheme. If you are looking for shortcuts, you surely will get scammed
- If you want to be successful in Crypto, invest in yourself by educating yourself first, before you invest in any coin
- Anyone who promises you easy money is lying to you
What Is Bitcoin?
Bitcoin is simply a digital currency. Also referred to as a cryptocurrency, bitcoin is the first of its kind. It is digital because it is not tangible, you can’t touch it. Normal currency is like notes, coins, and gold that you can touch and see. You cannot touch bitcoin.
Fiat currency is married to a state. A certain country can claim to own a certain currency. USD is for the USA, GBP is for the UK, Rand for South Africa, and so on. No state can lay a claim on bitcoin. It is used as a world currency.
Who Created Bitcoin?
This is a question that is still a mystery in the minds of many people. It is not known exactly who created the technology.
However, it is assumed that a person or group of people that go by the pseudonym Satoshi Nakamoto is responsible for the currency. Today, his own bitcoins are still untouched as he has remained anonymous.
The aim behind the creation of bitcoin was something totally different. Satoshi wanted to find a way to bring peer-to-peer network functionality into transactions. That goal became what is now the most impressive technology.
Bitcoin first came into the market in 2008 when Satoshi anonymously published a paper announcing his break-through. But that was not the first time such an attempt had been made. In the late 90s, many scientists had tried to find a way into a decentralized system to bring blockchain technology into financial functionality without success. When the paper was published, therefore, it was a breakthrough of the century.
What Makes Bitcoin So Special?
Bitcoin is money for the people. Bitcoin cannot be printed out of thin air like the normal currencies. With Bitcoin, you become your own bank. Nobody has the power to freeze or confiscate your Bitcoin. Bitcoin does not see borders, it’s accepted everywhere. But that is not all. It has other special features that make it worthwhile.
How Do You Get Rich Off Bitcoin?
This is what attracts a lot of people into Bitcoin, I know you’ve heard of people making lots of money through Bitcoin and now whenever you hear “Bitcoin or Cryptocurrency”, you think about getting rich overnight. The truth is, almost 99% of people who got rich off Bitcoin were early investors in the coin. They bought it when it was low and over time, the price of BTC has gone up tremendously. In 2012, the price of 1 Bitcoin was $22 and as of this writing in 2020, 1 Bitcoin is traded at $9200. Meaning that if you had bought 10 Bitcoins which would have cost you $220, you would sell them for $92000 today.
In the investment world, that kind of ROI is unimaginable and Bitcoin has been the best performing asset for the last 10 years. This narrative attracts a lot of people into the world of cryptocurrencies looking for the same gain except they want to “get rich quick” which is impossible and unreasonable. Cryptocurrency still offers a great opportunity for everyone around the world and it’s best days are yet to come, what’s more important is to take action and get started.
Strategies For Really Getting Rich With Crypto
Here is a list of what works:
- Buy and Hold – This means that you buy Bitcoin, store it safely in your wallet and wait for its dollar value to grow over time. This is proven to be the best, hassle-free and safest way to make money from cryptocurrencies. I have a step by step guide to becoming a successful cryptocurrency investor. You can Enroll Here.
- Trade Cryptocurrency – This is by far the most profitable but most risky. Cryptocurrencies are volatile in nature when compared to other asset classes. This makes them very attractive for trading. This strategy requires expertise which I teach in my course on Crypto University.
- Earn Cryptocurrency – Bitcoin is money just like any other currency out there. For example; if you want to earn US Dollars, you either have to work for a company that pays you in Bitcoin or if you have a business, you can start accepting Bitcoin as a form of payment. But also, you can participate in bounties, competitions or micro tasks and earn crypto without having to buy them. One of the platforms that allows you to participate in microtasks is Coinbase Earn Make sure you sign up and get verified.
- Bitcoin Mining– This is the most expensive way to do it. Don’t bother if you’re not a millionaire except if you are doing it for experimental purposes. Mining is expensive, it is not something you do online, it requires computer hardware, electricity and an internet connection. Ignore any website that promises to mine for you. They are usually pyramid schemes.
What’s The Minimum Amount Required To Get Started
There’s no set minimum amount for investing in Cryptocurrency, you can buy Bitcoin for as little as $5. The golden rule is that; don’t invest more than you are willing to lose.