The most popular wave of cryptocurrencies is bitcoin, and with no doubt, bitcoin is rapidly taking over the media these days. Imagine buying an asset for 100 dollars and in two to three years you find out that your asset is worth over 1 million dollars. We have the first Bitcoin ATM at a coffee shop in British Columbia.
Investing in bitcoin is a highly potentially profitable investment for some investors who have taken time to study the potentials of this cryptocurrency.
There’s the big question, what are this bitcoin and how do we invest in them, here’s are some keynotes.
What is Bitcoin?
Bitcoins are cryptographic currency created early 2009 Satoshi Nakamoto, a name used by the presumed pseudonymous person or persons who developed bitcoin, it also open-source software that’s allows you use these currencies to perform secure transactions.
Transitionally, bitcoin makes it easy to securely send funds across internationally without any almost zero risk or third-party involved. Although bitcoin transactions can be relatively anonymous, it also enables people to safely complete transaction online and offline.
The entire bitcoin system I make of complex mathematical computation designed to have a limited number of 21 million bitcoin will be created before it stops, this means that the total number of bitcoin that will ever exist is 21 million.
This simply implies that as demand for more bitcoin increases, they will be a rapid increase in the overall worth of this bitcoin. Although bitcoin is usually volatile (prices can increase and drops rapidly at any time) and it fluctuates graphically on a daily basis. Though the trend has been a steady increase in the price of bitcoin. This is why bitcoin holds a promising future for its investors.
Ways to Invest in Bitcoins
There are various ways you can invest in bitcoin, some of these ways are complex than others. After learning from the Bittypay network (www.bittpay.net) where you can invest in cryptocurrencies such as bitcoin mining, holding, and trading. This platform is highly recommendable due to its easy safe and fast investment strategy. Below are ways bittypay network is investing bitcoin.
Just like gold mining, bitcoin mining has to do with solving complex mathematical problems and showing proof of work, when this problem is solved correctly, a new bitcoin node will be created in the software running the currency and one of the best mining platform I can recommend is F2Pool.
Normally, mining can be done using your computer by simply connecting your computer to the bitcoin network and set to solve a cryptographic equation or puzzle as the case may be. When the equation is solved and evidence provided to the network, The Blockchain which is the public record of all bitcoin transactions is assigned a new digital block. And miners in turn receive a certain amount of bitcoin in reward.
These complex cryptography are most times solved by a group of miners who share these bitcoin rewards as profit. Mining is often group-oriented, honest, and open-sourced.
They have special servers designed to mining this bitcoin, however, you can purchase this server to remotely mine bitcoin for you. One of the very popular and largely used is Amazon.
Bitcoin Online Trading
Just like the stock market, a bitcoin exchange is also one of the popular ways to invest. We have a lot of website offering to exchange bitcoin for other crypto and fiat currency, some of these platforms such as Binance, Luno, and Coinbase offer a very easy way to carry out these exchanges,
After setting up your trading account, it usually takes 3 to 14 working days for these platforms to verify and successfully link your bank account.
Due to the volatility nature of bitcoin, the price can rise or fall dynamically in a very short time, so, therefore, investing in online trading may result to huge loss or gain, especially if you just want to make small money out or have an oversight of how bitcoins work.
Physically buying bitcoin is one of the rarely used ways to acquire it, even though face-to-face transactions are nice they can also be very dangerous.
We have had a lot of reports of some investors being robbed majorly because it was face to face transaction and there’s usually lots of cash involved.
It’s actually safe to buy bitcoin in person, you just have to take some precautions just as you should with a craigslist transaction. You are always advised to meet strangers in open places when you about to make trades like this, and if possible carry someone along with you.
Some websites like LocalBitcoins provides buyers and sellers reputation score, these technique can be used to determine who to buy from.
Just like any other currency can be battered, bitcoin can also be traded for other cryptocurrency and fiat currency physically. Bitcoin exchanges are usually referred to as Buttonwood meetups are synonymous with the old traditional New York Stock Exchange; a group or individuals who come together to exchange goods usually silver, gold, and currency for cryptos.
Often, to educate people who are interested in bitcoin and other cryptocurrencies. However, this type of trade creates and enabling environment for traders to meet, discuss, and also trade currency for bitcoin and other cryptocurrencies.
You can also invest in bitcoin through an ATM, of course, this is not just an ordinary ATM, Robocoin created the world’s first bitcoin ATM which was kept in a Vancouver, in a British coffee shop.
During the first 8 days of operation, it did over $100,000 worth of transaction charging 3-5 percent as transaction fee.
A greater amount of people who used the ATM were investors who insect cash for bitcoins,
Bitcoiniac and four others also purchased the machine from Robocoin and later deployed them to other cities such as Toronto, Montreal, London, and Berlin. In the coming years, Robocoin also hopes to deploy the bitcoin machine to other cities like San Francisco, Australia, South Africa, Singapore, Iran, and other major countries around the world.