If you have heard of the word ‘Bitcoin’, read the numerous headlines it has been making on the Internet and in the newspapers, and looking to understand more about this craze that has taken the crypto world by storm, without worrying about not understanding the technicalities behind it, here is a detailed step by step guide on learning more about this digital currency.
What is Bitcoin?
Bitcoin, in simplest of terms, is a cryptocurrency. Also termed as digital or virtual money, it is basically a digital asset one would use as a means of exchange for reliable and secure transactions and purchases over the Internet. It isn’t hard cash, and is not available to one in the form of our usual paper money. It is produced by an energy consuming process known as mining. Our day to day transactions are governed by central authorities like banks and financial institutions. This means that all transactions are operated by a single government authority or a centralized bank. Bitcoin was introduced to eliminate this principle and was thus released as an unregulated cryptocurrency and a worldwide payment system. This is why it is called a decentralized form of cryptocurrency since there is no single point of control anywhere in the network.
This decentralized digital currency works on a system of peer to peer network, where transactions take place directly between the two parties involved. No third party intervention is required to settle the transactions. What makes this currency so popular is its limited number. During its inception in 2009, exactly 21 million Bitcoins were made available. This makes every coin more valuable.
Built on a technology called Blockchain, information about every transaction settled in the Bitcoin community is logged into blocks which join together in a linear fashion to form a blockchain. This complete information is always readily available to every user thus making it a secure and clear platform eliminating all chances of fraud. All the coins one obtained through mining or transactions are stored in a digital wallet secured by a private key.
Why should one bother about Bitcoins? How to get Bitcoins?
Before divulging into the technicalities of how to get Bitcoins and what to do with them, it is important to know about why one should even try learning about them.
- Bitcoins, as mentioned earlier, are decentralized which means that all transactions and purchases between two users of the Bitcoin community are settled without any government authority or central bank meddling in between, providing the users a plethora of benefits. This means that no processing charges, transaction charges, service charges or such fees would be levied upon either party for the successful completion of a transaction. No reserve systems can intervene in between to hike interest rates. You pay for exactly the worth of the service or product.
- Since the distributed ledger technology provided by blockchains makes available all information to every user in the Bitcoin community, there is little to no chance of a scam or fraud and this makes the platform open, clear and secure.
- Traditionally, the value of our money is governed by a shared set of rules for exchanging values. However, Bitcoin is programmable money, with no inherent value, and its value is determined directly by the payer and payee. Once they decide upon the terms of the contract or transaction, they are codified.
- Although all information is accessible via an open ledger, none of your personal information is available to anyone on the network. This means that you are not required to identify yourself. A private key is used to secure your coins and private information. This provide new levels of privacy and cyber security.
- A remarkable feature of Bitcoin transactions are their irreversible nature. This means that any transaction once initiated cannot be revoked or reversed. This eliminated fraudulent activities such as double spending.
- Unlike our usual credit settlements which take the bank at least a few weeks or one whole month to settle, Bitcoin transactions are settled within 10 minutes thus saving you a lot of time.
Should you still invest in them?
Through 2017, the value of Bitcoin underwent a whopping 1800% increase finally settling at the $19,000 mark by mid-December. Such remarkable developments all through the year made 2017 the Year of Bitcoins. Anyone owning Bitcoins is the owner of nothing less than a small fortune. Any financial investment is inherently unstable and risky, however the nature of Bitcoin values is even more volatile. Over the years, its value has still settled gradually but is still subject to rapid fluctuations. This volatile nature makes it a good opportunity to make money for anyone looking to make short term investments.
Other than incurring the benefits already discussed above, anyone looking to make investments in this dimensions needs to properly educate themselves about the working of this network. It would be foolish to blindly take the word of anyone else. It is vital to do your own research, evaluate the risk one is willing to take and then make a sound decision. One also needs to understand the process of mining and decide whether they wish to mine their own coins or simply buy them. Investing in this is a high risk game but with every high risk situations, there is always even more higher chances on massive benefits.
Once you have come to a sound decision, and are willing to go ahead with making an investment in Bitcoins, make wise decisions.
What is mining? How to get Bitcoins in 2018?
As mentioned earlier, you can either buy your coins via secure Bitcoin transactions online or you could mine them for yourself. The process of mining requires investment into a lot of heavy mining equipments and access to a lot of electricity and bandwidth since the Bitcoin network is notorious for consuming truckloads of energy. Built upon a technology called Blockchain, a network of nodes work together to ensure the integrity of transactions achieved by acquiring consensus. These nodes race to solve a heavy mathematical puzzle using the trial and error method. The first computer to successfully solve the puzzle is known to “mine” the Bitcoins. However, it is advised to always mine your coins on a large scale. People aiming at a smaller scale should always go for buying their coins instead of mining them.
Once you have mined your coins, or brought your Bitcoins over the network, digital wallets resembling online bank accounts are used to hold your Bitcoins. Your credentials are required to access your digital wallet and no one can take money out of your wallet unless and until you authorize such a transaction or make the payment yourself.
How to get started?
Once you have educated yourself and decided to go for investing in Bitcoins by buying them, search about platforms where you can buy them. However, before buying your Bitcoins you need to decide on where you would be storing them since it is very important to keep your Bitcoins in a secure place protected by a private key to prevent it from getting stolen. Technically it is your private key that you use to sign purchases and transactions which is required to be stored in a safe and secure place and not your coins per say.
Where to get your coin wallets?
A paper or hardware wallet is one of the most secure option. It is essentially a document containing a public address, used to receive Bitcoins and a private key to secure yourself over the network. Often printed as a QR code, one can easily scan them and simply add keys to your software wallet and then make a transaction. One can make use the services of Bit Address or Bit Coin Paper Wallet to generate their own paper wallets.
Another option for users is a mobile Bitcoin wallet. This is simply an app on your smartphone which stores your private and public keys, helping you to directly make payments via your phone. Several apps are available for both android and ios devices. Airbitz, Blockchain, Freewallet, Jaxx, My Celium Wallet are a few reliable options available. The downside of this choice is that you could lose your private keys if someone simply gains access to your mobile device.
Web based mobile wallets are an alternative. Several web based platforms like Coinbase, Circle, Blockchain, Strongcoin, Xapo provide such services. However, the major threat posed to your security when storing your keys by this method is that the organisations providing these services might gain access, thus not just securing your private key but also controlling your money.
One could chose to secure their coins any which way however one of the method which has still not brought up any threat to the user is a hardware wallet. Immune to viruses, these wallets can be securely used interactively. Ledger Nano S, TREZOR, KeepKey, Ledger HW.1 are a few secure options available.
Where to buy your coins?
There are over 1800 ATMs spread across 58 countries from where you can buy your Bitcoins. All you have to do is insert cash into the machine and scan your mobile wallet QR code. Alternatively, you could also be given a paper receipt with codes and instructions on how to proceed further. Coin ATM Radar can be used to find your nearest Bitcoin ATM.
Gift cards could be used to buy Bitcoins too. Simply purchase a retailer’s gift card, log into a Bitcoin exchange site where gift cards are accepted and complete the transaction as desired. A few sellers that accept these gift cards are Paxful and Local Bitcoins.
However, whether you are looking for a large scale trader like investment or a one time simple solution for your Bitcoin transactions, exchanges are your best possible bet and also the safest option. This means that you have an exceptional range of choices to make your trade. Bitflyer, Bitstamp, Coinsquare, Coinbase, Kraken, Cex.io, Shapeshift, Poloniex, Coinmama are few of your best options. They are highly secure and provide quick transactions and great customer satisfaction.
A few tips
It is vital to educate yourself with each and every step before you make it during your Bitcoin journey. It might help you reap great benefits but a minor mistake or negligence could lead you to lose your invested money too. Always keep your coins secure in a coin wallet of your choice. Never divulge your private key to anyone no matter what. Understand the legality that comes with your investment. There are still countries where Bitcoin transactions are not legal and aren’t a legal form of payment.
There are however several stores both online and offline where one can purchase commodities using Bitcoins. A huge number of cafes, restaurants, pizzerias, jewellery stores, hotels, supermarkets, have started accepting Bitcoins. Not just this, large international companies like Microsoft and Dell has recognised it too. Be very careful about your activities online and when in doubt always make a wise educated decision.
Bitcoin Price Weekly Analysis: BTC/USD trying to rebound.
Bitcoin Price Key Focuses
- Bitcoin price bounced back and moved over the $6,400 level, yet it flopped close $6,600 against the US Dollar.
- There was a break beneath a noteworthy bullish pattern line with support at $6,460 on the 4-hour chart of the BTC/USD combine (information feed from Kraken).
- The match stays in a wide range somewhere in the range of $6,000 and $6,600, and it might keep on trading sideways.
Bitcoin price bombed by and by close to the $6,600-6,620 resistance against the US Dollar. BTC/USD is rectifying lower and it could test the $6,275 and $6,188 supports.
Bitcoin Price Range Exchanging
This previous week, there was a pleasant upward move from the $5,900 swing low in bitcoin price against the US Dollar. The BTC/USD combine exchanged over the $6,300 and $6,500 resistance levels. Be that as it may, bitcoin price flopped once more almost a noteworthy resistance at $6,600-6,620. The expressed resistance zone counteracted increases above $6,650 and the 100 basic moving normal (4-hours). Accordingly, bitcoin price declined and moved beneath the $6,500 level.
There was a break underneath the 23.6% Lie retracement level of the last leg from the $5,900 low to $6,653 high. Additionally, there was a break beneath a noteworthy bullish pattern line with support at $6,460 on the 4-hour chart of the BTC/USD match. It has opened the entryways for more misfortunes in the here and now beneath the $6,300 support level. The following essential support is the half Lie retracement level of the last leg from the $5,900 low to $6,653 high at $6,276. Beneath this, Bitcoin price is probably going to break the $6,250 level to test the $6,188-6,200 support zone.
Taking a gander at the chart, Bitcoin price is by all accounts exchanging a wide scope of $6,000-6,600. Hence, there are odds of the present wave reaching out towards $6,200 and $6,000 before purchasers show up.
Taking a gander at the specialized markers:
4-hours MACD – The MACD for BTC/USD has moved back in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently beneath the 50 level.
Significant Support Level – $6,200
Significant Resistance Level – $6,600
How to get a Bitcoin Debit card? Explained in three steps.
Deciphering a Bitcoin Debit card and how to procure one.
It is certainly not a surprise that the cryptocurrency space has revolutionized, the way the financial economy of the world functions. With Initial coin offerings, cryptocurrency tokens, decentralized applications, smart contracts, lightning networks, side chains, forking, etc are the most important and new cryptocurrency keywords which have been spawned by the development in the cryptocurrency space. Satoshi Nakamoto would never have thought that his simple initiative of an electronic cash system would grow into a billion dollar industry. Let us read about Bitcoin Debit Card and how to get one.
Bitcoin Debit card
Nevertheless, many cryptocurrency coins are available in the market and predominantly used for investment and not in the form of currency. Therefore, many initiatives have been undertaken, in order to democratize the usage of cryptocurrencies on a daily basis. One such initiative is the Bitcoin Debit card. Bitcoin Debit cards have become very rampant, where users can use it in a similar way they used the traditional debit cards. The main goal is to completely radicalize the usage of such Bitcoin Debit cards in order to form a hassle-free form of financial ecosystem. Therefore in order to contribute to the community’s development, let us understand how to get Bitcoin Debit card.
Ordering a Bitcoin Debit card has never been that simpler. It is as simple as filling an application form and submitting it to the respective authority, very similar to any other traditional Bank.
Step 1 to buy Bitcoin Debit card
Firstly, all the users need to find a suitable Bitcoin Debit card providers they are usually nothing no one but the traditional Paytm payment gateway service providers which you have initiated to sell Bitcoin Debit cards in order to leverage their business there are many of them available in the market but the most reliable and popular one is the Coinbase’s Swift Bitcoin Debit card. One can avail it in a seamless fashion.
Step 2 of buying Bitcoin Debit cards
The user after selecting the appropriate Bitcoin Debit card provider needs to fill the application form with contains some basic details of the users like complete name, phone number, address, date of birth, and most importantly the Social Security Number. We must properly provide all the authentic details in order to avoid any further discrepancies in data, which indirectly might lead to the rejection of the Bitcoin Debit card application. One of the main requirement of the Social Security Number is that the banks can easily verify the Know Your Customer regulations in a simplified manner.
The third step to buy Bitcoin Debit cards is to make the payment.
The users then need to make the basic pay in order to avail their Bitcoin Debit card. It is worth mentioning at this point, that this payment does not reflect in the Bitcoin Debit card that one receives. The user’s need to exclusively add funds to their Bitcoin Debit card by a number of other methods with which would be discussed, in maybe some other article. Once the payment is done the process is complete and the users receive their Bitcoin Debit card.
Further attributes of Bitcoin Debit cards
The usage and development of Bitcoin Debit card have become very popular since 2015. It has opened up the cryptocurrency community for new ways to use Bitcoin, in its real format. Although the high volatility and price fluctuations, is resisting the merchants to accept Bitcoin, the crypto space will undoubtedly get mature enough to be used by the merchant stores in a very common manner. However radical steps have been taken in this regard, where any merchant store which accepts VISA credit or debit cards, would automatically be upgraded to accept the Bitcoin Debit cards as they are indirectly powered through VISA itself.
As the cryptocurrency market gains, maturity Bitcoin Would still be in the topmost position, as Bitcoin Debit cards would monopolize Bitcoin over the market. However, with respect to the scalability issues of the Bitcoin blockchain network, the Bitcoin Debit cards might prove to be a bottleneck causing congestion due to more inflow of transactional traffic towards the network.
When will Bitcoin Rise in 2018?
Understanding conditions which would lead to Bitcoin rise in 2018.
Assuming that you are very new to the cryptocurrencies. Let me explain the very basics of the cryptocurrencies, blockchain technology, along with Bitcoin. The cryptocurrencies are nothing but a digital form of currencies which are secured through the Cryptographic principles. The Blockchain technology fuels the cryptocurrencies, as they are based on the Blockchain technology itself. Bitcoin was the very first cryptocurrency put forth before the citizens by an anonymous group of people, who termed themselves as Satoshi Nakamoto. He is also the most controversial figures in the crypto space. Developed in 2009, Bitcoin was not that famous until 2017. When the world experienced an explosion in the Bitcoin prices, it was then that the experts predicted it’s future acceptance.
Bitcoin is nothing but a peer-to-peer electronic cash system and there is no physical currency available. It can be used to pay for a product or service just like any other currency. Realise it, like using a bank credit card where we actually don’t physically use Money but the balances are simply updated on both the sending and the receiving end. Unlike the conventional fiat currencies, Bitcoin has a fixed market supply of around 21 million coins only, which are made available through a process of complex and Brute Force computations, known as Mining. Solving the Blocks means, adding a block into the network, which results in a reward, to the node undertaking the process, in the form of Bitcoins.
Is Bitcoin a Bubble?
The whole cryptocurrency space is considered to be a bubble or a Ponzi scheme by some of the most prominent investors of the current time. therefore, one must need to know why it is considered so. The price fluctuations in Bitcoin is one of the precise reasons for it to be labelled with such terms. The cryptocurrency market is solely driven by the market forces of demand and supply. It is worth mentioning that the cryptocurrencies are not backed by any form of financial asset. In other words, the value of Bitcoin is only due to its widespread acceptance and belief among its users. Hence we observe very high amounts of fluctuations in the Crypto space. However to gain better comparison, the in the traditional stock market there is absolutely no fluctuation of more than 5% in a single day, but in the cryptocurrency market, it is very common for a 10 to 20 % price fluctuations.
Will the Bitcoin rise in 2018 again?
In December 2017 Bitcoin had gained a lot of momentum and the cryptocurrency reached pinnacles when the price of the cryptocurrency was hovering around $20,000. This Bitcoin price at the end of 2017 has led to the industry experts and professionals to predict that a similar kind of bullish trend aka bitcoin rise in 2018 again that we would experience by the end of the year.
We would witness a Bitcoin rise in 2018 says the predicted who had predicted last year’s boom
Kay Van-Petersen is one of the well-known cryptocurrency market predictors. He had most precisely predicted the Bitcoin rise and falls throughout the year 2017 on a consistent basis. He further predicts a Bitcoin rise in 2018 as well. He clarifies that Bitcoin will touch the $50,000 and the $100,000 mark by the end of 2017. The optimism for Bitcoin rise in 2018 seems to be very similar to the Bitcoin rise of 2017.
Practical conditions which might support the Bitcoin rise in 2018
The initiation of Bitcoin futures by two of the most preeminent stock exchanges of Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE), is being pointed to, by some of the industry professionals, as a strong reason for the Bitcoin rise in 2018. They would strongly support the Bitcoin rise in 2018, as they have opened up opportunities for the masses of people who were highly scared of the cryptocurrency’s unregulated state. As the proposal was given a green signal by the Commodity Futures and Trading Commission (CFTC), it is invariably completely regulated in nature. Hence the enthusiasts who had missed the crypto wave last year could join the bandwagon now to make huge amounts of profits in Bitcoin rise in 2018.
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Live Crypto Prices
- Bitcoin(BTC) 6486.48546674
- Ethereum(ETH) 301.174799627
- Bitcoin Cash(BCH) 564.44652557
- EOS(EOS) 5.2443431479
- Litecoin(LTC) 57.6131595686
- Cardano(ADA) 0.1010061686
- TRON(TRX) 0.0221055732
- Dash(DASH) 154.061070871
- NEM(XEM) 0.1068193545
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