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How to get Bitcoins in 2018

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How to get Bitcoins?

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.

A cryptocurrency exchange can be used to trade your regular money with Bitcoins. Coinbase, Coinsquare, Bit Bargain, Bittylicious are a few available options.

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.

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Is Bitcoin Mining still Profitable?

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Heres a guide to bitcoin and bitcoin mining in2019 and of course the very important question, is bitcoin mining still worth it?

The word bitcoin has been around a lot lately, and you have probably been wondering about it. You have probably also head about bitcoin mining.

 

Heres a guide to bitcoin and bitcoin mining in2019 and of course the very important question, is bitcoin mining still worth it?

Satoshi Nakamoto invented bitcoin as a peer-to-peer electronic cash system. The early days of bitcoin were exploited by the technically informed often garnering outrageous profits. Mining bitcoins was easier then and could be done by a single individual in her bedroom. Now the industry has exploded from a few individuals to a high-level venture; mining bitcoins requires specialized, expensive, machinery.

 

Here are a few basic definitions.

Block -A group of Bitcoin transactions. They are chosen from the mempool (the list of all currently pending transactions) and recorded by a miner into the ever-growing record of blocks known as “the blockchain.”

Hash – to mine bitcoins miners have to solve a cryptographic puzzle. This needs computational power and miners are rewarded freshly-mined bitcoins.

Hashrate – This is a measure of computational power. With an increase in hashrate, it would seem that more and more bitcoins can be mined, but the difficulty is set such that a block is found roughly every 10 minutes.

 

Now let’s calculate the profit gained by an American solo miner.

This explains that an average American would make$1348 a year provided bitcoin price is around $1150 and difficulty and hash rate remain constant. But this is not a likely scenario. Bitcoins difficulty and hashrate have been increasing since the early years. In conclusion, the average miner working solo would find it difficult to mine bitcoins unless he has easy access to cheap electricity.

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Gold Investing: Top 5 Ways to Invest in Gold and Why you Should do it?

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Gold is a traditional method of investment. People have been investing in gold since long. But before any investment, we should know the benefits of it.

Gold is a traditional method of investment. People have been investing in gold since long. But before any investment, we should know the benefits of the investment. Let’s understand why we should invest in gold.

Investment of money in gold is worth it because it is a way to think against inflation. The price of gold is found to be increasing now and then. Investing in gold for one more very valid reason is good. This is seen that gold is inversely correlated to equity investments. The gold has performed better than equity markets. Therefore, having gold as an investment is a good option. 

 

1. Buying Jewelry:

It is a traditional method of gold investment. People purchase gold ornaments. It has a disadvantage that the total buying cost includes making charges which vary in the market.

 

2. Purchasing Gold Coins and Bars:

 

Investment in gold coins and bars is also a better option over jewel buying. Gold coins and bars are available in jewelry shop as well as in banks. Jewelers can purchase them back but the bank cannot.

 

 

3. The Gold Exchange Traded Fund (ETF):

It is a type of mutual fund which in turn invests in gold and the units of this mutual fund scheme is listed in the stock exchange. One needs to buy Gold ETFs (like Bitcoin ETF) from the stock exchange by way of opening a demat account and trading account. One has to pay brokerage fee for buying and selling of these Gold ETFs. The further payment of 0.5 to 1 % charges as fund management charges is also required.

 

4. Gold Fund of Funds:

The Gold Fund is a Fund of Fund which will invest in Gold ETFs on behalf of the one who wants to spend. The best part in this is that one does not require holding any demat account here. It is just like investing in other mutual fund schemes. Since this is like any different mutual fund scheme, SIP investment in gold is possible through these gold funds. Still buying a Gold fund of the fund is a little expensive option, as one has to pay Annual management charges for the underlying Gold ETF and Annual management charges of Gold FOF Scheme.

 

5. Equity-based Gold Funds:

This is an indirect method of investing in gold. It means that the funds are not being spent in Gold but invested in the companies, which are related to the mining, extracting and marketing of the Gold. Besides everything, its performance is entirely dependent upon the return of the fund house and the equities they are investing. Investment in these funds is suitable for investors with high-risk appetite. Since these are equity-based funds, equity risk is always there.

 

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2019 Cryptocurrency Prediction: What could one expect from bitcoin?

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Various factors related to are changing and these factors are promising a positive impact on the cryptocurrency and bitcoin market in the upcoming year.

The crypto industry performed nothing less than wonder in 2017. But, 2018 proved to be a troubling one for the industry of cryptocurrency. Its market faced a severe value down in the year. Numerous of the cryptocurrencies went down around a loss of 75%! Several points could be blamed for this conditions like the change in regulations, short-sight view regarding cryptocurrencies etc. Undoubtedly it would be early to conclude the ending of the crypto market after just one year of loss.

 

Expectations in 2019:

Even though the presence of all the losses in this industry lead few to doubt about the future promises of cryptocurrencies, the upcoming year is surely going to be one of the trends changing and up heading year for the industry of blockchain. Various factors related to are changing and these factors are promising a positive impact on the market in the upcoming year. So, let’s have a glance at the future predictions of cryptocurrency having a positive impact in 2019:

 

The accelerated trend of Blockchain:  

Blockchain stocks didn’t appear to be doing well last year, The reason was the low interest of companies towards it. But by the end of the year, the situation has changed dramatically. Nowadays, most of the companies are spending a huge amount of money on blockchain initiatives, also, the amount and trend are continuously increasing. According to a survey conducted by PwC, just only in 2019, the demand related to blockchain services is expected to be around $1.7 billion and by 2022, it could reach to around $12 billion! These surveys clearly exhibit the pace at which the blockchain is going to accelerate in the coming year.

 

The rise of Ripple as newly trusted cryptocurrency:

Ripple and its XRP token have been emerging as the most trusted cryptocurrency at a very fast pace. Due to its ‘low-risk high reward’, it is on its way to becoming the new bitcoin in the future. Most of the organizations having a huge amount of monetary investments are now leaning towards Ripple & its XRP tokens. Undoubtedly, we can see Ripple reaching a price forecast of $20 in the upcoming year provided the normal factors affecting the same like its improving technical solutions, the flow of money of various organizations into its tokens etc. are not drastically affected.

 

Entry of institutional money into cryptocurrencies:

If the normal trends of the crypto market continue, institutional money will finally enter into cryptocurrency in this year. The sign of entrance of this money in the market began to be felt in the last months of 2018 and surely in 2019, this will take place. Various kind of cryptocurrency investment platform for institutional money is already present in the market whereas a huge number of such platforms are under development with additional features. Institutions seem to be more interested in cryptocurrencies rather than the retailers. However, they were not having a sufficient amount of efficient investments platforms to perform. The existing tools were not so much good to meet their security expectations. While 2019 has already given birth to a lot of such platforms, the share of institutional money in the crypto industry is surely going to a huge. The no. of transactions in the crypto market is increasing considerably. The capable software developers are providing easier and secure platforms for these transactions. These signs altogether indicate that 2019 could be that year of entry of institutional money into the market and would ignite the down valued loss of the crypto industry that it faced in 2018.

 

Bitcoin- future in 2019:

Bitcoin suffered the most last year. It went down to almost 75% of what it had during December 2017. Now in 2019, people must note down that several things have changed rapidly in cryptocurrencies. The rivals of bitcoins have emerged, the market has changed, technology for security has evolved, and most important for the very first time after the rising of bitcoin, the crypto industry trade is not limited to just one side rather has become trade from both sides. These points ensure that those days are gone when you expect bitcoin to be 10x profitable. However, still in 2019, bitcoin will remain the leading cryptocurrency. It will still hold the majority of investors participating in the crypto market.

 

The emergence of feasible platforms:

A lot of new and feasible platforms designed for the transaction of cryptocurrencies are scheduled in 2019. Zilliqa, which is capable of performing transactions around 3000 per second in a safer way; OmiseGo, aiming to create a decentralized exchange and scalable PoS blockchain etc are famous to be launched in 2019. Also, major companies like Volkswagen have tied up with crypto market organizations to produce some wonders and that to be scheduled in this year. It would not be wrong to say that these platforms and products would enhance the crypto industry and its interest among investors.

 

Conclusion:

Although the crypto industry suffered a lot in 2018, one could take the inspiration of struggling resilience, it depicted. Several things have changed now. New rules, regulations, platforms, and technologies have emerged. Even though their results on the crypto market might not be known with certainty, conditions seem to be in favor of the crypto market the upcoming year. Various factors like stakeholders, development, market inflations etc are still the most affecting ones. If the mentioned predictions go as thought, the crypto industry could repeat its wonder as it did two years back in 2017. In short notes, the cryptocurrencies’ future looks more secure and reliable in 2019!

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