How Do You Select The Best Bitcoin investment Company Websites or Investing In Bitcoin 2016 -?
Most people are curious as to what bitcoin is and how one gets to make money with it and Investing In Bitcoin 2016 – in 2018. Bitcoin is the most famous and biggest digital currency in the world regarding market capitalization and the market share where there are no intermediaries to handle the transactions. Microsoft Co-founder, Bill Gates has a lot of faith in Bitcoin to the point of saying, “Bitcoin is a technological tour de force.”
According to Leon Louw, a Nobel Peace Prize nominee, every informed person needs to know at least about bitcoin since it has the potential to become one of the world’s most significant developments.
One can buy bitcoins directly from other bitcoin users via marketplaces or through exchanges, and one pays for them through hard cash, credit or debit cards, electronic wire transfers, other cryptocurrencies, PayPal, et al.
Is Bitcoin: Future Currency for South Africa?
• Wesellcrypto: – This site ranks high, and it is beginner friendly. It has a trust rating of B+, and you can buy bitcoins via your PayPal account.
• Bitquick: – This site is also beginner friendly allowing users to buy and accept payments for bitcoins via hard currency as well as bank transfers. It has a trust rating of B.
With bitcoins, you can anonymously buy merchandise; make cheaper international payments since the Bitcoins are not subject to regulation from any country and Investing In Bitcoin 2016 –. The bitcoin market is very volatile and more people are buying them hoping to make a profit when the price goes up.
Bitcoin is the premier cryptocurrency of the world. It is a peer-to-peer currency and transaction system based on a decentralized consensus-based public ledger called blockchain that records all transactions.
Bitcoin: What To Buy With Bitcoins?
Now the bitcoin was envisaged in 2008 by Satoshi Nakamoto but it was a product of many decades of research into cryptography and blockchain and not just one guy’s work. It was the utopian dream of cryptographers and free trade advocates to have a borderless, decentralized currency based on the blockchain. Their dream is now a reality with the growing popularity of bitcoin and other altcoins around the world.
Now the cryptocurrency was first deployed over the consensus-based blockchain in 2009 and the same year it was traded for the very first time. In July 2010, the bitcoin price was just 8 cents and the number of miners and nodes was quite less compared to tens of thousands in number right now.
Within the space of one year, the new alternative currency had risen to $1 and it was becoming an interesting prospect for the future. Mining was relatively easy and people were making good money making trades and even paying with it in some cases.
Is it Wise to Buy Into Bitcoins?
The magical figure of $1000 was first breached in January 2017 and since then it has increased four times already till September. It is truly a remarkable achievement for a coin that was only worth 8 cents just seven years back.
Bitcoin even survived a hard fork on August 1, 2017, and has risen nearly 70% since then while even the fork bitcoin cash has managed to post some success. All of it is due to the appeal of the coin and stellar blockchain technology behind it.
While conventional economists argue that it is a bubble and the whole crypto world would collapse, it is just not so. There is no such bubble since it is an observable fact that it has, in fact, eaten away the shares of the fiat currencies and money transaction corporations.
The future is extremely bright for bitcoin and it is never too late to invest in it, both for short-term and long-term.
Interesting Facts About Investing In Bitcoin 2016 – in South Africa:
OK, so what's Bitcoin?
It's not an actual coin, it's "cryptocurrency," a digital form of payment that is produced ("mined") by lots of people worldwide. It allows peer-to-peer transactions instantly, worldwide, for free or at very low cost.
Bitcoin was invented after decades of research into cryptography by software developer, Satoshi Nakamoto (believed to be a pseudonym), who designed the algorithm and introduced it in 2009. His true identity remains a mystery.
This currency is not backed by a tangible commodity (such as gold or silver); bitcoins are traded online which makes them a commodity in themselves.
Bitcoin is an open-source product, accessible by anyone who is a user. All you need is an email address, Internet access, and money to get started.
Where does it come from?
Bitcoin is mined on a distributed computer network of users running specialized software; the network solves certain mathematical proofs, and searches for a particular data sequence ("block") that produces a particular pattern when the BTC algorithm is applied to it. A match produces a bitcoin. It's complex and time- and energy-consuming.
Only 21 million bitcoins are ever to be mined (about 11 million are currently in circulation). The math problems the network computers solve get progressively more difficult to keep the mining operations and supply in check.
This network also validates all the transactions through cryptography.
How does Bitcoin work?
Internet users transfer digital assets (bits) to each other on a network. There is no online bank; rather, Bitcoin has been described as an Internet-wide distributed ledger. Users buy Bitcoin with cash or by selling a product or service for Bitcoin. Bitcoin wallets store and use this digital currency. Users may sell out of this virtual ledger by trading their Bitcoin to someone else who wants in. Anyone can do this, anywhere in the world.
There are smartphone apps for conducting mobile Bitcoin transactions and Bitcoin exchanges are populating the Internet.
How is Bitcoin valued?
Bitcoin is not held or controlled by a financial institution; it is completely decentralized. Unlike real-world money it cannot be devalued by governments or banks.
These cashless transactions are fast and the processor can convert bitcoins into currency and make a daily direct deposit into the establishment's bank account. It was announced in January 2014 that two Las Vegas hotel-casinos will accept Bitcoin payments at the front desk, in their restaurants, and in the gift shop.
It sounds good - so what's the catch?
Business owners should consider issues of participation, security and cost.
• A relatively small number of ordinary consumers and merchants currently use or understand Bitcoin. However, adoption is increasing globally and tools and technologies are being developed to make participation easier.
• It's the Internet, so hackers are threats to the exchanges. The Economist reported that a Bitcoin exchange was hacked in September 2013 and $250,000 in bitcoins was stolen from users' online vaults. Bitcoins can be stolen like other currency, so vigilant network, server and database security is paramount.
• Users must carefully safeguard their bitcoin wallets which contain their private keys. Secure backups or printouts are crucial.
• Bitcoin is not regulated or insured by the US government so there is no insurance for your account if the exchange goes out of business or is robbed by hackers.
• Bitcoins are relatively expensive. Current rates and selling prices are available on the online exchanges.
The virtual currency is not yet universal but it is gaining market awareness and acceptance. A business may decide to try Bitcoin to save on credit card and bank fees, as a customer convenience, or to see if it helps or hinders sales and profitability.
Are you thinking about accepting Bitcoin? Do you already use it? Share your thoughts and experiences with us.
Investing In Bitcoin 2016 – in South Africa
Gold and Bitcoin have been used synonymously as safe havens and currencies. What is a safe haven? It is a place to park wealth or money when there is a high degree of uncertainty in the environment. It has to be something that everyone can believe in even if the current institutions, governments or players in the business game are not available. The wealth has to be kept safe in times of trouble. What are the risks to someone's wealth? There is theft by robbery if it is a physical asset. There is damage by fire, flood or other elements. There is the legal issue in not being able to determine if the asset is really yours or not. There is access risk in that you may own the asset but may not be able to get your hands on it. You may own the asset but may not be able to use it due to some restriction. Who else do you have to rely on to be able to use your wealth - spending it, investing it or converting it into different units of measure (currencies)?
In cases like cash or currencies, you may have the asset and can freely use it, but it does not have value due to a systemic issue. There may be too many units of the currency such that using them would not purchase very much (hyperinflation). There is also devaluation - where a currency is arbitrarily devalued due to some economic or institution issue. Most of these issues come from too much debt and not enough assets to pay for them. A currency devaluation is like a partial or slow motion bankruptcy for a government or issuer. In a foreclosure scenario, the creditors (or users of the currency) would be getting a fraction of what the asset (or currency) was originally worth.
Gold is a classic safe haven because it does not need institutions to exist, is very hard to forge, cannot be destroyed by the elements and does not have issues of access or restrictions. Physical theft and restriction may be factors, but gold fares better than currencies or digital currencies at this point in time.
How Much Bitcoin Can I Buy?
Almost everyone now knows about Bitcoins and Bitcoin trading. While most people have had success with the currency, there are others that have faced challenges. If you are planning on getting into the market here are some of the things you should be wary of:
The bitcoin wallet
To use the coins, you need a digital wallet. It can be an app, hardware or cloud based. Some Bitcoin companies help beginners by automatically generating the wallets for them. You can store the purses online or offline. For security reasons, save yours online and ensure that the password protects it. Avoid an online wallet as it can easily be hacked. If you have to use the unit keep a limited amount of money in it.
While this is the case, it doesn't mean that you shouldn't be conversant with the prices in the market. Regularly visit forums and related places to find the current prices of the coins. Who knows you might find it profitable selling it at the current prices?
How Much Bitcoin Can I Buy?
In its 17th-century Gouden Eeuw (Golden Age), the United Provinces of the Netherlands rode high on a wave of self-confidence. The Dutch had thrown off the yoke of Spanish control, establishing themselves as the premier trading nation of Europe... and, indeed, of the world.
With self-confidence came folly.
Dutch traders had recently introduced tulips from the Ottoman Empire to Holland. They rapidly became a coveted luxury item amongst the mercantile elite.
But they were difficult to grow in Northwest Europe. Consequently, single bulbs of unusual varieties could fetch prices that made working for a living seem insane.
During the chilly winter months when tulips would not grow, the canny Dutch invented formal contracts to buy tulips at the end of the growing season - the first futures market.
As the winter of 1636 began, the price of these futures contracts began to increase rapidly. By February 1637, a contract for a single bulb could fetch the equivalent of 10 times the average household's income.
Then the bubble burst. Tens of thousands of investors lost everything - and more.
Are we amidst such a mania once again? Those of us who watch the bitcoin market are becoming nervous...
On May 25, a single bitcoin was worth twice as much as an ounce of gold - $2,430. It had been worth as much as a single ounce of gold only a few weeks before that.
Besides, who holds bitcoins because the blockchain might make money for someone else someday?
Bitcoin Do's and Don'ts
It's too early to tell if bitcoin is a sustainable investment. But I can tell you a few things to do... and not to do... with the digital currency.
Do invest a sensible portion of your portfolio in it, if you understand and can afford the risks.
Do approach bitcoin as a buy-and-hold strategy. If it drops, don't sell. Wait for it to come back.
Don't look to make a quick killing with bitcoin. It's far too unpredictable and detached from the sort of known and understood fundamentals that underpin our market analyses here at Banyan Hill.
Don't make bitcoin a part of your retirement portfolio unless you can really afford the risk and potential loss.
Dutch investors in 1637 had no antecedent with which to compare the market for tulips. Thanks to them and others like them who've seen bubbles come and go over the centuries, we do.
My advice is: Treat bitcoin as a flower that may well bloom... but keep your garden diversified.
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