What is Bitcoin?

Bitcoin is a peer-to-peer decentralized digital currency that uses cryptography to control the creation and transfer of money. It’s also known as “cryptocurrency”. Bitcoins are virtual coins designed for instant, near-zero cost payments to anyone anywhere in the world. Most importantly, they can be transferred without trust or central authority. Money stored online uses security like SSL (Secure Socket Layer) encryption that protects against unauthorized access to your account or transactions by hackers or others with ill intentions. 

Is bitcoin safe?

Bitcoin is actually much safer than paper cash. It has no intrinsic value, like gold or silver. There is no government backing it as the U.S. dollar does for international transactions (like credit cards). It is completely decentralized with no central authority or governing body to intercept money at borders or prevent you from sending money to the person you want to pay online, like PayPal does for online payments (i.e., “they” can’t block your account). Not limited to and untraceable by any government organization or authority. Unlike debit/credit cards, where they keep track of where your money goes.

10 easiest Ways to Invest in Bitcoins

Buy Bitcoins

You can buy Bitcoins directly from other people using online marketplaces, no different than any other product or service. Alternatively, you can also use a digital currency exchange or brokers such as Coinbase, Circle, Mt. Gox (Japan), Bitstamp (U.S.), BTC China, BTC-E (Russia) or Bitfinex (Hong Kong) to purchase bitcoins.

Get Paid in Bitcoins

Companies like OKPay and Payza allow anyone to accept payments in bitcoins directly to their bitcoin wallets. Payments can be received anywhere in the world without extra fees or charges. And it’s instantaneous, so no waiting around for checks or bank transfers to clear.

Trade Bitcoins

You can trade bitcoins on exchanges just like you would trade traditional stocks, except you don’t have to pay an investment banker. The price of bitcoins rises and falls depending on supply and demand, just like the price of gold or any other mined commodity. If you want to reduce your exposure to the bitcoin market, consider buying shares of the Grayscale Bitcoin Investment Trust (GBTC) instead of actual bitcoins. If you’re a business owner, investor or trader looking to find out more about how bitcoin can be profitable for your company then visit the updated Bitcoin Profit official site. The site is full of helpful information and resources that cover topics such as crypto trading basics, understanding cryptocurrency charts, getting set up with an exchange platform and much more.

Convert Bitcoins into Dollars

Convert your bitcoins into dollars through one of many bitcoin exchanges available online such as Coinbase, BTC-e or Bitstamp, which are listed at bitcoin exchanges. You can then use them to buy books, artwork or computer hardware with cash from a local store or with a major credit card.

Use Bitcoins as an Investment


You can also use bitcoins as an investment for your retirement plan. Bitcoins are traded on regulated stock exchanges just like the New York Stock Exchange or NASDAQ. You can also trade them through a broker such as Apex Capital Pro LLC, where you may redeem them for cash, foreign currency or precious metals. 

Add Value to Your Portfolio

You can add value to your portfolio by checking out recommendations from respected financial institutions such as the Kiplinger Letter and Morningstar. Also, search for bitcoin investment opportunities at Bitcoin Market Journal.

Mine Bitcoins

Mining bitcoins means dedicating a computer to run a hashing program that solves mathematical problems to verify transactions taking place on peer to peer Bitcoin networks. Mining is the only way new bitcoins are created, but demand is growing so fast, it will soon be hard to mine enough. Consider investing in an ASIC-based mining hardware device called the Antminer S5 to start mining bitcoins fast. 

Accept Bitcoin Payments

You can accept payments for products or services by simply installing the right software or plugins on your billing platform, e-commerce site or mobile app. See this article at BitPay to get started accepting bitcoin payments today.

Receive Payments in Bitcoins

If you’re selling a product or service and want to accept bitcoin as payment, simply display the Q.R. code on your computer screen, tablet or smartphone for people to scan and pay instantly with their smartphones using CoinBase or a similar wallet app. You can also use plugins like BitPay and Coinbase API on popular e-commerce platforms such as Shopify and Woocommerce.

Invest in a Mining Pool

You can mine bitcoins in a pool with others, which allows you to share the profits, just like in a lottery with a group of people. For example, you could join an online mining pool such as Slush’s Pool or nanopool that automatically assigns blocks to each miner. Then, after receiving Bitcoins, you can exchange them for goods and services by selling them on local bitcoin marketplaces or other bitcoin exchanges. Alternately, you can also just keep them for yourself and continue buying goods and services.

With so many ways to invest in bitcoins, finding one that fits your risk tolerance is entirely up to you.

Image Source: BigStockPhoto.com (Licensed)

 

Related Categories: Cryptocurrency, Reviews