Cryptocurrencies have been slowly getting more recognition on mainstream media, meaning that more people each day are gaining interest in watching how they work for their financials. However, one of the most prominent cryptocurrencies to date is Bitcoin; it has continuously surpassed its all-time-high value, and experts are claiming that it’s only getting better for the future.
Not many people know what “Bitcoin Revolution” means. Overall, this cryptocurrency is changing how we perceive economics today. We’re used to more traditional payment methods and currencies regulated by our local government. However, Bitcoin changes those factors almost completely, providing the consumer a totally new way of saving, spending, and investing their money.
To put things in perspective, the internet has been gaining more popularity over the past 20 years. As most people may agree, the internet is becoming the future for communication, businesses, and life in general. Whether we like it or not, the internet is always there, even in the smallest portion of our lives.
Many businesses now use online portals to offer their services; you can shop for a car online, you can ask for a taxi online, and finally, you can make purchases from all around the world while you’re online. It’s safe to say that the internet has made our lives fairly easier than it was before. In BitcoinX, we’re going to tell you everything about the Bitcoin revolution.
However, one factor that didn’t change much until recently was money. While banks have adapted to the digital era by providing “digital services” for transfers and requests, the fundamentals of their work stayed the same; these transfers are generally regulated by the bank or the government, which gives some people the sense that they don’t have enough freedom with their money.
When Bitcoin came in 2009, most people were confused because it worked similarly to other currencies. However, the fundamentals of its work were the main difference and attractive point. First, Bitcoin was the first peer-to-peer network for money exchanges, meaning that your money didn’t have to go through any third-party while making a transfer.
On the other hand, Bitcoin is a universal asset, meaning that your money is going to be the same regardless of the country you currently live in. Having this kind of asset makes international transfers much easier and faster to do, which boosts the digital economy and helps businesses to thrive.
Bitcoin had a rough start at first; not many people trusted its efficiency or privacy measures. However, as more people took the time to study it, they learned that it had great potential in the digital era. Thanks to technological advances, we now know that Bitcoin (and several other cryptocurrencies) can be used as a great alternative for international transactions.
As said before, cryptocurrencies are still trying to find their way into the general public. Thankfully, there are more people each day investing their money for cryptocurrencies, which spreads the word among people who haven’t had the courage to try it out for themselves.
If you’re one of those people who have been wanting to invest in Bitcoin, our team at BitcoinX is more than happy to tell you that today is an excellent opportunity to do so. The market is as big as ever, new information never stops coming in, and several businesses and individuals are changing to Bitcoin as their primary source of money.
The “Bitcoin Revolution” refers to the impact that this cryptocurrency is having on everyone around the world, and the best thing you can do today is to start learning about it with BitcoinX so that you can make the most of it.
On BitcoinX, you’re going to learn several fundamental aspects of Bitcoin, how you can acquire it, and how you can start planning your next investment.
The first step in our Bitcoin journey at BitcoinX is giving you a walkthrough of the fundamentals of Bitcoin; this refers to what it is, how it works, and others.
Bitcoin is the first-ever recorded cryptocurrency on the internet. It serves as an alternative to traditional payment methods, although some people already use it as their primary payment method. Bitcoin can be acquired in virtually any country in the world since it’s open-source software, meaning that it’s not regulated by any third party.
Keep in mind that Bitcoin is an entirely digital asset; as opposed to traditional currencies, you cannot find it as physical cash, meaning that you can only save, store, and spend it over the internet. However, due to the peer-to-peer network of Bitcoin, it works fairly similar to physical cash. Overall, Bitcoin can be considered “digital cash.”
Since Bitcoin is completely digital, it’s mostly stored online (unless you use a hardware wallet, which we’re going to go over in a few moments). These products used to store Bitcoins are simply called “wallets.” The main difference between a regular wallet and a Bitcoin wallet is that the latter is accessed by a security code from any device with an internet connection.
A great thing about Bitcoin wallets is that you can choose one from many different internet platforms. Each of them has a particular set of features and fees, so you may choose one that you feel appropriate and safe for you.
There are two main types of wallets that you can get for storing your Bitcoins: Software wallets and hardware wallets. A software wallet is the most common variant; it uses a private login key, which you can use to access your funds, and you’re free to store your Bitcoins there for as long as you like.
On the other hand, hardware wallets are devices where your Bitcoins are stored offline. Since it’s a physical device, it’s believed that your Bitcoins are safer there; they’re still completely digital, but they’re stored on a smart, physical wallet.
Both options are great for you, so you’re free to choose the one that you feel more comfortable with. If you’re unsure of which one to get, you may try both and stick with the one you feel safe.
A major concern from people who are beginning to invest in Bitcoin is how the cryptocurrency and online wallets manage user privacy. Thankfully, Bitcoin has proven to be even more secure than regular cryptocurrencies, and this is because they’re heavily encrypted, meaning that it’s hard to make fraud transactions.
Each Bitcoin transaction gets approved and stored in a public network called Blockchain. The Blockchain is responsible for keeping a record of every transfer so that anyone can verify the authenticity of the funds. Each transfer is converted into a “block,” and each block is implemented into the network after its processes, hence the name “Blockchain.”
However, one of the leading privacy measures for people with Bitcoin is that they don’t have to provide any personal information to the seller if they don’t want to. The only thing you need to make a transfer is the signing key, which is a line of code; this allows you to keep your transactions as anonymous as you want, which is excellent news. However, keep in mind that some businesses may still request your personal information for record-keeping.
Making an international transaction with Bitcoin is reasonably straightforward, and it doesn’t take more than a few minutes to process. Each Bitcoin wallet comes with a unique private signing key, which is used to identify your funds. When you’re making a transfer, you just have to input the other person’s transfer signing key and send the amount of Bitcoin you want.
Since the transfer doesn’t go through any government or banking agency, the transactions are processed fairly faster. However, there may be some cases where the transfer can take a bit more time to appear on the other person’s account overview, but it’s not the general case.
In a sense, Bitcoin transfers work reasonably similar to traditional transfers; the main difference is that you don’t have to provide anything additional to the signing key to make the transfer, whereas some banks request the person’s personal information to process the funds.
Bitcoin is one of the most accessible assets to date, meaning that there are several ways for you to get it. When it comes to investing, you need to be smart about your choices, so in some cases, one method may be more convenient for you than the others. Our team at BitcoinX is going to give you an overview of each possible method so that you can have a clearer idea of what we’re talking about.
Going into an exchange website is the most common way of getting Bitcoins. First, you need to decide on the amount of money you’re planning on investing. After you do that, you must set up an account on the exchange platform of your choosing. Remember that each platform may have different fees and features, so be careful with what you go with.
When you’re done setting up your wallet and bank account/card, you can start trading your local currency for Bitcoins. The exchange rate may also vary depending on your currency and the website you’re exchanging it in; this is considered the fastest method to get Bitcoins since all you need to do is invest money and get Bitcoins in return.
Another thing you can do to get Bitcoins fairly quickly is accepting the cryptocurrency as payment for your goods or services. If you haven’t opened a crypto wallet for your business, now may be the best time to do it. Several businesses worldwide (Such as BitcoinX) have already implemented Bitcoin in their business model, so it’s only a matter of time until the rest of the world does it.
Not everyone is going to come rushing into your store and pay with Bitcoins, but having that extra payment method can make life easier for some of your customers, which, therefore, boosts your business.
Mining is the process of processing “blocks” of Bitcoin and placing them on the Blockchain network. Every time a miner processes a Bitcoin block, they gain a small percentage of Bitcoin as a reward for their work. While Bitcoin mining is not a physically/mentally demanding job, it can take a severe toll on your electricity and computer.
The mining process demands way too much power from your equipment, so if you’re planning to test out mining, make sure that you have specialized mining equipment before you begin. Otherwise, you could experience some long-term issues.
In Bitcoin trading, you need to continually buy and sell Bitcoins to get a small profit gain. For example, if you want to buy Bitcoins, you must monitor the market and analyze how it behaves to predict when its price is going to lower. If your prediction is right, your trade was successful. Alternatively, if you want to sell Bitcoins, you have to monitor the market until the asset’s price goes higher.
As opposed to the other methods shown above, trading involves a much deeper knowledge level since you need to understand how the asset has behaved in the past to predict how it may behave in the future accurately. Keep in mind that trading involves a high level of patience since you may have to spend some time investigating and crafting a good trading strategy before you even start trading for the first time.
On the other hand, trading involves some particular risks that you should always keep in mind at the time of trading. Bitcoin is a highly volatile asset, which means that its value can either spike or lower drastically without any notice. As long as you take your measures, your trading experience is going to be good.
We’ve briefly mentioned this at the start of the BitcoinX page, but one of the main reasons why you should invest in Bitcoin right now is that it’s still on its “growth” stage. It’s extremely popular, but it hasn’t become the primary payment method worldwide yet, so it’s currently sitting in a sort of middle ground.
Considering that the internet is still evolving as the years pass, it is logical to assume that Bitcoin is going to keep evolving too. As of today, accessing Bitcoin platforms or exchange websites can be done with just a few clicks, and making an investment also takes a minimal amount of time, making it easier for newcomers.
We know that investing in Bitcoin is a choice that has to be taken seriously; you can’t simply trade any amount of money and get Bitcoins in return. If you want to make the most out of this experience, you need to study the market and the asset so that you find the best time to open a financial opportunity for you.
Overall, learning how to invest in Bitcoin is much more accessible for everyone now, and it would be best if you took advantage of this while you still can. In the future, who knows how easy or hard it’s going to be to get this asset. If you want more information, make sure to join our community at BitcoinX!
As Bitcoin investors, we want to make sure that our members at BitcoinX learn as much as they can on this cryptocurrency and how they can get it for themselves without having to go through that many risk factors.
By becoming a member of BitcoinX, you’re getting access to all of our trading tools, which is eventually going to allow you to become a much better Bitcoin investor in the future. If you want to learn more about BitcoinX, simply fill out our registration form, and become a member!
As said before, understanding the Bitcoin revolution is one of the most crucial steps to consider before making any kind of investment. It can be complicated to summarize everything you need to know in a single page, but we can provide you with the essential information to get you started.
To solve some additional questions that some of our BitcoinX members have had in the past, we included this FAQ section. Here, you can find some other topics regarding Bitcoin and investments in general.
The asset itself is one of the safest software products on the market right now. However, consumers have to be careful with whom they trust their money. There may be some scammers online who actively try to steal your Bitcoins. Since the transactions can be anonymous, it can be harder to track those people.
If you want to keep things safe, do your research on the businesses that you’re planning to invest in.
As of today, Bitcoin is legal in most developed countries, such as Japan, the U.K., and the U.S. Generally, Bitcoin is treated as a property rather than a currency, so keep that in mind at the time of paying your taxes.
If your service providers currently accept Bitcoin as a form of payment, you’re free to make a Bitcoin transfer to pay them. Remember that this is still relatively new technology for some people, so not everyone may have this kind of option available.
There’s no better time than today to start your Bitcoin investment journey. The Bitcoin wave is in its prime, and it’s waiting for you to get in! One of the best ways to learn the fundamentals of Bitcoin is to have a helping hand at the beginning.
We want to offer you that helping hand with BitcoinX, so if you’re looking for somewhere to learn more about this world, fill out our registration form and begin your investment journey with us!