Bitcoin mining is a set of very complex computer calculations that encrypt each transaction. It is thanks to mining that the exchanges made in Bitcoins are encrypted and therefore secure. To mine Bitcoin, you will need to arm yourself with very expensive computer equipment. Likewise, the energy cost of the process is also very high. If you are interested, check out our file to learn more about Bitcoin mining.
You will understand: Bitcoin is only the result of a large-scale computer calculation performed by hundreds of computers. As with silver and gold, and with all traditional trading currencies, the amount of Bitcoin that can be mined is limited. Satoshi Nakamoto voluntarily imposed a limit in the Bitcoin code. It is indeed impossible to exceed 21 million units of Bitcoins: the computer code of the blocks of the Blockchain simply does not allow it. It is estimated that the limit will not be reached until 2140. In short, we have time to see it coming.
How to buy Bitcoin?
To buy Bitcoin, or a fraction of Bitcoin, it’s pretty simple. All you need to do is go to an online trading platform. Most of these platforms are accessible through an app available on the Google Play Store or the App Store. There are many bitcoin currencies for the Trade Bitcoin.
You are advised to opt for Coinbase first. It is the simplest and most accessible platform to provide you with cryptocurrency. However, its transaction costs are among the highest. Besides, it’s the ideal application. With a few clicks, you can exchange your Bitcoins; convert them to Euros, Ether, Bitcoin Cash (an alternative to Bitcoin born from the Blockchain) or Litecoin. The app keeps track of the prices of all available cryptocurrencies. On the other hand, if the price of Bitcoin soars, the app is regularly down and it is difficult to carry out any transaction. To register with Coinbase, you will need to link a bank card. Each transfer must be confirmed by your banking application or by an electronic box.
How to make money with Bitcoin
There are several methods to grow the Bitcoins you have purchased. Experts have defined several ways to invest in cryptocurrency. Depending on your goals, your initial bet and your greed, you will need to define your investment tactics. Likewise, you can decide to bet on the short term or on the long term. Before continuing, we remind you that each investment involves a risk. So do not invest more than you’re willing to lose in the operation. There are no guarantees.
If you wish to bet on the long term, we will advise you the method of “Hold”. Deposit a small amount in Bitcoin, forget it for a few years and then come back to see if your initial bet has made small. Nothing prevents you from taking a look at the price and trends from time to time but in any case, you will not be reselling your Bitcoins. In this tactic, you first define a sum from which you will consider selling.
More risky but sometimes more fruitful, the trader’s method consists of buying and selling in a short period of time. You buy a fraction of Bitcoins when the price is lowest, and you resell when the price is highest. To achieve your goals, you will have to try to predict the market price. If you have strong nerves, you can try it. One another widely used tactic is regular investment. Each time the price drops, you deposit a small sum. This is an alternative method, halfway between the “trader” and the “hold”.
What can I buy with Bitcoin?
Do not believe that Bitcoin is only used to speculate. Cryptocurrency can also be used to shop online. Currently, 100,000 websites accept Bitcoin as a trading currency. It also accepted payment in Bitcoin.
High cryptocurrency stocks are a big drag. An online also allows exchanges and transfers directly from its application. Some sites even offer gift cards to offer Bitcoin at Christmas. You will understand, Bitcoin is spreading everywhere and this is only the beginning