Crypto currency is the new trend today. It is in the talks everywhere now- from news to discussion forums, everyone wants to know more about crypto currency. The most popular and in-demand crypto currency, bitcoin, is the platform in which people love to explore trading and investing. However, it can be overwhelming for newbie trainers to learn about this digital currency. With such complicated articles and videos, how is an amateur supposed to start investing in one of the best platforms?
Newbies with limited knowledge tend to jump right into the market and end up making losses far more than profits. Hence, here is a detailed and simple bitcoin education for every newbie out there.
What Makes Bitcoin So Popular These Days?
Bitcoin was introduced in the market in the financial year of 2009 and still remains to be one of the biggest crypto currencies in the world. It was introduced by a man going by the name of Satoshi Nakamoto. This anonymous creator managed to evolve the money transfer dynamics today completely.
One of the major reasons for the immense popularity of bitcoin is its ability to cancel out excessive interest rates and trade fees that people normally come across in traditional online transaction systems.
Why Is Bitcoin Better Than Its Alternatives?
- The traditional currency is owned and regulated by government authorities. Hence, they are completely in control of the transactions that take place. In the case of bitcoins, no one body has all the power centralized to it. The power and responsibility to maintain the transactions are maintained by volunteers due to its open-source nature.
- For everyone, security and privacy are the number one priority. We look for privacy in almost everything. While using traditional online payment methods, people are supposed to reveal their whole identity and details, such as their residential address. The bitcoin address is the only form of identity that one has to share. This way, the anonymity of users is maintained.
- The secure system of a bitcoin transaction is completely immutable. This means that no one can reverse a transaction once a transaction is completed. This helps prevent scammers and frauds from taking advantage of newbie bitcoin traders.
Everything About The Bitcoin Protocols
In an open-source platform like bitcoin, one of people’s major doubts is how their transaction history is stored and maintained. In governmental organizations such as banks, the transaction information is stored by authorities.
While it may seem like a better option, many scammers and hackers have found ways to break into someone’s account and rob them of their money. In such cases, the traditional currency fails to maintain the transaction history securely.
However, this doesn’t go the same in case of Bitcoins. Since one authority is responsible for taking care of the transaction, the information is not private. The volunteers help keep track of the transactions through peer networks and through mining. All of this is done under the bitcoin protocols.
Strategies For Newbies To Earn From Crypto Investment
There might be uncountable tips that you may have received from any random guy about how people make hundreds and thousands of dollars on bitcoin. To understand it with ease, let us narrow down these methods into two major ways one can earn using bitcoin- mining the bitcoin and investing in bitcoin.
- The path of mining: There are two ways to earn through mining. People can either earn credits by adding new blocks or picking up a new transaction. This method holds less risk, but one has to be patient.
- The path of investment: Impatient traders who do not wish to indulge in mining should consider investing as an option. One can purchase this cryptocurrency and then wait for its profits to bloom. Though a risky method, this way has proven to make many people rich by luck.
The leading platform to invest in bitcoin today is crypto genius. This application helps the newcomers navigate easily through all the trades and purchases available. If you are an amateur trader looking for a good platform to get started on, this application is for you.