Coinbase is a multibillion-dollar digital currency exchange broker. Are you interested to learn how to get bitcoins? According to the coin base team, Bitcoin is the first alternative currency used on a global scale. The market cap of Bitcoin has been reported above $100 Billion.
“Just because you don’t understand it doesn’t mean it isn’t soLemons Snicket
There are many web sites out there who will offer you false information on how to get Bitcoins. Some will scam you before you can even get the chance to understand.
These types of web sites don’t value your time and thanks to God we have nothing in common with them.
Remember that people who know the “how” are making millions as we speak, so keep your eye on the prize.
In the following paragraphs we shall discuss; What is Bitcoin? the history of bitcoin, advantages of bitcoin, disadvantages of bitcoin and how to get bitcoins.
What is Bitcoin?
Bitcoin is a cryptocurrency. It is widely known as a decentralized digital currency without a specific company or organization in control.
All Bitcoin transactions are recorded and verified by means of Blockchain. According to coinbase, the Bitcoin network is made up of thousands of computers ran by individuals all over the world.
The coins are generated and distributed to miners as a reward or compensation for their mining work. They can be traded for other currencies, products, and services.
The History Behind The Mystic Existence Of Bitcoin
Bitcoin was created by an unknown individual or organization known as Satoshi Nakamoto.
On the third of January 2009, the Bitcoin network was created when Nakamoto mined the first block of the chain.
Cypherpunk Hal Finney was the first man to receive bitcoin from Nakamoto directly.
Further commercial uses increased when programer Lazlo Hanyecz reportedly bought two large pizzas for 10,000 bitcoins.
“Romours are Nakamoto mined about 1 million Bitcoins before disappearing in 2010Business Insider
The commercial history of Bitcoin continues…
Bitcoin analysts predict that the Winklevoss twins own 1% of all available bitcoins.
That prediction is due to the fact that in 2012 they purchased about $10 million worth of bitcoins, which tripled in value within a year.
The dark online market place named silk road (retailing illegal drugs) launched in 2011 using Bitcoin as their main currency for purchases.
Advantages Of Bitcoin
~ Users are anonymized. All purchases processed through blockchain are private.
Unless a user publishes his bitcoin transactions by choice, his purchases are never associated with his personal identities.
~ No third party interruptions. The government, banks and other financial institutions cannot interrupt user transactions or cause bitcoin accounts to freeze.
~ Purchases are not taxable. The government cannot identify, track or intercept transactions denominated in bitcoin.
~ Transaction fees are pretty low. Since bitcoin transactions have no intermediary institutions or government involvement, the costs of transactions are kept very low.
~ Mobile Payments. Like many online payment systems, bitcoin users can pay with their coins anywhere as long they are connected to the internet.
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Disadvantages Of Bitcoin
~ Exposure to Bitcoin Specific scams and Fraud. As the world’s most popular cryptocurrency, Bitcoin has seen more than a fair share of medium-specific scams and fraud.
These range from small Ponzi schemes to large hack attacks such as the breaches that took down the felled sheep market place.
~ Black market activity may damage reputation and usefulness. Despite multiple fraud prosecution measures, Bitcoin remains attractive to criminals and gray market participants.
~ Susceptible to high price volatility. Although Bitcoin is the most liquid and easily exchanged cryptocurrency, it remains susceptible to wild price swings over a short period of time.
~ No chargebacks or refunds. The biggest drawback with bitcoin is that there is no existing policy for chargebacks.
~ The Mining process pollutes the environment. The mining process consumes huge amounts of electricity, which in turn pollutes the atmosphere.
How To Get Bitcoins – Coinbase
There are two legitimate ways for investors to earn bitcoin online. The first method is to mine bitcoins.
The second reliable method is to buy or sell bitcoins on spot fx via a broker such as coinbase.
Mining Bitcoins – What is Bitcoin Mining?
The mining process is the verification of transactions by users in the blockchain network.
The mining process is extremely expensive for an average person. When Bitcoin prices go up, the mining equipment also goes up exponentially.
Trading Bitcoins On Spot FX
Trading Bitcoins is the cheapest way to get bitcoins. Traders use speculation tactics to capture short term movements.
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On the first of January 2017, Bitcoin was worth $897.4 per coin. On the 18 of December 2017, price opened at $18,923.
Within a year Bitcoin went from $897 to $18 923, no asset in the world ever created that kind of growth.
In 2018 Bitcoin scared investors away by losing more than 50% of 2017 gains. The market was at its lowest price of $3,245 during 2018 Christmas.
In 2019 we see Bitcoin has recovered more than 50% of 2018 loses, Today Bitcoin is fluctuating around $10,000 per coin.
Cast aside the fact that criminals might ruin the reputation of Bitcoin because even large banks have shown great confidence in Bitcoin.
Brokers such as CMTrading and Coinbase offer flexible methods to buy or sell fractions of bitcoin. That is why we prefer that you buy Bitcoins instead of going through the mining trouble.