How to invest in bitcoin beginners
This Blog is about crypto currency. My latest obsession I had to write this blog from a boost for my friends my family because it is new it is exciting and it's confusing. This blog is for many beginners from blues out there. I'm super savvy but anyways do your research and more ways to learn about this fascinating world so what is crypto currency what is bitcoin? Bitcoin is the largest and most popular crypto currency out there on the market it is also the transfer of value using digital currency the transfer of value is the key here so you have to believe that this thing this big coin this U. S. dollars is Canadian dollar has value it is also the very first decentralized crypto currency out there. The words we don't understand all right now decentralized meaning it takes the traditional model of central banking in the U. S. the federal reserve is responsible for printing money now bit coin was treated by Santoshi Nakamoto which is a pseudo name for someone who we don't know who this person is which makes it even more elusive and weird and creepy and crypto.
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But I don't even know who invented the dollar I could go back and find out but whatever the point is this guy or girl created this system as a response to the financial crisis in 2007 2008 that if I was the owner of the federal reserve I personally would print money for myself my friends and my family I'm just saying let's be real so there are pros and cons of having power centralized an extreme example of power that's miss used symbolically the reserve was printing lots and lots of dollar dollar bills sun and their currency lost its value the medium of exchange was value list you couldn't use money to buy groceries they printed $1000000000000 bank note that had 0 value so currently is in Bab we use is the U. S. D. I believe the user south African rand if they use everything but their own dollar they don't have a currency because that's how the value just completely dropped at an extreme case of hyper hyper inflation and you can watch documentaries on Netflix banking on big corn is a good 1 capitalism a love story by Michael Moore is a good 1 it doesn't talk about crypto currency but it does talk about the financial crisis now supply and demand is a thing in a Connie when you. On printing money. And there's no end how can you store value in that exchange. With cryptocurrency there is a fixed supply there is a market cap on how many coins can circulate in the market and that is 21000000.
That's the most interior that could ever be generated in the system beyond it being a fixed market cap system that in theory creates values only 21000000 collect all 21 special edition coins it relies on blockchain technology now blockchain technology is what.
Has blown the minds of everyone in this space with blockchain it is recording transactions in verifying and ensuring that that in fact happen that you've got this money from this person and this money went there and with blockchain it can't be duplicated it can't be counterfeit it can't be double spent everything is accounted for in verified and that takes a lot of time to process to the act of verifying these transactions. It's time consuming with bit coin so they are now considering bitcoin instead of currency that they hope to use in the system data gate is now considered a commodity like gold. The store with me bitcoin is the popular cryptocurrency but there are other kinds of currencies out there and they are referred to as altcoins alternative coins besides the big point now there is a theory and there is a lot of crying tears cripple there's only G. there is Monero there's me there are a ton of points out there and your job is to research the tech behind it and you could read the white papers which is basically a document that the creator has listed what the purpose of the technology is and does nobody really needs that well the beginners I doubt well you don't you should actually just read it just for some giggles right now we're in the very early stages of crypto currency.
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It isn't widely adopted yet the idea is crypto currency will be the new currency and we're gonna shift from what we used today UST Canadian euro pound. Pasos we're gonna ship from that system to the crypto system this system is referred to as fiat not the car fiat the the money and we're going to shift to the crypto currency system.
The only place I've seen accept cryptocurrency actually there are a few there's a Lamborghini store that accepts bitcoin Monero is another our currency out there and on the news Mariah Carey G. Eazy and a few other musicians were saying that they would be accepting Monero so I went to their site to try to purchase but I'm trying to wrap my head around okay so if all these currencies are out there which one is going to be the one that wins and that's the biggest question we don't know the system that we use today is very long for me to send money home to Toronto not only does it take a couple days for the wire transfer to clear because there's banks in between there's the west bank there's a Canadian bank and then there's the actual games so there's like. 4 banks in in the whole process the idea is cryptocurrency eliminates all those things and I can send money to my family right away without the fees and without the delay. That isn't the case right now because in order to convert your current currency your fiat currency into cryptocurrency you need to use in exchange. Now this exchange to me defeats the whole point of decentralized networks because now it is centralized point base which is a very popular apps I use Coinbase.
Is an exchange place where I can convert my US funds into like coins bitcoin Ethereum bitcoin cash they're going to be adding more but that process took me a week to convert my US funds to crypto funds point base is the easiest place to exchange your fiat for crypto. However there are other exchanges out there and also depending on the country you might have another exchange that's more popular I don't know those ones most exchanges that have affordable cryptocurrency under $100 I'm talking $1 $510 the only accept bitcoin for Ethereum not your typical cash fiat currency so you have to do to steps the first step you have to exchange your fiat currency at the exchange for bitcoin or Ethereum the second step you have to exchange that big quite or theory of that just acquired for the more affordable currency that you really want to get but now you have to back up your information on to a cryptocurrency wallet now while it is not like a traditional hard wallet although we do sell hardware wallets that you can store your information on but it's software that stores your private keys can sounds crazy.
I know but you need your own personal wallet to store your information on because of this exchange goes bankrupt and closes you still have your blockchain your private keys your information on this wallet. I'm not an expert I just did my homework and do my best to articulate that to you played for the real deal still here here in fall okay and they will break it down for you better than I have so I've taken a small amount of money that I'm okay with losing and I've already tripled that it can become very addictive so I do say put in were you willing to lose and no more than 10 percent in investing in the whole game of cryptocurrency it's blown my mind and open.
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