Bitcoin Profit Secrets
Bitcoin Background
Originally meant to be a peer-to-peer payment system
Addressed the problem of double spending
Year Invented: 2008
Only 21,000,000 bitcoins will ever be created
No actual intrinsic value
Founder: Satoshi Nakamoto (pseudonym)
Advantages of Bitcoin
Very fast payments
Very low transaction fees
Decentralized, open-source, transparent
Not subject to politics and corruption
No threat of chargebacks
Protects users from identity theft
Disadvantages of Bitcoin
Extremely risky
High volatility
Still relatively new
Not fully matured and developed
What You Can Buy With Bitcoins
Common household items
Gift cards
Video games
High-tech gadgets
Plane tickets
Many more items!
Methods To Acquire Bitcoin
Buy bitcoins
Trade other cryptocurrencies for bitcoin
Get paid with bitcoins
Mine your own bitcoins
Bitcoin Mining
Role of miners
Bitcoin mining terminology
Bitcoin mining hardware used by miners
Mining pools
Cloud mining
Bitcoin Wallets
Hot wallets
Easy and free
Can be hacked
Can be accessed anywhere with Internet
Cold wallets
Very difficult to hack
Offline storage
Much safer than hot wallets
Common Bitcoin Scams
Fake bitcoin exchanges
Phishing scams
Ponzi scams
Cloud mining scams
Trading vs Investing
Trading is short-term
Buy low and sell high method
Investing is long-term
Buy and hold method
Future of Cryptocurrency
Blockchain technology will become mainstream
Combat crime and corruption
Massive adoption in developing economies
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