THE WORLD OF BITCOIN
By Shannon Ray Davis
Disclaimer: I am not an Investment Professional nor qualified to give advice on investments. The information presented here are only my opinions and I assume no liability for any loss you may incur by investing in Bitcoin or Crypto should you choose to get involved with it.
This is part 2 of a continuing series I will be doing covering the rise of Bitcoin and Cryptocurrencies.
As I write this article here on Dec 7th, 2017 Bitcoin is at $17,236 and is rocketing towards six-digit ranges according to the predictions of many.
We are in unchartered territory and there is no precedent for what is happening in the World of Bitcoin. Dismissed as a scam, a bubble, and called the domain of shadow operators the naysayers are biting their tongues now as Bitcoin shows no sign of crashing as they said would happen.
I believe Bitcoin will continue to rise and is a golden opportunity for those with understanding.
The herd is coming and millions a month are signing up with accounts on exchanges like coinbase to get a piece of bitcoin which is capped at 21million Bitcoins and no more will be created after it reaches that number.
I heard one pundit state that there are 15 Million Millionaires in the world and with only 21 million Bitcoins possible if each one of them bought 1 Bitcoin then the entire supply would almost be exhausted. This further bolsters my belief that NOW is the time to get involved and to get in at any level a person can even if it is buying $25 a month of bitcoin.
$25 USD won’t buy you a full bitcoin but it will buy you a percentage of one and at the current price it would mean you have: 0.00145045 Bitcoins. That’s right! Anyone can buy part of a Bitcoin whether they can afford a whole one or not and remember that big things start from small things and so as Bitcoin continues to rise in value so will the value of your bitcoin holdings.
I must stress something regarding Bitcoin and Crypto Coins (digital coins other than Bitcoin) that securing your coins is your top priority. Every hour of every day there are nefarious persons who are attempting to hack in and steal Bitcoins. Because Bitcoin is decentralized YOU become your own banker and security firm and must take full responsibility of securing your portfolio and if you don’t then if you are stolen from you have lost your investment permanently.
How do I buy Bitcoin?
Bitcoin and other crypto are bought on what are called “Exchanges”. These are private companies and individuals scattered around the globe that connect buyers with sellers and allow you to buy and sell these digital coins. You can also buy Bitcoin from a Bitcoin ATM machine or from private individuals.
In the USA two popular exchanges are:
- Coinbase Use my signup link and I receive $10 of Bitcoin https://www.coinbase.com/join/550eec2fd97de775f3000019
- Gemini www.gemini.com Exchange created by the Winklevoss Brothers
Simply register for a free account with one or more of these exchanges and then you can link your account to a credit card, checking account or Debit Card to buy Bitcoins.
If you are not able to find an exchange or want to buy more than the exchange is willing to sell you then try buying direct from private individuals using this servive
How do I sell Bitcoin?
From inside your Exchange account you can sell your Bitcoin to buyers on the Exchange and send the money to your checking or PayPal account when you want to cash out.
Where can I by one of the many other crypto coins being sold?
There are over a dozen or more exchanges and new ones coming online monthly and to find where you can go to buy and sell a particular crypto coin or token I recommend you look the coin up on www.coinmarketcap.com and then click on the “Markets” Tab and it will give you a list of the exchanges that work with the coin.
Where do I store my Bitcoins?
Bitcoins are stored on what is called a wallet. There are various types of wallets and levels of security afforded thru them.
- Exchange Wallet This wallet resides on an exchange is accessible by logging into the exchange from your computer.
- Mobile APP These wallets reside on your mobile device and are available for iPhone and Android phone and are downloaded from the APP stores. My top pick for this type of wallet is the “Bitcoin.com” wallet.
- Cold Storage Wallet These are the safest wallets and external devices that plug into your USB port and you unplug and store away in a safe place when not making a transaction. They are available as either the: “Trezor” or the “Ledger Nano S”
Ultimately the safest way to store your coins is in a cold storage wallet and I recommend this option to all people reading this article to prevent your coins from being hacked or seized by third parties.
How do I get the price and other statistics on a coin so I can research what is hot and coins to invest in?
What is the difference between Bitcoin and Bitcoin Cash?
Bitcoin aka “Bitcoin Core” aka BTC is the original coin as created by Satoshi Nakamoto.
In recent months the Bitcoin Core team have debated the direction to go with development of the coin and disagreements arose between their team and the “miners” and other individuals resulting in a fork of the Bitcoin and the creation of a new coin called Bitcoin Cash.
The biggest argument is regarding Block Size and complaints of long delays to transmit bitcoin and increasing fees to do so.
BE SURE WHEN TRANSFERRING BITCOIN FROM A EXCHANGE TO A MOBILE WALLET THAT YOU SEND BITCOIN TO A BITCOIN WALLET ONLY.
DO NOT MAKE MISTAKE and send your Bitcoin to a Bitcoin Cash wallet as these are different crypto coins and in doing so you will lose your coins
- Send Bitcoin to Bitcoin….Called Bitcoin Core on the Bitcoin.com Wallet
- Send Bitcoin Cash ONLY to Bitcoin Cash Wallets
In conclusion I personally believe that Bitcoin is the greatest opportunity to come along in decades and an opportunity in which many will generate large profits from.
Do not invest more than you can afford to lose but I think everyone should dip their toe in the water and buy $25 in Bitcoin and use it to learn how cryptocurrencies work and to evaluate if investing more is something they would like to do.
WOULD YOU LIKE TO SUPPORT OMEGAMAN RADIO WITH BITCOIN?
HERE IS MY ADDRESS YOU CAN SEND BITCOIN TO: