Bitcoin Breakthrough

Bitcoin Breakthrough

The Beginners Guide To Bitcoin Profits :

Step 1: What are Cryptocurrencies?

• - A medium for exchange online
• - Contains cryptographical functions to support financial transactions
• - Most use blockchain technology
• - Blockchain creates immutable records and is decentralized and transparent
• - Nobody controls cryptocurrencies
• - Public and private keys used for security
• - Token supply controlled with Bitcoin at 21 million

Step 2: Fundamentals of Bitcoin Investing

• - Accept that Bitcoin is a volatile currency and investments high risk
• - Find a reference price of Bitcoin at Coin Desk
• - Check Bitcoin trends at Cryptowat.ch and Bitcoinwisdom.com
• - Go for long term Bitcoin investment
• - Long term buying and holding is a good strategy
• - Avoid Bitcoin day trading until you have experience
• - Don’t invest in expensive Bitcoin mining equipment
• - Avoid doubling your Bitcoins scams
• - Avoid guaranteed returns on Bitcoins scams

Step 3: How Bitcoin Really Works

• - Bitcoin transactions compiled into blocks
• - Blocks chained together in a blockchain
• - You need a wallet to make Bitcoin transactions
• - All Bitcoin transactions have to be verified and confirmed
• - Bitcoin miners perform the verification and confirmation processes
• - It takes a few minutes to complete a Bitcoin transaction
• - Your identity is protected on the Bitcoin network

Step 4: How to Acquire Bitcoins

• Step #1: You can purchase Bitcoins using a reputable cryptocurrency exchange. Some reputable
  ones are:
  - Coinbase.com
  - Kraken.com
  - Poloniex.com
  - Bittrex.com
• - Step #2: You can purchase Bitcoins using cash at cash exchanges such as LocalBitcoins.com and
                  WallofCoins.com
• - Step #3: You can exchange other cryptocurrencies for Bitcoin at ShapeShift.io
• - Step #4: Get an online wallet at Coinbase.com or Blockchain.com to receive Bitcoin payments
• - Step #5: Carry out work and get paid in Bitcoins at Fiverr.com, Upwork.com and other freelancer
                  websites
• - Step #6: Offer Bitcoin as a payment option for your products and services
•  -Step #7: Complete mini tasks on websites that pay in Bitcoin
• - Step #8: Find Bitcoin Faucets that give away the currency for free or for completing tasks

Step 5: Bitcoin Wallets

• - Step #1: Online wallets are the least secure and hardware wallets the most secure
• - Step #2: Online and Mobile wallets are convenient for small transactions
• - Step #3: Desktop wallets are medium security
• - Step #4: Paper wallets are safe if you store them securely
• - Step #5: Hardware wallets are expensive but offer the highest levels of security
• - Step #6: Keep small amounts in an online wallet for regular transactions and the majority of your
                  Bitcoins in a hardware wallet

Step 6: Preparing for Bitcoin Trading

• - Step #1: Accept that it is not easy to make a profit with Bitcoin trading
• - Step #2: Learn to make logical trades and use your common sense
• - Step #3: Get a demo Bitcoin trading account and practice often
• - Step #4: Create a Bitcoin trading plan with maximum buying prices and minimum selling prices that
                  provide the profit levels you want
• - Step #5: Don’t just do what everyone else does
• - Step #6: Trade with small amounts at first
• - Step #7: Keep your emotions in check and don’t panic

Step 7: Real Life Bitcoin Investment Strategies

• - Step #1: Use the dollar cost averaging method to factor in Bitcoin volatility and make profits
• - Step #2: For lump sum investments understand the cycles of Bitcoin and invest when the price is
                 the lowest
• - Step #3: Investigate cryptocurrency hedge funds when you have a lump sum to invest

Step 8: Avoid Cryptocurrency Scams

• - Step #1: Thoroughly investigate any cryptocurrency exchange you want to use. Check their track
                  record and reviews. Fake exchanges will take your money and your Bitcoins
• - Step #2: Be wary of email phishing scams pretending to be from your cryptocurrency exchange
• - Step #3: Be careful of malware scams which steal your information using keyloggers
• - Step #4: Look out for cryptocurrency Ponzi scheme scams. Nobody can guarantee you a return
                  with cryptocurrencies so if it looks too good to be true it probably is
• - Step #5: Look out for cloud mining scams. They will take your money and not do any mining

Step 9: Bitcoin Investing Best Practices

• - Understand how Bitcoin works
• - Go for long term investment
• - Be wallet secure
• - Use reputable exchanges to buy and sell Bitcoins
• - Watch Bitcoin trends
• - Avoid Bitcoin trading initially
• - Accept that Bitcoin is volatile and high risk
• - Avoid scams
• - Avoid Bitcoin mining