Bitcoin is a global currency that you must learn about because it will be money power in your life going forward. Pretty soon you’ll have a debit card that you can use to access your account for transactions at the grocery store, Amazon and other retailers, paying with Bitcoin. Most importantly, Bitcoin will grow to make you money.
Wow, you say! You mean I’ll spend and invest value in Bitcoin instead of dollars? Yes, you will! The leaders of the pack are already doing this.
Bitcoin was first created in January of 2009, by a person or persons who were using the alias Satoshi Nakamoto. There are so many interesting things to learn about Bitcoin, including that the transactions are made without banks, who serve to control the national currency of the country you live! It’s fascinating to be part of this significant moment of history which many liken to the start of the internet. We are still in the early days of this frontier opportunity.
“My success story is that I’m growing wealth with Bitcoin personally.”
I’m Nancy, and I’m passionate about sharing this with you, woman-to-woman. Because my success story is that I’m growing wealth with Bitcoin personally. I embrace that women, you and me, need to build wealth and I am sharing my path to doing this with you!
Here’s how Bitcoin works. Bitcoin is a worldwide payment system; it is the first ever decentralized digital currency. It is decentralized because it operates without a central repository (bank) or single administrator. The fact that there is no central bank involved here is a very important part of understanding this new form of currency.
You may ask, if there is no bank(s) or central place where Bitcoin is kept, even online in a single website, how is it managed? Well, Bitcoin functions similarly to how the banks that you already know about work — in that banks often have many branches. This network of banks and branches interact to transact the movement of funds through checks, debit cards, and credit cards.
How does the Bitcoin system move currency through the internet when you use it to pay someone or receive it from someone else when you transact business? There are technical words to describe this. It would take an article in itself to describe in detail the mechanism behind the movement of Bitcoin. In the interest of time and space, and also a little disinterest in all those amazing but boring details for most of us, we’ll try to make the explanation as succinct as possible with fewer technical terminology.
You will hear Bitcoin referred to as Digital Cash, Virtual Currency, Tokens, Electronic Currency Cryptocurrency and BTC (฿).
Bitcoin banking is called ‘Mining’ because it takes place through computers that are located throughout the world and function systematically. The computers in this virtual network have special coding in them to capture the payment processing transactions of Bitcoin. The fascinating part about how they do this is that they have to solve a mathematical equation that is encrypted in each transaction’s serial number. It’s a bit of a race because the first computer to solve the math gets to execute the transaction and capture the service fee for doing the work. Just like mining takes work to dig out the gold, so too do the computers have to do work to get the transactions to go through them to get the mining fees.
Many of these computers are stationed in Iceland because of the low cost of electricity there to run the computers, since they are operating 24/7 to move Bitcoin transactions worldwide. Just like how your email gets to someone else through their email address, the Bitcoin transactions find their way to these computers and, thus, Bitcoin is moving around globally.
The entire chain of computers worldwide is called the Blockchain. You’ll hear this terminology to describe the main trunk of transactions that speed the movement of a cryptocurrency. This is the main highway that takes Bitcoin from here to there, and all around.
There are two types of ‘Forks’ that can occur in the Blockchain. A fork is when the lineage of transactions literally splits into different directions. This is like a fork in the road. There are hard forks and soft forks. In the cryptocurrency world of Bitcoin, a fork is when there is a change in the rules of the Blockchain or parts of the chain are in disagreement. Hard forks are intentionally imposed by the developers of the Blockchain. Soft forks get resolved in the process of the ongoing completion of Bitcoin transactions. It’s the process of innovation that goes on continually in the Blockchain as it grows.
You can spend your Bitcoins in over 70 countries and in thousands of stores and businesses.
Bitcoin is now accepted and used in at least 70 countries, in thousands of stores and other businesses, including Whole Foods, Target, Microsoft, Google, Virgin Airlines, Overstock.Com and more. Did you know that you can pay for your Starbucks and Subway sandwich with Bitcoin? Even the Pink Cow Diner in Tokyo accepts it!
Most of us have transitioned to at least a resigned acceptance of online banking by now. We can take a photo of a check, and into our bank account it goes. We can transfer money from one bank account to another. We can pay our bills automatically from our online bank account and see our account balances.
With the payment system, PayPal, you can easily pay for goods and services in this country or another one. You can send money to friends and family. These days nearly everyone has a PayPal account. You fund the account from your bank account, and if you sell goods, you can fund it that way too.
Bitcoin is simply another currency like the American Dollar, Canadian Dollar, Japanese Yen, or whatever currency is used in any given country. It is an international currency that knows no borders, except for one thing. It cannot be actually put in your pocket. But wait, it can, if your cell phone is in your pocket! It is all accomplished similarly to online banking.
How to get your Bitcoin ‘Wallet.’
To get Bitcoin, you simply go to an online Bitcoin ‘Wallet’ website, where you register for your own account. Then, you’ll use your conventional debit or credit card, or hook up your bank account directly to your Wallet. This will facilitate your purchase of Bitcoin. Within your Wallet, you can buy any amount or partial amount of Bitcoin for the going rate at the moment you transact the purchase. Be prepared to set up security verifications for this Wallet account. You’ll want your Bitcoin securely protected.
There may be a fee to make your Bitcoin purchase, similar to banks when you purchase money orders, wire money, pay bills on-line etcetera. When your purchase is complete, you will have Bitcoin (also known as BTC) in your Wallet. With this, you now have the option to purchase goods, send Bitcoin to someone else, use it from your Wallet with a debit card or let it sit in your Wallet to grow.
Your Wallet holds your Bitcoin for you, just like your checking account holds dollars for you. You purchase Bitcoin just like you would when you go to Canada and need Canadian dollars. You give American dollars for Canadian dollars and get whatever amount your exchange of American dollars will buy based on the exchange rate of that day. If an American dollar is worth $1.19 in Canadian money, then you will give your US dollars to the bank and it will give you $1.19 back in Canadian money, and often charge you a fee for making the exchange.
If you don’t want to keep your Bitcoin serial numbers on the internet, you can also purchase a ‘Hard Wallet’ and keep it in your personal safe, or private place. But remember, you can only use it through the internet, connecting to the Blockchain, so never lose your Hard Wallet. That would be like losing a big wad of bills on the sidewalk never to be seen again!
How do you pay for things with Bitcoin, you ask? Well, you simply go to your online Wallet, go to “send” and a spot for a special code called an address will appear. Whoever you are sending Bitcoin to will give you a long ‘Address Code’ which consists of letters and numbers unique to that business or person’s incoming Bitcoin wallet code. You paste the code in.
Then, put in the amount of value, either in your currency or the Bitcoin amount, and that amount of Bitcoin will transfer to their wallet account out of your wallet account when you click “send”. A barcode will also appear which you can use when you are physically in a sidewalk store. That store can just scan your barcode and you will have paid for your item. Presto! It’s that simple — your Bitcoin account will be debited and the store’s account will be credited — electronically!
Setting up your Bitcoin wallet.
Bitcoin’s value rises as the dollar declines.
Some want to know — what is it that backs up the value of your Bitcoin or other cryptocurrency? For instance, is it gold, diamonds, oil, or silver? It is quite simply the supply and demand that creates the value and therefore backs up Bitcoin. The price of anything the world over is governed by the universal law of supply and demand. The American dollar is hardly backed by gold anymore, as we all know. You can research that. Money is just printed paper. It free floats around in our economy, in big businesses and big banks — according to supply and demand.
Here’s the rub. When the American government needs more money to pay its bills, it just prints more money! This devalues the dollars that you and I have tucked away.
So, what makes Bitcoin different from than typical currency? Nothing really, in the sense that it is a means of paying and accepting value.
And at the same time, Bitcoin offers different opportunities. Unlike our dollars, Bitcoin can be used anywhere in the world as currency. And, you can transact your business privately because it does not go through the federal banking system. Most importantly though, Bitcoin has been appreciating in value while the dollar has been depreciating in value. Bitcoin has grown in value tremendously since its inception — with no apparent end in sight over the coming years. This makes it an investment opportunity to be studied.
There is a limit on how much Bitcoin can exist, just like collector’s items and limited-edition prints, a pre-set number. A print with a limited-edition printing is usually sold at a particular price. When the number of prints available becomes more and more limited through sales, the price can go up. Once the limited edition is all sold out, the price can balloon because so few are available. This accounts for the increase in value for Bitcoin.
Just like a dollar bill and limited-edition prints, each Bitcoin transaction has a lengthy number attached to it that is unique to the amount of Bitcoin in that transaction, like a serial number.
Bitcoin’s limited-edition production number is Twenty-One Million. That’s it. Really, that’s it! That’s all that will go into circulation.
In 2009, Bitcoin was released for just .00025 cents. Now it’s worth thousands.
As of now, seventeen and a half million Bitcoins have been released for purchase. Soon all twenty-one million will be released. Then, for anyone to get Bitcoin that has not already gotten some, people will sell their Bitcoin for more and more money just like those limited-edition prints. As it gets closer to that final release of all the available Bitcoin, the price theoretically goes up and up due to the limited supply.
Bitcoin was released in 2009 at the low, low price of just .00025 cents, when Lazlo Hanyecz paid 10,000 Bitcoin to purchase the first actual product with it: two pizzas! That marked the first concrete valuation of Bitcoin. Well, as they say, the rest is history — with a few ups and downs early on with this new way of buying and selling with Bitcoin, the value of Bitcoin has been on a steady upward growth. At the end of January 2018, it was valued at over $10,000
Now that we have covered the basics of how Bitcoin works, the age-old question appears. How do I gather the most Bitcoin in the fastest time, just like good ole fashioned money? Could the predictions that one Bitcoin could be worth $1,000,000 by 2020 really happen? Who knows, but the record so far shows that owning Bitcoin has led to wealth.
3 Ways to grow your Bitcoins.
There are several ways to make your Bitcoin make more Bitcoin, and grow it.
Let’s look at our options.
1. Let it sit in your wallet.
The first way is to just exchange some US dollars for Bitcoin in a Wallet and let it sit there to appreciate as the price (value) of Bitcoin goes up. You can see, by googling it on the internet, that the price fluctuates almost every day and sometimes several times a day. The total amount of Bitcoin in your Wallet will be reflected by the price at the moment you look in your Wallet.
2. Invest in mining.
The second way to make money with Bitcoin is to participate in Mining. The safest way is to buy into a well-known mining company, a large one, and become a member miner — like owning a small piece of a bank and profiting from fees that are charged for processing transactions.
I’m happy to have invested a little in Mining as well. I have invested in a larger company that processes Bitcoin transactions through their computers and I then get a fraction of the mining fee.
3. Do some trading.
The third way to have your Bitcoin make you more Bitcoin is to trade it. That simply means that you hook up with a reputable trading platform that buys and sells Bitcoin at the various exchanges throughout the world. The traders’ mission is to buy ‘low’ and sell ‘high’ as many times a day as they see fit to make trading profits. In this way, you make your piece of the profit depending upon how much of an investment you have made. Some of these trading platforms, rather than spending millions of dollars in advertising each year, will offer word of mouth or referral commission for your recommending them as a reputable trading platform to others. Bonus!!
How to find people, companies, and trading platforms you can trust.
Critical questions: So how do we weed through all the individuals, companies, and trading platforms to know which are reputable? Shouldn’t they all be reputable? Well, yes, they should. But, unfortunately, they are not all reputable. Some are scammers trying to get your Bitcoin at all costs and will not fulfill any obligation to you once they have their hot little hands on your Bitcoin. The likelihood of your getting it back? Little to none. How do you know if a company is real and honest and suitable for your Bitcoin transactions and your investment for your future returns?
My answer to that is pretty simple. Research! Research and find out how long companies have been in business, who the owners are, the transparency in the company’s mission and history, and who do you know already working with them that can recommend them.
The latter is your most important criteria. At least it was for me. Ploughing through all the false news makes my mind reel. Some people will write a review on a company and say it is bad, then simply advertise their company in that same critical review. So those with ulterior motives can never be trusted. Sometimes a bad review is done because there will be thousands of people searching to see if there is a bad review, and then if they don’t have a similar product, or even if they do and advertise it there, they will sell multiple spots on their page to random advertisers. If you see any of those things, you know that there is a definite possibility that the review cannot be trusted. If you see an amazing review about a company, there could also be ulterior motives there too, and it doesn’t necessarily mean that the company or its claimed products are sound. How do we weed through them all and trust that we have picked a reputable, sound one?
Things I learned from my Bitcoin Mentor.
For me, the name is Jake! Jake is my Bitcoin mentor. He started buying and mining and trading in Bitcoin long before I did, and he is the only reason I am able to write this article today. Jake told me about Bitcoin when it was still a baby in diapers, when it was just $234. He called me on my cell and began telling me about this online currency, this virtual currency that you could not put in your pocket but you could buy things with. At first this sounded crazy to me!
I was very busy at the time with my shoulder holding my cell phone up to my ear and both hands busy caring for an East African Crowned Crane that had a head injury and could not walk as a result. Did I tell you that I volunteer full time at an animal rescue? I digress. I only half listened to Jake, with a few well-placed “uh huhs,” and “Oh, wow’s”. And “you don’t say’s”. Really, I had no idea what Jake was talking about. It was way to “out there” for me to comprehend at that moment.
Fast forward to Bitcoin appreciating to $1,500.
Jake called me. “Did you get any Bitcoin when I told you to at $234?”
“No, Jake. I didn’t have a clue what you were talking about. Sorry.”, I admitted.
“Well,” Jake said, “it is now $1,500 per Bitcoin. It has gone up more than $1,200 since I last spoke with you about it.”
“Ok Jake,” I sheepishly replied. “What do you want me to do?”
“I want you to put $100 in a Wallet and turn it into Bitcoin,” he stated firmly.
I agreed. Jake showed me how to do that. He walked me through every step online. I now had a tiny piece of Bitcoin. Just like a dollar is divided into four quarters, ten dimes, twenty nickels and a hundred pennies, cryptocurrency too is divided into fractions of the whole. If something costs $4.79 in dollars, there is an equal amount to that in Bitcoin.
A month or so later, I came into $1,000 as a gift, a great blessing. I was told by the giver to spend it on myself and not give it to the rescue, an assigned task difficult for me to fulfill. I called Jake and asked him what I should do with the money. He had me invest it in a mining operation and walked me through the entire process. I again had no idea what I was doing but I trusted Jake.
Fast forward again eighteen months to June of this year, 2017. I got a call from Jake. He asked me how much Bitcoin and exchange value in dollars I had in my Wallet and on the mining platform. “I had no idea,” I told him. I had never visited either place again after my one and only visit to each where I deposited money. Although I had become interested in this new frontier and did more researching and studying about Bitcoin. It took me multiple days to get my online accounts. I had forgotten which email I used and my passwords.
Lo and behold! In my Wallet where I had deposited $100 just over a year before, there was $650 in Bitcoin. I could not believe it. In the Mining platform where I had put the $1,000 there was an astonishing $12,000 in value! Jake advised me to leave 75% in and let it continue working for me and earning me more Bitcoin, and to send the remaining liquid Bitcoin to my Wallet. Then he had a new cryptocurrency growth platform for me to put my earnings into. At this point I believed whatever Jake said and quickly agreed to move my liquid Bitcoin to this trading platform immediately.
Bitcoin’s worked for me, and continues to work for me.
That was June of 2017. Now every day I wake up excited to see what my daily earnings are and am incredulous about the amount of earnings I have in this platform! It’s worked for me, and continues to work for me. This platform prides itself in delivering a technology that you won’t find anywhere else. They are enabling “smaller” investors to finally get involved in the Bitcoin markets and have real success, just like me.
Through the development of their fully automated trading software, they have consistently delivered outstanding results. And they are committed to continuing to do so far into the future. I learned that it is finally possible to get involved in these highly complex and highly profitable markets, without any expertise of my own, what is necessary for me to develop my financial future.
You can contact me, Nancy Nunke at email@example.com or Joan Perry at Joan@Perryinvest.com directly, if you’d like to learn more. I hope that I have inspired you to explore how you can become wealthier too! And to learn more about Bitcoin!