There is a lot going on in the cryptocurrency world at the moment, and a lot of speculation. Is it worth getting in on some of the action?
First of: Remember, there is always a risk with any investment so be careful and only invest what you can afford to lose. Good luck to everyone! Do your research and your own due diligence before investing anywhere
There are several ways. To make full use of this opportunity a little more knowledge about it is very useful. After all, you wouldn’t buy a car if you hadn’t learned to drive!
Before we look at the opportunities, let look at what it is.
What is Bitcoin and what is blockchain?
Knowing the difference between bitcoin and the dollar (traditional currency) is crucial.
“Bitcoin” was designed as a decentralised currency. This means there is no overseeing or central organisation that can influence the currency directly. The records of the currency are now spread across millions of computers worldwide that maintain the blockchain of bitcoin.
“Traditional currency” In the current money system, the government backs (and controls) the currency, such as the Aussie Dollar. The Treasury decides whether to and how much money to print and the Central Bank controls the money supply with its power to create credit.
”Blockchain” is the system that makes bitcoin work. A simple example: “A” wants to send money to “B”. “A” initiate the process and this transactions is represented online as a block. the bock is then broadcast to the blockchain network for authenticity and approval. The entities on the network approve the transaction if it is valid. The block is then added to the chain as a permanent and transparent record, like a ledger of transactions. Actual money doesn’t move, just the acknowledgement of the change of ownership.
Blackchain is a very secure and powerful technology.
There are several ways to invest.
- Buy bitcoin, stash it away somewhere and wait for the price to go up.
- Mine bitcoin – not economical to do now.
- Invest in “mining bitcoin” companies. Mining is the term used to receive bitcoin for doing computation calculations to verify transactions.
- Buy other cryptocurrencies and wait…
I have done 1, 2 and 4. And the biggest return so far has been #3.
If you’d like to know know more and how to invest, use the contact form below:
Contact form and put “Send me crypto investment details”
And I’ll send you the details.