Wondering how easy it is to buy and sell bitcoin? Wondering what all the fuss is about bitcoins and whether you could be making some money if you were to buy some? We will explain what you need to know about bitcoins before you attempt to bitcoin icon set downloads your hands on some – and the various ways in which you can buy bitcoins, earn bitcoins, or make your own bitcoins, and how you can sell them in an attempt to make a profit.
Others will point out that the people benefiting most from bitcoins right now are criminals. As for ordinary people, bitcoins offer a way to pay for a few things such as hotels on Expedia, buy Dell hardware and Microsoft software, and Paypal customers can spend Bitcoins. Right now the only reason people are investing in bitcoins is because it is seen as a way to make money. The value of Bitcoins has soared over the past few months.
27 might have bought you 5,000 Bitcoins. If you’d have bought back then you’d be sitting on a nice little nest egg. But even if you had bought bitcoin more recently you could have seen a nice little boost to your investment. Just how high will it go! 40,000 per coin by the end of 2018. But if the old adage is true, what goes up must come down.
On of the biggest red lights when it comes to considering whether or not to buy bitcoins is that it is an extremely volatile currency and while it might look like the only way is up, the value is very likely to plummet – at least that is what financial experts are predicting. Many are likening bitcoin to the dot. 1990s – after which Amazon shares fell, or the housing bubble of 2007 which caused a world recession. The other factor affecting whether you might consider bitcoins to be a safe investment is the fact that they are known to be used by criminal types. As we’ll explain later, it’s possible to mine bitcoins but the cost of doing so is prohibitively expensive, unless you are a criminal with access to vast numbers of consumer machines that you have infected with malware. Also, because bitcoins are anonymous, it means that they are particularly attractive to anyone who wants to launder money, evade tax, avoid the rules and regulations that govern normal currencies, or buy weapons.
So we very much doubt you will be looking to buy one bitcoin. You can however buy chunks of bitcoin. You can essentially spend whatever you like on bitcoin. There are a number of ways to get your hands on bitcoin. You can sign up for a service that will provide you with a wallet for them and let you buy and sell, you could charge people in bitcoin for a service you provide, you can buy bitcoins from certain cash machines, or you can mine bitcoin. The latter might sound like a way to print your own money, but the price of mining bitcoin is prohibitively high because you’d need a collection of very powerful super computers and you can expect a very high electricity bill.
This is why you’ve probably heard of people’s computers being hijacked by criminals and used to mine cryptocurrency. So unless you are a criminal we doubt you will be looking for advice about how to mine bitcoins, so we won’t go into that here. Only 21 million bitcoins can be mined in total and as we get closer to that number mining bitcoins gets more and more difficult. If you want to buy bitcoins you need a Bitcoin Wallet. It’s really important to make sure your wallet is secure – some online wallets have suffered security breaches. For this reason you should insure that two factor authentication is available.
You should also back up your wallet – and encrypt that back up. The easiest way to buy bitcoin may be to use one of the kiosks that are placed around London. You can purchase bitcoins by depositing cash into the machine. You can also sell your bitcoin at some of these machines.
There are lots of these ATMs around London, with a number are able to sell as well as allow you to buy bitcoin. You’ll need to provide a bitcoin address for deposit, you might need to scan a fingerprint, of you might have to enter your mobile number and then enter a code that is sent to you. Beware transaction charges when you use one of these machines. Coinbase is proving to be a popular app on the iOS App Store currently so we decided to take a look at how to use that.
Note that there are fees for buying and selling, the standard Buy and sell is 1. Debit card buy is 3. Once you have downloaded the app, open it and you’ll see a page that shows you the current bitcoin price and what the current all time high is. Enter your details, including an email and a password. That password needs a minimum of 8 characters and you need to make it really secure, with letters, numbers and other characters. You will receive an email which you need to open to verify the email address.