What is Bitcoin?
Bitcoin is a peer-to-peer payment system and digital currency that is created through mining on either a CPU or GPU in which the computer will solve complex mathematical problems and algorithms in order to mine a block. Bitcoin uses software known as a wallets in which through the decentralized system of Bitcoin your coins and not counted but tallied, meaning instead of a centralized system checking you for a valid number of coins it will view all your transactions (as they're public) and will use these to determine how many Bitcoins you actually have. Now you ask why is this information even relevant to speculation? Well, will tell you.
This is a philosophical statement, it will and cannot be ever used as valid currency due to its inherent problems. Yet we can still view this as an experiment. The network of Bitcoin is completely decentralized on the basis that there is no central bank giving out or generating the coins. This is big, very big. This is something people have had always discussed (as banks are viewed as corrupt entities, and really, who denies this?) and so people really are interested in this. No central bank. Anonymous in the fact anyone can make a wallet with ease and never give any information. Etc.
This makes people buy into the Bitcoin market as they find its zeal revolutionary and often it is in alignment with their political ideology. What does this tell us exactly? It means that for the time being and while the experiment if you will is continuing, people will continue to buy into Bitcoin for these reasons ensuring a constant flow. In a way this is like a guarantee on your investment if you invest at the right time which I will discuss in another section of this ebook. With the understanding of the philosophical and political repercussions of Bitcoin you will be better equipped to understand
Bitcoin.
What is speculation?
Speculation is the practice of engaging in risky financial transactions in an attempt to profit from short or medium term fluctuations in the market value of a tradable good such as a financial instrument, rather than attempting to profit from the underlying financial attributes embodied in the instrument such as capital gains, interest, or dividends. (Source: Wikipedia.org). Now what is the difference between speculation and investments? It is the margin of risk you are willing to shoulder. Investments are usually longer term and are considered generally safe choices. But this is for the more traditional type of investment like stocks. We are not dealing with a stock, we are dealing with a cryptocurrency which is valued in USD.
If you are already familiar with Bitcoin you will know that the Bitcoin market is very, very volatile and you can make a lot of money or quickly lose everything you invested. The type of investments I am going to teach you are ones whom are very short term and will yield small profits but at the same time will accumulate into a large profit.
But we can look at it another way, if we speculate Bitcoin we are effectively (as the name implies) inspecting the price of Bitcoin in the hopes that it will rise and will give a handsome ROI. Knowing how to speculate the price will greatly help you in investing into Bitcoin.
Why bother speculating it?
This is a great question undoubtably asked by some of you, why bother speculate Bitcoin, isnot it no different from any other stock? The Bitcoin market is very volatile, very volatile and it is very rare for anyone to ever see this much price fluctuation in a stock (to make it simple we'll consider
Bitcoin stock). In one day Bitcoin can either surge $100 in stock price or it canlose 50% of its value, making this very attractive to those whom like to speculate prices. You can turn a lot of profit from speculating it and the market almost always corrects itself if you it does lose value, patience will be your friend.
Because of this it is no wonder why more people are actively speculating Bitcoin everyday.
Where to purchase BTC safely?
There are several places in which you can purchase BTC safely. One such place I commonly use is VirWox (https ://www.virwox.com/). This is the safest and fastest way to obtain BTC in my opinion. The way you purchase the BTC is to
sign up --> login --> under My Account: find Deposit --> Click that --> You now have several options to deposit money (most people have these basic online banking businesses such as paypal) --> You then deposit the USD --> Go to
Exchange: and you will find USD/SLL --> Convert all your USD into SLL
(Linden Dollars) --> The find BTC/SLL --> Then convert all your SLL into BTC -->
You're done, you have BTC from using your CC or Paypal from a trusted source.
The first time you withdraw BTC from the site you'll have to wait 48 hours for security reasons. This is by far the safest and best method I have came across unless you wish to use your bank account to transfer funds to an exchange
(Which I advise against).
Where to exchange?
My favourite site is BTC-e.com/ru. The rates are the lowest on the market and the fees are minimal. There is a great and constant flow of exchanges. This site has always been on time with giving out payments with me and I think you would like it too. Other exchanges are often corrupt, unsafe, or they dont allow you to withdraw your money like MtGox.
It is straight forward to make an account and exchange, dont look at the chat box othewise known as the troll box because many people there just spread misinformation to make you sell or buy for them to make profit and make you lose
Where to find BTC price graphs/maps?
I personally use http://bitcoinwisdom.com/markets/btce/btcrur as the place to
view the current price and rates of BTC with PYB or USD. This provides you with a very nice overview of the latest exchanges and prices of the market. The optimal settings I suggest is for each candle to be separated is 15 minutes to see the price changes. When you get out and buy in as I will detail later in this ebook
I will tell you the best settings to view the trends.
Sales Bitcoin Online at High Fees Locally on Social Media to Anonymous Person!
I have Bitcoin. I want to exchange Bitcoin for USD. You go first. 10% rate.
Thank you for taking the time to read my ebook, I put a lot of work into this and I hope you learned a lot. If you ever have any questions please contact me, I will be more than happy to help.
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