What is it ?
Bitcoin is a technology developed by Satoshi Nakamoto, It is generated in the form of crypto currency or digital coins. It is a digital currency that you can send to other people. This may be as a gift, for services or for a product. You get the idea — it’s just like the money we use in our bank accounts (USD, EUR etc.). But it’s digital; it isn’t physical. However, that isn’t all that makes it different. It’s also decentralized, meaning it doesn’t rely on a bank or third party to handle it. With Bitcoin, each transaction happens directly between users — it’s called a peer-to-peer network. This is all possible thanks to the blockchain. Bitcoin introduced blockchain technology to allow users to send and receive Bitcoin without using a third party. Because you don’t need a third party, you don’t need to identify yourself. You can make payments without revealing who you are etc.
How it Works ?
When someone sends Bitcoin, the transaction is verified and then stored on the blockchain (the shared database). The information on the blockchain is encrypted — everyone can see it but only the owner of each Bitcoin can decrypt it. Each owner of Bitcoin is given a ‘private key’, and this private key is how they decrypt their Bitcoin. But, if the banks don’t verify/process the transactions, then who does ? Remember when I told you that blockchains are run by lots of different people and companies instead of one single company/person? Well, the people and companies that run the blockchain do it using computer power. They run special software on a computer that process transactions on the blockchain.
Quick tip: The computers used to run the software are called ‘nodes’. Running this software uses a lot of electricity, though.
So, how do the people and companies running the nodes pay for their electricity bills ? Welcome to mining…The nodes are rewarded for verifying transactions — they’re rewarded with new Bitcoin. This is how new Bitcoins are created. You can compare it to gold mining, in which the miners are rewarded with Gold. In Bitcoin mining, the nodes are the miners — they mine for new Bitcoin. When a new block of transactions is sent to the blockchain, the miners/nodes will verify the block using an algorithm called PoW (Proof of Work). In PoW, the first miner to verify the block is rewarded with new coins.
How to trade in Bitcoin ?
Well its very easy, Since bitcoin can be exchanged for goods and services as a currency. This feature allows bitcoin to be traded in the exchanges as a Forex currency just like EUR/USD, GBP/USD etc. For trading in bitcoin and generating income from price fluctuations one should open a Forex trading account who deals in bitcoins like FXpro, XM, eToro, Avatrade etc.
- 2-3 recommendations per day.
- Signals for Crypto Currencies like Bitcoin, Ethereum, Litecoin, etc.
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- The Risk and Reward Ratio is 1:1 to 1:2
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- Risk Management.
- 24X7 Call and Chat support and Regular follow ups.
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- Positions open at a time will recommended by our experts, so that risk can be managed properly.
- All Important News and Economic Data like FED Minutes, ECB Monetary Policy, Foreign Currency Reserves.