Hey Blockchain Whispers community!
I'm from Mexico and I have been working in a crypto blog in spanish. And I'm going to launch it this month, I'm excited!
I have been following the BW Telegram group and I want to share my articles first here in the Wiki of BW, obviously in english :P
I will be happy to know if you like the idea, I will post first here and then the spanish version in my blog CryptoFinanzas.io
In every post I will use a Level indicator, why?
Because I know your time is precious and if you're intermediate or an expert in crypto maybe you don't need to read the basic stuff.
But if you want, you're welcome!
This first article is a little longer that’s why I divide it in 5 Parts.
Let's get started, enjoy.
[Step 1/5] Basic Guide: How to Invest in Bitcoin - Intro
Level: Newbie - Intermediate - Expert - God
In 1999, the American professor Milton Friedman, winner of the Nobel Prize in Economics, said:
“I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed, is a reliable e-cash.”
Nine years later Bitcoin was born ...
In this guide I am going to give you the 4 steps that you must follow if you are new and you want to start investing in the world of Bitcoin and Cryptocurrencies.
The idea of writing this arises from the fact that in December of 2017 I decided to invest in Bitcoin and I realized that it was more complex than what I had read.
I'm going to simplify this complex world so you have everything you need to know about buying your first Bitcoins and you do not make the same mistakes I did.
Before getting down to work, let's see a little introduction of what Bitcoin is.
Before starting, a warning:
As in any other investment, do not invest anything that you can not afford to lose.
That said, no one, except you, can take responsibility for your decision to invest in Bitcoin, so think carefully before investing.
If you want to start investing like professionals first it is important to understand risk. Bitcoin can double its price in the next few years but it can also reduce its price by half. So just invest what you can afford to lose, there is a chance you will not get it back.
If you already understood the risk, now, let's start!
Bitcoin: The "Digital Gold"
Bitcoin is a totally new currency, and it could be the future of money ...
Bitcoin (₿) is a cryptocurrency, a form of electronic money. It is a decentralized digital currency without a central bank or a single administrator that can be sent from user to user in the bitcoin network without the need for intermediaries.
It is a chain of blocks, hardly falsifiable and similar to a large accounting book, public and distributed, which reflects the history of all transactions.
Bitcoin was invented by an unknown person who has the pseudonym of Satoshi Nakamoto and was launched as open source software in 2009.
Bitcoin is gaining strength every day and is seen by many as "digital gold" for having the distinctive characteristics of money: scarce, durable, portable, divisible, easy to recognize, easy to store, fungible, hard to fake and widely used.
"Instant transactions, the account is not frozen, there are no charges for international transfer, there is no minimum balance, there is no maximum balance, worldwide access, always open, you do not have to wait for business hours to perform transactions, you can open an account in seconds , we do not need a bank account, without hyperinflation, without rescuing banks, completely voluntary. This is like the best payment system in the world!"
- Trace Mayer J.D., Monetary Expert, Leader in Bitcoin and Gold.
This is one of the things that I am most excited about Bitcoin. It allows you to send transfers anywhere in the world without high fees. You can send money on weekends and holidays. And it does not require a bank!
The cryptocurrencies are one of the most important inventions since the beginning of the web. They are entering a new era of decentralization, privacy and control of their own data that has the potential to revolutionize many parts of society. Currently there are over a thousand cryptocurrencies in use, and hundreds more are launched each year. Its combined market capitalization has increased from $ 10 billion in 2016 to more than $ 150 billion in 2017. As of the day I am writing this guide, the market capitalization is more than $ 113 billion with a Bitcoin dominance of 53.5% over the other cryptocurrencies.
For that reason (and for other things that we will talk about in future posts) has aroused the interest of many investors and those in financial management due to its potential.
How easy is it to invest in Bitcoin and what is required to do it?
What happens if you have $ 1,000 and you want to invest in Bitcoin?
Is it a viable option and you should invest all at once?
Or is it better to diversify your investment in other cryptocurrencies?