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How Bitcoin Affects Our Lives

The banking conglomerates of the world have been around for hundreds of years.
The same group of people is indefinitely in charge of the world’s economy, and that doesn’t sit well with people.

  • Every dime you make, spend, move, or otherwise have in your possession goes through them. They know what you’re doing and when you’re doing it. If that wasn’t bad enough, when Uncle Sam doesn’t like what you happen to be up to, those banks could completely stop you from accessing your money altogether. That’s your money. Money that you have worked tooth and nail to get your hands on.
  • Why should anyone have the power to keep you from the product of your labor? Here at Bitcoin Fast Profit, we don’t think they should. For many, Bitcoin has been the solution to taking control of their finances back from the 1%. It gives them a way to regulate their own accounts, keeps their spending private, and move their money as they see fit away from the prying eyes of Big Brother.
  • We believe that those ideals are not only admirable but necessary. The future of governments in many countries is unclear. As a result, so too is the future of many banks. By using Bitcoin Fast Profit to trade Bitcoin, you’re not only preparing yourself for a worst-case scenario, but you’re actively taking back your personal freedom from those that would see you stripped of it. These goals are lofty, and there are barriers along the way. Specifically, understanding what Bitcoin is tends to be a point of confusion for a lot of people.
  • We don’t want to see that happening, so we’ve put together a substantial explanation of many typical Bitcoin related questions for you to have a read of down at towards the end of the page.

Bitcoin Fast Profit – Up Your Trading Game

There’s a reason so many beginner traders flock to Bitcoin Fast Profit, and it’s not just because we have no usage or subscription fees. Our platform is more powerful, simpler, and more effective than any other Bitcoin trading site you’re going to stumble across.

We haven’t copy and pasted a formula for a Bitcoin app like so many other developers out there. We want to make a real difference, and to do that we need a real platform. Everything about Bitcoin Fast Profit has been built from the ground up, from our AI trading algorithm to our signup process, everything has been handcrafted to be as simple and effective as possible.

Even our user interface has had months of thought and work put into it. We want to keep it simple so that beginners aren’t turned off by all the facts and figures, so everything you see is essential to your trading process. There’s no fluff or filler.

Sign Up to Bitcoin Fast Profit Today

Registration for Bitcoin Fast Profit is open right now. We aim to have your account verified in the same day you sign up, so you could potentially be trading in a few hours for now.

There are no fees for you to worry about, all you need financially to start trading with Bitcoin Fast Profit is an initial deposit to fund your account. None of that deposit goes to us, it’s all used by you when you’re trading for Bitcoin.

What is Bitcoin?

If you’re new to the world of Bitcoin, then welcome. We’re going to run your through some of the basic bits of knowledge you need to know to turn you into a full-fledged Bitcoin trader.

Let’s start at the beginning. What is Bitcoin? In its simplest terms, Bitcoin is a digital currency. It’s an alternative to the dollar that you can use to buy and sell items online.

Like the dollar, you can also trade Bitcoin with the intention of profiting when it goes up or down in value.

That’s about where the simplicity ends, though.

Being a digital currency, there is a lot of technical jargon that we’re not going to go into, but you can learn about that if you’re so inclined. You don’t need to know the technology to trade Bitcoin effectively which is why we’re not spending hours highlighting random bits of blockchain information.

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How is Bitcoin Made?

With the basic definition in mind, the method of creation when it comes to Bitcoin should be your next go-to question.

With currencies like the Dollar, Euro, Pound, Yen, and all other major fiat (physical) currencies, the creation is regulated by banking institutions. There are a handful of situations where a currency is regulated by the government, but that always ends in disaster.

When America needs more dollars in circulation, the heads of the banking conglomerate print more. It’s so simple that it resembles a print on demand service.

Bitcoin is the opposite of that. There is no regulating authority responsible for monitoring Bitcoin production, nor is there a group of people that can say when and where more of the currency is to be printed.

Instead, Bitcoin is created by people known as “Bitcoin miners.”

To understand Bitcoin miners, you need to have a basic idea of how the Bitcoin blockchain works.

The blockchain is a name given to a series of complex algorithms that make up the global Bitcoin system.

Anytime a transaction of any kind Bitcoin is made, the transaction gets logged as another entry in the blockchain. The blockchain, therefore, contains a record of every Bitcoin transaction ever made. This has a number of uses but it primarily prevents people from forging Bitcoin.

Needless to say, this requires an awful lot of hardware to maintain. This is where miners come in.

Bitcoin miners dedicate their own hardware to the blockchain. This can be as simple as a computer or as complex as filling a warehouse up of high-end computing systems. Either way, this is the hardware that powers the blockchain.

In exchange for dedicating their hardware, the blockchain algorithm pays these miners in the form of freshly minted or newly created Bitcoin. The miners then circulate that Bitcoin into the economy naturally. This is the only way that new Bitcoin can be created.

It’s all controlled by a network computing system. In other words, there is no bank, government, or other authoritative body that can control the supply of the coin.

Not only is that where a lot of its value comes from, but this decentralized aspect of the coin is one of its biggest strengths.

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What Does Decentralized Mean?

In relation to Bitcoin, decentralized means there is no focal control center that oversees the coin. Take the euro, for example. The European central bank controls it. The euro is centralized because a single entity has power over it.

Like we just mentioned, Bitcoin is created by individual miners, and no entity controls it. Hence, it’s decentralized because there is no central authority.

Does this really matter, though? Yes, and in a big way.

One of the most promising features of Bitcoin is the independence and anonymity. People don’t trust the banks or the governments of the world anymore, and the rise of crypto is a testament to that

Not only does using Bitcoin take power away from these institutions, but every transaction you make with it is taken out of the mainstream hands, too.

There’s never going to be a situation of a bank or government freezing your Bitcoin account and seizing your assets, something that is a very real possibility with the banks.

The coin is also hyperinflation and recession-proof. There have been a handful of times throughout history when a federal body decided the answer to economic problems was just to print more money.

Any economist can tell you that it is a recipe for disaster. When the supply of a currency goes up, it loses its value. It got to the stage in several countries where the value of paper money was less than that of actual paper. This resulted in people burning the money to keep warm.

Bitcoin cannot be printed in batch amounts on demand, so this can never happen.

Bitcoin is safer than the dollar, even with reference to more recent events. Think back to the great Wall Street crash. The banks were offering investors back miniscule amounts on every dollar invested. Therefore, if you had one dollar invested into the bank, you were being offered 10 cents in return.

Again, this isn’t something that can ever happen with Bitcoin because you control your own account.

That’s not to say that Bitcoin can’t crash in value as it certainly can. When Bitcoin blew up in popularity back in 2017, it climbed dramatically in value until it plummeted back down.

However, this crash had more in common with something like gold experiencing a crash rather than a currency. Before long, Bitcoin had jumped back up in value and now sits in a very stable place.

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Think of Bitcoin Like Digital Gold

This comparison between Bitcoin and commodity trading doesn’t end there. In fact, you’re better off treating Bitcoin trading like commodity trading rather than Forex trading.

It’s a resource that has a finite limit. People are losing their units all the time and there is no single controller dictating how much of it exists. These similarities are what have led to Bitcoin earning the nickname “digital gold.”

How dramatically Bitcoin can swing in value is more in line with commodities than traditional currencies, too. You’re never going to see the dollar be worth 0.8 Pounds and one Pound in the same week. While a 20% percent swing like that is dramatic, it can happen with Bitcoin.

Thus, when you’re trading Bitcoin, think of it as more of an investment than anything else regardless of whether you plan to hang onto it for years or days. Alternatively, you could trade Bitcoin simply to use it as an alternative to the mainstream currencies. A lot of people are doing this with more joining every day. The anonymity and personal security between dollars and Bitcoin is incomparable.

There is No Physical Bitcoin

There is one glaring difference between Bitcoin and gold, though. If you buy some gold, you have a physical representation of that value. Gold is a tangible object that you can hold in your hands, whether or not the gold in question is in your possession.

Bitcoin has none of that. As a digital currency, there is no physical denomination that you can hold in your hands. There are no paper notes or coins. Everything you own is on a computer screen. This is a concept that can be hard to wrap your head around. How can something that doesn’t have a physical form have value? If that’s your thought process, think of software.

There are countless independent pieces of software being bought and sold every day. None of these can be held in your hand, and yet each is still worth a tangible sum. That’s because the people buying these software programs are paying for the code. It’s the same thing with Bitcoin.

Every single Bitcoin you own has its own code created through the blockchain network. This code is unique and cannot be reproduced. It’s essentially an ID for your Bitcoin. This simple feature is what gives Bitcoin all of its tangible value.

Common Bitcoin FAQs

Bitcoin is a complicated new technology. It can be hard for someone who possesses technical skills to wrap their heads around it, let alone someone that hasn’t got an in-depth understanding of technology.

Regardless of which camp you fall into, we’re here to help. We’ve compiled the most common questions that we get asked for you to have a look at down below.

Can I Buy Less Than One Bitcoin?

A single Bitcoin typically hovers around the $9000 dollar mark. That is a sizable investment for a beginner to make, to say the least. Therefore, you would think that there is a lower-budget alternative. You would be right.

Just like how you can buy Cents, you can buy under one single Bitcoin unit. Bitcoin has several decimal places that you can buy to. Therefore, if you only wanted to buy, say, $50 worth of Bitcoin, you could.

How Do I Store Bitcoin?

Bitcoin has no physical representation. Therefore, you can’t just store it in your pocket like you can with Dollars.

The solutions to that are called Bitcoin wallets. Don’t confuse these with your traditional wallets, even if the two serve the same purpose.

Rather than being a leather accessory, a Bitcoin wallet is essentially any type of storage device with the right program to hold Bitcoin. This can be as simple as a USB, external hard drive, or even your phone with the right app.

No matter what you’re reading this article on now can be set up as a Bitcoin wallet.

Like everything with Bitcoin, though, wallets aren’t as simple as that. There are actually two different wallet types that you need to decide between. 

What are the Two Different Types of Bitcoin Wallets?

Hot wallets and cold wallets. Each wallet has its own set of circumstances that it should be used in, but neither is objectively better than the other.

The distinction between the two has to do with internet connectivity. Hot wallets require you to be connected to the internet to access your Bitcoin and are always online. Cold wallets do not need to be connected and remain disconnected from the internet.

Hot wallets are the more common of the two. Any time you trade Bitcoin, it’s going to be online. Naturally, people shifted towards wallets that were connected to the internet for the sake of convenience.

There are no hoops you need to jump through in order to move your coins around. It’s as simple as signing in and sending it where it needs to go.

Cold wallets, on the other hand, can’t have coins removed or put onto them as easily as hot wallets can.

This begs the question as to why anyone would use a cold wallet over a hot wallet. There are two reasons for that.

Firstly, cold wallets are great for large, long-term investments.

If someone puts hundreds of thousands of dollars into Bitcoin, they don’t need to have access to that money every day. By putting it on a cold wallet, they can put the device into something like a storage box for ten years so that it can increase in value.

The second reason comes down to security. While it’s extremely rare, there are times when hot wallet providers can suffer a security breach. Cold wallets, on the other hand, cannot.

How Do I Access My Wallet?

You’re likely used to just plugging in your username and password to access any type of account you have set up. Maybe every now and then, you have to enter a PIN or a text code.

Bitcoin wallets often contain a lot of money, so there is extra security involved in getting into your wallet. Specifically, you’re going to get a “key.”

Your key is a string of letters and numbers that you get when you open a wallet. It’s long, jumbled, and unchangeable. In other words, if you lose the key, then you lose your Bitcoin.

Therefore, when you first get your wallet, make sure you take down a hard copy of your key. Write it in a journal or on a piece of paper. Ideally, you should write it on both.

More Bitcoin is lost to people forgetting their keys than anything else. Don’t let yourself become another one of those people.

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