Millions of Dollars in Cryptocurrency Profits Are Waiting – Want Some?

cryptocurrency bitcoin profitsCryptocurrencies have turned a $100 investment into over $1 Million dollars! And there are still many opportunities for more investments like this, for those who know where to look.

Most likely you’ve heard of the cryptocurrency bitcoin by now, but did you know that there are currently over a thousand cryptocurrencies? And many of these cryptocurrencies are tackling issues beyond just sending and receiving money. Projects are being worked on to revolutionize cross-border payments, protect digital identity, allow for completely anonymous transactions, remove inefficient middleman, create smart contracts which execute when certain conditions are met and much more.

Cryptocurrencies are here to stay and having at least some basic knowledge of this important technology is crucial. After all, many people are saying that the technology that cryptocurrencies are built on, called blockchain, could be as revolutionary as the internet, with some even saying it could be more disruptive. So let’s dig in and take a look.

An Introduction to Bitcoin and Blockchain

The very first and most well-known cryptocurrency is called bitcoin. It was created by an anonymous person or persons who called themselves Satoshi Nakamoto and detailed in a white paper. Bitcoin was the first digital solution to the double spend problem. Simply put, it was the first to make it provable that if I send something digital to you, everyone could then be certain that you now had it and I no longer did.

For example, if I email a document to you or share a photo with you on Facebook, I am not sending you the one and only document or photo, rather I am sending you a copy. And after I send it to you, we can both still look at and use the file. However, the blockchain technology underpinning bitcoin made it so that the amount that was sent was verifiably transferred, and this transfer was unalterable and permanent. Moreover, it is recorded in a ledger, or collection of transactions, that is publicly viewable by anyone (including you) and tamper-proof. In other words, any transaction on the bitcoin blockchain can be trusted that it is correct and hasn’t been changed in any way.

Another key feature of bitcoin is that it is decentralized. There is no single entity that controls the bitcoin blockchain ecosystem. It is software which is being controlled by its program. As time goes by, more bitcoins are released by the software in a process called mining, and once 21 million bitcoins have been released then there will be no more created.

Every 10 minutes all of the transactions of bitcoin that occurred are grouped together into a block and are linked to the previous block by cryptography. This connection goes all the way back to the very first block, called the genesis block. Bitcoin miners are people (or computers and servers to be more precise) which try to solve the cryptographic math problems that each block puts out. Whoever solves it first wins a few bitcoins, what is called a block reward.

Other Cryptocurrency Altcoins

Since the creation of bitcoin, many others have used the same or similar style of technology to create their own cryptocurrency, often called altcoins (alternative-coins), sometimes being only slightly different from bitcoin and other times having significant differences.

One of the most well-known is Ethereum. This is different from bitcoin in significant ways. Most notably, Ethereum has the potential to create smart contracts. Smart contracts are essentially contracts that are intelligent and able to “know” when to execute. Basically, once certain conditions have occurred, then the contract executes. And, like bitcoin, all transactions are publicly viewable, verifiable and tamper-proof.

Cryptocurrencies Have Created Many New Millionaires

Most people have become interested in cryptocurrencies because nearly all of them have skyrocketed in value, making people multi-millionaires or even billionaires. Bitcoin was once traded for a few pennies and has gone as high as almost $20,000 per bitcoin. If you would have invested $100 in bitcoins in 2010 and held them until 2018 you too would be a multi-millionaire!

How to Buy Your Own Bitcoin

When you purchase bitcoin you must keep them in something called a wallet. This is essentially where you store them and keep them safe. But be careful, not all wallets are good at keeping your crypto assets safe. Make sure you choose one of the best bitcoin wallets to keep your bitcoins in.

Once you have set up your wallet, the next step is to buy the cryptocurrency. Years ago it was much more difficult, but fortunately today it is very easy to learn how to buy bitcoin and other cryptocurrencies.

Happy investing!

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