Today we are going to provide you with a guide on how to benefit from Bitcoins and cryptocurrencies in general, This guide can be used by individuals with modest income to those who are very wealthy so if you are interested in maximizing your financial security and well being. In order to make the most of these cryptocurrencies you should learn how they work and what makes them appealing.
What Is A Cryptocurrency
There are many interpretations of what this word means but at its essence it is a form of currency that cannot be forged or counterfeited. There are many different cryptocurrencies available but not all of them are created the same. Before I go into the differences of these currencies and what makes them appealing we need to look at what is wrong with the “currencies” we currently have in place.
What Is Currency
I have decided to take a few moments to explain what currency is to help you gain a better appreciation for cryptocurrency. If you open up your wallet and look inside you will see paper in there that we all call money, currency is another way to call money but they serve the same function which is acting as a means of exchange. Something that you will notice on the paper money is the words “legal tender” which means this paper must be used to settle a debt whether it is private or public. The only reason that this paper has value is because other people and the government believe it can be used to trade for various products and services plus it can be used to settle government debts. Since this paper money is printed by the government and does not have any intrinsic value it creates an opportunity for inflation.
Why People Should Care About Inflation
Have you noticed that things are becoming more expensive, whether it is food, electronics or just about anything else you could ever want ? The reason these prices are rising is not because people are getting paid more, wages have been flat for many years instead the reason these prices are increasing is due to inflation. Inflation occurs when the government spends more money than it brings in, when this happens the government has to “print money” to pay for the services and obligations that are currently in place. In order to get a better understanding of what inflation is allow me to provide an example.
Every month you have to prepare a budget where you write down all of the income that was earned during the month. Once the total has been calculated you need to subtract all of your debts including interest payments on credit cards and loans. If you have more money left over after all of your debts have been paid then you have a surplus and are in good financial shape but if you have more debts than income you need to borrow money to cover your expenses while you look for ways to reduce your debts. Most of us will use credit cards and lines of credit offered by finance companies as a means of firming up our finances but that will only work for awhile until we reach our credit limit and have to start paying back.
The U.S.A. much like other G7 countries has a budget where they bring in money through taxes then pay for their liabilities but what the average U.S. citizen doesn’t realize is the government is always in debt, the government owes billions more than what it brings in and this trend has been happening for many years now. What the government will do is use credit to cover its obligations, the way this works is the government will create treasury bills that are sold to countries like China. In order to get the Chinese to purchase these treasury bills the government has the promise to pay back the debt with interest. Over time this debt has ballooned into billions and shows no signs of slowing down in the least.
Why You Need To Be Concerned About Credit
The more the government goes into debt the less buying power your money has, this reduced buying power means you have to spend more money to get the same products and services in the past. Along with impacting your buying power now it forces people to work longer and save even more money to retire. Since there is no political will on the side of the government to stop this runaway inflation you need to take proactive steps to preserve your wealth. Buying gold and silver is one option but these precious metals could be tampered with and there is always the fear of being robbed. What you should do is consider trading and mining cryptocurrencies like Bitcoin, Once I explain what the benefits are you will surely want to participate in this opportunity.
What Is Bitcoin/Cryptocurrencies And Why Are They Popular?
A cryptocurrency is money that is virtually impossible to counterfeit and is almost impossible to steal from an individual. While these 2 attributes are appealing the main benefit of these currencies including Bitcoin is no central government or agency regulating the production of these bitcoins. Whenever the government wants money it just prints up whatever it needs and this inflation essentially steals buying power from you without your consent but with these cryptocurrencies there is a finite number of coins that can be mined and once they have been established there won’t be any more.
These coins are not physical in nature but traded via computer over a network that ensures there is no room for fraud, When someone sends you a Bitcoin and the transaction is confirmed by the network which usually happens in less than 1 hour you can breath easy knowing the money is really there. The reason these coins have value is there is a finite number that is available and other people are trading them right now. As the number of businesses that accept bitcoin increase there is going to be a demand for bitcoins to facilitate transactions. This demand is going to make the value of the bitcoins climb when compared to other currencies which are losing value on a daily basis. If you were able to get your hands on some of these bitcoins you could really make a considerable amount of cash. Well you can get bitcoins without having to take them from another person, what you can do is start mining these bitcoins and reap all of the profit for yourself.
These bitcoins are not mined in a mountain but with pure processing power. You need to configure your computer in a special way to mine for these coins, you can get the details about how to make money from bitcoin mining down below but essentially what happens is your computer is going to be presented with a series of calculations trying to solve a math problem. If it gets the answer wrong it must continue but if it gets the answer right it will submit the work completed to the bitcoin network which will look at the results and quickly decide whether the answer to the problem is correct. If the answer is correct you will receive 25 bitcoins which is roughly $12,500 based on the current pricing we have on file. $12K+ is not a bad deal but there is a challenge, with each new cluster of these 25 bitcoins the math problems becoming increasingly more complex until the computer will have to perform millions of computations before an answer can be attained so now would be a great time for a person to start mining.
Isn’t Bitcoin Mining Only For Wealthy People?
Not at all whether you have modest financial resources or deep pockets you can make money from bitcoin mining provided you have the right tools and training. There is a book by Alex Davidovic that will really help you make the most of the opportunity. Right now your basic desktop computer is not capable of mining bitcoins at a fast enough rate so what people are doing is using graphics processors that can do billions of calculations at a time to help figure out the math problems. A person could actually purchase computers specially designed to do this type of work but what I would recommend is working with other people. While an individual could get luck and stumble upon the answer we need to be very pragmatic if you want to attain success. Something that you might consider doing is getting a group of like minded individuals to invest with you in this mining computers to increase your chances of earning bitcoins. While you could do it on your own by getting more people involved in the process you are more likely to attain some measure of success.
After you start mining these bitcoins and get some you will need to think about what you will do with the bitcoins, whether to sell them now or hold on to them hoping they will appreciate in value. From all the indicators I have been watching it would appear that the value of these bitcoins can only go up from here but this is something you will need to review and decide on your own. One thing I can say with complete certainty is the currencies being controlled by central governments is going to continue losing value as the government sinks further and further into debt so you need to take action now or end up in economic limbo. Thankfully individuals like Alex Davidovic has decided to share their invaluable expertise on bitcoin mining with the rest of us, hopefully you can benefit from his knowledge like I have.
If you do decide to sell the bitcoins make sure you deal with reputable buyers and if you decide to hold on to them for future use I recommend using a portable wallet so you can take the bitcoins with you wherever you go instead of putting them at risk, if the harddrive in your computer fails it could cost you all the bitcoins which can never be replaced again. Since there are virtually no transaction fees for using bitcoins it is a great way to save money, you can also use it to send money to family and friends overseas instead of having to pay hefty bank fees and wait for a few days before your bank account is credited. These are just some of the unique benefits associated with bitcoins and cryptocurrencies so do yourself a favor and start using them.
If you are interested in making the most of Bitcoins you should learn from the expert in cryptocurrency mining, Alex Davidovic who has written the wildly popular Mining For Cash. Alex Davidovic is a remarkable man who has authored the magazine “gifted children” and has dedicated his life to helping others.