Build your Bitcoin empire!
On this website you will find a range of tips, links and tools to help you establish and build a portfolio of Bitcoins and other crypto currencies. The methods described on this website have been tested by the website author but your results may vary. Therefore, please feel free to use the resources as per my recommendations or as part of your own strategy.
Bitcoin is a virtual currency that allows people to send each other payments over the internet. A payment made in bitcoin is secure, the transaction is fast, and does not require the involvement of a bank. Transactions are recorded on a permanent ledger that is shared across a network of thousands of computers. The technology behind this ledger is called blockchain technology, and allows for a level of privacy and security, and resistance to hacking and fraud.
Bitcoin as an Investment
When Bitcoin was first developed and introduced to the world in 2009, it had no real value in dollar terms. Over the years since Bitcoin’s creation, however, public interest in the technology has created a desire among people to collect it, store it, mine it, and spend it. Initial investors purchased bitcoins for less than a penny each, hoping to cash in as the price of each coin increased over the years.
And increase it did. In the first quarter of 2011, the price of a single Bitcoin reached $1US for the first time. By the end of 2016 it was just under $800.
Today, less than twelve months later, the market price for a single Bitcoin is over $8000, so it is little wonder that many people now see it as a valuable, tradeable asset, and an important addition to their investment portfolio.
How to obtain Bitcoins
Bitcoins can be obtained by a number of means. They can be bought from people privately or on crypto currency exchanges; they can be collected as reward for viewing ads on “coin faucets”; or they can be “mined” – a process that will be discussed later on this website
Storage of Crypto Coins
Crypto currencies, including Bitcoin, have become increasingly valuable over time, and so the methods for storing them have necessarily become more secure. When a single coin was only worth a few pennies, people saw little need to store them securely. Nowadays, with the price of coins reaching into the hundreds or thousands of dollars, it is a little different.
Virtual coins such as Bitcoin, Ethereum, Monero and others, are stored in digital “wallets” – small apps or programs located on a person’s pc or smartphone. These wallets are digitally encrypted with passwords and private keys so that only the legitimate owner has access to the coins held inside them. Technically speaking, the coins are not held inside the wallets but instead, their ownership is indelibly recorded in the public, permanent ledger we discussed earlier. Wallets provide a way to access a person’s balance of coins held on the ledger, and therefore must be protected from hackers and other threats. Creating a backup of your wallet keys is crucial in protecting your investment.