Ethan Muller - Mastering Bitcoin 101

Mastering Bitcoin 101

How to Start Investing and Profiting from Bitcoin, Blockchain, Cryptocurrency Technologies

Ethan Muller

Copyright 2018 by Ethan Muller - All rights reserved.

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Introduction: What is Bitcoin?

B itcoin is a currency that was created less than a decade ago (2009) by Satoshi Nakamoto, which is an alias. Bitcoin transactions can be made without middlemen. In other words, without banks. Bitcoin prices went way up just this year and continued to rise. In Mastering Bitcoin 101: How to Start Investing and Profiting from Bitcoin, Blockchain, and Cryptocurrency Technologies , you will learn all about how you can invest in Bitcoin.

First, well give a brief overview of bitcoin essentials, then well look closer at them throughout the book. This book also reveals actionable steps that you can use for investing in Bitcoin.

What Is the Appeal of Bitcoin?

Bitcoins are used to anonymously purchase merchandise. Bitcoins also allow for cheap, easy international payments because they are not subject to regulations or tied to specific countries. In addition, small companies might appreciate bitcoin because there are no credit card fees. This is why so many people prefer using Bitcoin for online transactions.

In addition, Bitcoin is more anonymous than traditional currency. Even though each transaction with Bitcoin is recorded, the names of sellers and buyers are not revealed; just their wallet IDs are. This keeps transactions private and allows people to purchase whatever they want without their purchases getting traced back to them. You may have heard of the Silk Road, the online portal for purchasing drugs and other illicit items. Bitcoin was often used for this and has since grown into something else entirely.

Getting Bitcoins

As mentioned, Bitcoin can be used for online transactions. This includes booking a hotel room, buying items online, or even purchasing games for your Xbox. But whats more exciting about Bitcoin is that not only it can be used as a payment, but you can also earn lots of money by trading it. Here are ways on how you can get Bitcoins:

• Using an Exchange

There are a few ways to acquire bitcoins. The first option is to buy using an exchange, or bitcoin exchange where you can buy and sell the crypto-currency using various currencies. The top exchange of the moment is Coinbase, but there is also Bitfinex and Bitstamp. As with any other type of investment, purchasing comes with its own risks, which you will learn about later on in the book.

• Transferring Bitcoin

Bitcoin can be sent from person to person using computers or mobile apps. This is a lot like sending money over the Internet. We will cover this in detail throughout the book to paint you a clearer picture of the concept.

• Mining Bitcoin

You may have heard of something called Bitcoin mining, which involves solving complicated math problems using computers. Bitcoins are then created from this and winners are rewarded with Bitcoin. Is this something anyone can do or only a select few? We will cover this extensively in chapter three.

How Are Bitcoins Stored?

Bitcoins do not exist in physical reality, so how are they stored to be kept safely? Bitcoins are most often stored in something called a digital wallet, on the users computer or in the cloud. This is a type of digital bank account for sending or receiving the currency. You can also use it to save money or pay for certain goods. These are different from traditional bank accounts as they are not FDIC-insured. However, there are other wallet options.

Approaching the Subject Smartly

The future of Bitcoin is very uncertain, so anyone who wishes to get involved with investing in it should learn as much as possible before proceeding. This book is a great first step in the right direction. There are many books about Bitcoin on the market, so thank you very much for choosing this one! I hope you enjoy the book.

Chapter 1: Blockchain Technologies

S ome call Bitcoin digital gold. Its value has risen to billions and is projected to continue rising. Blockchains can also create other digital value types. Like your car, or the Internet, its not necessary to understand how something works to use it yourself. However, having some basic knowledge of blockchain can help understand why it has become so popular.