Getting Familiar With Bitcoin

Bitcoin is a topic that everyone is interested in these days. This cryptocurrency keeps breaking all records in value and remains a trending topic in the financial industry. Reports state that as of 2021, there are over 5 million people that have invested in it.

Many more are also considering diving into this world and invest in it. So, we wanted to take a look at what Bitcoin has to offer and whether or not it deserves your attention. Here are some details that will help you with familiar with Bitcoin. Let’s check them out.

How Do You Make a Profit With Bitcoin?

The process of making a profit with Bitcoin has 2 stages. First, you need to earn it. You can do that by mining it or buying it directly from trading sites. There are pros and cons to both of these options. The good thing about mining is that it is free and it helps you maximize your profits. Unfortunately, the process is very complicated, requires a powerful desktop device, and takes time.

The pro of buying Bitcoin is that it is a very efficient way of earning it. But, since Bitcoin has a high volatility rate, you may end up buying it for a much higher price than the one that you can sell it, hence end up losing money. In the end, it all comes to individual preferences.

After you’ve earned your Bitcoins, the second stage involves selling them. There are two available options here, as well. The first is Bitcoin ATMs while the second is trading sites. This should be a no-brainer considering the fact that Bitcoin ATMs charge many fees and are not as accessible as trading sites.

That is why a majority of traders opt in to use platforms such as The News Spy software. This trading site even implements AI systems that analyze the market and collect all the data about Bitcoin. Thus, traders are provided with intel on when to sell their Bitcoins.

To gain access to these services, all you have to do is register. The process is very simple and you just fill out a basic online application form. After you’ve selected a preferred payment method and verified your ID, you can start trading.

Can You Use it As A Payment Method?

Apart from making a profit with it, you can also use Bitcoin to pay for various services and products online. Not only that, but the better news is that many of the world’s reputable brands accept it. The list includes the likes of Microsoft, Expedia, Starbucks, Shopify, Overstock, Whole Foods, and Wikipedia. Recently, even Tesla joined the club after making a historic $1.5 billion investment in Bitcoin.

What Are Its Advantages?

If you are wondering why should you use Bitcoin as a payment method, the answer is that it has many advantages over regular methods. First off, every online transaction is instant, thanks to the blockchain technology that powers this cryptocurrency.

Considering the fact that banks are excluded from payments and Bitcoin has a peer-to-peer focus, users will be pleased to hear that they won’t have to pay additional fees. The chance to make a profit is also a massive advantage.

Bitcoin is also superior to other cryptocurrencies. It is far more stable, has greater liquidity and security, but most importantly – its value is second to none.

The Future

Finally, it is worth taking a distant look into its future. As of right now, it is impossible to determine whether Bitcoin will be an official payment method or not. Many are optimistic, but there are those that think that due to the fact that it cannot be controlled, banks and governments will never allow it to be legal.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Philipp Traugott

Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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