Australians Beginners Guide to Bitcoin

In the recent years, great interests and speculations have been made with the introduction of the currently trending cryptocurrencies especially BitCoin. Different from the traditional currencies this digitally enhanced medium of exchange have been developed to be independent of any geographical barriers as they are created, stored, and traded electronically. Australians have not been left behind in the pursuit of this global phenomenon which though is not fully understood by everyone has captured the attention and imagination of everyone.

Key features of cryptocurrencies

  1. They operate using a blockchain technology which in simple definitions is a
    decentralized ledger that facilitates transactions across a peer-to-peer
    network and keeps records of all these operations.
  2. They have no physical form. A cryptocurrency is a digital currency which exists only
    in the network and cannot be held like the traditional currencies.
  3. Its price is not determined by a central bank or systems rather the free market
    demands and supply. As the network is entirely decentralized, no one has the
    authoritative rule to dictate their prices instead are controlled by demand
    from users and transactions made over a given period.

How to make money from investing in a cryptocurrency

The urge to learn on how to earn from Bitcoin has
been a reality that we have to live with as we go more digital and hear stories
of successful investments from various platforms. As a beginner, great caution
should be taken when looking to invest in Bitcoins as lots of scammers and
fakes are roaming the internet looking to get your hard earned money. The first
step is to find a secure platform to buy Bitcoins with Localbitcoins leading in
this category as it has been certified and approved for these purchases

The following are the most popular ways to earn from
bitcoin for beginners;

  1. Investing. This involves tapping into the continually growing value of
    the cryptocurrency which has climbed to record highs of 600% of its original
    value by buying and holding. A point to note though is that the price of
    bitcoin is never constant as it is a highly volatile currency that operates
    like the Forex markets changing prices each minute.
  2. Bitcoin Faucets. If you use don’t mind looking at a few ads in a day and getting some
    few cents from it then bitcoin faucet websites are a place for you though it is
    an extremely slow way to make any reasonable sum of money.
  3. Trading bitcoin for profits. With backgrounds or understanding of how online trading
    works and a good amount of money, you can make successful trades with bitcoins.
    The strategy here is the same old one where you buy when the prices are low and
    sell when they rise.
  4. Become a market maker. Renowned sites like localbitcoins allow you to be a trader for
    cryptocurrency investors where you facilitate the conversion of fiat currencies
    to bitcoins and vice versa. The bid prices range from country to country and
    you earn a good percentage from facilitating the transactions.
  5. Selling goods and services for bitcoins. Sites like Bitify and Purse provide you with a
    platform where you can sell items of offer professional services in exchange
    for bitcoins.

These are not the only methods of earning from bitcoins as newer modules are getting introduced to the market every day including betting, playing games, and the classic bitcoin mining whose
technicality is growing every day and is not a perfect kick off for a beginner.

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