Do you know that Bitcoin Cryptocurrency is the biggest and the most mysterious and intelligent invention of the 21st Century after the internet? It has presented the biggest business opportunity ever in the history of man’s inventions and existence.
Most times I hear people blame themselves for not investing in Google, Facebook, or Microsoft companies when they first came with their “big dreams elephant project” ideas, as they were likened then. Now it’s Bitcoin cryptocurrency on board and many seem to be ignorant or ignoring it.
Bitcoin cryptocurrency is changing the world economy into a digital economy. In fact, Bill Gates, the richest man today believes that “the future of money is digital currency”. What this means is that Bitcoin CryptoCurrency has changed the world’s monetary point of the transaction, making it go digital and cashless.
WHAT IS BITCOIN CRYPTOCURRENCY
Another name for Cryptocurrency is a virtual currency. Cryptocurrency is a digital means of exchange created and used by private individuals or groups.
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5 SHOCKING FEATURES OF BITCOIN CRYPTOCURRENCY
- Cryptocurrency has no government regulation or monitoring. bitcoin cryptocurrency is considered to be alternative currencies that independently exist outside the limits of state monetary policy.
- Cryptocurrency operations are un centralized since an encryption technique is used to regulate bitcoin cryptocurrency generation and verification of fund transfer without dependency on the central bank.
- It can actually be exchanged for fiat currencies in special online markets, exchanging variably with major world currencies like Pounds, Euro, Dollar, and Japanese Yen. This is for the fact that it enjoys political independence and data security.
- Cryptocurrency enjoys this benefit of account not easily frozen by any government or group of powerful individuals or agencies of government unlike the fiat currencies accounts holders or users.
- cryptocurrency expresses value in units just like the traditional currencies. Do not forget that most cryptocurrencies are variations of Bitcoin, which was the first widely used cryptocurrency.
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CONCEPTS/TERMNOLOGIES GOVERNING CRYPTOCURRENCIES VALUES, SECURITY, AND INTEGRITY
1. BLOCKCHAIN
A cryptocurrency’s blockchain is the master ledger that records and stores all prior transactions and activity validating ownership of all units of crypto at any given point in time.
Blockchain is the detailed bearer of all cryptocurrency transactions. it has a finite length containing a definite number of transactions that increases over time.
One secrete you need to know about the cryptocurrency blockchain is that it has the technicality to finalize transactions. This occurs in a matter of minutes. What this means is that your transaction is not finalized until it is added to the blockchain.
Another open secrete about cryptocurrency blockchain is that transactions are irreversible onct it is finalized, unlike the traditional payment processors, like Paypal, and credit cards.
Permit me to say with every sincerity that most cryptocurrencies have no built-in refund or chargeback mechanism, though the latest cryptocurrencies have a rudimentary refund function.
Blocks are transactions executed since the last new blockchain was created.
2. BITCOIN CRYPTOCURRENCY MINERS
This is the act of successfully hashing a bitcoin transaction into a transaction blockchain thereby concretizing its validity. Successful mining into the blockchain takes like 10 minutes for confirmation of the transaction. However, some sensitive transactions go through multiple confirmations.
Miners are computer-savvy individuals or groups whose duty is to record and authenticate cryptocurrency transactions.
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3. WHAT ARE THE FUNCTIONS OF THE MINER?
- Serves as record-keepers for bitcoin cryptocurrency communities
- Serves as indirect arbiters of the currencies’ values.
- Uses a vast amount of computing power, collectively owned by dozens of private individuals, to verify completeness, accuracy, and security of currencies’ blockchains.
- Miners from time to time create new copies of the blockchain, adding recent, and previously unverified transactions that are not previously included in any blockchain copy, and effectively completing the transactions.
3. BITCOIN CRYPTOCURRENCY WALLET
A wallet has the similarity of a bank account where a bitcoin is stored and traded. Wallets contain unique information which confirms a cryptocurrency user as the temporary owner of a unit. However, a private key confirms the authenticity of a cryptocurrency transaction.
FUNCTIONS OF A BITCOIN CRYPTOCURRENCY WALLET
- Bitcoins are stored and traded from the wallet.
- Used to confirm ownership of a unit.
- Lessens the risk of theft for units that are not in use.
WALLET STORAGE METHODOLOGY
- Wallets can be stored in the cloud
- It can also be stored in an external hard drive or an external storage device.
Note:
- Regardless of where a wallet is stored, a backup is strongly recommended.
- Backup does not and cannot duplicate your cryptocurrency’s actual units, but duplicates the record of its existence and current ownership.
4. BITCOIN CRYPTOCURRENCY ADDRESS
A Bitcoin address is used to receive and send transactions on the bitcoin network. It contains a string of alphanumeric characters, though can be represented as a scannable QR code. It is also a public key in the pair of keys used by bitcoin holders to sign transactions digitally.
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5. BITCOIN CRYPTOCURRENCY ATM
It is a physical machine that allows cash purchase of bitcoin by a customer.
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6. BITCOIN CRYPTOCURRENCY ESCROW
Escrow is the process of holding money or assets in a third-party account to protect them during an asynchronous transaction.
A very good example of ESCROW is a situation where Mr. A wants to send funds to Mr.B for a file without Mr. A&B meeting each other one-on-one. Due to lack of trust on both ends, the said funds will be sent to Mr.C to keep until Mr. A confirms the reception of the sent File from Mr.B. It is there and then that Mr.C can now send the funds to Mr.B.
7. BITCOIN CRYPTOCURRENCY WHITE PAPER
Bitcoin white paper describes the bitcoin protocol in full. It was written and posted to a cryptography mailing list by a man called Satoshi Nakamoto in2008.
The bitcoin white paper was followed by the bitcoin code release in 2009.
In November 2008, Satoshi Nakamoto authored and posted an 8 paged document on the newly created Bitcoin.org website. The title of the paper is “Bitcoin: Apeer-to-peer Electronic Cash System”.
The white paper described the methods of using a peer-to-peer network to generate a system for electronic transactions without depending on trust. It also laid down the working principles of cryptocurrency.
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8. BITCOIN CRYPTOCURRENCY TRANSACTION FEE
A bitcoin transaction fee is a small fee imposed on some transactions. This fee is sent across all bitcoin networks. The fee goes to the Miner who successfully hashes the block containing the necessary transactions.
9. BITCOIN CRYPTOCURRENCY EXCHANGES
This has to do with a central source for exchanging different forms of money and other assets. Basically, we use bitcoin exchanges to exchange cryptocurrency for other fiat currencies.
10. SATOSHI
This is the smallest subdivision of a bitcoin currently available [0.00000001 BTC].
11. SATOSHI NAKAMOTO
This is the name used by the original inventor of the bitcoin protocol author. He later withdrew from the project at the end of 2010.
12. BITCOIN CRYPTOCURRENCY KYC
KYC simply stands for Know Your Client/Customer. It is a rule for financial institutions to vet the people they are doing business with. This is to ensure that they are legitimate.
13. BITCOIN CRYPTOCURRENCY GENESIS BLOCK
This is the very first block in the blockchain.
14. BITCOIN CRYPTOCURRENCY ALTCOIN
An altcoin is a collective name for cryptocurrencies offered as alternatives to bitcoin. Examples of altcoin are Ethereum, Litecoin, Dash.
WHAT IS BITCOIN?
Bitcoin is actually the first modern cryptocurrency. it is the very first publicly used means of exchange to combine
- decentralized control
- User anonymity
- Record keeping through a blockchain, and
- Built-in scarcity.
Bitcoin eight paged white paper first came on board in 2008 by a Pseudonymous person or group with the name Satoshi Nakamoto. Click here for more details.
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WHAT ARE THE PROPERTIES OF BITCOIN?
- Confirmed transactions are irreversible.
- Bitcoin is Pseudomonas – practically impossible to connect the real-world identity, transaction, or accounts of users.
- It is fast and global as transactions are instantaneous.
- Bitcoin is Secure and impenetrable since it has a very strong cryptocurrency.
- Bitcoin has no gatekeeper or government policy control and it’s open to all. This makes it permissionless.
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SALES ANALYSIS OF BITCOIN CRYPTOCURRENCY
2009 SALES
- $1 = 1309 BITCOINS
- $10 = 1309 x 10 = 13090 bitcoin
- $100 = 1309 x 100 = 130,900 bitcoin
- $1000 = 1309 x 1000 = 1,309,000 bitcoin
2020 SALES
- 1 BITCOIN = $7484
- 10 BITCOIN = $7484 X 10 = $74, 840
- 100 BITCOIN = $ 7484 X 100 = $748, 400
- 100 BITCOIN = $7484 X 1000 = $7, 484000
30TH MAY 2021 SALES
1 BITCOIN = $35, 692.07
MAJOR MERCHANTS TO FIRST ACCEPT PAYMENT IN BITCOIN CRYPTOCURRENCY
- WordPress
- Newegg.com
- Expedia, and
- Microsoft
Today, the list is endless.
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HOW TO CREATE WEALTH THROUGH BITCOIN CRYPTOCURRENCY
Do the following to create wealth through the cryptocurrency bitcoin system:
- Buy your bitcoin or any other crypto coin
- Store and hold your bitcoin or any other cryptocurrency
- Join a genuine network marketing platform to help you sell or earn more bitcoin.
- You can become a crypto exchanger, e.g, Binance and Yellow card
- Render technical services, e.g, Coinbase Trading Crypto, Blockchain.info.
HOW TO CREATE A YELLOW CARD ACCOUNT
It is very simple to create a yellow card account. Follow the steps below to create your Bitcoin YC account:
- Visit the Yellow Card signup portal. Click here to take you to the portal.
- Carefully enter in all the necessary required information
- A pin will be sent to your phone or WhatsApp
- Confirm your pin and you are good to go.
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How TO REDEEM YOUR PIN
Do this to redeem your pin:
- Click on the deposit tab
- Click on Yellow card PIN
- Enter pin 1.2.3 and you are good to go.
HOW YOU CAN FUND YOUR YELLOW CARD ACCOUNT
Follow these steps and you are good to go:
- Click on your Deposit Tab
- Click on bank deposit
- Click on instant deposit
- Transfer/send your desired amount to your providus account, and
- Your money will reflect within a short while.
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HOW TO BUY YOUR BITCOIN CRYPTOCURRENCY
Follow these 3 steps on how you can buy your bitcoin:
- Click on buy
- Enter the amount you want to buy
- Confirm your purchase 1.2.3
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CONCLUSION
The whole essence of this publication is to expose you to some genuine business you can actually venture into. Imagine if you have invested in cryptocurrency bitcoin say 8-9 years ago, and had like 50bitcoins in your bitcoin wallet now, Imagine the market value now!
However, one should know that there are risks involved in every business, but the wisdom there is, your ability to be properly informed and guided before investing in any business. Do not go into a business blindly.
Bitcoin has its own advantages and disadvantages, however, the risk is 100% worth taking and the information so provided here is meant to guide and expose basic information on the above subject matter as you venture into the cryptocurrency bitcoin ecosystem.
RECOMMENDATION
In as much as we did make every effort to ensure that every information above is correct before publication, we do not want to neglect the fact that the technology involved in digital currency changes rapidly in a split of seconds, we hereby recommend that further studies be made for updates and accuracy in the future.
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