Hey, you there. Yes, you! I see you there. You’re tired of hearing about Bitcoin and cryptocurrency all the time. It’s because it scares you, and you reject it because you think it’s too hard to master. But fear not! After reading this post you’ll be handling Bitcoin or any other crypto like a pro (professional after reading this). So, order a few cardigans and a vape pen or two because we are jumping in! This is “How to Master Bitcoin in 30 Days”, now let’s go over the basics. Ready, set, go!
What is a Bitcoin and How Does it Work?
Bitcoin is a decentralized (no banks) digital currency based on Blockchain technology. So, a blockchain is a public digital ledger. The ledger in question is called a block (hence blockchain) and it contains the record of all transactions made in Bitcoin.
Now, you don’t need to really know much of how Bitcoin functions to be able to use it (similar to credit cards). But knowing a bit more about Bitcoin (unlike credit cards) can net you a considerable profit. Let’s see how.
How Does Bitcoin Make Money?
Now, there are many good ways to make money with Bitcoin. Actually, too many to mention in this post, but let’s go over the two of the more obvious ones. Mining and investing. Let’s look at mining first.
Okay, so, as we remember, all these transactions need to be confirmed. Now, to update the ledger you need to solve complicated math problems. Why? Well to prevent people from updating the ledger with fraudulent transactions.
Now, you (your computer) need to guess the solution to these math problems, thus gaining access to the ledger. The more computers ( or computing power) you have, the faster it gets at guessing the solution to the problems. And it’s very much in your interest to update the ledger correctly. Why? Because of those sweet mining fees, you receive your profit from.
Now, Bitcoin mining is still profitable, but for a more profitable mining option, maybe mine something else? Like Litecoin or dare I say – DASH! But when it comes to investing, Bitcoin is the king. Let’s see why.
Is Bitcoin a Good Investment?
Now as you are new to investing and want to truly master Bitcoin we need to distinguish the two different types of investing. The first one is long term investing or where you buy a cryptocurrency in hope of it going up in the coming months. So, if there’s a project you like and think it’ll go big, buy it and hold. Or HODL as the kids say it.
But, as you are a beginner you should stay away from any risky projects. The project you should HODL is called, well, Bitcoin (and Ethereum). Bitcoin, while still volatile, is significantly more stable than any other cryptocurrency (except Ethereum). Bitcoin is gold in the cryptocurrency world, while Ethereum’s the oil on which 90% of the crypto world runs.
So, your investment portfolio should be 50/50 split between Bitcoin and Ethereum, in the beginning. Later, when you gain more knowledge about the market and the crypto world in general, consider diversifying. How do I do that? Just add other altcoins to your portfolio (bonus points if you do some research). But where do I do the afore-mentioned researches!? Well…
Where to Learn Bitcoin and Master Bitcoin?
You can, of course, learn about and master Bitcoin by scouring the web for info for hundreds of hours. But, to make it much more efficient and easier on you, I have compiled some tips and resources. First up are the courses.
Online Courses, Classes, & Lessons to Master Bitcoin
Now you can learn (and should) learn about Bitcoin from watching youtube videos. But, this can be a bit scatterbrained approach, and shouldn’t be a primary source of knowledge, especially for beginners. Much better options are online courses (free or otherwise). They’ll help you gain a stronger foundation, from which you can go forth in your quest to master Bitcoin!
Read Blogs About Bitcoin
Not a fan of videos? More of a fan of the old long and silent type, aye? Say no more, I got you covered, with… blogs! Tons and tons of blogs. Exciting, right? But, which ones to read? Well, excluding the one with all the info about cryptos and technology, you should focus on two other types. News and Exchanges specific blogs.
News should help you focus on predicting and anticipating price fluctuations and on forming a general trading strategy. But, what if something wonky happens to the exchange site or they just increase their fees randomly? Well, you read your specific crypto exchange blog for that. Simple as that. Now, with all that covered, let’s look at some other hidden benefits of using and mastering Bitcoin.
Play at Bitcoin Casinos to Master Bitcoin
Now to be frank I can go on and on about the benefits of playing at a Bitcoin casino. But, the benefits in handling online transactions, brought on by the crypto boom, are rarely capitalized on by most casinos. Most casinos, but not all! Casino Yabby understood the importance of the crypto world and tapped into the full power of Bitcoin from the get-go! With instant withdrawals that really are instant plus a comprehensive and easy to read Bitcoin guide, you can’t go wrong with Yabby!