Month: February 2017

What influences Bitcoin price?

what influence bitcoin price
Most people around the world do not have internet access, or if they do, they do not know much of it. The ones who do have encountered a monetary phenomenon called Bitcoin, which is no other than an online currency that can be used only in that context, the web. Being a form of electronic money does bring its benefits, but it also can lead to several rough patches in the transactions, one being the price exchange for that currency.

In recent times, Bitcoin has experienced an up in its price. It has ranged from 230$ to up to a 1100$ in less time than thought which has left most people wondering what influences the Bitcoin price to make it so expensive nowadays.

To establish the bitcoin price, one must think beyond the terminology. One thing is the monetary price of the bitcoin, meaning that certain people would give x amount of their currency for x amount of bitcoins and another thing is the value of the bitcoin which why people buy those bitcoins for that amount of money, like an auction. After saying this, most people might think bitcoin is not very valuable since its only use is online. If you consider the fact that it is a cryptocurrency, meaning that the high cost protects it it would take to break its security and no person, digital or physical could accelerate its production or use it illegally or abuse it; just by that it could give a second thought to consider its market value.

The security of Bitcoin makes it a somewhat stable currency in times of macroeconomic uncertainty and political instability. Individuals, companies, and nations are taking care of their money and trusting the security behind the cryptocurrency. All of that have made bitcoin price go up and up in recent times. It might raise the price even more. Although it might seem like a financial risk, economic experts have given a second chance to the digital cryptocurrency, and many believe that it could be the future world currency.

Bitcoin price could dictate the value of fiduciary money shortly. The Bitcoin price at the beginning of 2017 surpassed the 1000$ mark and wouldn’t go down significantly. Current news like the Brexit outcome and Donald Trump’s victory in the United States led to more individuals trusting the bitcoin to save their money in a secure way.

With all of these reasons, the bitcoin price is only going to cement its status as an actual unfiduciary currency and its value will only go up. The only way this cryptocurrency could lose its value is something like the disappearance of the internet in the world or a global stability like no other. In any case, bitcoins are a pretty secure way to make sure your money only goes up and can be such a great investment that might pay out big time.

How to turn bitcoins to real money

how to withdraw bitcoins to cash

 

Bitcoin is a very new currency, perhaps the newest currency in the world. Since people have discovered its real value, its price has just gone up and up. The bad news is that not all businesses accept it just yet. You can’t have a bunch of bitcoins in your hand or try to buy the whole store with them. Some online businesses do accept them in exchange for their merchandise, but not all of them do. You can’t go to the bakery just yet with a handful of bitcoins and expect cupcakes. That is just a fact; bitcoin is not a widely spread currency.

If it is so valuable, you need to exchange them for fiduciary money to get your purchase at CVS or buying that artisanal cheese that smelled so good. Since Bitcoin does not take any fees it is a very secure way to get money online, any government can’t regulate it, and the cost of violating its security is too high so exchanging your bitcoins into dollars is an excellent way to have the cash you need.
Bitcoin mining is an excellent way to get your cash from scratch. It does take effort, but miners are offered a reward for their work and bitcoins become more accessible to have and exchange for another currency. Bitcoin exchange can also happen once you’ve provided a service or sold a good to be rewarded with the digital currency and exchange it for dollars. Lot of people have both Bitcoins and lots of bills to pay, some simply want to buy a new car, and since they cannot pay with BTC at a car dealer, the only feasible way is to first convert Bitcoin to cash. The good news is that there are places all over the internet where you can exchange Bitcoin. Here are a few examples:

CashBitcoins.net: easy and straight-forward way to turn your Bitcoins into cash via Western Union, Moneygram, Paypal and Bank transfer. No need to sign up, so basically, you can convert Bitcoin into real money in a very short time.

Btc-e.com is the most popular Bitcoin exchange website. It has a complicated log in feature that asks for personal information as well as scans, but once the protocol is done, you can make any exchange as you want.

Localbitcoins.com is another popular site that allows you to exchange bitcoins with local exchangers or miners and backed up by escrow that makes the whole transaction more trustworthy.

Coinbase.com operates in the US and is an easy way to exchange bitcoin. With its simple interface, new exchangers can learn quickly how to have their cash in hand in a timely manner.

Bitbargain.co.uk operates in the UK with a like-minded simple interface that works with wire-transfer.

Hitbtc.com is a Europe based Bitcoin exchanging website that has gained a lot of popularity over the years making it to the top of the European top Bitcoin exchangers.

 

Anyway you want it; the easiest way to withdraw bitcoins to cash is to use one of the trusted websites that will make the process fast and effortless. Your transactions should always be secure, and the websites should offer you that security. Bitcoin is the currency of the future and trading it should become accessible for everybody, no matter the background.

Bitcoin: Cons and Pros

pros cons of bitcoin

 

Many people are probably hearing of bitcoins for the first time, or few of the ones that have heard of it, do not know what it is all about. Nevertheless, a brief introduction is that Bitcoin is a digital currency. Bitcoin currency is universal. Therefore, merchants do not have to bother about exchange rates when making purchases with bitcoin.

Many people are going into the bitcoin mining industry, and some still want to, but are confused whether it is worth it. In this article, we will be discussing the advantages and disadvantages of Bitcoin. This will not in any way make decisions for the confused ones but will help ease their decision-making. It will help outline the two sides of the coin, but they will be left to weigh them and decide.

 

Disadvantages of Bitcoin

 

1. Lack of understanding: Many people do not seem to understand how the Bitcoin works and the lack of awareness are not making it easy. Unlike the physical currencies, only a few companies accept bitcoins. In addition, the bitcoin market is somehow confusing, and most people sell and buy bitcoins blindly without knowing its present market worth.

2. Fluctuations in prices: The prices of Bitcoins fluctuate every minute due to its volatility. To use bitcoins, sellers have to be kept up to date on the current price always in order not to cut their profit. Buyers also need to be kept up to date in order not to buy at a high price than its worth.

3. The era of development: Bitcoins are still in its phase of development and requires some more features to increase its effectiveness. It is not as developed as the real currencies. Therefore, it is a close but not a total substitute for it.

4. Darkweb association: Most people mistakenly associate Bitcoins with criminals and fraud, especially after the US government raided the Silkroad markets back in 2013. This really hurts the reputation of this amazing coin and the technology behind it. Many users, investors, traders and businesses use Bitcoin for very legitimate reasons that have nothing to do with anything illegal.

 

Advantages of Bitcoins

 

1. Fewer charges: Banks have been known to extort their customers with various charges while claiming to protect customer’s money. With bitcoins, there are close to null charges during trades.

2. Currency is universal: You do not have to worry about exchange rates when making transactions with bitcoins. It is a universal currency.

3. Saves time: If you are the type of person that hates long time-wasting bank queues and ATM queues, then bitcoin is for you. Bitcoin transactions usually takes only few minutes from the point the user initiate the transfer, which is extremely speedy. You do not have to go to any bank for transactions because the internet is your bank.

4. Privacy: Users can send and receive payments from all over the world without having to give up sensitive information that are usually required by most financial institutions, such as Full Name, DOB, Social Security Number…etc

 

In conclusion, just like every other thing, bitcoins have its advantages and disadvantages. So only you, the user, will decide if Bitcoin is for you.

Risks of Bitcoin

risks of using bitcoin

 

There are many crypto currencies, but bitcoin, which was first created in 2009 is the most popular of them all. Bitcoin is a digital currency that does not require any intermediary (bank) to make transactions between persons. It is experiencing a high growth rate, with different people learning about it. A lot of merchants are beginning to venture into the use of bitcoins, and a lot of bitcoin miners emerge daily.

Although this crypto currency is being used by a lot of people, there still exist back and forth argument on the risks involved in dealing with bitcoins. Bitcoins are also referred to as “digital gold” but there many risks involved in dealing with this gold. Just like how there are risks involved in all businesses, we have the same with bitcoins. These are some of the risks of bitcoins:

1. Volatile in nature: Unlike physical currency, bitcoins do not have a standard worth. The prices of Bitcoins fluctuate due to its high rate of sales. Bitcoin values are capable of falling for up to 50% in a day. People that acquired a large bitcoin will experience a huge loss from this.

2. High theft possibility: Technology is gradually advancing, and there are a lot of tech gurus and hackers in the industry. Since Bitcoin uses the internet, these people are capable of breaking into the bitcoin wallet. If they can breach the Bitcoin wallet security, they can steal a large number of bitcoins. These people do not need to carry a gun and rob a bank. A bitcoin theft worth millions of dollars was recorded in Japan a few years ago.

3. Fraud alerts: The internet is the new marketplace. It is a place where a lot of people have been able to make lots of money by making e-commerce transactions. It has also helped a lot of businesses expand. Although people make legit money from it, it has recorded a lot of fraudulent activities over the years. Bitcoin is an internet based money system. Therefore, fraudsters can also use this to cheat unsuspecting merchants.

4. Irreversibility: This one could be a dual-edged sword. Many people are attracted to Bitcoins due to it’s being irreversible method of payment, that will kill the possibility of chargebacks that can ruin business. However, if you have been a victim to fraud or theft, chances are your Bitcoins are gone for good, due to the same rule.

Briefly, bitcoins have over the years proved a goldmine for many people. However, the risks involved cannot be overlooked when making transactions with bitcoins. The safest haven in all of this is to take necessary precautions when taking risks. These precautions will pave a way to the safest use and avoid any online treat by the hackers.

How to mine bitcoins?

bitcoin mining

How to mine bitcoins

Searching a new way to earn money is something really common nowadays and more if we speak about online business. Bitcoin is one of the most used online currencies in the world, being at least 900 times more valuable than US dollar. This make people interested in mining bitcoins. It is not really that hard at all, all you need is certain equipment, software, but please keep in mind that you could be slapped with a really expensive electricity bill.

How to mine bitcoins? What do I need?

First of all, you will need your bitcoin wallet. So go ahead and create a wallet. There are a huge number of bitcoin wallets which are made in order to keep your bitcoins safe! Bitcoin is a cryptocurrency. And as an online currency, it could be stolen by hackers, even stolen from your computer. If you keep the file which have the information about your bitcoins and your pc is stole or lost, you may lose your bitcoins also if you haven’t saved it on a wallet.
Secondly, you need a miner. Miners are a kind of hardware which were made in order to solve mathematical problems in order to receive a certain number of bitcoins. You can cloud mining but the physical kind is the most used option. Bitcoin is a safe but at the same time a volatile currency, that’s why mining and investing in some miners is a good choice in order to start a profitable business.
There are different models between different prices. One of the cheapest is the antminer s7 bitcoin miner which is made in order to make at least 0.15 bitcoins per month and it cost 479$. As you can see, this is a long term investment. So, if you are trying to have fast money, please do not think that bitcoins are the best way to do it. Bitcoins represent money, but it could take time.
Solving a block of mathematical problems to have bitcoins is going to be difficult considering the size of the blockchain network. There is a certain cycle in which a block could be easier to solve than in other dates.
Hash of a block which is what define bitcoin mining difficulty should start for a certain number of zeros and a hash with a lot of zeros will be more difficult to be solved, so it will take more time, so it will cost more and give low profit.
This always can change, but if you constantly mine you will see that it is profitable.
How to mine bitcoins (Online)
Data centers will sell you mining capacity in order to not make you buy any equipment, this is known as Cloud mining. This mean that you won’t have to take care of electricity bills, equipment, or any other offline issue that could show up.
As you can see, just like everything in life, you need to spend money to make money. You should only have certain things in order to start mining, as well a miner or at least a membership in one cloud bitcoins mining service.

How to trade Bitcoin?

bitcoin trading

 

It is a known fact that the digital era is here. It is affecting our lives, society and economy in every possible way. With everything in the world is becoming more and more digital, it only makes sense that our traditional money is also going digital. Digital currencies are growing every day and trading bitcoins is one of the most seeked way to be updated and have a currency which is more valued than the mighty US Dollar or Euro. While it is far from being a mainstream currency yet, Bitcoin appears to be on the right path.

 

Is it hard to trade bitcoins?

Not really! But just like other kinds of trading, you should always try to buy low and sell high. Before you consider trading though, you should familiarize yourself with Bitcoin, and you will learn many tricks that will eventually help you make good decisions and reduce the risks involved in the trading world.
Proceed with caution, while this currency could be invested and traded, it can also be lost and stolen. This cryptocurrency is generated by a process called mining through scripted applications and computers. You can also obtain it through different ways.
In order for you to be able to receive, send, or trade Bitcoins, you will need a wallet and internet access. This will eliminate the need for a third party to do any transaction.
To have an address you should download bitcoin client or at least a reputable web-based bitcoin wallet just as Blockchain.info.
Blockchain, is one of the most wallets used and it will give you a unique wallet id and password that you need to save so you can do any transactions on your account. For further security, you can also set up a 2FA (Two-factor authentication).
There are many other different wallets you can choose from, such as: Mycelium, Wirex, Xapo, Bitgo, green address, among others.
If you download a bitcoin client, you can have your bitcoins in your hard disk but it is generally safer to save it on an offline-device, so no hacker can access it.
After you have it on your wallet, and if you don’t want to trade it but you want to exchange it for some money use exchangers such as:

Hitbtc.com
LocalBitcoins.com
BTC-e.com
Coinbase.com
CAD interact deposit

This will make you be able to exchange some bitcoins for money. Deposits made in this banking system should take at least 2 days. For faster exchange, we recommend you withdraw Bitcoin to cash using Paypal or Western Union, which should be done within an hour or two.

For more details, please also check out our other article about withdrawing bitcoins to cash.

Bitcoin as a project has established a different vision of a new valuable currency that is free from any control. You can use this for trading stocks, buying items on internet, hiring services on platforms that accept bitcoins, and so much more.
This currency have several advantages if we speak about traditional money trading. Beside the elimination of third parties in business, you also can enjoy very low cost for sending and receiving bitcoins.
If you do any transaction with bitcoins, at least a typical transaction of 500 bytes, it will cost 9,13 cents. Which is way cheaper than any thing out there including PayPal! Transactions with this currency are irreversible and are supposed to be secure. Please, be sure of who is doing business with you. You won’t have to worry about fraud, fraudulent chargebacks, refunding.
If you want to start trading bitcoins or buy some, it is recommended to use coinbase which is one of the safest and easiest ways to buy a bitcoin.
Coinbase stores over 97% of their clients’ funds in offline storages to avoid loss and theft. There are other options but we are just giving some advices to make your trading bitcoins easier.

Buy Real Estate With Bitcoin

buy real estate with bitcoin

 

Pros and Cons of Buying Real Estate with Bitcoin

Bitcoin is a digital currency; it is a decentralized ledger that facilitates digital transactions. It is the first of its kind, a decentralized peer to peer payment that is powered by a strong encryption and network of users and computers with no middlemen or central authority. In the users perspective is like cash for the internet. With bitcoin you can buy things using it or you can choose to accept payment with it. Having been created in 2009 it has expanded it uses having a lot of benefits and has a share of its disadvantages. They are created by people called the miners; they use their computers to come up with complex maths to ensure security for the money.

With its growth the questions for the people in real estate still remains, can you purchase a real house using bitcoin? The answer for many people will depend on the pro and cons of using bitcoin. But it is important to note that many real estate firms are accepting bitcoin as a means of payment. Below are pro and cons of using bitcoin.

Pros

Bitcoin ecosystem is rapidly evolving with additional innovations, service providers, merchant space and users. All this stakeholders can attest to the following advantages. The lack of intermediaries in transactions using bitcoins, such as banks, means no transactions fees incurred. Though there are some little charges from digital wallet companies and other providers. The transactions are anonymous so it is hard to track the person making it secure in one part. The transactions are very secure since bitcoin is based on a very strong encryption. Since it is a decentralized peer to peer network, there are no regulatory authority and government to control bitcoin. It is relatively simple, easy and straight forward to transfer money from person to person even internationally. This makes it easier to buy a real estate using bitcoin from all locations internationally.

Cons of using bitcoin

They are reasons as to why you should not use bitcoin. Which are losses; the traditional financial products have a very strong consumer protection unlike bitcoins. If you lose your money there are no intermediaries to help you track or find them. You end up making loses, if you buy a house and send it to the wrong person or a conman, there is no way of possibly getting it. Secondly, there is lack of applications; bitcoin is mainly known for drugs and gambling making it a concern of how well it can do commercially. You will wonder if it is applied in many fields, hence uncertainties of using it. It is highly volatile and it is not universally accepted despite is growing number of uses. It has a limited scaling in speed of downloading applications and mainly used for financing immoral and illegal activities.

It is a growing platform of virtual money and it would be good to try it in making transactions in real estate but great caution should be taken not to fall into any traps and incur loses that cannot be retrieved.

 

A Small Bitcoin Experiment

bitcoin experiment

 

If you are new to Bitcoin (BTC) and just curious what is all the buzz is about, you can simply purchase a very small amount like 0.002 BTC or 0.003 BTC then enjoy the Bitcoin experience. You can purchase small amounts of Bitcoins on ebay.

Before you purchase Bitcoins, you will need a wallet app for computers such as Bitcoin Core, or a mobile wallet app such as AirBitz, or a website such as the very reputable BlockChain.info. If you are interested in Bitcoins and would like to learn more, simply use your best friend: Google.

Here’s a few links for you from different sellers on ebay (please note that we are in no way affiliated with any of them, so the whole responsibility is on you):

Link 1 for 0.001 BTC (will cost you about $2.09)

Link 2 for 0.001 BTC (will cost you about $3)

Link 3 for 0.003 BTC (will cost you about $7.48)

Please read the seller’s requirements and terms & conditions before you make your purchase. Some seller will only deal with users with at least 15 positive feedbacks that have had their ebay account for certain period of times (usually 6 months), which is simply a security measure to reduce risks that come with buying Bitcoins with a reversible method of payment such as Paypal.

If you would like to buy a larger amount of Bitcoin, we recommend you try LocalBitcoins.com. The latter will allow you to purchase BTC either in person using cash or online using different methods such as Western Union, Moneypak cards, Bank deposit…and so much more. Who knows, you might even end up a Bitcoin junky, and start investing in this amazing technology. After all, many experts deeply predict that BTC will be a major player in the world currency market, and might worth hundreds of thousands  and up to a million dollars each.

Note: Please take all predictions regarding BTC with a grain of salt, because nobody knows for sure what the future has in store for Bitcoins.

 

What is Bitcoin?

what is bitcoin

 

Bitcoin is a decentralized digital cryptocurrency which is not controlled by any entity or government. It was first introduced in 2009 by someone under the name Satoshi Nakamoto, which is more likely a pseudo. The system that Bitcoin works on is a peer to peer, which enables transactions between two users without anyone else’s intervention. These transactions are verified by network nodes and are recorded on the blockchain which is available for the public. Bitcoins is a currency just like other real world currencies, the only difference is that is digital, while fiat is physical in shape of paper for bills and metal for coins.

Bitcoin is created using computers doing very complicated calculations. The process is called mining and the people or computer application generating those Bitcoins are referred to as miners. By discovering network nodes, miners are rewarded Bitcoins. In order for Bitcoin transactions between users to happen, mathematical problems will have to be solved by miners. There are many other digital cryptocurrencies in the market such Litecoin (LTC), Ethereum (ETH), Namecoin (NMC) but Bitcoin (BTC) remains the largest with a market cap of over $16 Billion. Unlike fiat money which is owned by the government and is usually stored in banking institutions, Bitcoin is free of any government regulations and is usually stored in digital wallets. These e-wallets are basically applications or third party websites that can be used to access the funds. They are protected by passwords and sometimes by 2FA which adds an extra form of protection against unauthorized access. You can use these wallets to pay with Bitcoins for services and other stuff like a pizza or cup of coffee, it works just like pulling cash out of your wallet.

The price of Bitcoins is very volatile, that means it keeps going up and down every few minutes. As of today, Bitcoin is worth over $1000. The Bitcoin network which is known as the Blockchain is believed to be unhackable. It is the individual wallets that can be hacked, so users should keep them secure at all times. It is worth noting that Bitcoin comes in a limited quantity, because that is how it was coded. The total number of Bitcoins that will ever exist is 21 million coins, minus all the bitcoins that were lost forever. Lost forever? you might be asking yourself. Well, if you lose your private keys, and don’t have a wallet backup, your Bitcoins will be gone forever. It is estimated that all of Bitcoins will be mined by the year of 2030.

What bitcoin and blockchain offer that no financial institution can afford is the extremely low transaction fees as well as speed for those transactions to take place. Let’s also not forget that Bitcoin transactions are virtually anonymous, which a lots of people that are concerned about their privacy really appreciate.

Many bitcoin experts and analysts believe that Bitcoin prices will be much higher than today’s, when the world adopt the digital currency and becomes mainstream. So only time will tell if  Bitcoin will be the next digital revolution.

How to withdraw Bitcoins to Cash

withdraw bitcoin to usd

 

Did you happen to have some Bitcoins accumulated over the years, and you now think it is the right time to sell them and turn them into real cash? It is not surprising that many people have saved Bitcoins since it was way cheaper few years ago, and now that the Bitcoin price is surging, it is a no-brainer for these people to seek ways to withdraw their Bitcoins into cash and spend it on things, such as paying for bills, buying electronics, properties, cars…etc, that would be otherwise difficult to purchase with BTC.

Bitcoin is the digital currency of the future, but it will be in several years till it becomes mainstream or accepted at retail stores, gas stations or restaurants. But till then, the only way to spend those coins is by first converting them to USD, Euro, GBP or other real world currencies. We usually get lots of questions from our readers, such as: “How to withdraw Bitcoins to Cash?” or “How to trade Bitcoin for USD?” If you are in the same situation, then continue reading.

Back in 2011, a bitcoin could barely buy you a slice of pizza, and now the price has multiplied by hundreds that can yield you serious cash. In order to save you lots of time searching on the internet, we already have done the research for you. So let’s cut the chase, and show you the top 5 exchangers where you can sell bitcoins for cash.

 

 5 Best Bitcoin to Cash Exchangers:

Check out our 5 top picks for the websites where you can sell bitcoins for cash:

 

1- CashBitcoins.net:  this website gives customers the ability to quickly sell Bitcoins and receive Cash in return. Unlike many other exchangers, you can withdraw Bitcoins into real money without having to provide any documents or personal details; thus, making it very anonymous. No sign up is required for customers to initiate the trade. Moreover, at only 5%, the fee to exchange your Bitcoins is among the lowest in the industry, which is very hard to beat. You will have the option to withdraw Bitcoins into cash, using the following payment methods: Paypal, Western Union, Moneygram and Bank transfer. Customers can cash in up to 25 Bitcoins per each transaction. No matter how you look at it, it is one of the best deals out there that you cannot ignore!

 

Our Rating: 4.5/5

withdraw bitcoin to cash

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2- LocalBitcoins.com: Is a recognized name when it comes to bitcoin trading. This is a peer to peer trading platform, which facilitates acquiring or selling Bitcoins for cash. Both buyers and sellers will be required to provide passport scan to prove their identity. LocalBitcoin.com is a major player when it comes to buying and selling Bitcoins. You can also meet people that are interested to buy or sell BTC locally, which is a nice touch. Cash deposit, Reloadit, Moneypak, Western Union, Moneygram, Paypal are some methods that can be used to receive the payment for your Bitcoins.

 

Our Rating: 4/5

sell bitcoins for cash

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3- Coinbase.com: It was founded in 2013, and it is among the best Bitcoin online exchangers. Their rates are good, but they only offer payment via Bank transfer, which can take a few days to process. Also, customers will be required to provide documents along with Social security number for verifications, which can be quite a turn off for many people.

 

Our Rating: 4/5

exchange bitcoin to paypal

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4- BTC-e: This one can be really difficult to use, due to the fact that customer are asked to provide documents prior to trading, such as bank statements, passport and/or driver’s license. This process can take really long. So if you are in a rush to sell your Bitcoin for cash, then we don’t recommend this one. But the moment your account is verified, you will enjoy many benefits such as trading BTC for Cash or other cryptocurrencies such as LTC, ETH, DSH and NMC.

 

Our Rating: 3.5/5

how to sell bitcoins

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5- E-Bay: You might be surprised to see ebay making it on this list. But the fact of the matter is that it is used by many traders to sell their Bitcoins. This, however, does come with some serious risks that can leave you with no coins if something bad is to happen. For example, if someone uses a hacked/stolen Paypal account to purchase Bitcoins from you on ebay, then the real account holder opens a dispute for unauthorized transaction, chances are you will lose the dispute, add that to the fact that Bitcoin transactions are irreversible. To protect yourself against this, you can greatly limit the amount of Bitcoins you can sell for each individual, and avoid dealing with brand new users.

 

Our Rating: 3/5

how to withdraw bitcoins