Bitcoin Profit Secrets
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Bitcoin Background
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Originally meant to be a peer-to-peer payment system
Addressed the problem of double spending
Year Invented: 2008
Only 21,000,000 bitcoins will ever be created
No actual intrinsic value
Founder: Satoshi Nakamoto (pseudonym)
Advantages of Bitcoin
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Very fast payments
Very low transaction fees
Decentralized, open-source, transparent
Not subject to politics and corruption
No threat of chargebacks
Protects users from identity theft
Disadvantages of Bitcoin
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Extremely risky
High volatility
Still relatively new
Not fully matured and developed
What You Can Buy With Bitcoins
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Common household items
Gift cards
Video games
High-tech gadgets
Plane tickets
Many more items!
Methods To Acquire Bitcoin
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Buy bitcoins
Trade other cryptocurrencies for bitcoin
Get paid with bitcoins
Mine your own bitcoins
Bitcoin Mining
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Role of miners
Bitcoin mining terminology
Bitcoin mining hardware used by miners
Mining pools
Cloud mining
Bitcoin Wallets
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Hot wallets
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Easy and free
Can be hacked
Can be accessed anywhere with Internet
Cold wallets
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Very difficult to hack
Offline storage
Much safer than hot wallets
Common Bitcoin Scams
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Fake bitcoin exchanges
Phishing scams
Ponzi scams
Cloud mining scams
Trading vs Investing
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Trading is short-term
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Buy low and sell high method
Investing is long-term
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Buy and hold method
Future of Cryptocurrency
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Blockchain technology will become mainstream
Combat crime and corruption
Massive adoption in developing economies
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