Bitcoin Secrets Revealed: Build Passive Income Investing, Trading, Mining, & Lending Cryptocurrencies

By James Durden

Cryptocurrencies are here to stay. Blockchain technology is set to radically change the way we do business in almost every industry. The world will become more decentralized, putting more money and power back into the hands of individuals. But as with any world-changing technology, the biggest benefits come to those who get involved early. Throughout this guide, you’ll find step-by-step instructions to get started making money with cryptocurrencies, as well as direct links to the products and services you’ll need to succeed as an investor, trader, miner, or lender.

• Language: English
• Publisher: BookBaby
• Release date: Feb 14, 2018
• ISBN: 9781543925630

Book preview

© James Durden 2018

eBook ISBN: 978-1-54392-563-0

All rights reserved. This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in a book review.

Table of Contents

Introduction

The History of Cryptocurrencies

What are Cryptocurrencies?

How Blockchain Technology Works

An Introduction to Ethereum

What About Altcoins?

The Future of Cryptocurrencies

How to Use this Guide

Deciding Where to Start Making Money with Cryptocurrencies

Investing

Trading

Mining

Lending

Chapter 1 –Investing in Cryptocurrencies

Investing Basics

Building Your Cryptocurrency Portfolio

Investing Through Cryptocurrency Exchanges

Securely Storing Your Coins in a Wallet

Chapter 2 –Trading Cryptocurrencies

Basic Trading Strategy

Technical Analysis for Cryptocurrencies

Chapter 3 –Mining Cryptocurrencies

How to Get Started with Mining

Cloud Mining Services

Is Cryptocurrency Mining Profitable?

Chapter 4 –Lending Cryptocurrencies for Passive Income

Where Can You Become a Lender?

Choosing the Best Cryptocurrencies to Lend

Conclusion –Why You Shouldn’t Wait To Get Started

Disclaimer: The contents of this ebook should not be considered financial advice. Putting money into cryptocurrencies is risky, and should never be done with money you can’t afford to lose. Consult a certified financial advisor before investing in cryptocurrencies.

Disclosure: Please note that some of the links in this ebook are affiliate links, and at no additional cost to you, I will earn a commission if you decide to make a purchase or join a service after clicking through the link. Please understand that I have experienced all of these companies, and I recommend them because they are helpful and useful, and not because of the small commissions I make if you decide to buy or use their service through my links. Please do not spend any money on these products/services unless you feel that they will help you achieve your goals.

Money is almost as old as civilization. Way back in the day, people exchanged value using a simple barter system. I’ll trade you a loaf of bread for some wine. The problem was, as life got a little more complicated and the range of products available grew, it became difficult to value everything in relation to something else. That’s why commodity money (like silver and gold coins) was made.

Coins were easy to carry around so you could use them to buy just about anything you needed. Plus, they were inherently scarce resources, since there was only so much gold available, so they retained their value very well. That system worked well for a long time, but as economies and governments grew in size, and debt started to build up, it became impractical to only deal in commodity currency.

At first paper currency was backed by actual gold. The amount of money in a country was equivalent to how much gold was in the bank. But in 1971, President Nixon decided to abandon the ‘Gold Standard’, giving the government the permission to print money on demand. The USD became a fiat currency … interestingly enough, fiat is Latin for ‘it shall be’. A fiat currency is not backed by a tangible asset. It’s only backed by the government’s promise to preserve its value.

That worked OK for a while. But, currency manipulation and devaluation (inflation) have occurred, leading to huge deficits. Since the middle of the twentieth century, as a result of inflation, the USD has lost 90% of its purchasing power (as measured by the consumer price index – see the figure below).

Anyone who experienced the latest financial crisis in 2008 knows that our debt-based financial system doesn’t always work well for everybody. Some innovative people, including the notorious Satoshi Nakamoto, decided to do something about it.

T

he History of Cryptocurrencies

The story of cryptocurrencies really begins with Bitcoin.

Bitcoin was unveiled to the public on October 31st, 2008, with the publishing of a short white paper authored by Satoshi Nakamoto. He made the announcement on a cryptography mailing list