Bitcoin Explained: Become a Bitcoin Millionaire in 2018

By Mark Atwood

Do you wish to make millions of dollars trading bitcoins? Are you ready to learn everything you NEED to know about this revolutionary cryptocurrency? Take your investing career to the NEXT LEVEL today!

Bitcoin Explained: Become A Bitcoin Millionaire In 2018

Is bitcoin dead or are there still a ton of money to be made? Are you thinking about whether or not it is possible or worth the time to learn about bitcoin? How can 18-year-olds make a fortune trading cryptocurrencies? Don’t worry, all your questions will be answered.

Throughout history, there have been many lucrative investment opportunities. Whether we’re talking about stocks, derivatives or real estate, the most important components of succeeding are knowledge and preparation. One can not simply invest without first learnings the fundamentals. Here in this book, you’ll find out everything you need to know about bitcoin investing, trading and mining. 

Bitcoin is the most valuable cryptocurrency out there. With an incredible growth over the past years, many individuals have made millions of dollars. Just like any other popular investment opportunity, there is a ton of misinformation around bitcoin as well. That is why high-quality and up-to-date information was the number one focus when researching and writing this book. In comparison to most books out there, this one is straight on point and easy to understand for practically everyone. 

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A Preview Of Bitcoin Explained

• What Is Bitcoin & How It Works


• Bitcoin History & Creator


• Bitcoin Wallet, Public Keys, Private Keys, Bitcoin Address


• Buying Bitcoins, Bitcoin Exchange Rate


• Bitcoin Mining, Mining Software, Cloud Mining


• Bitcoin In Business, Bitcoin Taxes


• Potentials Risks Using Bitcoin


• Bitcoin Investing


• Bitcoin Security


• The Future Of Bitcoin


• MUCH, MUCH, MORE!

Note: This book on bitcoin is no get-rich-quick scheme! No matter what field of work you are in, creating wealth takes time and effort. This book, however, guides you through proven strategies that are guaranteed to work!

Series: Bitcoin Millionaire, Bitcoin Explained, Bitcoin Cash, Bitcoin Trading, Bitcoin Gold, Bitcoin Mining, Bitcoin Exchange Rate, Bitcoin Wallet, Ripple XRP, Ethereum, Bitcoin, Dash, Iota, Bitcoin Gold, Bitcoin Explained, Bitcoin Wallet, Bitcoin Cash, Bitcoin Investing, Bitcoin Explained, Bitcoin Exchange Rate, Bitcoin Trading, Bitcoin, Make Money, Investing In Bitcoin Explained Bitcoin Exchange Rate, Ripple XRP, Bitcoin Cash, Litecoin, Cardano, Neo, Nem, Xem, Eos Dash Digital Cash Iota Miota Tron VeChain Nimiq Ethereum classic etc Tether Lisk Zcash Qtum Icon Populous Bitcoin

• Language: English
• Publisher: Mark Atwood
• Release date: Mar 16, 2018

Book preview

Bitcoin Explained

Become A Bitcoin Millionaire In 2018

BY MARK ATWOOD

Text Copyright © Mark Atwood

All rights reserved. No part of this guide may be reproduced in any form without permission in writing from the publisher except in the case of brief quotations embodied in critical articles or reviews.

Legal & Disclaimer

The information contained in this book and its contents is not designed to replace or take the place of any form of medical or professional advice; and is not meant to replace the need for independent medical, financial, legal or other professional advice or services, as may be required. The content and information in this book have been provided for educational and entertainment purposes only.

The content and information contained in this book have been compiled from sources deemed reliable, and it is accurate to the best of the Author's knowledge, information, and belief. However, the Author cannot guarantee its accuracy and validity and cannot be held liable for any errors and/or omissions. Further, changes are periodically made to this book as and when needed. Where appropriate and/or necessary, you must consult a professional (including but not limited to your doctor, attorney, financial advisor or such other professional advisor) before using any of the suggested remedies, techniques, or information in this book.

Upon using the contents and information contained in this book, you agree to hold harmless the Author from and against any damages, costs, and expenses, including any legal fees potentially resulting from the application of any of the information provided by this book. This disclaimer applies to any loss, damages or injury caused by the use and application, whether directly or indirectly, of any advice or information presented, whether for breach of contract, tort, negligence, personal injury, criminal intent, or under any other cause of action. You agree to accept all risks of using the information presented in this book.

You agree that by continuing to read this book, where appropriate and/or necessary, you shall consult a professional (including but not limited to your doctor, attorney, or financial advisor or such other advisor as needed) before using any of the suggested remedies, techniques, or information in this book.

Abstract:

How much prior experience with Bitcoin and other cryptocurrencies is required before ones start reading this particular book? The answer is None. In fact, this book is a guide for the beginners, with expectations that they have never traded a Bitcoin in their life, and know very little about Bitcoin and other cryptocurrencies. It is true to mention here that in the world of Bitcoin, we’re all novices. This book contains the information about cryptocurrencies, especially Bitcoin that beginners need in order to be a little savvier about the whole Bitcoin thing.

Bitcoin as a topic, a technology, and a currency is in constant flux, as it’s not just the pricing of Bitcoin that makes it volatile; not a day goes by without any major developments or announcements across the globe concerning Bitcoin or other cryptocurrencies.

After reading the book, we’ll be able to say that Bitcoin is an innovative technology that offers several benefits, such as fast transaction speeds, low costs instead of other national traditional currencies by eliminating the need for a third-party intermediary to process transactions. Unfortunately, due to its use in the early stages as a medium of exchange to buy or sell illegal commodities such as drugs, weapons and its involvement in the Ponzi schemes, Bitcoin has faced opposition and still suffering resistance from the regulators in many parts of the world, to recognize this form of money as medium of exchange. However, in United States, Japan, China and many parts of the Europe, Bitcoin works and is currently regulated on federal and state levels.

In this book, we present a systematic approach that covers the security and privacy aspects of Bitcoin. Also, a detailed review of the existing vulnerabilities in Bitcoin related major technologies such as Blockchain is also presented for the reader’s awareness as these vulnerabilities lead to the execution of various security threats to the normal functionality of Bitcoin.

Still we cannot say that Bitcoin will never be the currency of the future. If enough people start adopting Bitcoin to transact, with governments and financial regulator’s help, it can become the currency for future. Though, another financial crisis similar to 2008 in U.S, which later spread throughout the world will determine the future of Bitcoin.

Table of Contents

Chapter 01

Introduction

Brief History of Conventional Financial Sketch

The Cash & Credit Systems

Credit Cards

Chapter 02

Digital Currency/ Cryptocurrency

Who Created Bitcoin?

What is Bitcoin?

Other Cryptocurrencies

i. Ethereum

ii. Litecoin

iii. Zcash

iv. Specialized Options

v. More Will Come Later

Chapter 03

National Currencies & Bitcoin

Currency

Money as Currency

Chapter 04

Bitcoin as Money

i. Medium of Exchange

ii. Unit of Account

iii. Bitcoin as a Store of Value

Bitcoin as Currency

How is the Value of Bitcoin Determined?

How Can Bitcoin be used?

Spending Bitcoin in Physical Environment

i. Move Money between People

ii. Operate Online Banking Services

iii. Brick & Mortar Store

iv. Bitcoin as an Investment Vehicle Portfolio

v. Use Bitcoin to study further

vi. Fly with Bitcoin

vii. Vacation with Bitcoin

viii. Gambling with Bitcoin

ix. Bitcoin Trading with Rare Metal

x. Trading Bitcoins for Shopping Gift Cards

xi. Converting your Bitcoin to cash through Bitcoin ATM

xii. Shopping through Bitcoins’ Search engine

xiii. Donating your Bitcoin for charitable cause

Chapter 05

How the Bitcoin System Works

Features of Bitcoins

i. Decentralized Currency

ii. Virtual Form

iii. Scarcity

iv. Irreversible Transactions

How it Works

i. Transactions

ii. Unique Serial Numbers

iii. Banks

iv. Mining

Chapter 06

Bitcoin Wallet

How to get a Bitcoin Wallet

Adding Funds to a Wallet

Digital Wallet Services

i. Online Wallets

ii. Desktop / Mobile Wallets

iii. Cold Storage

iv. Hardware Wallets

Chapter 07

Public and Private Keys

i. The Private Key

ii. The Public Key

Using Wallet Addresses

Chapter 08

Alternatives to Blockchain

i. Mycellium

ii. Copay Wallet

iii. Coinomi Bitcoin Altcoin Wallets

iv. Electrum Bitcoin Wallet

v. Bread Wallet

vi. Coinbase

vii. Bitcoin Wallet

viii. Bitpay

Chapter 09

Buying Bitcoins

i. Bitcoin Exchange

ii. Use Directory Lists

iii. Bitcoin ATMs

Saving Your Bitcoins

Transfer Money to Bitcoin Wallet

Chapter 10

Intermediaries Facilitating the Bitcoin

i. Bitcoin Exchanges

ii. Bitcoin Miners

iii. Bitcoin Wallets

iv. Mixers

v. Bitcoin Mining Pools

Chapter 11

How Bitcoin’s Exchange Operates

Buying Bitcoin with Real Money

Types of Bitcoin Exchanges

i. Regular Exchanges

ii. PTP (Peer-to-Peer) Exchanges

Chapter 12

Mining Bitcoins

How Does Mining Work?

Mining Software

Chapter 13

How Mining Pool Works

Cloud Mining

Chapter 14

Bitcoin in Business

Registration & Licensing for Bitcoin Businesses

Tax Issues in Accepting Bitcoin

How to Use Bitcoin Merchant Service Provider (BMSPs)

Benefits of Using Bitcoin Merchant Service Provider (BMSPs)

Potential Risks Using Bitcoin Merchant Service Provider (BMSPs)

i. Registrations as MSB

ii. Always Hire Licensed BMSPs

iii. Settlement Risks in using a BMSP

iv. Exchange Rate Issues

v. Refund Issues

vi. Privacy Protection

Getting Started

Why Use Bitcoin for Business?

Accounting with Bitcoin

Avoiding Fraud

Setting Prices with Bitcoin

Paying Taxes

Chapter 15

Investing in Bitcoin

What makes Bitcoins valuable?

i. Authenticity

ii. Scarcity

Why Should You Invest in Bitcoin?

Right Time to Buy Bitcoin

Chapter 16

Bitcoin Security

Threats & Challenges to Bitcoin

i. Attacks on the Wallet Software

ii. Timejacking Attacks

iii. >50% Attack

iv. Double-spending

v. The Selfish Mining

Possible Solutions to the Attacks and Threats

i. Keeping Separate Wallets

ii. Avoid Keeping Savings in Web Wallets

iii. Pay attention to Privacy

iv. Using Cold Storage

v. Backing-up Data

Chapter 17

Risks Associated with Bitcoins

i. The Market Risk

ii. Shallow Market Problem

iii. Counterparty Risks

iv. Transaction Risks

v. Privacy Related & Regulatory Risks

vi. What Bitcoin Doesn’t Have

vii. Operational Risk

Chapter 18

Regulating Bitcoin and  Other Cryptocurrencies

Fighting Crime

Money Laundering

Consumer Protection

Regulatory Options

Chapter 19

Digital Currency is the New Trend

Chapter 20

The Future of the Bitcoin

i. Global Acknowledgement

ii. Brokerage Support

iii. Retailers Involvement

iv. Increased Number of Miners

v. Physical Currency Format

vi. Applications Will Continue to Grow

vii. The Future of Other Cryptocurrencies

viii. Rise and fall of Currencies

ix. Expanded Regulations

x. Reduced Speculations

xi. Pressure on Traditional Currencies

Conclusion

Chapter 01

Introduction

Physical tokens such as coins, banknotes, gold and etc, are considered as means of payment for thousands of years in routinely day to day transactions between individuals and groups. The process of buying and selling in former ages, within the same location entails the immediate payment as a token of acknowledgment in the form of gold, coins, and notes after providing or receiving the requisite goods or services. However, the situations where both parties (i.e. the buyer and the seller) are not present at the same location urge the need for a secure payment method that could secure the benefit of both parties.

The invention of the computer, the radio, the telephone along with internet has revolutionized the communication system like nothing before. The internet, with worldwide broadcasting capability, provides a complete system for transmitting information and data and serves as a common platform for interaction between individuals and organizations by omitting the geographic locations worldwide.

In past two decades, the commercialized internet