Finding innovative solutions to problems is something that we as investors may also need to do from time to time.
Polish gym declares itself a church to avoid coronavirus restrictions
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Isnât your body supposed to be the temple?
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A Polish gym has worked out a way to stay open under new coronavirus restrictions â by rebranding as a church.
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These Polish gym owners found an innovative solution to a problem.
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Finding innovative solutions to problems is something that we as investors may also need to do from time to time.
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For example, trading Forex involves middlemen, brokers and various other institutions that usually collect fees at almost every step of the trading process.
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As a result, a lot of traders introduced crypto currencies into their portfolios.
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With crypto trading, thereâs no middleman and thatâs probably the biggest draw to it.
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What is Bitcoin?
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If you're here, you've heard of Bitcoin. It has been one of the biggest frequent news headlines over the last year or so - as a get rich quick scheme, the end of finance, the birth of truly international currency, as the end of the world, or as a technology that has improved the world. But what is Bitcoin?
In short, you could say Bitcoin is the first decentralized system of money used for online transactions.
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How did Bitcoin start?
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The concept of Bitcoin, and cryptocurrency in general, was started in 2009 by Satoshi, an unknown researcher. The reason for its invention was to solve the issue of centralization in the use of money which relied on banks and computers, an issue that many computer scientists weren't happy with. Achieving decentralization has been attempted since the late 90s without success, so when Satoshi published a paper in 2008 providing a solution, it was overwhelmingly welcomed. Today, Bitcoin has become a familiar currency for internet users and has given rise to thousands of 'altcoins' (non-Bitcoin cryptocurrencies).
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How is Bitcoin made?
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Bitcoin is made through a process called mining. Just like paper money is made through printing, and gold is mined from the ground, Bitcoin is created by 'mining'. Mining involves solving of complex mathematical problems regarding blocks using computers and adding them to a public ledger. When it began, a simple CPU (like that in your home computer) was all one needed to mine, however, the level of difficulty has increased significantly and now you will need specialized hardware, including high end Graphics Processing Unit (GPUs), to extract Bitcoin.
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How do I invest?
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First, you have to open an account with a trading platform and create a wallet; you can find some examples by searching Google for 'Bitcoin trading platform' - they generally have names involving 'coin', or 'market'. After joining one of these platforms, you click on the assets, and then click on crypto to choose your desired currencies. There are a lot of indicators on every platform that are quite important, and you should be sure to observe them before investing.
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Simply buy and hold
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While mining is the surest and, in a way, simplest way to earn Bitcoin, there is too much hustle involved, and the cost of electricity and specialized computer hardware makes it inaccessible to most of us. To avoid all this, make it easy for yourself, directly input the amount you want from your bank and click "buy', then sit back and watch as your investment increases according to the price change.
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This is called exchanging and takes place on many exchanges platforms available today, with the ability to trade between many different fiat currencies (USD, AUD, GBP, etc) and different crypto coins (Bitcoin, Ethereum, Litecoin, etc).
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Trading Bitcoin
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If you are familiar with stocks, bonds, or Forex exchanges, then you will understand crypto-trading easily. There are Bitcoin brokers like e-social trading, FXTM markets. com, and many others that you can choose from. The platforms provide you with Bitcoin-fiat or fiat-Bitcoin currency pairs, example BTC-USD means trading Bitcoins for U.S. Dollars. Keep your eyes on the price changes to find the perfect pair according to price changes; the platforms provide price among other indicators to give you proper trading tips.
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Bitcoin as Shares
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There are also organisations set up to allow you to buy shares in companies that invest in Bitcoin - these companies do the back and forth trading, and you just invest in them, and wait for your monthly benefits. These companies simply pool digital money from different investors and invest on their behalf.
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Why should you invest in Bitcoin?
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As you can see, investing in Bitcoin demands that you have some basic knowledge of the currency, as explained above. As with all investments, it involves risk! The question of whether or not to invest depends entirely on the individual. Bitcoin keeps growing - although there has been one significant boom and bust period, it is highly likely that Cryptocurrencies as a whole will continue to increase in value over the next 10 years. Although volatile in the short term, you will find that Bitcoin trading is more profitable than most other ventures.
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