What is bitcoin and how to start with a free £10 today?
Is Bitcoin really that different from our “normal” currencies?
Bitcoin (BTC) is the world’s most leading cryptocurrency commodity available on many trading markets, and I’m sure most of us have come across Bitcoin, or at least know it's a digital currency. For a long time, people have believed Bitcoin was a bubble that was ready to pop, but since the launch 12 years ago, BTC has exploded and is now the 5th largest currency in the world, and now is the time to accept it rather than continue denying its existence.
Let’s be honest, the chance of bitcoin collapsing are growing slimmer every day. The reason I can say this confidently is due to the recent adoption of bitcoin with Visa, Mastercard and Paypal, who are now accepting bitcoin as a payment method for retail transactions. Additionally, some publicly owned companies, like MicroStrategy, Square, and many others, have diversified their assets into bitcoin, showing us that bitcoin will soon become integrated with companies, just like the global currencies we have today. (GBP, USD, JPY).
What is Bitcoin (BTC)?
Unlike the image above of a bitcoin, which is actually worthless, bitcoin is a digital currency created in January 2009, following the 2008 financial crisis, which caused a global uproar as the wealthy made a mistake while getting richer, and everyone had to face the consequences. This is why Bitcoin offers lower transaction fees and is operated by a decentralised authority (non-sovereign). Bitcoin and Satoshi, the smallest unit of a bitcoin, can be traded or stored within a decentralised ledger system called a blockchain. The creator of bitcoin, who still remains anonymous, designed bitcoin to becomes the scarcest commodity on earth, as there will only ever be 21million bitcoins. At the time of writing this post, around 18.5 million bitcoins have been mined, and the remaining 2.5 million will be mined progressively by the year 2140. As we get closer to the 21 million limits, mining bitcoin will gradually become harder, as you can guess this will mean overtime getting your hands on 1 BTC will eventually become a luxury. This will naturally increase the value of bitcoin over time, as there is a change in demand and supply.
Recently, in the news, Bitcoin hit a new high of $40,000, this was a 400% growth from 2020, where the price was at $10,000 in October 2020. If you check the current price as of the end of January, the price dropped to $32,000. This retracement is actually very healthy in terms of growth, as people tend to start selling bitcoin once a rounded figure is reached. This is completely normal and correlates with long term growth. If bitcoin has continued rise beyond $40,000, the inevitable pullback would have been much greater. At the time of writing this, most analysts predict the price will consolidate at this price for a while before reaching a target of $100,000 by the end of 2021.
Why does only 0.5% of the world population own bitcoin?
There are many reasons, but the general consensus is the lack of understanding or how to buy your first bitcoin. Hopefully, by the end of this article, you can be part of the 0.5% of the population, as owners of bitcoin.
One of the main reasons why I never looked at bitcoin was ignorance. I didn't understand what it was, so I just pretended it didn't exist. I completely understand that “the most traumatic/ difficult part is buying your first bitcoin.” Another reason was the news, which constantly highlighted how people had lost thousands of bitcoins through not being able to access their accounts or damaging their hardware. Although these are all real consequences of bitcoin and care should be taken at all times, however, after understanding how bitcoin operates, I realised that these things could happen even with fiat currencies (USD, GBP) as well. To understand why these problems arise, it is important to see how bitcoin is stored.
How is Bitcoin stored?
This is a special type of wallet that secures the user’s private keys offline, onto physical hardware. The main advantage of this is your bitcoin is not accessible to hackers, as it’s off the grid. On the contrary, this safety measure can prove to be the same reason for losing your fortune should you damage the key, as the key is as delicate as a USB. This is similar to if you lose the only key to a vault, except where there is no locksmith in the world who can open the door.
Bitcoin Exchange/ Bitcoin Wallet
A bitcoin exchange/Wallet is a digital website that lets you convert fiat currency like US dollars, Euros and Bitcoin into Bitcoin. This is the same as the travel money exchanges we see in airports, but instead of receiving the exchanged money in hand, Bitcoin is stored on the digital wallet. Although the exchange gives you access to your bitcoin, it still remains under their control. This is why it is important to choose a bitcoin wallet that has an established reputation. There is a wide range of Bitcoin wallet available online, but the easiest one to get started with is Luno, which is identical to online banking, as it does have the option to safely reset your password whenever we forget it.
How you can get started with 0.00042 BTC (£10) today?
As promised in the headline, I'm going to show you how you can own 0.00042 BTC (£10) in the next 5 minutes. I am a Bitcoin Pioneer for Luno, which means my unique code “BPSKARA 10” will authorise an instant £10 on any account to let you get started with 0.00042 BTC with no deposit required. Simply create your account and wait to get verified before typing “BPSKARA 10” in the Reward section, shown below.
Just to clarify, this is not a typical “Invite your friend scheme.” The idea behind this programme is to remove the initial fear factor that people have with bitcoin. Now there is a monthly limit to how many people can take part in the programme, as Luno is funding this at their own expense, so once you have made the account, make sure you have received the £10 by entering the code. If you haven't, please get in contact with me, as my monthly limit may have been reached.
CODE 1: BPSKARA 10 — Instant £10 worth of bitcoin (Zero deposit)
CODE 2: 2XJPB7- Additional £10 if you deposit £100 (But don’t worry about this today).
I would highly suggest you play around with the funds, so for example, try transferring some or all of it to your bank account. Additionally, you can invest in Luno’s saving wallet with a 4% interest rate, on top of the bitcoin value appreciation. Whatever you do is completely up to you, but at the end of the day, when in the future someone asks you to pay them in bitcoin, you now have a digital cryptocurrency account. And even if you do nothing with the free bitcoins in your account, hopefully the bitcoins will be worth more than £10 when you withdraw/convert them in the future.
I hope this has been an insightful read about bitcoin and its potential. You may still have lots of questions, hence you may not be ready to open your account today. I want you to reach out to me if you have any questions about bitcoin or about Luno. Ultimately, I’m glad that at least you now know where you can find information on how to start. Just by reading this page, you have shown to yourself that you are ready to change your attitude to bitcoin.
Next Bitcoin Webinar — By Jason Deane
Tuesday 26th January 2021 6 pm
An entirely non-technical explanation of what Bitcoin is, why it’s important, how it will affect you and what might happen next. An interactive webinar from Jason Deane, including an open Q&A session and £10’s worth of FREE BITCOIN for all attendees.* (NOTE: Your link to access the event will be sent via email, please check your junk mail folder after registration!) *18+, UK/European resident-only
Welcome! You are invited to join a webinar: Bitcoin and the Future of Money. After registering, you…
An entirely non-technical explanation of what Bitcoin is, why it's important, how it will affect you and what might…
Shivalay Kara —https://linktr.ee/Shivalaykara
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