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    How to Get Filthy Rich Investing in Bitcoin and Other Cryptocurrencies: Why It's Not Too Late to Become a Millionaire Investor With Digital Money
    How to Get Filthy Rich Investing in Bitcoin and Other Cryptocurrencies: Why It's Not Too Late to Become a Millionaire Investor With Digital Money
    How to Get Filthy Rich Investing in Bitcoin and Other Cryptocurrencies: Why It's Not Too Late to Become a Millionaire Investor With Digital Money
    Ebook81 pages56 minutes

    How to Get Filthy Rich Investing in Bitcoin and Other Cryptocurrencies: Why It's Not Too Late to Become a Millionaire Investor With Digital Money

    By Maxwell Emerson

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    About this ebook

    Cryptocurrencies and digital money are all the rage these days, with news stories and lengthy online discussions highlighting their successes, trends, and their potential to grow even bigger in the foreseeable future. 

    It is highly likely you have already heard or read quite a bit about cryptocurrencies, and your curiosity has been aroused enough for you to try and learn more about this trend in investing. 

    And becoming a millionaire investor of cryptocurrencies is not some click bait headline. It is a real possibility for those who become committed to learning all about cryptocurrencies and how to trade and invest them properly for the most profitable outcomes. Let me give you an example using one of my personal favorite cryptocurrencies, Litecoin. 

    On March 20, 2017, 1 Litecoin was worth exactly $3.96. Just a mere 5 and 1/2 months later in September, Litecoin was worth $81.78. That is a 1,965% increase in less than 6 months. And it's not like this huge jump came completely out of the blue. Many skilled investors who were involved with and studied cryptocurrencies saw this coming, and everyone who did benefited massively from it. A realistic and relatively small investment of $5,000 back in March of 2017, would be worth nearly $100,000 just 6 months later. This is the kind of potential we are dealing with when investing in cryptocurrencies. 

    This is not what you should expect once you begin investing, but it is a possibility. You should also be focused on the long term instead of trying to get rich quick as that very rarely works out the way you want it to. 

    In this book, we will cover the ins and outs of getting started as a cryptocurrency investor and how you can set up a balanced investment portfolio that can financially set you up very well for the future. 

    LanguageEnglish
    PublisherMaxwell Emerson
    Release dateMar 30, 2018
    ISBN9781386112945
    How to Get Filthy Rich Investing in Bitcoin and Other Cryptocurrencies: Why It's Not Too Late to Become a Millionaire Investor With Digital Money

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      Book preview

      How to Get Filthy Rich Investing in Bitcoin and Other Cryptocurrencies - Maxwell Emerson

      Introduction

      ––––––––

      Congratulations on purchasing this Book about How To Get Filthy Rich Investing In Bitcoin And Other Cryptocurrencies! Cryptocurrencies and digital money are all the rage these days, with news stories and lengthy online discussions highlighting their successes, trends, and their potential to grow even bigger in the foreseeable future. It is highly likely you have already heard or read quite a bit about cryptocurrencies, and your curiosity has been aroused enough for you to try and learn more about this trend in investing.

      Cryptocurrencies are no longer just the stuff of nerds and underground markets, although they did start out that way. Bitcoin, the largest and most popular of the cryptocurrencies, brought this sector into the open and made it a fixture in today’s tech-driven, mobile, and increasingly cashless society. Because of the rise of cryptocurrencies, the world’s banks, governments, and financial firms have taken notice and are also finding ways to adapt to digital money.

      So how exactly do cryptocurrencies work? A cryptocurrency, simply put, is a form of digital assets or money used for various transactions secured through cryptography. Cryptography is the utilization of different techniques or methods for securing communication via third parties or adversaries. In the world of cryptocurrency, all transactions are constructed, analyzed, vetted, and secured from the public through cryptographic methods.

      Cryptography itself is not exclusive to cryptocurrencies, as various forms of cryptography exist in different areas of modern life, such as information security, computer science, automated teller machines, electrical engineering, military communications, e-commerce, computer passwords, mobile banking, and other applications. For cryptocurrencies, Bitcoin, in particular, blockchain technology using cryptography gave credence to their use as secure, accurate forms of digital currency.

      But cryptocurrencies were not always seen in such a positive light, especially in the earlier days when it was shrouded in secrecy and misunderstanding. The United States Senator Thomas Carper said, Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.

      Cryptocurrency in its present form was merely a secondary result, not the main invention, in the formation of an electronic peer-to-peer cash system. The inventor, Satoshi Nakamoto, had set out to create this electronic and decentralized cash system that prevented double-spending. Naming his system Bitcoin, Nakamoto announced in January 2009 on SourceForge: Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It’s completely decentralized with no server or central authority.

      Before Nakamoto’s Bitcoin came along, there had been several attempts to create electronic currency systems, mostly in the 1990’s. For instance, Nick Szabo’s Bit Gold, launched in 1998, was an electronic currency system which required proof of work functions from users, with all data collated and published using cryptography. Before Bit Gold, a notable electronic money corporation was DigiCash, founded by David Chaum. It also used cryptographic processes for transactions, but declared bankruptcy in 1998 and acquired by another digital currency company, eCash Technologies.

      With Bitcoin, Nakamoto could figure out a decentralized system of digital currency using peer-to-peer networks. In an email to colleague Dustin Tramell, Nakamoto wrote, After more than a decade of failed Trusted Third Party based systems (Digicash, etc.), they see it as a lost cause. I hope they can make the distinction, that this is the first time I know of that we’re trying a non-trust based system.

      Cryptocurrencies like Bitcoin work much like any other electronic payment network regarding accounts, balances, and transactions. However, cryptocurrencies bypass state-backed currencies, replacing them with digital assets that are not bound by international borders, with security protocols that are difficult to forge or override. Most of all, cryptocurrencies are immune to the fluctuations of inflation, or currency valuations as set by the Federal Reserve or other government agencies.

      Bitcoin is a unique conglomeration of cryptographic protocols, networking solutions, and open-source software all linked together to create a digital currency for users. Bitcoin's lead developer Gavin Andresen, a software developer and entrepreneur out of Amherst, Massachusetts, said, Bitcoin is designed to bring us back to a decentralized currency of the people. This is like better gold than gold.

      So how is Bitcoin's value calculated? Like paper currencies, the scarcity of Bitcoins will determine its value partly, as explained by Forbes staffer and writer Andy Greenberg: As with shiny-metal-backed currencies, Bitcoins derive their value partly through their scarcity, which is defined not by how much can be dug up with shovels but by a cryptographic lottery. Anyone can get Bitcoins without paying cash for them by downloading and running Bitcoin’s 'mining' program. The machines in Bitcoin’s mining network, now in the thousands, compute an encryption function called a 'hash' on a set of random numbers, and coins are awarded every ten minutes to whichever miner happens to compute a number below a certain threshold.

      Decentralized payment networks, however, have had to contend with the problem of double-spending, or an entity knowingly or unknowingly spending the same amount twice. Bitcoin could solve this through its peer-to-peer network using network nodes for verification of transactions, and publicly distributed ledgers or blockchains for recordkeeping. Soon, Bitcoin was growing in popularity, and being accepted by merchants worldwide, aside from its use in various user-to-user transactions.

      Transactions in cryptocurrency networks like Bitcoin are confirmed by miners. Once a transaction has been confirmed, it will be added to the database of each node, where it becomes a permanent part of the blockchain and can no longer be reversed. In Bitcoin’s network, miners must provide Proof-of-Work based on the SHA 256 Hash algorithm. A hash is a product of a cryptographic function, and miners have to find a hash connecting the new block with the one before it. Once they have been able to provide this proof, they qualify for the task of being a miner, and are compensated for their work in Bitcoins. 

      What are the defining characteristics of cryptocurrency transactions? First, they are

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