Everybody is raving about bitcoin. It appears to be the hottest thing in the investment sector nowadays. Media is brimming with news pieces of people becoming virtually millionaires overnight from investment in crypto-currency and its future potential.

Whatever the case, crypto-currencies are here to stay, and bitcoin is by far the most popular. Bitcoin owes its success to the fact that it pioneered the cryptocurrency market. It is considered the first blockchain currency of its kind and paved the way for Ethereum, Binance, and countless others.

Bitcoin was invented by a mysterious person who goes by the pseudonym Satoshi Nakamoto. Nobody knows the inventor's true identity, but they are responsible for publishing the white paper that outlines how bitcoin works. In doing so, they also laid the groundwork for how crypto-currencies work in general.

To understand how you can make money by investing in bitcoin, it is important to learn what this white paper entails and how bitcoin works.

The best way to learn about bitcoin and how it works, enroll in cryptocurrency classes. With Superprof's cryptocurrency online course, you can be amongst the success stories – minting millions out of nothing!

Bitcoin visualized on top of other cryptocurrencies
Learn about bitcoin as it is at the top of the cryptocurrency pack (Source: Pixabay)
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Ben
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Ben
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Daniel
5
5 (38 reviews)
Daniel
$35
/h
Gift icon
1st lesson free!
Konrad
5
5 (14 reviews)
Konrad
$30
/h
Gift icon
1st lesson free!
Sam
5
5 (16 reviews)
Sam
$195
/h
Gift icon
1st lesson free!
Christian
5
5 (34 reviews)
Christian
$50
/h
Gift icon
1st lesson free!
Be
5
5 (14 reviews)
Be
$50
/h
Gift icon
1st lesson free!
Raz
4.9
4.9 (6 reviews)
Raz
$33
/h
Gift icon
1st lesson free!
Guillermo
4.9
4.9 (22 reviews)
Guillermo
$75
/h
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1st lesson free!
Ben
5
5 (16 reviews)
Ben
$97
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1st lesson free!
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What To Learn About Bitcoin Before Investing In It?

To understand how bitcoin consistently turns over a profit for its investors despite no tangibility, it is important to understand how cryptocurrencies work. Cryptocurrencies are a whole different ballgame, and you must educate yourself on how cryptos work and if they are safe before investing in them – lest you make a mistake.

If you are searching for a credible institute/platform for formal lessons to learn cryptocurrency, look up Superprof's cryptocurrency classes to start your crypto investment career successfully.

Bitcoin Is Not Just Any Other Currency

It helps to think of cryptocurrencies as not just another currency. Investing in bitcoin is not like purchasing foreign currency, like the yen or the euro. Instead, it is an intangible asset similar to stocks. Bitcoin's existence, value, and utility are merely virtual. Today, numerous e-commerce platforms accept bitcoin as a form of payment.

But what sets bitcoin apart from all other currencies is that there is no government oversight or control. It is fully people driven – similar to open-source software. For instance, the Federal Reserve of the United States is responsible for instituting mechanisms – like interest rates – for determining the dollar's value and how much of it is in circulation.

Many people do not want to put their savings in a currency whose value could be altered based on government intervention. In fact, since there is no government oversight, you can rest assured that you will always be able to access your bitcoin wallet from anywhere in the world.

When you make purchases with bitcoin, there is no paper-trail listing, either. In other words, bitcoin and other digital currencies ensure the privacy of their users.

Mining Bitcoin and the Blockchain

Despite encountering the hype surrounding blockchain technology, you might be perplexed about how one "mines" a digital currency.

The blockchain is like a digital ledger of all bitcoins. This online database lists who owns what piece of bitcoin. Of course, this data is heavily encrypted to ensure user privacy and security.

When a transaction takes place on the blockchain, it is verified by "miners." These miners work to verify and validate each transaction. But they do not do it for free. Since each bitcoin is held on a block – constituting one bitcoin – when a bitcoin is transferred to a new owner, the previous block becomes available for the miner. Thus, the miner gets a new bitcoin of their own.

Moreover, the encryption of each bitcoin is called a 'hash.' In order to validate a transaction to acquire a newly available bitcoin, miners have to run complex computer algorithms that solve the 'hash' to allow a transaction to take place. As a result, different miners compete with one another to solve as many hashes as they can to maximize their own profits.

Consequently, bitcoin today requires advanced and technical software to operate, with many miners investing in cloud computing and data centers to maximize their computing power and hash decryption speed.

Computer screens charting real-time values of cryptocurrencies
Many people learn about bitcoin to mine and invest in it as active as well as passive source of income (Source: Pixabay)

Buying And Selling Bitcoins

Purchasing bitcoins is a fairly straightforward process. All you need is an account with a registered cryptocurrency exchange. These exchanges act as middlemen, helping you bid for the available bitcoin for purchases at real-time prices. Bitcoin's value rise and falls due to various factors.

Normally, it would be too expensive to purchase an entire bitcoin. Most people only purchase portions of a bitcoin on the exchange using real-world currencies like the dollar or pound. You simply need to fund it from your bank account, and you will be ready to purchase your bitcoin.

After buying it, you can use bitcoin for e-commerce transactions or simply hold on to it. The exchange will look after your bitcoins by hosting and securing them. You can also refer to the exchange whenever you want to sell your bitcoin holdings. Exchanges purchase the bitcoins from users at the current price and pay them with the currency of choice in return.

How To Learn Cryptocurrency To Make Money?

Now that you know what bitcoin entails, it is time to learn how to make money off it. There are two primary means of making money via bitcoins.

Due to its high profitability, many celebrities invest in and trade bitcoins. The first method is mining. To get started, you must have advanced hardware and software. Mining is complex, particularly for beginners, but Superprof's cryptocurrency classes can help. With the right training and guidance, you can become a successful crypto-miner in no time. Each hash you decrypt will earn you a bitcoin, which you can then sell for a tidy sum or use as a digital currency to make digital purchases.

So even though the initial investment is huge, the massive dividends of mining bitcoin quickly pay off the money you put into your set-up.

Another popular method of earning money via bitcoin is by investing in it. You have to think of this as a financial instrument – like stocks, forex, or bonds. Just like you would invest in a corporation's stocks, you can invest in bitcoin.

However, just like any other investment vehicle, it comes with risks. You can earn a massive profit on your initial investment if bitcoin's value rises – just like you would if you invested in government bonds. However, you can also incur a loss if the cryptocurrency's value decreases.

To opt for the right cryptocurrency exchange platform to make your first investment, check out the following table:

Cryptocurrency ExchangeUnique Selling Point
GeminiOffers best security features
KrakenOffers lowest fee exchange
CashAppBest for seamlessly buying and selling bitcoins
Crypto.comOffers the most extensive and advanced trading and investment ecosystem
BisqBest decentralized exchange, allowing you to make transactions from anywhere in the world.

How Can Cryptocurrency Classes Help You Make Millions?

Bitcoin is considered one of the least risky assets to invest in. Unlike more conventional investment avenues, like forex or stocks, a bitcoin's value is not necessarily determined by real-world policy.

No government or supervisory authority intervenes to determine the value of cryptocurrencies like bitcoin, which would normally affect your investment in forex or government bonds. Similarly, your investment is not at the mercy of some corporation's performance to perform well and performance to get a profit on their share value.

Bitcoins are beholden to no one to determine their value except for the people buying, selling, and mining them. Due to this, it has been lauded for its democratic credentials since it is entirely people-driven.

Nor are bitcoins a bad investment opportunity. Bitcoin investment offers countless advantages. It has attracted so much interest worldwide because of how it consistently rises in value – at least, for the most part.

As a result, simply holding onto your bitcoins will end up increasing their value over time. In fact, many people who bought bitcoins early on for cheap were able to resell them years later with extraordinary profits.

Online bitcoin class presentation
Instead of typing "bitcoin classes near me" on Google, simply enroll in Superprof's cryptocurrency courses. (Source: Pixabay)

Want To Learn How To Make Bitcoin Profits With Cryptocurrency Classes On Superprof?

Although cryptocurrencies have a promising future ahead, they can be challenging to understand for newcomers. However, you can start minting millions out of nothing with guidance from Superprof's expert tutors and cryptocurrency online courses!

The course will put you in touch with highly qualified tutors who will teach you all the technical skills and tools you need to effectively mine or invest in bitcoins. Since they tutor you privately, you can ask as many questions as possible to clear up your confusion.

So, if you are looking to earn from and learn about bitcoin, contact Superprof today.

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Ian

Ian Haynes is a digital marketing specialist and has successfully deployed over 500 pages of content as a ghostwriter for businesses of all sizes. He believes that for people to truly value your business and perceive it as a brand, your content needs to do much more than just inform, it needs to talk, engage, and convert. Outside of his work, Ian likes exploring Brooklyn with his Labrador.