What is bitcoin, how to profit from it, and what are its advantages and disadvantages –
What is bitcoin and how to earn from itWe are now living in a world governed by technology in all its aspects, as it has created many areas through which work can take place, and among those areas that have surfaced is the field of digital currencies, which have come to occupy a large place in the world of earning and working via the Internet, through A group of websites that operate through a set of special systems that mainly aim to increase the percentage of their profits. In this context, we discuss what bitcoin is and how to profit from it.
What is bitcoin
Digital currencies are one of those things that have invaded the world of technology greatly and have taken control of a large part of it, and it has gained a great place in a short period among different circles. In this context, we discuss what Bitcoin is:
- Bitcoin is one of the digital currencies that is based on the idea of encryption.
- It is also one of the decentralized currencies.
- The coin was created in 2008 by a person named Satoshi Nakamoto, but it was officially launched in 2009.
- This currency works without any control from the state, so you will not find anyone controlling it, because only those who control it use it.
- Dealing with it has become like any other currency around the world.
See also: What is Bitcoin Vault, what is the difference between it and regular Bitcoin, and its advantages and disadvantages
How to open a bitcoin account
With the increasing popularity of digital currencies, many people are looking for them and how to use them and benefit from them, given that they bring great profits to their owners, unlike other official currencies. In this context, we discuss opening a Bitcoin account:
- Entrance can be done in order to open a bitcoin account by entering the bank’s official website through the following link from here.
- You will see an icon that says create a page or wallet for you in the bank.
- An email and password must be entered, in order to be able to receive bitcoins.
- Click on the word continue.
- Keep the password that will appear in front of you, as it is your Bitcoin account, so that you can access your account whenever you want.
- After your email link is activated, you will be able to make withdrawals and deposits.
See also: The best cryptocurrencies to invest in before the end of 2023
How do I start trading bitcoin
Many are wondering about the ways in which work can be done through digital currencies traded in the virtual world and how to benefit greatly from them, which allows improving the standard of living as much as possible. In this context, we discuss how to start trading bitcoin:
Choose a trading platform
- In the beginning, you will need to be present on a strong platform that has a strong and good reputation in the field of dealing with digital currencies.
- The stronger the platform, your investment will not only be in Bitcoin, but the matter will turn into the rest of the other encrypted digital currencies that are available through the platform.
Open a trading account
- Your choice of the platform is very necessary, as it is the medium through which you will work. When choosing the appropriate broker, you must log in by creating a special account for you.
- The account requires you to verify your identity in order to be able to activate the account, as well as fund the account by depositing money via a Visa card or your bank account.
Open your first trades
- You can now start trading in bitcoins via the platform.
- As well as trading on the rest of the digital currencies in which the platform or digital broker that you have previously registered with is present and operates.
See also: What is Bitcoin Vault, what are its advantages and the most important platforms for buying it
Bitcoin penalty in Egypt
Bitcoin is one of the virtual digital currencies that has been able to prove its existence in a short period of time and has become very popular and many people deal with it even though it is unofficial. In this context, we discuss the penalty of bitcoin in Egypt:
- Bitcoin and other digital currencies are one of the unofficial currencies that are dealt with on many websites.
- This has caused many problems for the Egyptian economy and others in other countries of the world.
- The official currencies circulate in three circles, namely the state, the debtor, and the creditor, but in the case of the Bitcoin currency, you will find there one of the missing links, which is the most important of those rings represented in the state.
- Where the state comes in the form of banks, which the state works in the process of supervising them and all financial and banking transactions that take place through them, which contributes to creating an atmosphere of balance for the economy in the country.
- The process of losing control leads to the loss of a lot of profits that could accrue to the state.
- From this point, the Egyptian government set the penalty for those who deal in the digital currency Bitcoin, which may reach a fine of one million pounds, and it may reach ten million pounds.
- It has also imposed a prison sentence on anyone who returns to the matter again.
See also: Buying Bitcoin with Visa in the best ways and the best Bitcoin buying sites
What are the advantages of bitcoin currency
The virtual world is full of many things that can improve the lives of individuals and create a good future for them, but that comes in the event that these things are used in a positive way. In this context, we discuss the advantages of Bitcoin:
- After reaching a good period in Bitcoin, you will be able to carry out the transfer without the need for an intermediary, as the process can take place between the seller and the buyer directly.
- The tax rate that is placed on Bitcoin is low compared to other currencies.
- The currency can be used in different countries of the world.
- No party will be able to freeze your account, as you are the sole owner of this account.
- There are no limits to the transfer process, whatever the transferred amounts.
What are the disadvantages of bitcoin
There are many people who do not know how to deal with the Bitcoin currency and find it difficult to access profits through it, despite that there are many disadvantages in it, in this context we address the disadvantages of Bitcoin:
- There are still many people around the world who do not know the importance of Bitcoin or how to use it.
- There are many changes that can occur on the currency, due to the lack of currencies like this.
- It has become over-demanded by companies and the media.
- The currency is still in the development stage, so there are many variants on it.
Watch also: Bitcoin payment gateways and how to accept bitcoin in your online store
In conclusion, we presented in this article everything related to what bitcoin is and how to profit from it, as well as the advantages and disadvantages of bitcoin currency as well, the bitcoin penalty in Egypt and how to start trading bitcoin.