BITCOIN TRADING – Trade with Cryptocurrencies

What is Bitcoin and Bitcoin Trading

Bitcoin Trading – Bitcoin can simply be described as digital currency, which is created electronically. Bitcoin enables a new payment system because it is a consensus network, which no one in particular controls. It is powered by the users and it is the first decentralized peer to peer network, which has neither middleman nor any other central authority. If we see Bitcoin from a user perspective, we can simply understand it as cash on the internet. But, it is different from the printed currencies like dollars and euros, as Bitcoin is produced by businesses and people who are running computers all over the world and using softwares that solve mathematical problems.

Bitcoin, coined the term of “cryptocurrency” and this concept was first introduced and described by Wei Dai 1998 on the mailing list of cypherpunks. He was the one to suggest the idea of a type of currency, which uses cryptography to control the currency creation and transaction by the users rather than from a central authority. Later, a man named Satoshi Nakamoto published the specification and proof of Bitcoin in the cryptography mailing list in the year 2009. The man left the project in late 2010 without revealing his true identity, but the community of cryptography has since grown and many dedicated developers have worked on Bitcoin.

Bitcoin is a cryptocurrency which is generated through a process called “mining”. Mining is when your computer processing power is used to solve exceptionally complex mathematical calculations called “blocks”. Once you decrypt a block, you can earn 50 Bitcoins. Solving of single block can solely depend on the power of your CPU and can sometimes take more than a year. However, you can take a simpler route and earn Bitcoin by exchanging it from physical currency to digital currency through online currency exchange sites.

Bitcoin Trading Software

Bitcoin Trading

At present, the trading in Bitcoin market occurs mainly on online Bitcoin exchange sites. These exchange sites operate by maintaining a liquid pool of Bitcoins and allowing people to withdraw their earned Bitcoin at any time. However, if the individual wish to engage in trade through Bitcoin, they can either do by making a wire transfer to their exchange bank account or by making a transaction through their exchange wallet. This allows them to trade Bitcoin credits with their physical currency. The individual is then free to limit or submit orders that are usually placed in the Bitcoin Trading order-book. The order that they have placed will be filled as soon as individual buy/sell orders can be matched to their corresponding one. Although most exchange sites only allow trading on a limited level, but some exchanges allow more complex orders such as to employ leverage or the option to go long or short on a stock.

How Bitcoin Trading Operate

As you buy one currency against another, Bitcoin trading operates in a similar way. The relative value of a national currency is determined by the country’s financial health and economic condition and therefore we notice that the value of the US dollar is worth more than Indian Rupee. The same applies with Bitcoin, except that the value of the currency is not determined by an industrial economic base rather than the quality of work performed by your computer. Therefore, we can say that Bitcoin can be traded like a commodity.

Also, we have determined that exchange sites like Mt. Gox act as intermediaries for currency transaction and they can trade Bitcoin credit into physical currencies and vice versa. Bitcoin trading through currency exchange allows users to earn money by tapping the opportunity of shifting values of various currencies and buying and selling them at the right time and this process is known as arbitrage.

Bitcoin Trading Platform

There are many Bitcoin trading platforms and online Bitcoin exchanges that allow Bitcoin traders and investors to engage in buying and selling of Bitcoin credits and other virtual cryptocurrencies. Some of the most popular ones are listed below:

  • Bter
  • Cryptsy
  • Mtgox
  • BTC-E
  • Campbx
  • Bitstamp
  • Coinbase

Bitcoin Mining Software

Although, the Bitcoin mining as discussed above is carried out by the CPU, but there are Bitcoin trading softwares available that allows Bitcoin miners to be connected to the block-chain and Bitcoin mining pool. The software such as BFGMiner and MacMiner is responsible for both receiving the work after completion from miners and delivering the work to them. They also send the information back to your mining pool and block chain. There are many softwares available, but the best among them is one which runs on almost any operating system and after some modifications of drivers it can also work with Rasberry Pi depending on your mining setup. Bitcoin mining software is also responsible for displaying and monitoring general statistics such a fan speed, hash tag, temperature and average speed of the Bitcoin miner.

Bitcoin Wallet Software

The whole point of running Bitcoin mining software is to earn Bitcoin credit, but the question arises where to keep the cryptocurrency once you have earned it. There are many Bitcoin Wallet softwares available, which keeps your earned credit safe and secure and it is highly recommended over the hosted wallet like Circle or Coinbase. Below are some of the most popular Bitcoin wallet software listed that can be downloaded both on mobile and on desktop.

  • Copay
  • Armory
  • Breadwallet

There are other softwares that helps you to buy and sell Bitcoin credits. You can use Kraken, which is the largest European online exchange site that offers Bitcoin exchange to Bitcoin traders and also offers same day SEPA (Single Euro Payments Area). Local Bitcoin is another great software that enables the user to connect with local people who are willing to trade in Bitcoins directly.


Bitcoin is the type of a digital currency where the encryption techniques are used to verify the transfer of funds and to regulate the generation of units. This whole system operates independently and does not involve central bank or any other control body. Bitcoin is most commonly regarded as cryptocurrency, a currency which consist of nodes that are being run by individuals who are connected to the internet and jointly forms a tight network.

Liberty Reserve Hack Tool That functions For Me And Currently operating!

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Another great e-forex is Pecunix. This is once more an on-line payment system that is backed by gold. Pecunix basically functions the same as E-gold, so they do not buy and sell their personal currency, and it is again saved in the account you have with them.

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The extreme volatility on Wednesday cooled a lot of people off, prompting some to contact bitcoin news a bubble prepared to burst, and warning everybody about taking it too seriously. Nevertheless, the New York Times reported that high level traders such as the Winklevoss twins invested in Bitcoin.

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Why Bitcoin? – Bitcoin is the Gold of modern Times

Why Bitcoin?

Why Bitcoin? – There is no doubt that people are getting frustrated and confused with governments the world over.

A lot of this comes from the widespread belief that governments cannot manage money and lack financial understanding. It is becoming well known and publicized that to get their countries out of trouble, governments order their reserve banks to release more money.

The trickle down affect is that if there is more money printed, this creates inflation which devalues the dollar. But the average citizen’s wages and earnings do not go up the equivalent amount which makes them gradually earn less and less.

Not only are people slowly earning less but also taxes are raised, and the price of living keeps on getting higher and higher. Essentials like electricity and food seem to keep pace with inflation, but not income. Give this scenario; it is easy to relate the devaluing of the dollar to the devaluing of our way of life.

It is easy to see that many people are pointing the finger at the government for their lowering of living standards. But what can you do, how could you pay for things without dollars?

Why Bitcoin?
Vector of a sign for web of bitcoin accepted here

One option now is bitcoin. Bitcoin is a peer to peer currency which allows people to trade directly without any third party input, like a bank or government over the internet. Similar to bartering it allows people to trade without any record being kept and prides itself on being anonymous.

Bit coins are not the only digital currency; pro bitcoin bloggers are quick to debate the point that the dollar is now an electronic currency of which cash is a physical token. Take this view or not, the dollar is becoming less tangible as all aspects of our lives transfer into the information age.

Bit coins are starting to being accepted in some businesses but they are a long way off being a recognized currency by the mainstream public. Even then, the idea of a competing domestic currency is quite revolutionary as the dollar is the only currency we have ever known.

Even though there are different forms of transferring money like PayPal, these still refer back to the dollar. Bitcoin is a completely separate currency with its own trading platform, which makes it truly separated from the dollar.

The emergence and popularity of bitcoin creates a dilemma, which is in a nut shell about the democratization of money. Can we the people choose how we trade and with what, and is it ok for us to leave the government and banks out of our transactions if we so choose?

In theory, if someone was to trade dollars for bitcoins they would have paid taxes and any fees on the dollars that they earn/receive. But when trading in bitcoins there is no tax. It is like a tax haven currency for as long as those bit coins get traded, until they get turned back into cash. Because bit coins are not controlled by a central organization like a government or company, and are traded anonymously, how does the government get its share?

The short answer is that they wouldn’t, at least not until they worked it out. Bitcoin is essentially bringing bartering back into fashion for the 21st century, by having buyers deal directly with sellers without the need for government or banks.

The dissecting of parties from the exchange of money isn’t just about a financial gain. Pro bitcoin bloggers are all about the political side to bitcoins.

Because bitcoins aren’t backed by anything like gold or silver, who is using them and how is the price staying up? For a currency to work it must be accepted by traders, and move around the economy enough so it retains its value.

Are traders and consumers at large encouraged by the unpopularity of financial institutions and government?

The answer is certainly yes, but the degree varies. Governments and banks spending habits are becoming harder to understand. People don’t know or understand where the money goes that they pay to the government in taxes, and financial institutions seem to make up their own rules, and suffer very little if any consequences for their actions.

All in all the current financial system makes the average citizen feel very small and insignificant, even though they are the ones producing the goods and providing the services which keep the country running. And when their livelihoods are disrupted by events out of their control, or they are lied to or it can leave people disenfranchised.

The protest vote can be viewed as a large factor in the rise of bit coin, and if people are prepared to go out of their way to use bit coins instead of dollars, it will stay strong. However, it must be bought, used and inspire confidence in the wider community. Because if it gets traded in for dollars and the price drops too low, it may never come back.

Love it or hate it, if you have any thoughts on bitcoin, please leave a comment below.

Thanks for reading.

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Bitcoin Magazine
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