 What is going on guys? It is Jay with Bitcoin Daily Welcome to our new episode We will be going over the top 10 Bitcoin questions. That's right man. We're gonna be taking care of you guys today if you're new to Bitcoin you to the cryptocurrency scene Today we will answer the top 10 questions that we get all the time in an effort to You know help Spread the awareness. I was eating these chips hold on hold on Some baked chips my bad All right, let's get back to it So it took a little bit up to put this together. So just bear with me. All righty guys So let's just jump right into it Top 10 questions the first one. What is Bitcoin? Bitcoin is a digital currency created in January 2009 following the housing market crash it follows the ideas set out in a white paper by the mysterious and pseudonymous Satoshi Nakamoto Satoshi Nakamoto the identity of the person or persons who created the technology is still a mystery Bitcoin offers the promise of the lower transaction fees than traditional online payment mechanisms and is operated by decentralized authority Unlike the government issue currencies Right. All right. There are no physical Bitcoin. So you can't buy it bitcoins like physically like money Only balance is kept on a public ledger that everyone has transparent access to that along with all the Bitcoin transactions is Verified by a massive amount of computing power Bitcoins are not issued or backed by any banks or government nor are individual bitcoins valuable as a commodity Despite it not being a legal tender Bitcoin charts are high on popularity and Has triggered the launch of hundreds of other virtual currencies collectively referred to as outcoins All right basic enough, right? Hopefully that got you to a better understanding at least to learning what Bitcoin is I'm not gonna go dive super deep into any of these things if you guys are super interested in diving deep into them I do have a course Bitcoin University it's only ten dollars and I go way more into depth on all of these but for this I'm just touching over it. I'm you know only scratching the surface on this just to get you started If you want to dive deeper in then you have that option I'll put up post that link in the description Bitcoin University All right. So what is blockchain guys at its most basic level blockchain is Literally just a chain of blocks but not in the traditional sense of those words when we say the words block and chain in this Context we're actually talking about digital information the block stored in a public database the chain All right blocks on the blockchain are made up of digital pieces of information Specifically they have three parts blocks store information about transactions like the date time and dollar amount block store information about who is participating in the transaction and Block store information that distinguishes them from other blocks much like you and I have names to distance Distinguish us from each other even though some people have the same names each block stores a unique code called a hash That allows us to tell it apart from every other block ain't that some shit? How do I go? How do I get started with Bitcoin? I get this question all the time No worry kids. I am here to rescue you There are several things that every aspiring Bitcoin investor needs a digital wallet personal identification documents a secure connection to the internet a method of payment and an account at a Cryptocurrency exchange are the usual requirements valid methods of payment using this path include bank accounts debit cards and credit cards It is possible to get Bitcoin at specialized ATMs and via peer-to-peer exchanges However, be aware that Bitcoin ATMs were increasingly requiring government issued IDs early in 2020 so This is basically it right here guys Just go over this if you if you didn't understand anything leave questions in the comments and I'll be happy to answer it I just don't want to spend too much time on this Let's let's keep it moving So how do I get started with Bitcoin step one get a Bitcoin wallet? step when it comes to Choosing a Bitcoin wallet you have options there are software and hardware wallets software wallets are mobile applications that connect with your Traditional bank account these wallets allow for quick and easy access to Bitcoin But the drawback is that you put your money in the hands of a third party Step two connect a bank account in order to purchase Bitcoin You need to connect your wallet to a bank account debit card or credit card Are those these payment methods methods all perform the same function exchanging traditional currency for Bitcoin? They each carry their own set of fees. So you have to check on the fees when you're when you're buying Bitcoin Step three join a Bitcoin exchange Bitcoin exchanges are online marketplaces where you can trade Bitcoin for traditional currencies say BTC for USD just like when you go to make a purchase online you have options There's eBay Amazon Etsy and Alibaba to say nothing of the millions of private retailers who use these websites to sell their product The same is true for buying Bitcoin Step four place your order. You're now ready to buy Bitcoin for the first time Whoo, it is crucial to keep in mind that although one Bitcoin costs several thousand dollars Bitcoin can be divided up to eight decimal points The smallest unit of Bitcoin is known as a Satoshi Even if the price of a Bitcoin skyrockets, you'll still be able to buy a Satoshi for a tiny fracture of a cent Alternative ways to buy Bitcoin while an exchange like Coinbase remains one of the most popular ways of purchasing Bitcoin in the US It is not the only method below are some additional processes Bitcoin owners utilize again Bitcoin ATMs and peer-to-peer exchanges So if you're outside of the US, these are two that you have to look they're gonna have to look for in order to buy Bitcoin unless you have some a different Company that that you can a different way to buy online I'm in the US. So we have Exchanges like Coinbase Gemini and stuff like that where we can purchase pretty easily with an app What is a Bitcoin wallet? All right, there's a long one. Let me get ready crack my neck in order to conduct transactions on the Bitcoin network Participants need to run a program called a wallet Bitcoin is not technically coins So it only seems right that a Bitcoin wallet will not actually be a wallet Bitcoin balances are maintained using public and private keys Which are long strings of numbers and letters linked through the mathematical encryption algorithm used to create them The public key is a location where transactions are deposited to and withdrawn from this is also the key that appears on the blockchain ledger as a user's digital signature not unlike a username on a social media newsfeed The private key is a password required to buy sell and trade the Bitcoin in a wallet a Private key should be guarded should be a guarded secret and only used to authorize Bitcoin transmissions Some users protect their private keys by encrypting a wallet with a strong password And in some cases by choosing the cold storage option that is Storing the wallet offline so you guys can store your Bitcoin and other out Outcoins offline if that's something that you prefer using a hardware wallet again if you guys want more information on this we have our Bitcoin University course it is only $10 and we go deep into depth in this including which wallets we recommend and all of that How do I send and receive a Bitcoin? Receiving Bitcoin open your Bitcoin com wallet app and select receive so this is this is an example using Bitcoin com wallet app But you can use this the same way on any other app any other wallet Just the terms might be a little bit different Choose which wallet you want to receive Bitcoin to make sure you select a BTC wallet if you are receiving Bitcoin Your chosen wallet will generate an address that lets you receive bitcoins Copy this by tapping the QR code if you're on mobile or by clicking it if you're on desktop Provide this address to the cryptocurrency exchange or persons sending you the Bitcoin Or if you're in person the sender can simply scan your wallet QR code with their device now sending Bitcoin open your Bitcoin wallet and Select send Copy and paste the recipient's wallet address into your own wallet app Or if you're in person select scan QR code and simply scan it with your app Choose which wallet you want to send Bitcoin from make sure you select a BTC wallet if you want to send Bitcoin Enter how much you want to send and select next carefully check that you're happy with the details and then slide to send That's it guys very very simple processes Bitcoin mining I get this all the time What is Bitcoin mining? Bitcoin mining is an is Analogous to the mining of gold, but it's digital form the pro the process involves specialized computers solving Algorithmic equations or hash functions these problems help miners to confirm blocks of transactions held within the network Bitcoin mining provides a reward for miners by paying out in Bitcoin in the in turn The miners confirm transactions on the blockchain Miners introduce new Bitcoin into the network and also secure this the system with transaction Confirmations, they're also rewarded network fees for when they harvest new coin and a time when the last Bitcoin is Found mining will continue Can I make money mining Bitcoin? Yes, and no The days where anyone can make money mining Bitcoin with a desktop computer a GPU card are Unfortunately long gone the total computing or hashing power of the network has risen Exponentially since the introduction of application specific integrated circuits aka asics or Machines designed specifically to solve Bitcoin's mining proof-of-work algorithm and nothing else It is still possible for individual miners to make some money by purchasing their own asic based Equipment, however Most mining takes place in large factory like environments with hundreds of machines in places where energy is cheap such as China and above the Arctic circle and Once your machine is superseded by a newer model a few months after purchase It's ability to complete to compete on the network and thus earning It's and it's thus it's earning potential is greatly diminished along with resell value So guys I for example, I'm in the US. I do not mine. I've never mined and I will probably never mine never mind you get it because It is electricity is way too expensive where I'm from so Bitcoin mining is not profitable. It's not something I'm interested in doing. I've never been interested in doing it So it's definitely not something I do You also need to consider energy costs where you live Bitcoin mining asic machines run very hot consume large amounts of electricity You need to subtract the cost of electricity and calling from the profits you make I get this all the time How do I get free Bitcoin? Everyone wants free Bitcoin, but how do I get it? You can't it's no free. It's no free Bitcoin guys. There's no such thing as free. You cannot get free Bitcoin Stop it Stop it. Stop it. Stop it. But for any of you who believe different Affiliates you can Some stuff out there some a lot of them are pretty sketchy, but you can earn Bitcoin through affiliate marketing So if you want to try that go for it. I've never done it never will and There's sites now sites claiming to still be BTC faucets, which is back in a day. What they used to be faucets that gave away free Bitcoin are Actually something else completely some are actually Gambling sites that just offer a few free Satoshi's to start you off But there is only a minuscule chance you will win enough to reach the withdrawal Minimum without putting in a more BTC of your own Some are actually online freelance platforms that require you to put in work such as entering surveys or Completing other tasks some web websites might also be secretly using your browser for mining an outcoin in a background Exploiting your CPU and giving you just a fraction of what you could have made yourself if you were the one mining it so like I said guys You can't really do it. You can't get free Bitcoin But if you want to try going to this rabbit hole of sketchiness, you're more than welcome to How to trade out coins Step one choose a reputable fiat to crypto exchange because first you need Bitcoin Register and buy Bitcoin Register on an outcoin trade exchange so something like Binance Transfer coins from one exchange to the other so you have to transfer from wherever you bought Bitcoin from to the trade exchange Buy out coins on a chosen out coin exchange So now you just trade your Bitcoin for whatever out coin you want and that's basically it Bitcoin scams We're 15 minutes in Bitcoin scams guys. Oh, hold on Real quick question of the day before we do Bitcoin scams Question of the day. I don't even know if I wrote it down. Oh Here we go. I haven't even got to it yet but I'm gonna ask it and then you guys are gonna keep watching the video and You're going to answer it So question of the day remember guys every video will have a random question about something in the video The question will always be in a random area of the video find the question Then find the answer in the video post your answer in the comments for a chance to win free a free month Membership to our trading room winners will be picked randomly once the video receives so today We're going we're going hard today. We're going 35 35 likes so once this video receives 35 likes we will pick a winner. Good luck Question of the day What's the best strategy when it comes to buying Bitcoin for the first time this answer is in this video? So get the answer from the video post it in the comments and We will pick a winner. Make sure to like the page as well subscribe to the page like the video and Share with your friends. All right back to where we were Bitcoin scams guys hold on Bitcoin scams account management services guys Guys Guys and girls girls too Guys, I know I know it seems easy to just give your money to someone and then they give you back So much more right like you give them a hundred dollars and in 24 hours. They give you a thousand, right? They give you five thousand ten thousand guys So they seem too good to be true If it was that easy, why would why wouldn't they do that just for themselves? Why do they need your money if they can turn a hundred dollars into five thousand dollars? Then why do they need your money? They're obviously King Midas. They can turn anything into gold. Why do they need your money? Guys account management services or BS stop please stop falling for it. Oh, it's so frustrating I get so many messages every single day People that lost money due to account management services guys They have they have they're gonna have fake pages Fake websites fake reviews fake photos. Everything's gonna be fake. Don't ask me Oh, what do you think about the name of this person or the name of this company? They have a website in exchange and they'll have everything's fake Don't ask me that if you have to ask me if it's a scam or not It's a scam. That's my role of thumb if you have to ask it to scam and that's it Cloud minding guys another one same thing as account management services It is BS if they could make that much money with a hundred dollars or whatever it is that they're asking for Then they do not need your money. Why would they need your money guys? It's all common sense guys very very very Basic common sense use just a little bit of it and you'll be fine Binary traders same thing. They're claimed to take your hundred dollars turn it into $10,000 whatever it is. It's all BS guys Too good to be true returns if it sounds too good to be true. It usually is Impersonation giveaway scams if they're saying that they're whoever and you know, they're asking you for one BTC or one Ethereum and they'll send you to a theorem back whatever it is scam Ponzi or pyramid schemes we all remember bit connect. Hey, I can't lie. I invested in bit connect I made a little bit of money, but at the end we lost money. Everybody lost tons of money If it's looks like a Ponzi or pyramid scheme stay away. It is not Anything it has nothing to do with Bitcoin. They're just using Bitcoin for the Ponzi or pyramid scheme Pump and dumps there's so many groups guys that don't even try to charge you to join the group Then they'll pump though. They'll save that a coin is coming up They'll tell you the exchange and they'll tell you the time and they'll tell you all that information and then What they do is they're buying the coins themselves Then they tell you to buy the coin then you guys all buy the coins and as soon as they make their profits They're gonna sell all their coins and leave you guys holding a bag and that's how you lose money You got dumped on so I'll do not fall victim to that guys very easy to stay away from and The final and last question the very last question of the top 10 most common Bitcoin questions that I receive is Can I get a drum roll is now a good time to buy Bitcoin Guys I get this question every day So we have a video and I will recommend you watching that video. I Will show you which video it is right now all you have to do is Go to YouTube Com back slash Bitcoin daily or if you could just go to YouTube comm Type in Bitcoin daily Go down Boom and you're actually on our page right now, so just hit videos, right? Oh Go to home So You're gonna go right here, right? How to maximize profits on every trade. I'm lying. That's not where you're gonna go I'm like is that I'm uh I'm a little off my bad guys All right You're not gonna go there. Is that you see these these videos are still private because I'm in the future right now These videos haven't gone up yet, but they're scheduled to go up already So by the time this video comes out these videos will be out already So don't worry about it, but all you have to do is go here is now a good time to buy Bitcoin That's all you got to do go to is now a good time to buy Bitcoin I go over exactly the answer to that question and I go over my strategy for buying Bitcoin That's it guys that is it I Did the question of the day already? I Think I did everything here Right. Yep, and that's it guys. So Yeah Thank you for joining you already know if you want to get the if you want to qualify for the free Membership for one month. All you got to do is answer the question of the day Damn, yeah answer the question of the day guys because the number one best way to invest in Bitcoin At any given time was the best time was when it first was made the second best time is today and The best strategy to use to buy Bitcoin is dollar cost averaging since I'm thinking about it right now with the question of days I don't want to make you guys have to watch another video to know what the question of the days So I'm just circling back around But I appreciate you guys Sorry for my rambling If you have any questions any other questions, just leave it in the comments Please subscribe and like the video share it with your friends share it with your family your loved ones your mom your dad Your kids your sons your aunts your neighbors find a stranger out in public and Take his phone Put Bitcoin daily subscribe to me on his and like all my videos Love you guys. Peace