Bitcoin has now become a rage and is a cryptocurrency that is a unique financial system. With the sudden acceptance and surge in the price of Bitcoin, it is known to be the digital currency of the future. It is an anonymous and secure way of exchanging money on the internet. It is an electronic currency that is completely decentralized and hence it is not controlled by any government or central authority. Any individual who has an internet connection can send and receive Bitcoins directly and privately with no transaction fees. It is termed as cryptocurrency as it uses cryptography to control the creation and transfer of money. Bitcoin trading in multi-level marketing leads an important role in the MLM industry and hence MLM Software is now integrated with Bitcoin.
BITCOIN TRADING IN MULTI LEVEL MARKETING
Bitcoin helps in making economic decentralized transactions. The usual and traditional MLM industry has changed into the new mode of transactions. This has considerably reduced the impediment of financial issues in an MLM company. The MLM Software also helps the customers in payment processing for pay in and pay out with high speed and superior security. While considering these aspects we realize that Bitcoin and the trading of Bitcoin are imperative in MLM industry. Bitcoin is known as one of the most technologically developed online payment mechanism.
Owning Bitcoins
Bitcoins either exist in the cloud or on a user’s computer. Bitcoins are always stored in “Digital Wallet”. This wallet is like a virtual bank account; pay for goods or save their money.
Here is how you can acquire Bitcoins
1.Mining
People compete to “mine” Bitcoins using computers to solve complex math puzzles. This is how Bitcoins are created.
2. Buy on an exchange
Today a number of “Bitcoin exchanges” are available, these allow people to buy or sell Bitcoins using different currencies.
3.Transfers
Bitcoins can be transferred to each other using mobile apps or their computers. It’s similar to sending cash digitally.
How can we send Bitcoin?
There are two things you need to send Bitcoins; a Bitcoin address and a private key. A Bitcoin address is generated at random which is a series of letters and numbers. The private key is another series of combination of letters and numbers. But unlike Bitcoin address, this should be kept personal.
Advantages of Bitcoin Trading
As a result of the advanced structure, Bitcoin is extremely volatile and this makes it an excellent currency to add to the technologically developed payment mechanism.
1.No geographical boundaries: There are no global boundaries for trading anymore. A trader in one country can trade with other countries.
2.No commissions: All trading of Bitcoins are digitally recorded and there is no bank interference, thus improves the profit potential.
3.High leverage: It offers traders a high leverage.
4.Low cost of Trading: Always keep costs lower to attract new Bitcoin traders.
The Bitcoin network records every transaction in the blockchain. Though each Bitcoin transaction is recorded in a public log, names of buyers and sellers are always confidential. All transactions are done by the wallet IDs. While that keeps Bitcoin users’ transactions private, it also lets them buy or sell anything without being easily traceable. It has now thus become the primary choice of currency. Also for a digital currency, the possibility of unlimited copying creates grave issues. Bitcoin solves this by maintaining a peer to peer network and recording each transaction in a public ledger called the blockchain.