Frequently Asked Questions

Frequently Asked Questions

What is Bitcoin?

Bitcoin is a digital and global money system currency. It allows people to send or receive money across the internet, even to someone they don't know.

Essentially it's a new form of money, except there is no real money, there are no coins and there are no bank notes. It's all digital and it's all stored on the internet.

What is the Blockchain?

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.

In plain English, it's just a database stored on a computer pretty much like any other database.

The key difference between a blockchain and your banks database is that the blockchain is public, everyone can view it, and it is also stored on hundreds or even thousands of computers around the world rather than just at your banks head office.

How do you Profit with Cryptocurrencies?

The Long Hold - The easiest method is the long term hold. You just buy some Bitcoin, tuck it away safely and then forget about it for a year or more. When you next look at the price, it could be worth twice or twenty times what you paid for it. You sell it and make a huge profit.

The Short Hold - You buy and sell Bitcoin several times a day or week, when the price drops you buy, when it rises you sell. By catching all the little (or not so little) lifts, you have a constant stream of profit coming in.

How do you buy Bitcoin or other Cryptocurrencies?

The easiest place to buy Bitcoin from is usually an Exchange or a Broker. Bear in mind that everybody takes their commission on buying and selling when you're converting Fiat to cryptocurrencies, so it's better to buy in larger blocks of cryptocurrencies rather than small £10/$20 bites. Two of the most popular exchanges are Coinbase.com and Blockchain.com

At GoodWin Trade we will show you step by step how to get your exchange account and safely purchase your first cryptocurrency.

Is bitcoin and other cryptos a con?

There have been many comments in the press, many of them from Jamie Dimon, the chairman and CEO of JP Morgan Chase, one of the biggest banks in the US. His comments such as “Bitcoin the currency, I think, is going to go nowhere”, “If you're 'stupid' enough to buy bitcoin, you'll pay the price one day”. Everyone is entitled to their opinion, but Jamie’s needs a bit more scrutiny. His bank relies on his customers making him lots of money, paying lots of interest, big fees and big charges to pay his huge salary and bonuses. So he would publically call Bitcoin a fraud, wouldn’t he? If everyone suddenly switched to using Bitcoin, his bank would go bust and he would be out on the street.

The fact is Bitcoin is a technology like many others, it has worth because of the effort put into it. It takes time, effort and electricity to generate Bitcoins and run the blockchain. And in a free market the value of an asset is what someone else is prepared to pay you for it, hence the escalating value of each Bitcoin or other crypto coin.

How can GoodWin Trade help?

First and foremost we are a purely an education and training company specialising in the field of cryptocurrencies. We are not a broker and as such we are not regulated by the financial services authorities. We provide a series of online courses including ebooks, online videos and monitoring software that can greatly assist you in making a profit with cryptos. We have many expert contacts in the crypto trading industry and depending on your individual needs we can help you find the right solution for you.

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