Day 7 : Bitcoin Experiment Week Has Now Passed

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Day 7 of my digital currency experiment while i educate myself has now passed.

If you want to read how this week has gone and how and why i started this journey you can start from right at the beginning.

The last 7 days have flown over and although we started this test account at a little amount of cash that being £4 we have seen ups and downs throughout.

But as it stands we finish the week at £4.95 so are in a little bit of profit. Let’s have a run down of the week so far.

  • Day 1 £4 start off test account opened and to be left untouched end of day 1 we finished at £3.95 giving us a £0.05p loss
  • Day 2 by the end of day 2 we started at £3.95 and finished at £3.61 giving us a loss of £0.39p
  • Day 3 started at £3.61 we finished at as above £3.60 so we held on just about but still end of day loss of £0.01p
  • Total loss over the 72 hours or 3 day period of £0.40p
  • Day 4 as you see top of this page we now as low as £3.18 over 4 days a loss of £0.82p from yesterday a loss of £0.42p
  • Day 5 £4.83 from £3.18 a profit of £1.65p
  • Day 6 nearly at the end of our first week we finish at £5.60 from £4.83p again another profit of £0.77p
  • Day 7 We finish at £4.95 a drop of £0.64p on yesterday closing total



Again this all started because i had no knowledge what so ever of the digital currency scene.

And instead of being ignorant about it all and letting the opportunity pass me by. I have decided to embrace what i see is slowly going to become the future of what most of us already use the likes of paypal for or any other payment service.

Remember back in the day with paypal nobody liked it or wanted to use it. Now it has become one of the mostly used payment service and gateway to paying for your goods.

I believe in the next 10 years or so digital currency will become just the same, where it will be on all mobile phones as an app where we just simply scan our mobiles to make any payment in any shop. Just like we do with Apple Pay or Apple Wallet feature.

So what does the future hold for me and my journey into bitcoin and everything digital coin wise ?

Well i can tell you, after the brief 7 day test and learning as much as i could online and through Udemy, Google and YouTube, i have decided to now get involved with Bitcoin Mining possible in next couple of weeks or at least by the end of February 2018.

Again i will share with you all my journey and adventure into this side of the digital currency world. As for now i hope you are all enjoying what i have been blogging and hope you also have not only found these last 7 days a joy to follow but also opened your mind into what i believe will be the future of currency.

How to Get Bitcoins

With a firm understanding of what Bitcoin is and how bitcoin wallets work, chances are that you’re interested in getting some of the digital currency for yourself. The question is: How can you get bitcoins?

Based on an understanding that bitcoins originally come from mining processes, you might think this is the best way to get some for yourself. Sadly this has become increasingly difficult as Bitcoin has grown in popularity. As more powerful, mining-specific devices have been introduced and the number of bitcoins out there to be mined has fallen, it is becoming increasingly unrealistic for average individuals to participate.

Another way to get bitcoins is to earn them like you would any other currency: by providing goods or services in exchange for the digital currency. There are websites that list offers for jobs that pay in bitcoins, rather than traditional currency. You can also ask your current employer to pay you in bitcoins, which can be a good option for international freelancers in particular.

However, there is no shortage of options for buying bitcoins. Purchasing options include cash, the use of credit and debit cards through online services, bank wire transfers, the use of PayPal or other digital payment services, or the exchange of other digital currencies for bitcoin. In some urban centers, it is possible to buy bitcoins from a bitcoin ATM, or you can even opt for a face-to-face exchange to reduce your monetary footprint. Those interested in buying bitcoins should do some research for the best options available in their locale, as these services tend to differ from country to country.

Additionally, though not yet approved, the idea of investment trusts specifically designed to allow people to purchase shares in the digital currency without having to buy or store bitcoins themselves is emerging. While the Bitcoin Investment Trust is an option that’s already up and running, Bitcoin Superfund and Winklevoss Bitcoin ETF are proposed alternatives awaiting approval as well.

Of course, the same best practices for safety and trust when sending money in exchange for anything also apply in the pursuit of bitcoins. Because Bitcoin services are not regulated in the same way as traditional currencies, it is vital to find trustworthy vendors and recommended that you obtain their real-world identities and confirm sufficient trust is in place before providing any funds in exchange for bitcoins.

While there are plenty of avenues available for procuring bitcoins, walking down them can be treacherous and more complicated than it might seem, and it will depend greatly on where in the world you live. However, as the digital currency gains mainstream popularity and more purchasing options are added to the current roster, the process will only become easier.

Day 6 : Digital Currency Growth

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Today has been a big change in the wind for my experiment.

Remember we started this journey into digital currency with a starting point of £4.

We have seen a lot of drops in the value, however today has surprised me to say the least. As of writing my Daily Blog into Bitcoin i find i’m now at £5.60 from 24 hours ago we where at £4.83 thats a £0.77p growth.

Again not life changing money i know but after all this was started as a test account to gain me more of an insight not only in the volatility of the digital currency scene but to give me more knowledge and how the daily news and current affairs can make a difference to all this. so lets have a break down again.

  • Day 1 £4 start off test account opened and to be left untouched end of day 1 we finished at £3.95 giving us a £0.05p loss
  • Day 2 by the end of day 2 we started at £3.95 and finished at £3.61 giving us a loss of £0.39p
  • Day 3 started at £3.61 we finished at as above £3.60 so we held on just about but still end of day loss of £0.01p
  • Total loss over the 72 hours or 3 day period of £0.40p
  • Day 4 as you see top of this page we now as low as £3.18 over 4 days a loss of £0.82p from yesterday a loss of £0.42p
  • Day 5 £4.83 from £3.18 a profit of £1.65p
  • Day 6 nearly at the end of our first week we finish at £5.60 from £4.83p again another profit of £0.77p


So now we are a week into watching the value of my little £4 test, and the fact that i have been super busy educating myself more each day with videos and courses into what the digital currency world is all about.

I’m glad to let my readers know i will be starting another Daily Blog off soon with regards to crypto mining. hopefully i will have this account started off in the coming 2 weeks. More on this as it becomes live.

My overall thoughts into what has happened last 6 days, i came into this with scepticism and especially caution.

Now i still know you have to treat this with caution, but my scepticism of bitcoin and digital currency has certainly been put at ease. More so with actually going out and educating myself more on the subject.

I suppose it’s all about stepping out of your comfort zone to learn something new. After all you can never progress in life with staying in your comfort zone.


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Is Bitcoin a Good Investment?

Questions about the value of bitcoins as an investment will likely differ depending on who you ask.

Those with a vision of a fully-distributed future in which the lack of a centralized overseer becomes key to an asset’s value will tell you that, yes, bitcoins are poised to become only more valuable in the future. Others who put more value in the traditional trust afforded by banks and government institutions would likely steer you away from bitcoins as an investment.

While determining how “good” any investment will be is ultimately a guessing game, there are some tried and true ways to determine an asset’s worth. One of the simplest ways to think about bitcoin as an investment is to consider its rise against the U.S. dollar. Recently, bitcoin prices eclipsed $1,000 and have reached beyond $1,500. If you had invested in the digital currency when its worth was still hovering around $150 just a few years ago, or when it was first introduced in 2009 and worth nothing against the dollar, you would probably be convinced that it made for a good investment.

Furthermore, an underpinning concept behind Bitcoin is that there will only ever be 21,000,000 tokens, meaning that it may stay consistently valuable or increase in value relative to other types of currency which can be printed endlessly. Other reasons that the asset seems like a good investment include its growing popularity, network effects, security, immutability and status as the first ever in a growing world of digital currencies.

That being said, there is at least one significant argument for limiting bitcoins to a small portion of your portfolio at the most. Bitcoin is known for stark jumps in price, high peaks and deep valleys that would make it difficult to have confidence in the asset as a long-term money maker that can be depended on. Tying every dime you have to such a volatile asset would be imprudent. A good rule to follow is never to invest more than what you would be willing to lose

How to Keep Bitcoins Safe

If you are thinking through the process of accruing bitcoins, you may be wondering where to keep them once you’ve done so. After investing time and resources into the digital asset, can you be sure they are locked safely away for when you want to use them?

In truth, bitcoins aren’t “stored” anywhere. As a purely digital entity, it is not as if they are held in bank vaults or stuffed under mattresses. They are accessible through Bitcoin addresses, which require a set of digital keys for entry. So, the question of how to securely store bitcoins comes down to the security of these keys.

Every Bitcoin address has two keys: a “public key” and a “private key.” Bitcoin addresses are derived from public keys, and these Bitcoin addresses are shared. Think of it like sharing your email address with someone: they can send you an email but can’t get into your inbox to read your mail. Similarly, nobody can get into a wallet and take bitcoins from it with a public key; it can only be used to send bitcoins. Therefore, it is safe to share.

A private key is what allows users to take bitcoins from a wallet or to send them to others, and it is what must be protected to keep a user’s bitcoins safe. Whoever holds the private key is considered to be the “owner” of the bitcoins at that address, although technically it’s possible to possess somebody else’s keys without owning the bitcoins they lead to. There are a few different methods that users employ for protecting their private keys.

To hold a private key, it’s possible to encrypt bitcoin wallets with a private password, but this is generally the most basic level of security and one that could potentially be breached by computer hackers or viruses. Others opt to keep their access offline completely. Instead, they hold private keys in disconnected databases so that they remain safe from threats on the internet.

As a different approach to protection, many users utilize multisignature addresses, which allow several parties to hold a fraction of an address to a key or to hold one of many keys that are connected to a single address. When one user wants to access the bitcoins, these other holders will have to approve the transaction as well. The number of signatures necessary can be customized and users can set it up so that the multiple verification is provided by individual devices that are each controlled separately.

Among the range of options available for securing bitcoin wallet private keys, each has specific pros and cons that users will have to weigh. The important thing is to make sure your investment is protected in a way that gives you access as you need it while keeping out everyone else.

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Day 4: The Biggest Drop



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Day 4 since starting my journey into educating myself within the world of crypto currency.

I started this social experiment as i will soon be getting into my mining of digital currency.

When i decided to get into this i thought to myself i would do the following.

  1. Register an online digital wallet
  2. Buy 3 different types of digital coin ( bitcoin, ethereum & litecoin ) value only £4
  3. Do not touch this account at all during the experiment
  4. Start off a daily blog with regards to show its volatility of the market
  5. Document my findings
  6. Educate myself through the use of Youtube, Udemy and Google


Again i started a nice little area on the internet for anyone interested in this kind of stuff to come join this group so we can not only all learn together but share our experiences.

After all knowledge is power and if this small group of like minded people give their input onto how they themselves got started or what they have learnt and do so far to invest it would help others that also come along for the journey.

So that brings me to what looks to be the start of a mini crash in the market here are my findings thus far on Day 4

  • Day 1 £4 start off test account opened and to be left untouched end of day 1 we finished at £3.95 giving us a £0.05p loss
  • Day 2 by the end of day 2 we started at £3.95 and finished at £3.61 giving us a loss of £0.39p
  • Day 3 started at £3.61 we finished at as above £3.60 so we held on just about but still end of day loss of £0.01p
  • Total loss over the 72 hours or 3 day period of £0.40p
  • Day 4 as you see top of this page we now as low as £3.18 over 4 days a loss of £0.82p from yesterday a loss of £0.42p

Just so you all know, i will be also blogging my crypto mining experience VERY SOON……….


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What Makes Bitcoin Valuable?

The digital currency Bitcoin has a dedicated following, regularly makes headlines and inspires countless investors to consider making digital currency part of their portfolios. Yet it enjoys the backing of no government or third-party entity like a bank, and it can be hard to understand where its perceived value comes from. So, you may be asking, what makes bitcoin valuable?

Fundamentally, bitcoins derive their value just as anything else does: because people want them. Like any other currency, bitcoin follows the basic rules of supply and demand. Currencies have always been useful tools to make trade easier, enabling holders to convert goods into a widely tradable commodity through sale, then use the proceeds of that sale to purchase nearly anything they wish.

While fiat currencies derive value from the governments that back them, currencies like gold are valuable in and of themselves. Currently, bitcoin isn’t like other currencies in that it is not universally accepted. There are limits on what it can be used for. While not backed by a government or valuable by themselves, bitcoins are still used as a store of value, a placeholder for the goods and services that they can be exchanged for, as with traditional currencies.

Bitcoin derives its unique value from the fact that despite its lack of official backing or wide acceptance, it has generated an ecosystem in which many people are willing to trade and accept it. In fact, some perceive bitcoin to be more valuable, or more useful, than other currencies in that it is a better option for certain purposes, such as seamless digital transfers and use across borders. Also, because there is a cap set on the total number of bitcoins that will ever exist, the currency cannot be devalued through inflation as others can. Finally, a key benefit of bitcoin is known as “censorship resistance,” its ability to be used for transactions that could normally be censored by other payment networks.

So, in short, the answers to the question of what makes bitcoin valuable are some of the things that make every currency valuable and some that make bitcoin different from others.


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Day 3 : In the process ?

In The Process Of Learning More


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So today is day three of my bitcoin and digital currency journey. In the space of those 72 hours i have witnessed just how quick the value of this new found experiment can go up or down.

We started as an experiment account of £4 here is how the 72 hours have played out.

  • Day 1 £4 start off test account opened and to be left untouched end of day 1 we finished at £3.95 giving us a £0.05p loss
  • Day 2 by the end of day 2 we started at £3.95 and finished at £3.61 giving us a loss of £0.39p
  • Day 3 started at £3.61 we finished at as above £3.60 so we held on just about but still end of day loss of £0.01p
  • Total loss over the 72 hours or 3 day period of £0.40p


Again as i stated earlier in my blogs this was started as a test and experiment while i started the blog and also got into educating myself on everything bitcoin.

I also now understand just how the news can effect the volatility and nature of the digital currency world.

I have taken it upon myself to look at Udemy and check out some online courses to get a further understanding into everything in the world of online bitcoin see picture below for the current one i’m watching and taking notes on.

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As you can see i’m only 13% into watching and taking in the extra knowledge. I must admit this particular Online course is very resourceful. No i’m not affiliated to this one course but i do highly recommend viewing this and even if you don’t have a Udemy account it is worth doing so just to view the above course.

So for now i’m heading back to digest more info through this great Udemy Course and lets see what the next 24 hours bring to my test account.

Again guys/girls if you are enjoying this blog and experiment you can join a little group i have got going once i get into the crypto mining part you can all join the discussion further through this Crypto Link Here



What Are Bitcoin Wallets?

What Are Bitcoin Wallets

If you’ve made the decision to buy some bitcoins, you may now be asking yourself how to store the digital currency. In name, the answer is what you might expect from experiences with fiat currency. But the details require a little explanation.

The private keys that are necessary for accessing a Bitcoin address are stored on a “bitcoin wallet.” In general, wallets grant you access to your public Bitcoin address and allow you to sign off on transactions, but they differ based on how you choose to access them. Factors to consider when choosing the best bitcoin wallet for you  include security, anonymity and control.

Desktop wallets allow users to create an address for sending and receiving bitcoins and provide a place to store the private key for doing so. This can be done by downloading software to an individual computer.

Mobile wallets, accessed through apps, allow users to transact on the go. While “full Bitcoin” clients download the entire Bitcoin blockchain, mobile wallets are designed to utilize only a small fraction of the blockchain and rely on other nodes within that network to access the remaining necessary information.

Custodial wallets, which store Bitcoin keys on the internet through a third-party website, also allow users to access their bitcoins from almost anywhere. There is, however, the potential danger associated with entrusting someone else with that information.

Bitcoin paper wallet services provide users with a Bitcoin address and two QR codes, one that links to that address and another that provides the private key necessary for transferring bitcoins stored on it. The thinking is that this eliminates the digital storage of the key and, therefore, the potential of a cyber attack.

There are also wallets that store private keys on physical devices, like USB sticks, external hard drives and hardware wallets.

Ultimately, the choice of bitcoin wallet will come down to an individual user’s preferences. Whatever they decide, it will be a crucial aspect of their experience with the digital currency.

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