Don't words like Bitcoin, blockchain and altcoins ring a bell? Be sure to check out the rest of this page and take your first steps into the world of crypto!
Is Bitcoin a pyramid scheme?
What about Bitcoin and taxes?
How are Bitcoin made?
Is Bitcoin legal?
A pyramid or ponzi scheme is only possible as long as new investors are always added to the pyramid. Fortunately, this does not play a role with Bitcoin. Even without additional investors in the crypto space, Bitcoin will continue to rise in value. This would make many cryptocurrencies less volatile, but still useful in everyday life.
How is the price of Bitcoins determined?
This is done by supply and demand. It's pretty simple: is there more demand than supply? Then the price will rise. If there is more supply than demand, the price will fall.
Who invented Bitcoin?
The inventor of Bitcoin is Satoshi Nakamoto. To this day, he has been able to maintain his anonymity and no one knows who he is. Fun fact: If Satoshi is alive now, he is now a Bitcoin multi-billionaire. This is due to the 1.1 million Bitcoins that have been in his wallet since 2009. He has mined these in the first 7 months of Bitcoin's existence. This means that, above Jeff Bezos and Bill Gates, he is the richest person on Earth.
What are the benefits of Bitcoin?
here is no middleman, which means you can make direct trades. You can send and receive your coins 24/7. And yes, we mean literally 24/7. The Bitcoin blockchain network is very secure. There is no umbrella body that controls Bitcoin. Since Bitcoin is decentralized and the code is public, it is very reliable. If this doesn't convince you enough, remember that things registered on the blockchain can never be changed again. In short: no cheating.
Bitcoin and other altcoins have already been regularized in El Salvador, Paraguay. In Venezuela, the currency RSV is also already accepted by the population, as their currency is depreciating more and more due to inflation. Bitcoin and altcoins cannot be manipulated by governments. They can, however, make legislation around this. We believe that with the right regulation, the crypto space may become safer so that people can no longer be scammed, less quickly.
Is Bitcoin used for illegal trading?
Yes is the answer, one can easily convert cash into Bitcoin. The 'but' is that no more than the dollar or euro is used for illegal trade.
How do people use Bitcoin?
The number of Bitcoin addresses has grown significantly in recent years. More and more people are beginning to see and believe that this could be the future. Visa cards from Binance, Wirex or Coinbase also ensure that you can easily buy goods or services with crypto.
What happens if I lose my Bitcoin?
When you lose your private keys, your coins are forever inactive in the Bitcoin/Ethereum network. Therefore, always keep your coins safe in a cold wallet. In the past, when Bitcoin had little value, this happened regularly. As a result, thousands of Bitcoins have already been lost in the Blockchain. The same goes for Altcoins.
New bitcoins are issued by the Bitcoin network itself and are created during a process known as 'mining'. Simply put, mining is the recording of the transactions that take place in the bitcoin network on the bitcoin blockchain. In exchange for mining, the miners have a chance to win new bitcoins. Ultimately, there will be a maximum of 21 million bitcoins in circulation. To be able to mine bitcoins yourself, you need advanced hardware.
This can continue until 2140, after which all Bitcoins will be in circulation.
What is Bitcoin?
Bitcoin is the first fully digital currency and is used to make payments without an intermediary, such as a bank or government agency. The network on which these transactions take place is also known as a P2P network.
Bitcoins are currently legal in Europe. There are currently no regulations on this. How this will continue in the future remains to be seen. But we believe Bitcoin is here to stay. In most countries, bitcoin is not officially seen as a means of payment, but it is not illegal either. Likewise in the Netherlands. You can pay for a pizza online, without the police at the door. In Belgium you can already buy a car with it in certain stores.
What are Satoshis/Sats
A Bitcoin consists of 100 million parts, which are called Satoshis or Sats.
Can I make money with Bitcoin?
Is Bitcoin safe?
The Cryptocurrency world is moving very fast these days. With the right knowledge and skills you can make a lot of money with crypto. Note: without knowledge you will certainly lose money. Know what are the keys of Crypto trading.
Is it difficult to make payments in Crypto?
For people who have been familiar with cryptocurrency for some time, making payments is a matter of course. If you're new to the game, it can be a tough job.
Are you completely new to the crypto space? Then let one of our Discord moderators help you make your first trades. It is really important that you know how to handle this, otherwise there is a chance that you could lose your coins.
Bitcoin is completely open source and decentralized. This way everyone has access to the code. The consensus mechanism that ensures everyone keeps a copy of the ledger. This decentralization makes Bitcoin the most solid money system in the world.
Is Bitcoin Anonymous?
The answer is no! But why not? A KYC is required on every exchange (trading platform: for example Binance). This means Know Your Customer, so you pass your data on almost all exchanges, losing anonymity.
What are Altcoins?
The word altcoin consists of the word combination alternative bitcoin. It is therefore a huge container term for all coins outside of bitcoin, and in fact the term altcoin is too general to encompass all other coins. So suppose Bitcoin is Jesus and any other form of cryptocurrency altcoins. We also call them the apostles.
How many Altcoins are there?
There are now more than 9000 Cryptocurrencies and more are being created every day. Unfortunately, not all of these coins are equally good. Some projects are pump and dump schemes. Many people buy these and make absurd profits because the price has risen sharply due to the hype. In the end, the coin makers dump everything causing the price to collapse. The new buyers will then lose their money en masse. There are of course also great projects with good long-term foundations. The Goldn Global Team therefore always conducts a thorough fundamental analysis before introducing a particular currency to our members. So never just go into a project without knowing who the creators are, what the long-term vision is and if there is a particular use case of the coin.
Where can I find an overview of all coins?
What types of Altcoins are there?
How do I know which Altcoins to buy?
1) Cryptocurrency: These tokens can only be used to carry out financial transactions.
2) Platform Tokens: These are blockchain-enabled coins that allow projects to be created on their platform.
3) Utility tokens: these are tokens that can be used for all kinds of services.
4) Security tokens: these will be the stocks of the future, they make it possible to put Wallstreet on a blockchain.
5) Commodity tokens: these are similar to the security tokens, but for all commodities.
6) Stablecoins: these are coins that represent a fixed value eg coins that always keep the same value in values such as euros or dollars.
7) Crypto Collectibles: These are unique tokens that can be collected.
That's where we come into play. Are you new to crypto and want to learn how to trade and make money? Our team will tell you when to buy and sell coins.
A long position is equivalent to a buy order. We buy a coin at a certain price with the expectation that the price will rise, if this price actually rises, you will make money.
A short position is the exact opposite of a long position. Here you place a sell order and thus sell your coin(s). Here we play on the idea that the price of a certain currency will fall, if it falls you make money.
Before placing a futures trade, you must choose whether to trade cross or isolated. It is important that you check this before placing a trade. We recommend always using Isolated, why? With Isolated you can never go below 100% loss. The only money you can lose here is the money you put on that trade. An example: you have a trade with 10x leverage open, when the price drops 10% you are liquidated and you lose the money of your trade (because 10x 10% = 100%)
Cross is a different story and can be very dangerous. With cross you can go infinitely in the red, until your entire portfolio is empty. Cross takes money from your wallet to 'make up' for the loss and uses it as collateral, when the price rises again, that money is automatically added back to your wallet. An example: you have a trade with 10x leverage open, when the price drops 10% you are at -100% percent. But instead of closing the trade, you can go down until your entire portfolio is empty.
Liquidation is when you close the trade because you have gone so far in the minus, that there is no money left to go further in the minus. With Isolated transactions this is -100%, but with cross this can be as high as -100…%.
When you want to enter (long or short), you must place a Market Order. This can be done in several ways, the two most famous being Market and Limit. A market order is an order at the market price that goes directly to the stock exchange. The order will be executed at the price prevailing at the time the order expires in the market. The disadvantage of this is the higher costs that you have to pay to the exchange.
Whales are people or hedge funds with huge capital that can also buy huge amounts of coins. An example of this is Michael Saylor, who now has a few thousand Bitcoins in his portfolio.
A limit order works a little differently. When you make a trade setup and expect the price of a coin to fall to a point where you predict we'll rise again here, you use a Limit order. So suppose Bitcoin is at 30,000 but you think it will fall to 28,000 and rise again, you place a Limit Order at 28,000.
A stop-loss is a way to ensure that you don't get liquidated. For example, if you are in a trade with $100, you can put a stop-loss at $90 so that you can lose a maximum of $10.
An account where you can receive or deposit money. It is often a long string, the structure of which differs per Blockchain. Everyone has an individual address.
It is different with futures, here you do not buy a coin but a contract on a coin. Futures have leverage. That is, it allows you to gain more exposure to the market for a deposit (your margin). Your trading provider lends you the remainder of the full value of the trade. In other words, both gains and losses can be magnified by this.
When you buy a coin at spot, it means YOU are the full owner of the cryptocurrency itself. So if you have 1 Bitcoin, you can sell it at the current price and buy it back if you want.
Dollar Cost Averaging (DCA)
A take profit is the reverse, here you can set a price at which your trade is automatically closed at the price at which you think you have made enough profit.
All Time High (ATH)
This is the highest price a cryptocurrency and/or token has ever achieved.
All kinds of algorithms are used in the blockchain world. An example of this is calculating hashes that serve as signatures for a transaction. Each algorithm has its own characteristics, such as suitability for ASIC, GPU or CPU.
Handing out a coin or token to as many people as possible, often for free or in exchange for publicity. The goal is to engage people and build a community.
Buy coins at an average price down. Suppose you want to buy coin X around 1 dollar, then you divide your orders down. Your first order at 1.00, your second order at 0.93, third order at 0.87, 0.82, 0.78... You do this to lower the average purchase value. If the price drops to 0.80, your orders of 0.93, 0.87 and 0.82 will also be filled, making your average purchase value lower than if you had bought the coin for 1 dollar.
You will often come across the word shitcoin on Twitter, Facebook but also a lot on our discord server. What people mean by this is that the coin has no foundations on which it stands. The mint was founded with huge amounts of money, usually a large percentage of which is owned by the founders. As soon as there is hype around the coin and the price rises, the Whales dump their coins causing the price of the coins to collapse.
Is Bitcoin safe?
Why do I have to wait for confirmation of my transaction?
Bitcoin is perfectly safe due to Blockchain technology. The Blockchain cannot be tampered with. The only weak point about Bitcoin is the people who work with it. Any loss of coins is due to human error. Bitcoin is also constantly kept up to date to keep the network as safe as possible.
This is simply because it takes 10 minutes to mine a block. This block contains all transactions of the last 10 minutes. So you can have 10-30 min waiting time.
What is a private key?
A private key provides access to your coins. But this is only useful for hot wallets (trust, exodus, metamask, ...) and cold wallets (ledger, trezor, ...). NEVER share it with third parties. On trading platforms such as binance, FTX, coinbase, ... the keys are completely in the hands of the exchange, they basically have the power to freeze all funds of a particular account. This is impossible for cold and hot wallets.
What is a public key?
A public key is like your account number. You share this to receive transactions.
What are the transaction costs?
Transactions can be processed at no cost, but sending free transactions can take days or weeks. While costs may increase over time, the cost of regular fees is very low at the moment. Transaction fees are also used as protection against users sending transactions to overload the network, and as a way to pay miners for their work to keep the network secure.