What is Bitcoin?
Bitcoin is a common term that has been around over many years now yet many still doesn’t know what exactly it is all about and how one can make good money from it. Bitcoin in a simple understanding is digital or virtual money, it cannot be touched/felt or seen but it can be used to make purchases online and other online payments. A typical example of how it works is the use of your ATM cards(Master cards, Visa cards and others to make purchases. It could also be used offline.
Bitcoin is used in many parts of the world like America, Europe, Australia by individuals, companies/organisations, websites and many others. In Africa, Bitcoin is not embraced as a medium of exchange. Some popular and big companies have started using, and it will be accepted as all over the globe as a medium of Internet payment. Of course, has shown it’s on the circulation.
Origin of Bitcoin.
From my research, I have gathered that the first idea for a Bitcoin currency was proposed by a made named Wei Dai, A Chinese man and a Computer Engineer who studied at The university of Washington. In 1988, Wei Dai came out with a concept termed “Cryptocurrency” which means secret money or currency. Wei Dai named it Cryptocurrency because it uses cryptography in everything, that’s creations and transactions involving it. In the year 2009, someone else published the specifications and proof Bitcoin and my refer to him as the creator/invented of the currency.
Authorities that regulate Bitcoin.
Apparently, Bitcoin is not owned by nor controlled by anybody nor groups. The Bitcoin software is an open source software which means other programmers can modify or edit the software provided the reviews and editing is accepted globally. So, Bitcoin is controlled by all its users in the world.
How the Cryptocurrency Works
The first step to begin with Bitcoin is to download and install Bitcoin App, both Mobile and computer which will give you access with Bitcoin Wallet. This wallet allows you to make transactions such as sending and receiving Bitcoin.
How secure is the Currency
Bitcoin is secure due to its stiff security measures, and the technology behind it invention. It’s cannot be easily hacked or compromised.
How to invest in Bitcoin.
There are two broad ways to make tangible money from this digital currency called Bitcoin. The two ways include, Mining of the currency or Buying and selling of the currency.
Well, have you already thought of what mining of Bitcoin means, well, this doesn’t mean looking for Bitcoin in the soil, it involves calculations and solving of problems which you will be awarded with some Bitcoins. Let’s go deep into it’s mining.
You mine Bitcoin using computers, and special Bitcoin mining tools like hardware and software to compete many other miners to solve very complex problems which used or recommendation for protection of Bitcoin transactions. Once you are lucky, and your hardware solves a problem, you will be given a reward. The reward is 25 Bitcoins. There is also joint mining, and the reward will be shared accordingly amongst members.
The second way is by Buying and Selling:
Buying and selling is another avenue you can make money from Bitcoin. It involves buying at a cheaper rate sometime in the past and selling it at a rate which betters or a more increase than the price at which you purchased it. Example, between 2014 and now(2019), Bitcoin has increase over the years which means someone that bought it then and decide to sell it now will make a huge interest of millions of dollars. I think the buying and selling is less stressful, and its reward is good. At the same time, you could also lose a lot of money if the currency reduces in value which means you will not even sell it at the price you bought it.
Other ways you can make money with Bitcoin.
1. Trade by Barter (exchange of goods for Bitcoin). You can trade a particular product for Bitcoin, its cool, I recommend this because Bitcoin is high and if you decide to sell it now, you will definitely make more than the value of that products. It’s wisdom
2. Freelancing(This is working for a client online which mode/medium of payment is with Bitcoin.
3. Accept Bitcoin payment : This is the acceptance of Bitcoin as a means payments after completing a task for an entity. It various depending on task and the complexity if the task.
4. Pay to click websites: There are many websites out there that rewards of people for clicking on ads on the site. The reward range and it’s a nice avenue to get Bitcoin since you are not putting in more effort just your data and time to be clicking the ads.
5. Gambling with Bitcoin: Though I don’t advice this but if you are good at gambling, you can also make a great income from it. Remember, it’s a probability here, you either win, or lose so trade it cares.
6. Writing about Bitcoin: This is another avenue you can make money from Bitcoin as many online publishers about Bitcoin is scares. You get lots of reward from writing value contents about Bitcoin that will be informative and also educating.
7. Make money with Bitcoin Affiliates: You can also generate revenue with Bitcoin affiliate programs via referral links. This pays a lot. Typically, you paste the affiliate links on any area your site and generate referrals to Bitcoin.
8. Lending Bitcoin: Lending Bitcoin is another avenue one can make huge interest. Here you lend Bitcoin to people that needs it at the moment and interest is attached to it. It could be on monthly basis or weekly depending on your agreements. This will definitely bring more interest to you.
I’ll advise anyone wants to explore the above ways to make money with Bitcoin to read wide and grasp the way the system works before proceeding on investing in the system. Seek advice and guidance from gurus in the business before taking the next step. Remember to share your success stories.
I also recommend visiting the Bitcoin website at www.bitcoin.org for more information.
Nice work, KEscholars…
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