What is Bitcoin?
Bitcoin is a common term that has been around for many years now yet many still don’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, and Australia by individuals, companies/organizations, websites, and many others. In Africa, Bitcoin is not embraced as a medium of exchange. Some popular and big companies have started using it, and it will be accepted 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 maid 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 of Bitcoin and I refer to him as the creator/inventor of the currency.
Authorities that regulate Bitcoin.
Bitcoin is not owned by nor controlled by anybody or groups. The Bitcoin software is an open source software which means other programmers can modify or edit the software provided the reviews and editing are accepted globally. So, Bitcoin is controlled by all its users in the world.
How the Cryptocurrency work?
The first step to begin with Bitcoin is to download and install the Bitcoin App, both Mobile and computer which will give you access to 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 its invention. It 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 Bitcoin means, well, this doesn’t mean looking for Bitcoin in the soil, it involves calculations and solving problems which you will be awarded with some Bitcoins. Let’s go deep into its mining.
You mine Bitcoin using computers, and special Bitcoin mining tools like hardware and software to compete with many other miners to solve very complex problems which used or recommended for the 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. For example, between 2014 and now (2019), Bitcoin has increased over the years which means someone who bought it then and decided to sell it now will have 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, it’s cool, I recommend this because Bitcoin is high, and if you decide to sell it now, you will make more than the value of that product. 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 of payment after completing a task for an entity. It varies depending on the task and the complexity of the task.
4. Pay-to-click websites: There are many websites out there that reward 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 advise this 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 are scared. You get lots of rewards for writing valuable content 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 of 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 who need it at the moment and interest is attached to it. It could be every month or weekly depending on your agreements. This will bring more interest to you.
Recommendations
I’ll advise anyone who wants to explore the above ways to make money with Bitcoin to read wide and grasp the way the system works before proceeding to invest 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.