Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country’s central bank or government. It can be traded for goods or services with vendors who accept Bitcoins as payment.
Bitcoin was created by Satoshi Nakamoto, who published the invention on 31 October 2008 to a cryptography mailing list in a research paper called “Bitcoin: A Peer-to-Peer Electronic Cash System”. Nakamoto implemented bitcoin as open source code and released in January 2009.
The bitcoin world is the new ecosystem where it doesn’t cost that much to start a new bitcoin company, it doesn’t cost much to start owning bitcoin either, and it is a much more efficient way of moving money around the world.
“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.” says Peter Thiel, the Co-Founder of Paypal.
The basics for a new user
As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.
How does bitcoin have any value?
Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. … In short, people accept and trade in Bitcoinbecause other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited.
How do you get a bitcoin?
You can get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. You can also buy them directly from an exchange with your bank account.
How do you buy bitcoins with cash?
1. Find Offers.
2. Begin your purchase by visiting the Instant Bitcoins page.
3. Place an Order.
4. Having found a seller, click the “Buy” button next to the name.
5. Pay with Cash.
6. On sending a trade request, you’ll see an order page.
7. Send Receipt.
8. Receive Bitcoin.
How to earn bitcoins?
1. You can mine your own bitcoins.
Before you start mining Bitcoin, it’s useful to understand what Bitcoin mining really means. Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions or blockchain. There is a total of 16 million bitcoins in existence, and 21 million in total will be available. Therefore, there are 5 million bitcoins still to be mined from now until around 2140.
But, Bitcoin mining these days are unprofitable. This makes us move forward to the next strategy of earning Bitcoins online.
2. Work for Bitcoins
If mining is not for you, you can search for work that you can do for Bitcoins. There are multiple services that will offer one an opportunity to work for crypto currency. You can find something at Coinality or by just going to /r/Jobs4Bitcoins on Reddit.
3. Offer something for Bitcoins
Another way to earn Bitcoins online is to sell something for crypto. If you are keen on handmade, you can accept Bitcoins on your page, and if you are a merchant, you can use your Bitcoin address to accept Bitcoins payment on your website. You can also hang a “Bitcoin Accepted Here” sign at your hotel, restaurant, café etc.
4. Gambling and casino games
If you are searching for a simple way to earn Bitcoins online, you may try gambling. However, while it might seem to you as easy money, gaming has a number of risks which need to be taken into account. So we do not recommend you to go for this as it may end up being disastrous!
5. Boost your trading skills
A good way to make an earning with Bitcoin and cryptocurrency in general is to do it through trading. CEX.IO allows you buying Bitcoins with payment cards or via bank transfer, after which you can convert it to other crypto or fiat using the price volatility at your advantage. Sometimes, however, Bitcoin trading can be very similar to gambling – high risks are involved here too. In order to minimise them, you need to learn a bit about trading.
How do you put money in your Bitcoin wallet?
Buy your first bitcoins with USD through bank transfer. Okay, now you have your bitcoin wallet set up and ready to buy your first bitcoins and deposit them to your wallet. Go to exchangemycoins.com and select that you want to exchange from USD (bank transfer) to Bitcoin in the dropdowns.