Bitcoin can be known as the gold standard for any digital currency worldwide. Bitcoin uses the peer-to-peer technology for fast payment. The first digital currency ever created was bitcoin in the year 2009 by a mysterious man or woman called Satoshi Nakamoto, whose true individuality has not been verified till today.
HOW IS BITCOIN MINED
bitcoin mining is the process of releasing bitcoins into circulation, like the central bank releases fund to a particular nation. In essence, it involves solving a computational difficult puzzle to discover a new block, which is added to the block chain. After which a remuneration is giving in the form of bitcoins. As more and more bitcoin is reward, the difficulty of the mining process increases and so bitcoin mined reduces every four years. Mining of bitcoin began back in 2009 with difficulty level of 1.0 as at April 2017 the difficulty level had increase to 4.24 billion.
Many people believe Bitcoin to be the future of currency, and those supporting it say it is a much faster way of payment across the world. Actually its exchange rate against a dollar entices likely traders and investors interested in playing with money. One of the most relevant reasons backing the growth of bitcoin is the flexibility and alternative to physical currency amongst other commodities like gold.
HOW TO EARN BITCOIN
Bitcoins are accepted in almost every business for either products sold or services render. A business on the internet can easily accept bitcoin as a means of payment by adding it to the payment option and many customers may take it up. Using bitcoin as a means of payment on an online store works like a credit card or PayPal. Bitcoin payment requires a merchant tool such as Bitpay or Coinbase.
Gambling: Some casinos today cater for bitcoin aficionados making it possible to gamble with bitcoins with option like jackpot, lotteries and other games.
Working for Bitcoins: if you are unemployed or self-employed at the moment you can earn yourself some bitcoin by taking up jobs that pay in bitcoin. There are so many websites which are dedicated to paying in bitcoins and other digital currency. Such as:
- XBTfreelancer: Employers currently posing include coinbase with other hosts of blogging, development, marketing etc. Employers pay freelancers using bitcoin as a means of payment.
- Coinality: Mainly for freelance developers. Coinality is popularly known as bitcoin freelance market place.
Profit Payment: bitcoins can also be earned by lending them out to anyone searching for bitcoin and been repaid in the currency. You can lend in three different ways
- Direct lending to someone
- Depositing bitcoin in a virtual bank that offers a certain interest rate
- Through websites that accept peer-to-peer transactions.
Some of these websites that facilitates lending include BitLendingClub, Bitbon and BTCjam.