What is Bitcoin?
Bitcoin is a virtual digital currency commonly known as crypto currency.
It has no physical presence rather Bitcoin can only be hold electronically through a Bitcoin wallet.
No one has any control or there is no Bitcoin control authority rather they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
Bitcoin is also called as digital gold for it’s increasing value and limited supply. 21 million Bitcoin will ever be created.
Know More: Why hackers are using Bitcoin
How Does Bitcoin Work?
Every Bitcoin Transaction has a block chain. A block chain is a ledger that keeps records of digital transactions. Instead of having a central administrator, like a bank or the government, block chain organizes data in batches called blocks. These data batches use cryptographic validation to link themselves together. In other words, each block identifies and references the previous block by a hash value , forming an unbroken chain.
Block chain solves two of the most challenging problems of digital transactions : controlling the information and avoiding duplication. When a purchase is carried out, the ledger records it and sends it out to the entire network. Computers all over the world then compete to confirm the operation by solving complex math equations. The first to figure out the answer and validate the block receives a reward in bit coins which is known as bitcoin mining.
The validated block is time stamped and added to a chain in chronological order. The entire chain is continuously updated, so that it’s always an accurate representation of who owns what at any given time.
Who is the Creator of Bitcoin?
A software developer called “Satoshi Nakamoto” proposed Bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Major Advantages of Bitcoin?
It’s completely anonymous and untraceable
No setup or Bank account required only you need a bit coin wallet.
No Transaction Fee
How to earn Money From Bitcoin or How to Earn Bitcoin
There are many different ways to earn money from Bitcoin but we will discuss 3 major methods.
1. Bitcoin Investment
If we see today’s bitcoin price it’s 4330 USD but before 1 year it was not even 500 USD, means bitcoin price has increased almost 8 times. Even If you compare the Bitcoin’s June/July price with Today (September) price it’s almost double. Means someone who has invested 50 USD in July has made 100 USD. very cool 🙂 isn’t it.
If you are from India, then you can Download RBI approved Zebpay app which is one of the most trusted and secure app to invest in Bitcoin. I recommend you to not go beyond your limit and when you invest wait until 3 month for best results.
You can also Purchase Bitcoin from different online sources like Coinbase, Xapo, and Local Bitcoin etc and hold it for 3-4 months for a excellent return. Note: Investment are always related to market risk to always go for a trusted Bitcoin trading company.
2. Bitcoin Mining using PC (GPU/CPU)
As I told earlier computers all over the world connected with the bitcoin block chain network and then compete to confirm the operation by solving complex bitcoin math equations. The first to figure out the answer and validate the block receives a reward in bit coins which is known as bitcoin mining.
If you have a powerful PC/laptop with a decent graphics card (nVidia 2GB Minimum) you can simply connect your PC to bitcoin block chain network and start mining bitcoins. But now a days due to high competition the profit became very less. But still you can give a try.
In China you will find secret Bitcoin mining factories those who are earning millions everyday.
3. Bitcoin Generation using Android Mobile App
This is one of the best method to earn some extra Satoshi (Small amount of bitcoin) and then can be transferred to Bitcoin wallet. Due to the increasing value of Bitcoin you should gather as much as bitcoin, because bitcoin price is increasing day by day.
You can simply download Bitmaker android mobile App which gives 500 Satoshi in every 30 minutes for watching a 3 sec video, and later you can transfer this amount to your bitcoin wallet.
May be you can think that it’s very slow process, but who cares anyway you are getting free Bitcoins whose price is increasing day by day. So it’s a very profitable way. After downloading this App just enter the referral code “C7R1N8” to receive 6000 bonus Satoshi.