Do you want to see no physical existence of money and only in electronic form? Don’t you want to live the time where you don’t pay any penny to PayPal or any central bank for the transaction?
If yes…then you are on the right track. You should grab some enlightenment about this digital currency before you make the final bets.
Before knowing How to earn bitcoin and where to use, let’s know first what is this bitcoin?
What this Bitcoin is?
Broadly speaking, Bitcoin is a scheme that is designed to facilitate the transfer of value between the parties. It is a collection of concepts and technologies that form the basis of a digital money ecosystem.
A Bitcoin is a unit of digital currency or we can say internet money and a user can transfer Bitcoin over the network to do just about anything that can be done with other currencies like buy-sell purchase, transfer money however it’s not as simple as dealing with dollar, pound, yuan or rupee.
This currency connect’s to the world’s fast, secure and border-less payment network, you can receive any payment from any country, any computer and any mobile.
The user will never get to see a Bitcoin or touch one beyond the computer screen, since it is only in digital form possessed by the software invented by Satoshi Nakamoto in 2008. It it did not hit the trending tag for a couple of years only until two years back Bitcoin attracted a lot of eyeballs and processors.
How is it different from a traditional payment system?
If we talk of traditional currency, its a transfer denominated in sovereign currencies like dollar & euro however, a Bitcoin has its own metric for the value called Bitcoin .
Bitcoin is a decentralized currency that means it substitutes central bank in general transactions of money control and it’s centralization.
Bitcoin is entirely virtual and one person can pay money to another in electronic form only until we have the physical presence of the currency.
Note: – You can also exchange Bitcoin with other currencies if that sounds a trade to you.
What is the value of each Bitcoin?
As per today (21 May 2017) one Bitcoin value is $2029.00 USA and it’s up-down is more like a currency market.
What you can see in the graph below is how Bitcoin’s value changed from few cents to $2000 in 2-3 year time…So by this, you can predict demand and fluctuation rate of Bitcoin.
How much Bitcoin currency does the world have?
As on May 2017, 16 million Bitcoin(approx) is in circulation and it is increasing with every passing day and hour. You can track the graph for a simple analysis:
So how does this Bitcoin system works?
Bitcoin transfers directly from one person to another virtually without going to the bank or any ATM; that means you do not need to pay any money to mediator which is usually the central bank or any other bank.
In order to use this system you must have a digital wallet software so you can transfer Bitcoin to another person’s wallet for some service or product you have used or a purchase made.
Initially, Bitcoin was generated by simply running the free application called Bitcoin miner.
User of Bitcoin owns a Key which allow them ownership and access over any transaction in Bitcoin network, and these are often stored in user’s digital wallet for transferring money.
How to get Bitcoins initially?
There are two ways by which you can have Bitcoin:-
- You can exchange your local currency like dollar, pound or rupees into Bitcoin.
- Allow your computer to mine.
So What is mining?
Mining is a process which uses your computer to solves the mathematical problem and you are notified when your computer solves that problem but it all depends on our computer’s processing speed. If your computer’s engines are fast then you do not need to pay more fees for mining. There are many people who make thousands of dollars and more by just mining Bitcoins.
On an average in every 10 minutes 1 Bitcoin is found by someone by resolving complex problem and in this way more more of this currency is added in the market.
As per protocol, it halves the rate at which new Bitcoins are created every 4 years and limits the total number of Bitcoins to 21 million..it means 21 million Bitcoin will be reached by the year 2140.
List of websites which accept Bitcoin as currency.
While thinking to start this currency raised a lot of question in mind like is it authentic money? If other people claim for money instead of us then what? Can we use this money for all purposes? To answer such all question now, Many popular websites are accepting Bitcoin and with its increasing popularity more websites are to approach for this currency. Hence We are giving you few websites which accept Bitcoin:-
- Microsoft: – software company for all digital document available
- Dell: – Computer/laptop manufacturing company
- Amazon: -E-commerce company working worldwide
- Subway: – Eat fresh here
- PayPal / Ebay :– online transaction company / E-commerce company
- WordPress.com:An online company that allows user to create free blogs
- Fiverr.com: – everything done in 5$
- Reddit:– The social news and entertainment site
- CheapAir.com:-Travel booking site for airline tickets, car rentals, hotels
- Award space:– web hosting provider
- Overstock.com:– company sell big ticket item at lower price
- Namecheap: domain name registrar
- Bitcoin.Travel:a travel site that provides accommodation, apartments, attractions, bars, and beauty salons around the world
Where can I find a Bitcoin wallet?
You can download a Bitcoin on your PC, mac or mobile or on any operating system from website bitcoin.org. You can even use this wallet on an online platform or find options in the same page on web options.
How to know more about Bitcoin?
You can check many websites available to learn about Bitcoin. You can find information on the sites below.
Feeling this to be more of a lecture on Economics? Don’t worry, we got you an even simpler version … Although you have to complete schooling to absorb this.
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Happy Investing 🙂
Source : Stuffonix