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Bitcoin – the virtual gold of the internet, took over the digital world as soon as it was launched.
Bitcoin gave a whole new meaning to fast cash and digital transactions. Satoshi Nakamoto wanted to create a digital cash gateway that can be transferred from one person to another without being a central entity involved. A revolutionary development in the field of cryptocurrencies.
Satoshi wanted to create a decentralized system, where instead of a third-party, the users of the system pay their role in running the system and get rewarded accordingly. This system works on a digital chain, called the blockchain.
When bitcoin was launched, many people were confused and were not able to understand the system. They were interested in buying them but had some issues regarding the bitcoin mining process or whether they will be able to purchase anything using it or if they can sell it for some profit.
With time, awareness increased, and people started to understand the importance of it.
It took quite some time for online businesses to accept bitcoin as a payment gateway at the start. But with time, as companies understood the concept behind the origin of bitcoin and its importance as a safe and decentralized digital cash system, they slowly started adopting it, and now a lot many online businesses accept bitcoin as a payment method.
The value of bitcoin keeps on changing over time, as particular factors determine or effect the value of Bitcoin. It started to take off at the start of the year 2017 slowly and reached its maximum value at the end of 2017. It made many rich with minimal investments, and few people also lost a fortune when its value was decreased.
“How to get bitcoins?” is one of the most asked questions related to Bitcoins, as discussed earlier, the bitcoin transaction system is different from the normal mode of transaction used in daily life, i.e., like banks. So people wanted to know how they could get their hands on the gold of the internet.
People jump into online currencies thinking that they will be able to make some quick bucks. Well, it’s not the case like physical cash is not easy to make, so does making bitcoins online. You have to make investments or spend your time to earn bitcoins online. There is not any magical way to make digital cash online.
Cryptocurrencies do have the potential to make some significant income, but the basis is the same; you have to work hard in both ways of making money; time or money!
There are various online websites selling bitcoins, like Indacoin, which offers $50 or less bitcoin within few minutes. If you are a beginner and don’t know much about cryptocurrency, let’s learn something about the basics of bitcoin, so you better understand the system before getting your hands on bitcoins.
There are various ways to make bitcoins online; they can be adopted based on the effort required, the profitability of the method being used, and the risk factor involved with it. Although there are various ways to earn bitcoins, we could categorize them on a few significant points.
Here are a few ways with which you can earn or get bitcoins:
If you buy or sell any goods online or provide services, you can ask your customers to pay via bitcoins, in this way you can exchange your services for bitcoins which you can use as you like.
Things you need to do this will be a bitcoin wallet, that we will discuss later in the article and QR-code, having your bitcoin address. You need to set-up your wallet with the bitcoin address assigned to you and customers can scan that code and send you payments via their cryptocurrency wallets.
If you work online, you can earn or get bitcoins by completing tasks for clients, after completing the work you can ask for an equivalent amount of bitcoins to the amount you did that work. Many online websites offer these kind of micro jobs related services now.
Like online selling platforms provide users with affiliate programs, i.e., offering a commission on getting users to their site. Bitcoin providing platforms also provide users with affiliate programs in which the user is rewarded with bringing the user to their website. Thus helping both the user and the platform itself.
If you are good at research and writing, several websites are looking for cryptocurrency bloggers and writers and are willing to pay in bitcoins.
Work hard and smart and one day you might be lucky enough to be tipped in bitcoins. If you are the owner of let’s say a restaurant you can ask for a tip in bitcoin in exchange for excellent service.
Trading assets for bitcoins is also one way you could make some bitcoins. If you see an opportunity to buy something that you think you can trade on some excellent value you can sell it and could accept bitcoins in exchange for that valuable asset.
This way of making bitcoins as salary might sound like something from the future, but few companies have already started paying salaries in Bitcoins. You can work from home for clients who are willing to pay in bitcoins for your services.
Few sites show jobs that pay in bitcoins. These kinds of jobs are also discussed in bitcoin forums. These jobs are mostly software or technology related.
Although this concept is not used widely for now as the nature of bitcoin as a currency is not stable. In the future, we might see a massive trend for companies paying their employees in bitcoins as a model of payment.
Bitcoin blockchain was programmed to operate on a ten-minute interval, meaning every 10 minutes a new block gets mined and one of the miners is made responsible for that block, he or she stuffs all the transactions made at that point, packages’ it up and adds that block to the chain.
The miner who discovers the block has to bear the cost of computers, the computational power and in return is rewarded with the “block-reward.” This block reward is in the form of bitcoins.
It is important to remember that the bitcoin mining process is costly and expensive, and you might not generate any profit seeing the cost of overall equipment that is used in the mining process. At the start, it was easy to take part in the mining process by just using a simple laptop with standard specifications, and the reward value was very high.
Now that many more people are taking part in the whole mining process. The overall cost of the equipment is increased. Also, the phenomenon like Bitcoin Halving reduces the reward value every four years, thus resulting in fewer people generating bitcoins through the mining process.
Also, when overall bitcoin production stops, it will be tough to judge the total value that bitcoin will have in the future.
If you don’t want to earn bitcoins then don’t worry, you could still buy bitcoins online. Coinbase is one of the top exchanges in the cryptocurrency.
On coinbase, you can buy bitcoins with credit or debit cards. They have a mobile application and an easy interactive interface for users to purchase bitcoins online. Other platforms that also sell bitcoins include Indacoin and Kraken.
As discussed earlier, as compared to past bitcoins could now easily be used for online transactions. Many websites now accept it as a payment method.
Many see Bitcoin as a great store of value.
You can find places online to use your bitcoins but you do run the risk of buying something today, and the value of that item in Bitcoin could be worth 20X or more in the future. This is the potential that you have if you store your bitcoin until the market stablizes.
Bitcoin Faucets are one of the ways to make bitcoins without any investment. These are websites that reward you with Satoshis for completing specific tasks; Satoshi is equal to the hundredth of a billion BTC that we can sell.
Responsibilities include completing surveys, watching ads, or playing particular games. So you can have fun and can also make some Satoshis. This method is suitable for people who want to earn bitcoins without any investment.
Earning or looking for free bitcoins on the internet is a risky thing to do. Several websites claim to provide free bitcoins for small tasks, but some of them are just scams. Some websites offer visitors to see ads, and in return, they claim to provide visitors with bitcoins.
It is suggested to only trying to earn from legit sites and don’t even waste your time on new or scam sites that might result in wastage of your time or steal your data.
To store or use bitcoins a cryptocurrency wallet is required.
It is a digital wallet used to store, manage, and make digital transactions online. The digital wallet uses public and private keys to identify unique users and to make sure transactions are safe and secure.
Cryptocurrency wallets are software programs, and like you store your physical cash in a physical wallet, crypto wallets are used to store your digital cash assets digitally.
Users can monitor their balance and can send and receive payment using this wallet online.
Millions of people are using crypto wallets to store their bitcoin, and yet there is a considerable misunderstanding about how they work.
These wallets don’t store the cash as we see in a physical wallet. Interestingly money is not saved anywhere physically, and only the record of transactions is stored.
Blockchain holds the complete transaction record between the users.
Now the question is if the wallets don’t contain the actual cash so what does it hold and how transactions are made?
When an online digital currency transaction is made instead of the transfer of actual currency, the sender is transferring ownership of coins to the receiver’s wallets address.
A crypto wallet contains private, and public keys with which users are identified, and transactions are made accordingly. The public key of the user must match with the user’s private key for the safe transfer of ownership of coins.
There is no exchange of currencies physically.
There are various ways of storing and accessing digital currency. Mostly the primary mode of transaction is online using the software.
Major Distinct Categories:
• Software Wallets
• Hardware Wallets
• Paper Wallets
Like most of the software is made available on desktop, mobile, and online. Digital Software wallets can be used from PC, a mobile or online medium of transaction.
Hardware Wallets are usually small and straightforward devices that are used to store your crypto offline. This is on of the more secure ways since hackers have no way to access your crypto.
These wallets provide a high level of security. Paper wallets may sound like a wallet having the address written on it, in fact, what it does is a software that can be used to generate safe and secure keys every time that can be printed on paper. The transfer of bitcoin is accomplished by using a software wallet address to that shown on paper and vice versa.
Like any other software or online transactions, we make online. The level of secureness depends on various factors like the user, the network, and third parties involved in the transaction.
Web-based wallets are usually considered riskier than other modes of operations as third parties are involved, and web-based programs are vulnerable to hacker attacks.
Offline wallets cannot be hacked as they are not connected to the network, and there is none third party involved.
Taking the precautions and using the system wisely will make sure all your transactions are safe and secure.
We made a short list of best bitcoin wallets based on features like security and ease of use.
Best online storage is Coinbase for its ease of use, support of some other coins like bitcoin cash, and availability of connection with banks makes it one of the best wallets for bitcoin.
The second one on the list in Trezor, which is selected based on its security. They have several different options of hardware wallets and have great support.
As there are various options of crypto wallets available, it depends on the user that which one suits him that you want to make transactions or want to store the currency.
Do you want to use it only for bitcoin or any other currency too? Do you want to use it from home or from anywhere remotely? These are a few questions the user must ask itself to decide based on these factors.
Every wallet has its pros and cons; it’s the user who needs to determine which one suits him.
As time passes and the use of online digital transactions is increasing. Companies are making sure the mode of transfer is made safe and secure for its users.
Bitcoin is a precious currency, although many people lost bitcoins due to their negligence, belief me dropping a one-dollar note and losing one bitcoin would not have the same feelings. Like its value, it not easy to get your hands on bitcoins too.
Let’s see how bitcoin is different from regular cash.
Bitcoin has some properties that differ from other forms of payment methods;
There are various methods to earn bitcoins online. Some take more effort, some take less, and some are risky. In the end, it depends on the user on how and what methods suit him.
It’s the internet world where the risk factor is higher, and you have to be very careful while trying to adopt any approach of earning bitcoins online.