All You Need to Know About Bitcoin

Image Credit: FinancialTribune.com

What is Bitcoin?

Bitcoin, simply known as (BTC) is a cryptocurrency, thus a form of digital cash designed to also work as a medium of exchange.

It was invented by unknown person(s) under the name Satoshi Nakamoto and released as open-source software in 2009 and it operates without a central bank.

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By extension, the first-ever cryptocurrency, like others gives user(s) absolute control over their cash (digital).

Bitcoin transactions are done from user to user directly on the peer-to-peer bitcoin network, although it is sometimes executed through intermediaries. These are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

They are created as a reward for a what is known as mining and can be exchanged for other currencies products, and services.

There are other forms of cryptocurrency, however, BTC is the most common and valuable among all.

This has created a new generation of wealth with new millionaires across the globe.

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Earning bitcoins (BTC) (Image Credit: FinanceMagnates.com)

How to Earn Bitcoin

There are several streams or ways of earning bitcoins from the comfort of your home, school, workplace etc. These ways include, but not limited to:

1. Completing simple tasks on websites: Some websites ask users to watch videos, executing analytical tasks, answering forum questions and many others. These websites include ads4btc.com, coinworker.com and bitfortip.com.

2. Trading: This has its highs and lows — its more or less a gamble. This is because like the traditional forex trading, bitcoin trading works in a arbitrage — the practice of taking advantage of a price difference between two or more markets. It takes much to do trading since users have to study the market and take advantage by quickly making the necessary decision. CryptoStreet, Coinmama and Changelly are some of the platform you can use.

Source: Yaw Sarpong | PlugTimes.com

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