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How to make money with Bitcoin
How to make money with Bitcoin

How to make money with Bitcoin

Bitcoin can be defined as a cryptocurrency that is used globally as a payment system. It is a digital currency that has been decentralized.

This means for an individual to make payments and storing money, they do it electronically without necessarily having to go to a bank or give their name.

Any government, private company, and central authority do not control Bitcoin. With several online stores and companies accepting payment through bitcoin, this interest for digital money is growing continuously because it allows individuals to exchange them for products, services, and other currencies.

The introduction of bitcoin in 2009 is attributed to Satoshi Nakamoto which is a pseudonym for either one individual or a group of individuals.

What is Bitcoin
What is Bitcoin

Facts from bitcoin casino inform us that, as of today, there are one thousand three hundred and fifty-four bitcoin ATMs in fifty-five countries globally and roughly five point eight million users that own digital wallets.

The value of Bitcoins at the moment is surpassing the expected intrinsic value over ten times. It’s experiencing growth continuously, proportionally with the peaking interest for digital money.

A way in which an individual can generate funds using bitcoins is as discussed below:

Buying and Holding Bitcoins.

The first step would be for the individual to obtain a bitcoin wallet from an online-based service that also comes with a mobile version, for example, blockchain.info. This wallet is used in transacting bitcoins; for instance, sending, receiving and storing this cryptocurrency.

Storing the bitcoins offline would ensure their safety. After getting a wallet service, an individual can create many bitcoin addresses, which allows him or her to receive bitcoins from others.

The transactions can be viewed on the blockchain.info, and individuals can buy and hold bitcoins as a way of making money.

Now that you have a bitcoin wallet you need to use a bitcoin exchanger to get Bitcoins from your cash. We recommend several exchangers: CoinBase, CoinMama, Changelly or ShapeShift.

CoinBase - Get $10 free
CoinBase – Get $10 free

Mining Bitcoins.

Mining bitcoins is a complex procedure and it is not recommended for individuals who are beginners. It is carried out using sophisticated machines that are costly. These machines require a lot of electricity to enable them to solve mathematical algorithms that thereafter allow for the exchange of bitcoins.

The individuals tasked with this known as bitcoin miners oversee bitcoin transactions by pooling their processing power. When the bitcoin network is functioning properly, bitcoin miners are rewarded with new bitcoins and them, therefore, make funds.

It is a lucrative investment if an individual decides to employ peer-to-peer bitcoin lending.

Bitcoin Cloud Mining.

Another alternative for individuals interested in generating money through bitcoin is engaging in cloud mining. Bitcoin cloud mining can be defined as the process of mining bitcoins through the use of a remote data center that has shared processing power.

It allows individuals to mine bitcoin without necessarily having to manage the hardware used to mine, without mining software, bandwidth, electricity among other offline issues. Cloud mining is a better option if an individual wants to mine bitcoins at a low price.

Bitcoin Faucets.

An individual who loves to play games and is not inconvenienced by having to look at some advertisements can visit online bitcoin faucet websites. These sites help to generate revenue from the pop-up advertisements that are placed on their pages.

They pay their users a small amount of the revenue they receive from the advertisements.

You have to sign up with his or her bitcoin address to start earning a few cents worth of bitcoin every other day. It is a slow means of earning bitcoins but it gives individuals new to bitcoin a chance to get some amounts of the currency at no fee.

Conclusion

Basically, for any individual looking to make money through the bitcoin cryptocurrency, it is affirmed that it all comes down to the following: carrying out the proper research prior to making any engagements and knowing how to use timing to their advantage when transacting the bitcoins.

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About StephanJ

Stephan J is the founder of Monetize.info and is making a living exclusively online since 2004. He tried and managed to make good profits on everything from Forex trading, options, website flipping, adsense, affiliate websites.His passions are cycling, fitness and he is spending a small fortune on watches and fine cigars

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7 comments

  1. Great article i enjoyed it,will come back for more

  2. Thanks for sharing. Any thoughts about how to make money on upcoming Durov’s TON (telegram crypto)?

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