Back in 2009, a Blockchain database expert(s) sat down and decided to develop a digital currency named Bitcoin, under a Blockchain platform, which made a paradigm shift to a mysteries point of view on the internet.
However, the developer(s) of the Blockchain digital currency – Bitcoin is/are unknown, but he/she/they go by the name Satoshi Nakamoto. Satoshi Nakamoto is regarded as an individual or a group of people which up to now is not clear due to unknown reasons.
The inventor of Bitcoin also invented the Blockchain database which is widely used in the cryptocurrency economy.
The blockchain is a digital platform that is incorruptible it further encompasses digital ledger of transactions that can be improvised to record financial transactions and everything that has value.
The blockchain is the backbone of all digital currencies platforms and smart contracts carried out in the cryptocurrency ecosystem.
Bitcoin’s main aim is enhancing economic transactions and exempting traditional transaction systems which are insecure such as banking and direct trading, a technological wave that has drawn massive attention and demand from corporations, enterprises, and individuals who understand the profundity of the Blockchain technology.
Nonetheless, many people in the 21st century are not familiar with the Bitcoin concept. The public is eager to find out how the Bitcoin and the entire Blockchain technology works, what did Satoshi Nakamoto intend with the invention of this undeniably ingenious design of the Bitcoin and Blockchain technology?
What is the value of this invention? This article will provide you with the guidelines and profound explanations on how to make money using the Bitcoin and Blockchain technology.
To start with, there are endless methods to capitalize on the new technological invention. Here are some of the ways including a profound explanation for the beginners and people who do not understand the Blockchain concept:
Currency speculation or validation characterizes buying, selling and holding of currencies for a profit. This is not a strange form of investing since all currencies not only the digital currencies are speculated.
The same way applies to the cryptocurrencies. However in the digital currencies speculation might be a tougher task than expected because it accompanies financial related risks.
You need to have a considerable amount of capital to buy Bitcoin currencies, additionally, you are not guaranteed of your speculation that the currency is going to hike given the volatile nature of the crypto ecosystem.
On the contrary, the cryptocurrency technology is becoming widely accepted following its beneficial characteristics. Many people have become crypto experts and gained wealth through the platform.
Therefore, if you are capable of buying the Bitcoin currency and hold for a while then sell it later, you might make yourself a significant amount of money. The only advice I can provide is for you to speculate wisely and watch on the market trends to avoid landing in a pit of regret.
This is the simplest way to earn and make money using Bitcoins. This goes for all business people either small businesses or companies, you can make Bitcoin the means of payments and you will earn more Bitcoins. The steps to switch to Bitcoin as a mode of payment are as follows:
A Bitcoin wallet is similar to a bank account with its functions. All you need to have is a verifiable email address to have a Bitcoin wallet. There is a variety of functions on the Bitcoin wallet; you are supposed to choose the wallet that is compatible with your business category.
Display the code containing your Bitcoin address with your cash register – the wallet obtained in step 1 has two options, ‘Receive money’ and ‘Add Funds’ the two options contain a QR-code which you should put next to your register. In so doing, your clients can now use Bitcoin for payments using the US dollars.
You are then supposed to display a Bitcoin accepted logo in your business or shop to notify your customers that you accept Bitcoin mode of payment.
As discussed on the previous point, you will need a Bitcoin wallet and a QR code to get tips. This is not only applicable to shops hence tips are received even in restaurants and blogs, and supermarkets.
Consequently you do not need to verify payments of tips since they are voluntary; however, you need to notify your customers of the acceptance of Bitcoin and a method of giving tips in your business. Read about it here: aBitGreedy.
This Bitcoin platform was launched in September 2013. It offers developers, employers and job seekers that are experienced in programming an opportunity to showcase and develop your skills and get paid.
Developers are supposed to undergo a competency exam that includes coding; they are therefore monitored to polish their skills by working with employers on the platform.
Over 6,000 candidates have applied for job opportunities on Coinality. The platform pays their employees with digital currencies such as Bitcoin, Litecoin, and
This is a platform that provides an opportunity for employers and freelancers to trade and get paid in Bitcoin. Employers can post projects for free. Consequently, freelancers can access projects that are posted by employers and therefore negotiate for payments.
The employees are ensured of professionalism in doing the projects and are charged no extra fees. In return, freelancers are able to receive payments in few hours with no third parties involved in the transaction.
Payments are issued directly to the freelancer’s Bitcoin wallet regardless of the geographical location. Both job providers and freelancers are supposed to register on the XBT website so that they can post or receive jobs and make payments respectively.
The platform was established in 2015 long before the vast adoption of the Blockchain technology and Bitcoin the site used to pay freelancers using the regular currency i.e. the US dollar.
However, due to the invention of a safer digital currency transaction platform, the site shifted to paying its clients using the widely adopted currency: Bitcoin.
The site primarily focuses on matching employers to freelancers; after perfect matches are completed the freelancers are offered jobs which are paid for upon completion.
The site is one of the most trusted because, in addition, it offers a mediation platform for clients and job providers in an instance of a misunderstanding. It provides a platform in various fields such as content writing, entertainment, legal and development.
The Blockchain technology is diversified. In this way, if you want to make money on blockchain there are various ways to do so.
Gather a group of internet experts, web developers, online marketers, and advisors and come up with an idea of developing a platform that uses the Blockchain platform to provide services to the general public and program the payment method of the Bitcoin currency.
We are living in a technologically rational world that is; every service and every product is exchanged online.
Varieties of services you can develop under Bitcoin currency platform comprise of; real estate, online marketing, smart contracts, and data management systems, search engines, online interaction platforms and trading platforms among others.
You can directly lend Bitcoins to people, both the lender and the borrower can agree on the duration and the interest. You will earn Bitcoins easily by lending. The other method is by lending websites.
Websites list different borrowers so if you have some Bitcoins you can access borrowers on the website and lend where he will repay the loan with interest.
This is the most familiar process to many people who understand the crypto markets. Mining Bitcoins is not a process that can be recommended to beginners.
It is expensive, time-consuming and needs some expertise, but the best way to do it is to join a miner’s pool. Mining pools such as Bitminer provide a platform where the miners can offer them computing power hence enabling miners to earn Bitcoins easily.
Gambling like any other is a win-lose game, you ought to be ready to accept your position. In Bitcoins, you can earn money through gambling.
There are countless gambling sites with Bitcoins on the internet you just need to log in and find out how the process goes. If you are not a ‘lucky gambler’ please do not attempt to.
It might sound kind of strange. Yes. You can earn Bitcoins by just watching videos but not just any videos. There are several platforms which credit your account for each short video watched.
The videos are less than a minute; the requirements are just submitting your email, Xapo account and the Bitcoin address for you to receive payment after watching a video.
This is the cheapest way to earn Bitcoins for beginners and anyone who is interested in the cryptocurrency technology. Bitbond is a website that provides a platform that leverages the Blockchain technology.
You earn money by participating in a program known as Bitbond’s Bitcoin affiliate and register for free, in so doing; you make Bitcoins by bringing in new users to Bitbond. The simplest way to attract new users is by:
Oh Crop! is a mobile game that you play and win by invading the enemies, after getting the high scores you get rewarded using Bitcoins. The rewards are issued within 5 working days.
Another mobile game is Coin Flapper, upon signing up for the mobile gaming app you are required to issue your email address and your Bitcoin address and after playing and winning you will be paid through your Bitcoin wallet address.
Just like mobile App games, Faucets are simple tasks more or less like games. You can solve captchas or give answers to short questions and get rewarded using Satoshis.
Satoshis add up to make Bitcoins. The captchas you are supposed to solve to receive satoshis are usually in websites that serve as advertisements platforms for businesses and corporations after the websites are paid by the advertisers the people who have solved captchas or answered the short questions will get paid via the Bitcoin wallet.
This is the most interesting way to earn money via Bitcoin. Reading elevates your mind and might be time-consuming at times. But with the Blockchain technology, you can read and at the same time earn.
One of the platforms that provide the service is PaidBooks.com. They have over 600+ amazing classics books, you are just supposed to log on to Digital Artists Online and read as you earn. They usually reward readers with Satoshis.
This method of making money is often overlooked by people, but it seems to be the simplest method ever with massive returns and benefits. Firstly having your own website will help you manage and monitor every activity, therefore, you will have unlimited possibilities to make as much as you want with Bitcoin.
All you need is to provide information on the Bitcoin operation basics and exchanges hence attract new users; you can also earn money from ads and affiliate programs. With your own website which is not very expensive to start, you can create traffic hence maximizing the number of Bitcoins you make.
Bitcoin is becoming adopted by many people in the general public. It is ever growing in value each day.
Just like in the investment of shares or bonds investors buy Bitcoins and hold them and wait for a period of time them analyze the market and if it is favorable they will sell at a higher price than they bought.
For instance, two years earlier one Bitcoin sold for around $250 right now Bitcoins are selling at about $6 if one had bought the biotin in that time and sell it now you could have earned a substantial amount of money.
All of the above-discussed options of making money with Bitcoin use the Bitcoin to dollar exchange. It is regarded as the most flexible and efficient way to perform transactions. Besides the U.S dollar is the standard form of currency worldwide.
Therefore, it presents Bitcoin with many valuable deals. However, some of the Bitcoins based methods of making money are costly, time-consuming and need some computer information and technology related experience and expertise.
Usual methods of payments that include western union, Skrill, and Neteller are offered on every Bitcoin exchange platform. The most secure and flexible payment exchange platforms are those that promote simple and reliable payment methods.
Hardware wallets – these are small devices that serve as a link to the web and enable Bitcoin transactions. The devices cannot be hacked by fraudsters; hence they are not connected online. Therefore, they are the most secure means of storage among the Bitcoin wallets. It is advisable to store the hardware in a safe place such as safes to avoid the risk of loss or damage.
Cloud-based storage – they are also referred to as online wallets. It is one of the most flexible and convenient methods of storage in the 21st century. It is because you can access your Bitcoins from any location as long as you have the right gadgets and internet connection to log on to your account and access the Bitcoins. However, they are not considered to be 100% secure. This is because the private login keys are contained in the cloud. Therefore a technical hitch on the host might put your private keys or money stored to lose.
Software wallet – the Bitcoin Core Protocol is the original software wallet it is programmed and run on a Bitcoin network. If you want to store your Bitcoins in the Software wallet, you have to download it together with the ledger and Bitcoin-related transactions from the time it was established.
Electronic wallets – they are more or less similar to online wallets they are hosted in the cloud. They are the most user-friendly means of storage since they provide a formatted file stored on your computer. However, just like cloud storage, you need to trust the host with your private keys which can lead to the Bitcoins hence lead to a loss. Electronic wallets can also be downloaded software.
Paper wallets – this is just a traditional form of storage, they are papers which contain Bitcoin address and private keys. It is not a very recommendable means of storage since it is easy for documents to be damaged by water or fire.
Bitcoin and other cryptocurrencies are increasing in value every day. Investors from various countries have welcomed the digital crypto-currency wave with a positive view, with a lot of them citing the technology to be flexible as it can be used globally and secure hence it has no middlemen.
On the contrary, Bitcoin has its disadvantages especially when it comes to cost. Transactions on Bitcoin are expensive compared to transactions on fiat currencies.
The other underlying problem with the entire Blockchain technology is that the crypto holders in the payment system depend on records held in the central server hence not providing a guaranteed security fearing that the authority trusted for maintaining the records can distort them for their personal gains.
Thank you for reading this article. Make sure to check out our website for more comprehensive content about various cryptocurrency topics.
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