Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency.
Who invented it?
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
What are its characteristics?
- It's decentralized
- Easy to set up
- Anonymous
- Completely transparent
- Miniscule transaction fees
- Non-repudiable
How to earn a bitcoin?
Below are the lists of way to earn a bitcoin:
- by accepting them as a means of payment.
- by completing task on a website which offers bitcoin.
- from interest payments.
- as a regular income.
- from mining and faucets - recommended for beginners.
- by getting tipped.
- by buy-and-sell or trading
- by gambling - not suitable for everyone.
- Investing - very risky; must avoid sometimes.
How can to start earning a single Bitcoin?
Firstly, what you need is a bitcoin wallet. A Bitcoin wallet is a software program where Bitcoins are stored. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance.
Bitcoin wallets facilitate sending and receiving Bitcoins and gives ownership of the Bitcoin balance to the user. The Bitcoin wallet comes in many forms; desktop, mobile, web and hardware are the four main types of wallets.
Bitcoin wallet may consists of 25-34 random digits, which is more like a token. I listed here the lists of some sites that offers a bitcoin wallet:
- Coinbase - ref link | non-ref link
- Blockchain - link
- Coins.ph (only for Filipinos) - link
After you already have your own wallet, you can now start earning bitcoin as I mentioned above - way to earn a bitcoin.
Conclusion:
Like other innovative ideas, even if Bitcoin loses relevance, crypto-currencies have made a point: there are feasible alternatives to institutionally backed internet transaction.
Criminal activity and the use of Bitcoin in black markets on the “Deep Web” remain a serious concern for federal law enforcement agencies. The popularity and anonymity of Bitcoin make it an appealing alternative to criminals who previously relied entirely on cash and unruly banks. In this respect, technological innovations, when created with a political agenda, have tended to be libertarian in character; most new applications and software developments have strengthened the anonymizing capabilities of Bitcoin (Dark Wallet is the primary example).
Bitcoin is a new concept, but it’s in the process of being understood and adopted by a growing number of consumers, merchants, and investors around the world. As this process continues the reasons to start using bitcoins are becoming more compelling. There is also increased investment in the sector and many new finance companies are offering more professional and consumer friendly solutions for everyday use.
Bitcoin poses some technological and financial risks, namely the permanent loss of capital. However as these risks are mitigated, more consumers, merchants, and investors should start learning about and using Bitcoin.
'Til then, have a nice day!
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