Bitcoins are slowly, but steadily gaining more popularity as people are discovering the uses and benefits of using Bitcoins as a form of payment method. Earlier, it would have been almost impossible to make intra country transactions due to several factors; no stable payment method, different currencies, etc.
However, with the inception of Bitcoin in 2009, a group of unknown programmers made a worldwide cryptocurrency and method of digital payments come to life. Currently, there are over 100,000 vendors and merchants who accept Bitcoin as an acceptable form of payment. Bitcoins can be spent using a virtual wallet, where owners have to use a corresponding private key in order to make transactions. The network nodes of the bitcoin network verify the transactions, which are then displayed and added to the existing group of transactions known as a blockchain. These transactions are made on a public ledger, and are visible to everyone, as there is no central administrator for Bitcoin. buy bitcoins online with paypal.
Bitcoins can now be used to exchange currencies, as well as purchase products and services. If you want to find out how you can earn your own Bitcoins and make more transactions, here are some of the steps you can follow:
- One of the most traditional and easiest ways to earn more Bitcoins is by mining. This refers to the process of processing and verifying transactions, creating blocks. For every block created (in 2009), a miner would earn 50 Bitcoins. Currently, the rates are running at 12.5 bitcoins for every block mined. For those smart minds who are able to solve the computation problems, bitcoins can be earned as rewards, which can be spent suitably according to the miners personal choice. However, this method of earning bitcoins is outdated and not very profitable.
- If you think you are simply not cut out for mining bitcoins, you could apply for a job working at bitcoins. There are several other positions where an individual could work in the world of cryptocurrency. One of the best parts about working for this company is that you can earn Bitcoins by working as a freelancer for this company. This gives you the luxury of working at your own time and pace, while continuing to work in any other organization without any hassle. Once the acceptance of bitcoin increases, many other companies will start offering bitcoins as a regular form of payment.
- Another easy way in which you can earn more Bitcoins is to offer a product or service in exchange for Bitcoins. You can do this by either offering bitcoin as a method of payment and transaction for your products and services (at a hotel, restaurant, a store, etc). You can also do this by selling your products or services on the Bitcoin page as a merchant, accepting Bitcoins as a form of payment. You can use your Bitcoin address to complete transactions and earn bitcoins for your products and services.
- You could earn bitcoins by boosting your skills in trading. Earning cryptocurrency via trading is not an old concept, and you can use sites such as CEX.IO to buy bitcoins via bank transfer or payment cards. However, bitcoin trading can be high risk, and can be compared to gambling. By learning more about trading in bitcoins, you could decrease your risk and start earning Bitcoins.
- You can also try your luck in bitcoin gambling, casino games and bitcoin faucets. However these options can be a high investment, high risk option. Often, individuals can end up losing more money than expected, thus is it recommended to have some form of initial capital before entering into such risky ventures.
Just like any other form of earning, bitcoins have their risks and advantages as well. While some methods require pure luck, others require skill and patience.