BITCOINS-HOW TO EARN THEM AND KEEP THEM
Bitcoin is just one of many cryptocurrencies available. There are more than thousands. It is not only well known among the lot but also the most valuable. Chances are that you have heard of Bitcoins, but do you know much about it? There are so many ways to earn bitcoins and that is what this article is about. A brief history of bitcoin. The smallest unit of a bitcoin is known as a Satoshi. This is named after Satoshi Nakamoto who is credited with it. It is worth noting that Satoshi Nakamoto is the name of a person or persons who were first associated with it. The main aim of bitcoin is to have a decentralized currency which is not controlled by any bank. In other words, whether it will crash or not depends on the users. Complete freedom is what they had in mind when they created this currency.
This virtual currency is highly volatile, it’s value can rise and drop quickly. Some have made a lot of money out of this currency mainly because of this reason. The performance of bitcoin on the market against currencies like the dollar, euro and pounds is how money is made. As at the time of writing this article, the value of 1Bitcoin is equal to$6770.The rate was much lower than before, those who bought bitcoins earlier when the value was low and kept them ended up making a fortune. As indicated before trading on the bitcoin market is highly volatile. Nobody can predict how it would go.
If you are fascinated with this currency and would like to earn them and trade them then you need to learn a lot about it. This is especially true as there are a lot of scams associated with it. People have lost their bitcoins because they have fallen victim.
Bitcoins are kept in wallets. In this case online or offline wallets. Bitcoins are not regulated by anybody hence the advice to avoid online wallets. You can lose your coins and you would have no recourse to justice. An offline wallet is deemed as safe but there are advantages and disadvantages associated with both types of storage.
Other types of cryptocurrencies are Bitcoin cash, Ethereum, Zcash, Dash, Ripple and Monero. They are all virtual currencies which you can earn or exchange physical currencies for. The most popular way of getting more out of your bitcoin is known as HODling.This simply means you keep your bitcoins over a period of time and sell it when the value rises against the other currencies thereby gaining a lot of interest.
From 2008/2009 when bitcoin was introduced it has quickly risen to be a formidable virtual currency.it has had a lot of competitors since it’s release but it is still the most valuable of them all. People still get confused about the validity of bitcoin. It is worth noting that it is now widely accepted with most online transactions accepting Bitcoins now. It was initially received with a lot of scepticism. It’s been roughly 9years and its still going strong. Most are now convinced that it’s here to stay hence interest has peaked.
There are a lot of exchanges online where you can buy and sell bitcoins. In buying bitcoins you can either choose to earn them by working for them or exchange another currency for it. People erroneously think that holding your coins online can generate interest. They expect to see the amount in their online bitcoin wallet increasing but that is not how it works. keeping it in a wallet is like keeping a 100 dollar bill in your wallet. Over time nothing happens to it. It is still a hundred dollar bill. If you, however, decide to exchange at a later date you would find that its value has risen or decreased. That is exactly what happens when you keep your bitcoins in an online or offline wallet. Until you decide to trade it, nothing happens.
It is quite easy to lose your bitcoins if you don’t store them well. Coinbase is highly recommended as a place to trade bitcoins. Unfortunately, they operate in a limited number of countries. I will still caution you that even in trusted exchanges like this you should move your money to where you feel is your safest. It is your money after all and no one can keep your money safer than you.
Localbitcoins is what I personally use to do Bitcoin trading mainly because of the convenience. It operates in most countries and you can buy and sell Bitcoins there. Trading with some Merchants will require verification of your identity. This is necessary because it is common knowledge that most scammers hold their cash in Bitcoins.
Another well-known one is Remitano , just like Coinbase and Localbitcoins it is a place to trade in Bitcoins and an online wallet.
Once you have bought or earned your bitcoins you start thinking how to make more out of it. Apart from HODLing it, you can trade binaries with it. There is a degree of risk associated with every monetary venture but the risk with binaries remains very high. You should know exactly what you are doing. These binary sites are sites that accept cryptocurrencies so if trading binaries is your thing then you can give it a try before using these sites. You can, of course, test the waters before you plunge into it.
There are also gambling sites that are now accepting Crypto. Gambling is highly addictive and you can easily lose your hard earned coins if you don’t know what you are doing. Gambling sites that accept Crypto are Sports betting and BetOnline.
There are sites that promise to double your bitcoins for you. Take these claims with a pinch of salt. Making money has never been easy whether online or offline so if it sounds too good to be true, it probably is.
Now let’s assume that you don’t have any other currency to exchange for Bitcoins but would rather like to earn them. There are different ways online by which you can do that. One that readily comes to mind is Bitcoin mining. This is, however, a slow and painful method of earning bitcoins. Mining apps available on androids are laughable. For Bitcoin mining, you need very powerful computers and on a small scale, the damage will far outway the gains. Mining makes use of your electricity so if you don’t have free electricity you would soon see the cost factor involved.
If you are a freelancer, you can request payments in Bitcoins and this is a more realistic way of accruing them. There are sites like Coinality that advertises jobs that pay with bitcoins.
CoinWorker is another site where you can work for Bitcoins. The micro jobs available on CoinWorker are easy and once you get to the minimum withdrawal level you can withdraw your bitcoins into a wallet of your choice. More articles on Cryptocurrencies coming soon.