Skip to main content

What Is The Most Profitable Way To Make Money With Bitcoin?

  What Is The Most Profitable Way To Make Money With Bitcoin? Even after a decade of ups and downs and the unidentified Satoshi Nakamoto, Bitcoin remains at the top of the charts. To be more accurate, Bitcoin is the largest cryptocurrency in the world. So, the response to a question such as is it still possible to make money with bitcoin is a resounding yes: Bitcoin is a viable source of revenue. Since you seem to be on solid ground at this stage, the next logical question is – What is the best way to make money with Bitcoin?, put in another way, what is the most profitable way to make money with bitcoin? There are various options, with Bitcoin mining, trading, investing, affiliate earnings, and micro earnings being the most common. However, there is no one-size-fits-all solution to making money with Bitcoin. The amount of money you earn is determined by your risk perception and the system you use. This write-up will go into seven of the most profitable ways to make money with Bitc...
Post a Comment

So, What Exactly Is Bitcoin?





What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money.

It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

From a user perspective, Bitcoin is pretty much like cash for the Internet.

Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Who created Bitcoin?

Bitcoin is the first implementation of a concept called “cryptocurrency”, which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority.

The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto.

Satoshi left the project in late 2010 without revealing much about himself.

The community has since grown exponentially with many developers working on Bitcoin.

Who controls the Bitcoin network?

Nobody owns the Bitcoin network much like no one owns the technology behind email.

Bitcoin is controlled by all Bitcoin users around the world.

While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use.

In order to stay compatible with each other, all users need to use software complying with the same rules.

Bitcoin can only work correctly with a complete consensus among all users.

Therefore, all users and developers have a strong incentive to protect this consensus.

How does Bitcoin work?

From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them.

This is how Bitcoin works for most users.

Behind the scenes, the Bitcoin network is sharing a public ledger called the “block chain”.

This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction.

The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses.

In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service.

This is often called “mining”.

Source          Computta



Labels:

Comments

Post a Comment

Popular posts from this blog

Terminally Ill Man Becomes Bitcoin Millionaire

Cryptocoins News  previously reported  in May of this year on a Redditor said to be terminally ill.  Having little left to lose, he took out an equity loan on his home to invest $325,239 in bitcoin.  This bought him a total of 191.118 bitcoin.  With the recent spike in price, the popular cryptocurrency news outlet went back and did the  math .  At the time, bitcoin has shot up to $5,736 per bitcoin, meaning that the Redditor’s investment had climbed to a total value of $1,096,258.58 worth of bitcoin.  While it’s not clear whether he had kept the value in bitcoin, it’s an interesting backdrop against which to track the currency’s dramatic climb. Bitcoin is the Phenomenal Financial Tsunami of our time
Post a Comment
Read more

The #FutureOfMoney Is Here!

Have you heard of #Bitcoin and other #Cryptocurrencies? If you have not, then google them And if you have, then Do you know that as at yesterday, 1 bitcoin was exchanging for $4, 199.23? Do you know that 1$ is exchanging for N370 (conservative) Can you do the arithmetic of converting 1 bitcoin to Naira? Are your eyes popping out of their sockets? What if I told you that earning bitcoin is not rocket science and that there are online sites where you can earn reasonable amount of bitcoin doing very simple tasks that you do everyday on the internet, would you be interested to know of such opportunities? If your answer is yes, then drop your names and whatsapp number and I shall send you more information PS Only serious inquirers are invited please!!!
Post a Comment
Read more

What Are Digital Currencies?

Digital currencies are precisely what they sound like: currencies kept and transferred electronically. They are an internet based medium of exchange or currency distinct from physical coins and banknotes, but allows for borderless transfer-of-ownership and instantaneous transactions. Real digital currencies date back to 1990s. The first digital currency was E-gold, created in 1996 and backed by gold. Liberty Reserve was another digital currency that was founded in 2006; the currency allowed users to convert euros or dollars to Liberty Reserve Euros or Dollars, and exchange them freely with one another at a fee of 1%. Both services were believed to be used for money laundering. Consequently, they were inevitably shut down by many governments such as the USA. Emerging in 2005, QQ coins and Q coins were used on Tencent QQ’s messaging platform as a kind of commodity-based digital currency. In China, Q coins were so effective that they were believed to ...
Post a Comment
Read more