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

Please Invest Responsibly - An Important Message From The Coinbase Team

We at Coinbase couldn’t be more excited by the explosion of interest in digital currencies.  The last few weeks has seen an unprecedented increase in the price of digital currencies.  More people are engaging with our platform than ever and that bodes well for the future of the digital currency.  At the same time, it does create extreme volatility and stress on our systems.  We take this very seriously and wanted to share some important thoughts. We’re continuing to invest heavily to scale our platform Over the course of this year we have invested significant resources to increase trading capacity on our platform and maintain availability of our service.  We have increased the size of our support team by 640% and launched  phone support  in September.  We have also invested heavily in our infrastructure and have increased the number of transactions we are processing during peak hours by over 40x. ...
Post a Comment
Read more

Are You Still Involved In Daily Commuting?

Just imagine how congested this road is? just imagine how the drivers and passengers will turn out when they eventually arrive at their destinations? - sweaty, smelly, tired and fagged out Are you still willing to continue this way? Something new is in the horizon (actually not so new, been around for 8 years now) but its value recently hit the roof and it has thus attracted attention and if it has not attracted your own attention, then you are really on the dark side of things. It's time for you to look on the brighter side of things and behold BITCOIN Now if you’ve been following bitcoin over the last few years you’ll have noticed the price going up. A lot of speculation too. It’s going to keep going up. and then it will hit its plateau and be unreachable I must admit when I first heard about bitcoin I didn’t really understand what it was all about but then I went into research and learnt quite a lot about it. Bit...
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