Cryptocurrency and Bitcoin at a glance

Cryptocurrency- No matter how technical the word may sound; it is now a common on people’s mouth. To describe, cryptocurrency simply means virtual money or encoded digital currency. It is encrypted with such techniques so as to work free of any central bank and independent of any government supervision.

Who invented cryptocurrency?

Little does anyone know how and when cryptocurrency originated? It was never actually invented but got invented as a side product from other invention.

In attempt of creating a decentralized digital cash system in the economy, various major failed attempts were made. Seeing all the failed trials, Satoshi Nakamoto (founder of Bitcoin), geared up his wits to make things possible.

His aim was to create what many people had failed to invent. With this vision, he was able to develop which he said is a– “Peer-to-Peer Electronic Cash System”. That was an unknown introduction of Cryptocurrency to the world- the first release of Bitcoin.

Major Cryptocurrencies as of date are:

  • Bitcoins
  • Ethereum
  • Ripple
  • Augur
  • Monero
  • NEM
  • Dash

Cryptocurrencies especially Bitcoins are being traded to be the new earning sources like the traditional money market. There are various trending topics of how to make money with Bitcoin or ways to get richer with Bitcoins.

Bitcoins

Of late, we are listening a lot of buzz about Bitcoin- the first invented and most heard cryptocurrency these days. Bitcoin when released was aimed to be a decentralized peer-to-peer network which would have no central authority.

To explain simply- in the current system, we have banks as a central authority to keep record of all the transactions. They also keep a check to avoid any double entry. Bitcoin has Block chain which is a keeper of history (like an electronic ledger) of transactions of each peer in the bitcoin network.

The only difference is that it is publicly available and a transaction is confirmed on the ledger only once the peers participating in the transaction confirm it.

Major Cons- “Transactions once confirmed on Block chain cannot be undone”!!

Thus, by preventing any central authority to keep all the records, it aims to make the transaction records (encoded with digital keys) clear in eyes of each peer. This further prevents any data forgery or editing of records which might be the case when files are kept centrally.

Can I really make money with Bitcoin?

• Selling of product and services- You may start accepting Bitcoin as payment for selling your products and services.

• Blogging for Bitcoins- There are plenty of websites that pay you in Bitcoins for writing articles, blog posts for them.

• Investing in Bitcoins- Like investment in equity shares, you may also invest in Bitcoin market. Bitcoin’s market value has jumped from about $250 (Oct’16) to more than $2000 (recent times) per Bitcoin.

• Lending Bitcoins- Like lending money you may lend Bitcoins to the users and earn some interest.

P.S.: This article was just a brief. Please understand the basics of Bitcoin working in depth before investing (in any way) in Bitcoins to “actually make money with Bitcoin.”

Happy Bitcoining!

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