What is the History of Bitcoin?
When I was in college I had no idea about bitcoins and other cryptocurrencies like the bitcoin. There was a friend of mine who had a lot of interest in cryptocurrency and would always talk about the bitcoin and how bitcoin became a game-changer in the cryptocurrency world.
This always seemed really boring to me but one day when I had no work to do, I decided to search about what is this bitcoin and what is the history of bitcoin. I must say I was shocked to see that Google was flooded with this term bitcoin and cryptocurrencies etc. Also, what increased my interest in this term was that many famous people from around the world like the “Bill Gates” was talking about this cryptocurrency.
Bitcoin is exciting me, because this shows how cheap transactions can be.Bill Gates | Microsoft CEO
I have invested in Bitcoins because I believe in its potential. The capacity it has shown to transform global payments is very exciting.Richard Branson | Business Magenate
We have elected to put our money and faith in the mathematical framework that is free of politics and human errors.Tyler Winklevoss |Entreprenuer and Investor
In this article, I am going to talk about the history of bitcoin and how bitcoin became a game-changer in the currency market. We will talk about the history of bitcoin and will learn why the world flew toward bitcoin. I will try to show you the complete picture of the need behind cryptocurrency. Why bitcoin became the centre of attention for everyone from a big investor to a small person like myself in the currency world.
What is Cryptocurrency?
As the name says, cryptocurrency is the encrypted form of currency. In simple words, Cryptocurrency is the digital form of currency that acts as a money exchanger with better security so that you can do your transaction in a secure way.
What is The Purpose of Cryptocurrency?
The Purpose of Cryptocurrency is to do a safe and secure form of financial transactions. it is a medium of exchange for money from one place to another.
How Cryptocurrency Works:
A cryptocurrency is a digital form of currency that uses strong cryptography to not only make your money transaction secure but also makes verification that if the transaction happened safely or not.
One more advantage of bitcoin is that the physical currencies are held by the government bodies but cryptocurrencies being digital currencies have no political influence and hence offer very cheap transactions.
Where The Bitcoin Is Stored?
Bitcoins are stored in the Ledger. The Ledger is a secure database which holds the money of people who invested in the form of bitcoins.
How Does Bitcoins Make Money?
When I was in college 6 years ago, that was the first time I heard about bitcoin and sadly it was the time when bitcoin already had become a game-changer. I mean, if I knew at least 1 year before that time, I definitely would have taken more advantage of investing in it and multiplying money as many others did.
But anyway at that time, there was no surety that this concept of digital currencies will work or not so I many people didn’t invest any money in bitcoin but now everybody has seen how bitcoin became a game-changer in the currency market so everyday people are investing their money in this really profitable business.
There are many ways to earn money with bitcoins.
Buy, Hold and Sell:
You might be familiar with Buy and Hold Method in real estate. This is the easiest and most common way to earn money. Similarly, when it comes to cryptocurrency we can earn a lot with this option. Just buy and hold bitcoin and earn dividends. This is one of the easiest ways and actually can be called as a passive income source.
Buying and Holding Bitcoin is a passive income method. Here is how it is. If you google about the price trend of bitcoin of the past 10 years. You will see that the price of bitcoin in US dollars ($) in June 2009 was just $0.001 and even worse than that. But on 17 December 2017, it went as high as $19,783.06. And then there was a little fall in the value of bitcoin but if you have a look at the Wikipedia page, you will see 2 things overall.
- Bitcoin is always rising even though its value goes down sometimes.
- Bitcoin falls to rise higher than it was before.
So if you are willing to invest in bitcoin, buying and holding it is the best way to earn with it.
Note: By the way, more fluctuations (if you study them well) also give you the advantage of multiplying your investment to quickly. Think about it.
This is a very good way to earn money with bitcoin but is very costly as well. You need high-end GPUs that run 24/7 and mine bitcoin for you. And then because these machines keep running 24/7, you need some cooling solution for the heat-up problem of these machines. So the initial and running cost is high.
How the mining of Cryptocurrency works?
In simple words, as more and more cryptocurrencies are being introduced every day, the more it requires processing space on the internet in the form of GPUs. So when you buy GPU and run it, it means you are providing processing space to the crypto world and in return you get commissions for each transaction happens through your Channel.
There are many other ways to earn bitcoins but these methods are the one that can really make a difference. Other most common methods include.
- Accepting bitcoin as a payment method when you sell services or products.
- There are many microtasks website and Apps that pay you in bitcoin for doing small tasks like surveys, download, email submissions etc.
- Become a currency exchange agent in your area and earn a commission on this service.
- There are many referral programs for bitcoin in the market. Simply signup to their website gets your referral link, share it with your friends. Whenever someone signup through your link, you receive a commission.
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