Activity Streams Forums Online Earning What is Bitcoin??

6 replies, 5 voices Last updated by  Addison 4 months, 2 weeks ago
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  • #2994

    Rishikacooray
    Participant
    @rishikacooray

    Hi all. I keep seeing the name bitcoin everywhere these days as I’m searching for online earning methods. Can anyone please tell me what it is and how it works? TIA

  • #2995

    junaid
    Participant
    @junaid

    Bitcoin 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 perhaps best described as ‘cash for the Internet’, but Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. Also known as digital cash, cryptocurrency, an international payment network, the internet of money – but whatever you call it, Bitcoin is a revolution that is changing the way everyone sees and uses money.

    There are two commonly used ways of profiting from Bitcoin:

    Trading:
    Trading Bitcoin essentially means buying at a cheaper price and selling it at a higher price. One may buy and sell at a price difference to profit from the difference as is the case with buying and selling of stock. People buy low and sell high to profit. It is often recommended to factor in the transaction fees paid by the seller to the network and to the exchange if used.

    Mining:
    Mining is the only way through which additional bitcoins are added to the network. Miners arrange transactions into blocks of size 1 MB to facilitate hashing and then link it to the successive block. Bitcoin mining requires enormous amount of Computing power. Bitcoin mining isn’t profitable anymore when factoring overhead costs unless mining in a pool.

  • #2997

    Muntazir Abbas
    Keymaster
    @muntazirgb

    Bitcoin is a form of virtual currency, created in 2009 by an unknown person using the alias Satoshi Nakamoto.

    It is not printed, like dollars or euros they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

    So to earn bitcoins you can provide goods and services and request payment in bitcoins. Most people find it easier to earn dollars and then simply trade their dollars for bitcoins. But there are many business ideas in which accepting bitcoins as a payment method works well (especially for online / e-commerce).

    Because there are no rules as far as who can use bitcoins and for whatever reason, Bitcoin has gained its initial traction filling niches not served by other payment methods. For example, online gambling is restricted in the U.S. but there has been much use of Bitcoins there for that purpose. However, bitcoins works just as well as a payment method for buying cupcakes at a retailer in San Francisco too — so Bitcoin can’t be pigeonholed as the type of money used for one type of use or another.

    Bitcoin is a decentralized digital currency — what that means depends on what method you might like to use it.

  • #2998

    Superb Answer
    Keymaster
    @superbanswer

    Basically it is a type of digital currency. It is a peer to peer payment network where you can buy services/items in exchange of bitcoins. it is legal some people says that this is scamming but they are wrong its not scamming or illegal. There is no central authority or middlemen, the network is powered by the users. There is a system in place to check the transactions and its validity though. Bitcoin conversion rates have changed a lot since the time it started and is still quite volatile.

    Read the article: What is bitcoin, How to make money with bitcoins

  • #3079

    Rishikacooray
    Participant
    @rishikacooray

    Thanks all. OK I understand the concept of bitcoin.. But can we exchange it into Dollars or to some other legal tender? If yes how. Because in our country we don’t use bitcoin. And I don’t know if we can use them in eBay or Amazon?

    • #3091

      Muntazir Abbas
      Keymaster
      @muntazirgb

      @rishikacooray Yes.. you can exchange btc to any other currency you can buying and selling bitcoin from various marketplaces like (localbitcoin.com)..

      Ebay and amazon not allowing virtual currencies but i have a trick…

      You have to use Bitcoin to buy Amazon Gift Card. Then you can use your Amazon Gift Card to purchase on Amazon.

  • #3488

    Addison
    Member
    @Addison

    Bitcoin is a digital currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.

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