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Bitcoin Cross 17000 Dollars. What is Bitcoin and How to Earn it?

Posted 2018/03/24 119 0

You must have some currency in your pocket, be it Dollar, Yen, Euro, Pound or else. All these are printed currencies and coins which you use to do trade or buy your necessities. But what will you feel if I tell you that there is a currency which could not be touched, and could not be seen either; instead it is stored electronically in your storage devices like your mobile phones or your computers. Such is an online currency known by the name Bitcoin.

BY HEARING THE NAME, YOU MUST BE THINKING THAT BITCOIN IS A COIN. NO, IT IS NEITHER A COIN NOR A NOTE. IT IS JUST A VIRTUAL CURRENCY.

HOW BITCOIN WAS STARTED?

Bitcoin was started in 2009 by Mr. Satoshi Nakamoto. But now Bitcoin is very popular and quite stable also.

VALUE OF BITCOIN

According to the current scenario, one bitcoin is equals to almost $17000. Amazing, isn’t it?

There was a time when one Bitcoin was equal to almost 17000 dollars. This value is regularly fluctuating as there is no centralized authority to control its worth. The system of Bitcoin runs on trust. You believe on bitcoin, I believe on bitcoin, let’s exchange it. This is the policy. The virtual currency has literally no back up by any Government or any bank.

HOW TO EARN AND SPEND BITCOIN?

If you want to earn one bitcoin, you can sell one of your commodities worth the value of one Bitcoin, I sell it to a buyer and earn one bitcoin which I can further sell out. But the risk of Bitcoin value fluctuation remains.

BITCOIN MINING

The main method of Bitcoin earning is to mine Bitcoin.

The person who wants to transact some bitcoins to a person, makes the transaction and with this transaction, a math problem is attached. To solve this math problem, bitcoin miners come forward and whoever solves the problem using their GPUs gets the reward in the form of Bitcoins and hence the transaction is completed.

If you are planning to mine Bitcoins, make sure that you own more Bitcoins than your GPUs consume electricity. If the opposite happens, what is the benefit.

Source Link: https://buzztalkz.com/bitcoin-and-how-to-earn-it/

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