Let’s start off by asking the traditional question; What exactly is a Bitcoin? Bitcoins are an online digital currency used all over the world as an alternative form of payment apart from physical, bank-backed cash or credit and debit cards transactions. They are not controlled by any single entity, which makes transactions through this platform faster and easier as opposed to paying through a bank.
Bitcoins are quickly gaining popularity because of how this digital currency functions, for example, when paying through a credit card for an online transaction, an additional fee is applied to the card whereas any purchase via Bitcoin is free. Bitcoins were supposedly created by someone named Satoshi Nakamoto. The unidentified inventor wanted to introduce an electronic system of paying which would be faster, cheaper and more secure than traditional methods. Essentially what he had in mind was a currency with its own functioning system that is dependent on its users rather than a central bank.
Bitcoins aren’t made nor printed as a physical currency anywhere in the world. Instead, a large community, consisting of anyone who wishes to join, generates Bitcoins through a process called “mining”. Setting up a Bitcoin account is incredibly straightforward as it does not involve the hassle of official bank procedures, making it very easy for people to access globally. Several companies, websites, start-ups and more are incorporating the idea of paying for products and services via Bitcoin which opens up more access to international customers, or even those unable to pay through conventional methods. Given the ease of use, access, security and anonymity of Bitcoins, it could be beneficial to start thinking about ways to get your hands on them.
1. Mining for Bitcoins
The first method of obtaining Bitcoins is by “mining” them. Mining for bitcoins is a complex process in which the Bitcoin network saves all transactions of Bitcoins made by users into a virtual log, or block. Each block holds information about any use of bitcoins on the global network. Using software designed to mine these blocks, users compete to see who can successfully create a “Hash” out of these blocks, which grants them 25 bitcoins per hash. Because computers can easily create hash online, the Bitcoin network implanted a system which requests all users to show proof of their mining to avoid having one or two users easily farm all the bitcoins and monopolize them. Once a user gets the hang of mining, it becomes an interesting way of generating Bitcoins. If you’re interested, take a look at this guide for more information on how to mine Bitcoins.
2. Accepting Bitcoin as Payment for Services and Products
As Bitcoin’s popularity and reputation grows, many companies, websites and online business have begun accepting it. Corporations such as Microsoft allow customers to purchase content on Xbox and the Microsoft store using the digital currency, and even gaming sites like Steam have joined forces with Bitcoin payment service providers. Nowadays, anyone willing to accept Bitcoins for business transactions requires a Bitcoin wallet- a program that stores your bitcoins complete with a secret key that only you can access. If you plan on bringing Bitcoin into your business, your wallet will contain all records of payments received, which allows for your transactions to be secure, safe, and private while making it available to international customers and clients. Check out Bitpay if you’re looking to open your own wallet today.
3. Online Casinos
A more relaxed and entertaining way to accumulate Bitcoins would be to visit online gaming sites that let you gamble using the digital currency as opposed to traditional coinage. Online casinos, like Vegas Casino, lead you to countless games with Bitcoin betting systems that allow players to wage and place bets using Bitcoins instead of the traditional bank credit or debit cards to play. Vegas Casino allows players join a live digital casino with a smooth interface that replicates the experience of a real Vegas-like feeling. For example, if you select a game such as Dragon Kingdom, a slot-style game, you can wager with Bitcoins and pull the levers to line up the numbers and symbols. If you win, you instantly add more Bitcoins to your wallet. Click here to visit Vegas Casino and find out how you can get started.
Bitcoin businesses and transactions are growing every day, with more people adopting the digital currency to allow their business to grow and reach further than ever before. As the arguable currency of the future, everyone is starting to look for alternative ways to earn Bitcoins, and these are some of the most effective methods around.