Bitcoin

Bitcoins – How to Stash up a Pile

In the fast evolving digital world of today, it is but natural that a digital currency had to crop up some time or the other. It did in 2009 when the concept of Bitcoins was introduced and over time the use and storage and trade using Bitcoins have spread like wildfire all over the world. Bitcoin is also referred to as crypto currency. This is because it uses public-key cryptography in all transactions and is devoid of any exchange of tokens or notes both conventional and digital.

Two of the options for building up a small pile of Bitcoins are –

Mining – The proof of ownership of Bitcoins with a person is reflected in a master list or transaction log called Blockchain. Bitcoins are brought into the system through a process called “mining” with “miners” (you) getting new Bitcoins and transaction fees. This is the Bitcoin structure in its most rudimentary form.

There are a number of ways that Bitcoins can be earned and “mining” will be a good start. It begins with your computer adding new Bitcoin transactions to a Blockchain which is a public record of where all Bitcoins are stored. The computer searches for new blocks and when it finds one, you receive a specified number of Bitcoins. At present, one block has 25 Bitcoins.

However, miming is a time consuming process and requires extensive investments in hardware and software. This is why people prefer to come together to form a mining pool or join one of the many operating mining pools. The advantage here is that you not only meet likeminded people with the same objective of creating Bitcoins, you also get an in-depth knowledge of the world of Bitcoins.

Business Payment – A very simple way to earn Bitcoins is to accept them as payment for goods and services sold in business. This is regardless of whether your business operates online or from a brick and mortar store. However, before you can start accepting Bitcoins you have to follow a definite process. First, get a free online wallet from one of the many providers that offer them. The wallet will have a QR code with your business address encrypted on it. A printout has to be taken and displayed near the cash register. Customers can make payment from the Bitcoin app on their mobile phones by scanning the QR code and you can check for successful payment in your wallet.

These two are the simplest of methods for earning Bitcoins.

Leave a Reply

Your email address will not be published. Required fields are marked *