What is Bitcoin ?

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Post demonetization, new currency notes (Rs 200 for example) as well new coins (Rs 10 coins) were introduced by RBI and used by public at large. However, this type of currency which I will now be talking about, is something different and unique.

Today, I will be talking about a different type of currency, which is known as Bitcoin currency. Bitcoin can be defined as a cryptocurrency and a worldwide payment system. Before I talk in detail about Bitcoin currency, lets talk about cryptocurrency.

Cryptocurrency is a digital asset which is designed to work as a medium of exchange. Cryptocurrency uses cryptography to secure it’s transactions and to verify the transfer of assets.

Bitcoin is the first decentralised currency as it works without a central bank or a single administrator. It came to life in 2009 and uses peer to peer technology, to facilitate instant payments. At Bitcoin, transactions are recorded in a public ledger called “Block chain”.

How to obtain Bitcoins

1. Buying Bitcoins on exchange
2. Accepting them for goods and services
3. Mining new Bitcoins

Different ways of earning Bitcoins

1. Earn Bitcoins by accepting them as a means of payment.

The best way to earn Bitcoins is to accept them as a means of payment. Irrespective of the type of business you have ( eg: Small business or online business), we have to complete the following steps

a. Get a free online Bitcoin wallet from Coinbase.

Talking about Bitcoin wallet, it is a place where you store your Bitcoins. Since no wallet is absolutely safe, it is necessary to be careful using wallets and keep Bitcoins in atleast two or three different places.

b. Display a QR code with your Bitcoin address, next to the cash register.

There is something known as a Bitcoin application, which few users have installed on their smartphones. With the help of Bitcoin application, users can enter the value of purchase in USD or EUR. The application then calculates the corresponding Bitcoin value.

2. Earn free Bitcoins by completing tasks on websites

We just have to visit the website and on viewing the website, we will get small amount of Bitcoins.

3. Earn Bitcoins from interest payment percentage

4. Earn Bitcoins from Mining

5. Earn Bitcoins by getting tipped

6. Earn Bitcoins through trading

7. Earn Bitcoins as a regular income

8. Earn Bitcoins through gambling

Advantages of Bitcoins

1. Very low fees
2. Freedom in payment. It is possible to send and get money from anywhere in the world.

Disadvantages of Bitcoins

1. It is relatively new in the market
2. Lack of awareness and understanding among people

I would like to conclude by saying that, every new technology or concept, has its own pros and cons. Same is the case with Bitcoins as well. If we feel that, this new concept (Bitcoins), will be useful to us, only then go ahead and start using it. According to me, the success of Bitcoins is directly proportional to the public awareness. More awareness, will result in better success rate of Bitcoins.

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