Bitcoin – the modern cryptocurrency
The emergence of Bitcoin and cryptocurrency is one of the most popular investment assets everyone is trying to join in the Bitcoin network. For the uninitiated, Bitcoin is a form of digital currency that is not controlled or issued by any governing body. It initially started as a proposed financial system to address the global financial crisis going on during 2008. It eventually gained traction and has increased in value which made it attractive to a lot of people.
Since it is not issued by anyone, it cannot be hacked, stolen or seized by any government entity especially is it is stored properly. And much like any other currencies and financial system, it can be used to by goods and services, store wealth and send value without the need for any party’s permission.
Joining the Bitcoin network
Joining the Bitcoin network is relatively easy. All one needs is an internet connection and a private key. But joining the network is one thing, earning Bitcoins is another. Though Bitcoin’s value is quite erratic in the past couple of months, it still valued at a significant sum which makes it attractive to investors.
Earning Bitcoins through mining
One way of earning Bitcoin is through the process of “mining”. Since there is no governing body surrounding the operation of Bitcoin, every transaction in Bitcoin is recorded in a “ledger” and is reviewed by the users before being authorized to push through. This is done to prevent “double transactions” or using the same Bitcoin for different transactions.
Every transaction bought and sold using Bitcoin is put into a block and arranged in a continuous line called “blockchain”. Bitcoin mining is essentially the reviewing of transactions for authorization and earning Bitcoins as a reward, which is still considered the best way to earn Bitcoins.
Other ways to earn Bitcoin
Other ways, such as Bitcoin Faucets where you perform microtasks for very small amounts of Bitcoin can be utilized von netwelsh, but the small payout means you will need to invest a significant amount of your time and effort to earn.