What is Bitcoin and How to Make Money From Bitcoin.

What is Bitcoin and How to Make Money From Bitcoin.

Who doesn’t want to be rich? Everyone wants them to earn and earn good money. Many people want to do a little bit of work to become wealthy men. In ways to make money online, we often hear about a currency bitcoin, but very few people are aware of it. What is Bitcoin and how to invest in it? How does these work and what happens to Satoshi? There are many such questions that are related to it.

If you want to know the answer to such questions, you’re in the right place. In today’s post, I will answer all these questions to you. I will also give you information about how to earn this currency here. Also learn how to buy and sell it. Friends, the Internet is a place where we can complete countless of our work very easily. Whether it is banking or shopping.

You’ll know about the share market. It runs the entire economy, irrespective of the country where people make money and earn money. As it’s becoming digital, people have started working online as well. Nowadays, there are many ways to make money from the Internet, one of which is to invest in Bitcoin. You may have heard the name of this currency and if you haven’t heard it, here I’ll share all the information associated with it with you. What bitcoin is, we are going to talk about this topic today so that all the doubts associated with this currency in your mind will be cleared.

What is Bitcoin

Bitcoin is a cryptocurrency that also speaks electronic cache. It is a kind of virtual or digital currency. We cannot see or touch this currency because it is not in the physical form (notes or coins). The currency we use, such as rupee, dollar, yen, is also in physical form. These digital currencies are just the opposite of these regular currencies. We cannot store this in our home or wallet. There are online digital wallets to store it.

It is a decentralized currency which means it has no owner. Neither does it control any government or any authority. It has no administrator. It is an open source that anyone can use. You can convert this currency to your country’s currency.

This currency was invented by Satoshi Nakamoto in 2009. It has strengthened its grip all over the world in a very short time. Its population is increasing day by day. Companies in every part of the world, such as Dell, expedia Paypal, and Microsoft, also accept this currency.

How Bitcoin Works

Using this currency, we can make online payments for any service online. As I have already mentioned, it is now used by large companies in every part of the world. So now let’s understand how it works.

Bitcoin is based on peer to peer networks, and that’s how it works. This means that a user can send this digital currency directly to another user. No medium is required in the. If you still don’t understand, I’ll give you a posture example.

You often do mobile recharge and online transactions. So it will either use a bank account or use a mobile payment gateway. But you can send the currency directly to your friend without using anyone’s mediater.

It is being used as a global payment all over the world. It is becoming popular for people every day. The payment option has now been enabled everywhere to buy any service online. That is, when you go to make online payments, the payment option will have credit cards, debit cards, wallets, Paytm, just as BTC is also the option.

It is an open source, then how does its transaction history be revealed?
It uses “Blockchain technology”. Blockchain keeps records of every data exchange. Each record is stored as “ledger” and stores each transaction as blocks inside the ledger.

What is Bitcoin Wallet

You know about BTC that it is a digital currency. Which we can store online only. The online location you use to store it is called Bitcoin Wallet. This wallet is a kind of software program. Every Bitcoin address stored in a person’s wallet has a private key (secret number).
An account has to be built to use this wallet. Creating an account provides a unique id that defines the wallet’s address. Where we can send and receive it. Now, using this wallet, you can buy goods and services by making payments as BTC. You can also transfer your money to your bank account by selling it. Wallets are mainly of 4 kinds of desktop, mobile, web and hardware.

What is Satoshi

The smallest part of this currency speaks to Satoshi. It is named after Satoshi Nakamoto why he invented this currency. It is bitcoin that we speak BTC in short form. This way you must have understood how many Satoshi are in 1BTC. It is also understood that satoshi is the smallest unit of this currency.

How to earn Bitcoin?

There are many ways to earn it, but you can use what you like for your convenience. I’m here to tell you 4 methods from which you can earn this currency.

By accepting as payment

The best and best way to earn Bitcoin from my point of view is to accept it as a payment. If you’re selling or serving someone and have BTC, tell him to pay you BTC. Thus, your wallet will continue to store BTC and its value will continue to increase. You can also use it to make payments or make money by selling it.

Completing online tasks of the website

There are a lot of websites online that give you free BTC Pay when you complete the task. Often such websites give you BTC in small amounts just to visit.

Mining can earn Bitcoin

Bitcoin mining is a process in which new bitocoins are generate. Use High Performance Computers for Mining. It adds bitcoin transactions to blockchain. Blockchain means the public ledger where all bitcoin transactions are stored. It also searches for new blocks. Block is a file that contains the newest transaction record. You are given some BTC when your computer discovers a new block.

BTC Buy & Sold

If I say the easiest way to earn money from BTC is that you put money yourself to buy it. Then leave it for a while. Its value grows in the market. Sell at that price when you find profitable. This is exactly the same way to buy land.

If you want, buy it in the small amount unit i.e. satoshi. 1 BTC contains 10 million satoshi. It’s better to buy satoshi and wait for his price to rise.

Current value of BTC

However, the value of this currency is not fixed. But the current value now is Rs 516864.89. You can go to Google and know the current value as described below.

NOTE: Type in GOOGLE to know current PRICE 1 BTC=INR

How to invest in Bitcoin and buy it?

Selling bitcoin is not a difficult task. If you’ve ever made an online transaction or an online payment, you can easily buy it. You can use the website and mobile app to buy and sell this currency in India.

There are 2 very popular companies to buy and sell this currency in India.

BTC can be easily purchased and sold from these two companies. Here I’ll tell you how to buy it? You need to create an account and then follow the steps and buy it.

Create a new account

You can go to either of the two mentioned above and create a new account. These registration processes are similar to the regular registration process. Enter your mobile number and signup the account.

Upload document for KYC

You must then upload your documents for KYC. For this you need to select which documents you want to upload for KYC. After uploading the Aadhaar card, PAN card or any other document, you will get a verification mail that your account has been activated.

Enter bank detail

Once Account is active, you can add your bank account details to make the payment. So that you can buy it at any time. For this, you will need to deposit money from your bank to this account and then buy BTC.

Sell bitcoin purchases

As you deposit your money from your bank account to this new account, you can buy BTC at any time. After loading money you can convert it to BTC. And then buy it from Bitcoin.

How and where to sell Bitcoin?

If you want to sell it that you’ve bought before, you don’t need to go anywhere else. You can easily sell it from the website you purchased from. There you’ll get the sell Bitcoin option so you can sell it. After selling, you can withdraw it and deposit it to your bank account. Your money will be strapped to your account within 2-3 days.

So this way you can easily sell your purchased BTC at any time.

Advantages of using Bitcoin

Transaction fee is much lower than credit and Debit card.

You can use it anywhere and anytime worldwide.
This is a long-term investment.

There is no government authority on it, so a lot of people take advantage of it.

This is not a trackable currency.

Loss of using Bitcoin

When you transaction, it is an irreversible process that no one can reverse.

There is no government control over this currency. The price keeps declining, so in a way it is risky too.

Bad people want to access a BTC account in some way, so there is also a risk of stealing all currency. Once stolen, there is no one to take responsibility for it.

In short

Friends now you must have understood what Bitcoin is. It is a way of making money that is not yet popular in India, but in the future it will be known to all, so everybody will start taking interest in making money. In this post, you also have to go about how to earn Bitcoin and how to invest in it. You’re also aware of the benefits and damages you may have.

I hope you’d like these posts. If you’re looking for a good post, you must share it with your friends. Share this post to your friends in your Facebook, Twitter, Instagram to help this blog move on.


BloggingCreators.com is an Indian Blogging Community Where Everyone Shares Their Bits of Knowledge. Join Our Community for Learning and Teaching Both and make Indian Youth More Digital.

Leave a Reply