How to make money with Bitcoin – What is Bitcoin and how this currency work?

This is a Guide on how to make money with Bitcoin and its operations. Bitcoin digital currency created in 2009 by an anonymous alias Satoshi Nakamot. This currency transactions are made without any intermediary or, therefore, does not need any transaction fee or personal data.

Bitcoins are increasingly accepted by many traders: you can buy hosting services, pizzas or even manicures with this currency.

How does Bitcoin work?

As a new user, you can start using Bitcoin without understanding the technical details. Once you have installed a portfolio Bitcoin on your computer or mobile phone, you will generate your first Bitcoin address and you can create new ones whenever you need. You can give your address to your friends so that you can pay and vice versa. In fact, using Bitcoin is quite comparable to exchange emails, except that the Bitcoin addresses should be used only once.

To store your Bitcoin is necessary to have “bitcoin wallet with LocalBitcoin which is software that must be installed according to a unique algorithm.

It can be installed on Windows, Linux, Android , Blackberry, Mac … (except iPhone), but there are also web servers online (watch pirates!)

Block chains are recorded in a book of general and public accounting share in the Bitcoin network as a whole. All committed transactions are included in the block chain. Thus, in the portfolios Bitcoin balances are established and it is actually possible to verify that new transactions transfer the Bitcoins corresponding property of the payer. The integrity and the chronological order of the chain blocks are supplied by cryptographic means.

A transaction is a transfer of value between Bitcoin portfolios included in the block chain. The Bitcoin wallets keep a secret private key information call or seed, and is used to sign transactions, providing a mathematical proof that comes owner of each portfolio.

Read Also: 8 Ways to Get Bitcoins Online Right Now!

The firm also prevents any change in the transaction after issuance. All transactions are distributed among users and usually begin to be confirmed by the network within 10 minutes by a process called mining.

How can you get Bitcoins?

The Bitcoin can be obtained in several ways:

– Through mining
– As payment for goods or services.
– By purchasing them in an exchange of Bitcoin.
– Exchanging them with someone

Mining is a distributed consensus system that is used to confirm pending transactions, including chain blocks.

a chronological order in the chain blocks is imposed, protects net neutrality and allows different computers to agree on the status of the system.

Confirmation pending transactions should be included in a block cryptographic very strict rules that will be verified by the network must match. These rules prevent modification of a previous block, since invalidate the rest of successive sequences.

Thus, no individual can control what is included in the block chain or replace parts to cancel their own expenses.

But how can you make money with Bitcoin?

If you do not want to use as currency Bitcoins, you can redeem them for cash. For this there are only 2 requirements:

1. Get Bitcoins
2. Sell them

Read: Make Money Buying and Selling Bitcoin in Nigeria

There are many platforms that are dedicated to the sale of this coin (taking advantage of its volatility). On these platforms you can buy and sell your Bitcoins.

To sell your Bitcoins, simply find these sites, create an account and trade your Bitcoins to expected market price or the price at which you want to sell.


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