For starters let us look at what Bitcoin means and how it works. It is a type of cryptocurrency or a digital currency that is transferred electronically on a blockchain without central banks or any administrators. Bitcoin was founded by unknown individual or group of software developers that used the name Satashi Nakamoto. This system was first proved to work back in 2008 and its price skyrocketed in 2017 Where it hit more than $1000/1b.t.c . Bitcoins have been largely accepted as a method of payment across the globe.
How does one make money from bitcoin ? Their are two ways:
1.Mining
Bitcoins can be acquired using computers to solve complex math puzzles.After solving them one is awarded aproximately 12.5 btcs.
2.Buying and selling.
To make money using this method you need to buy bitcoins when prices are low then hold them until they shoot up.
You should be very careful on how you handle your bitcoins because their has reports of them being hacked.
Read also How to make money online.
Facts
- Only 21 Million bitcoins will ever exist. The system was designed to hold only 21,000,000 btcs. Nobody knows what exactly will happen after the 21million bitcoins have been completely mined. We can only speculate that the prices will shoot high because of the high demand and low supply. So far more than 17 million bitcoins have been mined,which is about 80% of the total btcs.
- Their are more than 1000 other cryptocurrencies in the world but Bitcoin is the most popular and expensive.some other popular digital currencies are:
- Litecoin
- Monero
- Darkcoin
- Zcash
- Ethereum
3.Bitcoins transactions are irreverisible.No one can reverse a transaction, not even Satoshi. The system is peer to peer and the logs can only be accessed by nobody.
4.Bitcoin was the first crypto proven to work.
5.Most governments are not happy with Bitcoins.
Bitcoin will do to banks what email did to the postal industry