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Ways to Make Money Online Using Bitcoin

Bitcoin is a decentralized, peer to peer, digital currency. It can be sent from person to another without having to go through a clearing house. Since the currency is not monitored or regulated, the transaction fees are extremely low. And this is the main reason as to why the use of Bitcoin is increasing each day and people are making a lot of money online through cryptocurrency.

If you are also fascinated by Bitcoin and want to learn about how to make money online using bitcoins, you have come to the right place.

Here we have discussed some ways that will help you earn money online using digital currency. Give each a solid read.

Ways to Make Money Online Through Bitcoin:

Bitcoin Faucets:

What are Bitcoin faucets? These are websites/apps that dole out the reward in the form of satoshi: hundredth of a millionth BTC. The reward is distributed among those who complete a specific task given by a faucet.

Once you get used to the faucet system, it becomes more like an addicting game. So it turns out to be a great way to make money while having fun solving CAPTCHAs.

Auto Trading:

One of the easiest ways to earn Bitcoin online is using bots that automatically trade bitcoins for users. These bots work 24 hours a day and 7 days a week which is quite remarkable, especially for beginners as they lack the expertise of trading coins.

Affiliate Bitcoining:

The most common way of Affiliate Bitcoining is to set up your own website and offer tutorials about bitcoins for a formal fee. The paramount advantage of having a personal website is that it attracts several advertisement agencies to place ads; which is a great way to make online money.

Mining:

Mining is the main source of generating bitcoins. In bitcoin mining, multiple miners connect with each other to form a pool – also known as bitcoin mining pool. These miners then work on solving blocks. Once a block is solved, the pool members receive their reward in the form of bitcoin.

Since the bitcoin is treated as a currency, loaning your coins is a great way to generate large sums of money.

These are some proven ways to make money online through bitcoins. However, there are always some security risks involved in online money generating techniques, and bitcoin is no exception.

There are a couple of things that you should be aware of, such as websites that ask for plugin additions on your system. It’s a huge red flag. Steer clear of such websites. It could be a trick to steal your information which ultimately puts you at the risk of theft.

Conclusion:

These are some simple ways to make money online using bitcoins. Although they seem pretty simple and straightforward, you will need time to get used to it. Moreover, there are some risks involved – such as information stealing websites. So you will need to be extremely careful to avoid being another name on the victim list of Bitcoin scams.

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Top 5 Advantages Of Bitcoins That You Didn’t Know

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Bitcoin is a digital currency that first came into circulation in 2009. The identity of the creator is still disclosed.

In recent years, Bitcoin has attracted interest from numerous people of different lines of work, but there is still a large portion of the public that still doesn’t know what is Bitcoin and how does it work. Simply stated, Bitcoin is a peer to peer, decentralized, digital currency system, designed to enable online users to make transactions via the digital currency. In other words, it’s a virtual currency.

Let’s take a look at some of the advantages of using this currency.

What Are The Benefits Of Bitcoins:

  • Its Tax Free:

When a user buys something using euros, pounds, dollars or any other type of flat currency, he is supposed to pay some additional sums in taxes. Every item that is purchased via cash has a certain amount of tax on it.

On the other hand, Bitcoin is tax-free. No sales taxes are involved when you pay with bitcoin in transactions made.

The zero taxation makes Bitcoin an extremely useful form of currency, especially when it comes to buying luxury items.

  • There Are Minimal Transaction Fees:

Exchange costs/fees are part of all sorts of wire transfers. On the other hand, no such costs come with Bitcoin transactions. Since there is no monitoring bank or governing authority to keep the flow of bitcoins in order, the transaction costs are extremely low, or even zero in some cases.

  • Flexible To Pay:

The fact that Bitcoin payment system is online makes it extremely handy for the users to make transactions. All you have to do is tap your smartphone screen a few times or do some clicks on your PC to transfer the coins.

The flexibility in payment methods means you can make the worldwide transaction without even having to leave your bed. Amazing! Isn’t it?

Read our guide to learn more about Bitcoin payments.

  • User Anonymity:

Bitcoin transactions are distinct and give you complete user anonymity. Every purchase made through bitcoins is never connected to you and there is no way for it to be tracked back to you. However, if a user is willing to reveal his identity, he does have the option of to publish his transactions – but in most cases, the users prefer to stay anonymous.

  • Lastly, The Currency Is Free from Third Party Influence:

One of the biggest advantages of using Bitcoin value is that it eliminates third-party influence. There is no central bank or a government authority controlling the flow of bitcoins, which ultimately eliminates the chances of your transaction being disrupted.

Bitcoin transactions are based on peer to peer system and it allows the users more freedom and greater liberty to make a purchase.

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Bitcoin in Business – What Role Bitcoin May Play in B2B Community

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What Role Bitcoin May Play in B2B Community

Since the introduction in 2009, Bitcoin has been on an incredible rise. The value is always going up, and so is the speculation about BTC’s future.

At the time of writing, Bitcoin had already gone past the $2500 mark – and the trend is still expected to continue. Incredible! Isn’t it?

Considering bitcoin’s popularity, it is clear as rain that this currency is surely going to play a huge role in the B2B (Business to Business) community in future. However, the question is; what role will it play and how will bitcoin affect the B2B community worldwide?

Anyone with the slightest of the knowledge of business community would know that the volume of B2B transactions is way too higher than the volume of P2P (Person to Person) transactions.

Moreover, bitcoin in business has all the potential and tech to replace traditional payment systems – wire transfer being the most common one. In terms of speed, wire transfer is quite slow. The transfer between two countries may take up to a week; which, in business terms, is a waste.

Another traditional payment method used in the business community is ACH (Automated Clearing House). The method is cheaper but slower than the wire transfer, so it needs replacing too.

On the other hand, the client, as well as the merchant prefer instant Bitcoin payments and is a perfect fit for it. The crypto can be used to send/receive payments within a short period of time which may range from one to a couple of hours.

After reading all that, one might wonder: “if Bitcoin is instant and convenient, what’s stopping it from breaking into the Bitcoin B2B community?” It’s the acceptability and lack of usage. Bitcoin payments can only work if both parties are willing to use it – and considering the risks associated with this currency, not many are ready to accept bitcoin as a payment method.

However, if the business community decides to go with bitcoin, here are some benefits that they can enjoy:

Speed:

Compared to conventional payment methods, Bitcoin is super-fast. The ability to complete international transactions within a few seconds/minutes can solve the speed issues.

Cost:

Low transaction cost is another advantage of Bitcoin. Where other methods cost up to 10-40 USD, transactions through Bitcoin only cost a few cents.

Ubiquity:

The majority of the adult population relies on services like Money Gram or the Western Union for money transfer. Services like these follow a set of rules and restrictions imposed by the government; which greatly affects one’s ability to do business.

However, Bitcoin can solve the issue as it is regulated by a third party to impose restrictions on users. It ultimately provides users with more freedom and makes the transfer process simple. Anyone with a regular PC and access to the internet connection can transfer the coins to whichever part of the world they want.

These are some of the pros that Bitcoin brings with it for the business community. However, all is not that simple. Bitcoin adoption in B2B community can also bring about some harms with it – security and price volatility being the most common ones in Bitcoin community.

Security:

One of the biggest issues with Bitcoin is that the security is the responsibility of the individual making payments. For example, if someone is sending a certain number of bitcoins to someone else, the first thing they will need to make sure is to send it to the right address. A slight mistake and the coins are gone forever.

Another issue is that your computer at which bitcoins are stored must not have any spyware and other suspicious programs installed on it. It compromises the security of the bitcoins.

Volatility:

Another issue with Bitcoin is high volatility. The value of Bitcoin changes in a matter of minutes. With such instability, it’s almost impossible for the business community to adopt Bitcoin payments.

Conclusion:

Although Bitcoin is the most popular form of cryptocurrency and allows instant transfers, there some issues with it – stopping it from a wider adoption. Once these issues are dealt with, there is no doubt that bitcoin will rule the business world.

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How Bitcoin Works in 5 Minutes (Technical)

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Bitcoin is a decentralized digital currency. There is no physical existence of Bitcoin, just the verification and value it has been given by a global peer-to-peer network. All these transactions are recorded in Blockchains.

The blockchain is very much like a public shared ledger. All the confirmed transactions performed ever using Bitcoins are recorded in this ledger. These blocks are an ultra-secure data, treated like cash. All the transactions are received and sent through wallets which are digitally signed. To ensure security, bitcoin wallets come with a private key or seed. These signatures ensure that the transaction is performed by the current owner of the wallet and provides with the mathematical proof. In reality, there is no transfer of Bitcoins but the change of ownership and quantities of Bitcoins.

How Does a Transaction Work?

If person A needs to transfer Bitcoins to person B, the transaction carries three parts.

  • An Input- record of wallet of person A
  • An Amount- the number of bitcoins person A sends to person B
  • An output- person B’s wallet

How Can You send Bitcoins?

To send the Bitcoins to anybody you require two things.

  • Bitcoin address
  • Private key

A bitcoin address is generated by an individual randomly. It mainly consists of a sequence of numbers and letters.

A private is a secret key with a unique sequence of numbers and letters.

When person A wants to send coins to person B, she signs a message with her private key to authorize the transaction. The transaction will include,

  • Input (source wallet)
  • Number of Bitcoins to sent
  • Output (person B’s address)

Person A then sends the number of Bitcoins to the Bitcoin network from her wallet. Once entered in the network, miners will then verify the transaction included in the blockchain. The miners will then solve the mathematical puzzle and in the end, it will verify that person B is the new owner of the specified number of coins.

Blockchains

Just like account ledgers containing amount and names, blockchains function almost the same. People exchange money by changing this file.

For instance, if person A sells a product to person B for $5, person A’s balance goes up by $5 and person B will have a reduced balance of $5.

There are no third parties involved in the system, like banks or other financial institutions. So, who takes control and responsibility of controlling and maintain this ledger? Every coin holder maintains their own copy of the ledger. All the participants can see each other’s ledger and their balances. In Bitcoin ledgers, these names are exchanged with specific numbers to ensure anonymity.

To keep every ledger synced and harmonized, there is a protocol that needs to be followed. To do a transaction you tell everyone by broadcasting a message with your account number, the receiver’s account number and the amount to be transferred. Every coin holder around in the world will update their ledger.

There are people who help in maintaining the system. You can simply use the system to perform the transaction without maintaining the ledger.

To ensure sender is the real owner of the account, Bitcoin requires a signature to verify it, but a mathematical signature.

System

When an account is created, a private key is generated mathematically linked to that account number. The private key and the text from the transaction are processed through a special cryptographic function to generate a signature. To make sure the signature is done by the wallet owner and to the specific transaction, another function allows the other people to verify the signature. These signatures cannot be copied as they are unique to each transaction.

The main problem with the system is that this cannot verify when a transaction was performed.

For example, if a person falsely has to withdraw 2 cheques out of an account but it has enough money to cover one account. the bank will refuse the second cheque due to an inadequate amount of cash after the with drawl of the first cheque. It is much harder to determine the order in Bitcoin. Due to the scattered individuals all over the world taking part in the transaction, there may be a delay in different orders in different places. Fraudsters could lie about these time lapses.

Two recipients might both think their transaction is first and ship a product allowing the fraudster two spent the money twice.

New transactions go into a pool of pending transactions. These transactions then get into the giant chain that locks in their order. A lottery is then held, enabling participants to choose a transaction of their choice to solve a special problem to link them to the end of the chain. The person to find the solution first wins and gets their transaction next in the chain.

That’s how pretty much all the transactions in the Bitcoin system are performed.

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Bitcoin Cash Payments Allowed for BitPay Merchants

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According to some experts and critics Bitcoin Cash may be considered as the best future money. To support this statement we have a news, in addition to Bitcoin, BitPay merchants have been allowed to accept a second cryptocurrency — and it is no other than the Bitcoin Cash. Bitpay has made an announcement on its official website that it’s now more easy for BitPay customers to become a part of the energetic community of Bitcoin Cash. A Bitpay merchant who accepts bitcoin cash can now consider himself a part of that community.

bitcoin payments

How it all started?

BitPay became active in 2011, while Bitcoin was still at its initial stage. No doubt Bitpay played a vital role in the transformation of the financial industry as a whole. It introduced the concept of faster and secure blockchain payments which were relatively less expensive globally.

The main purpose of founding BitPay was to make it easier for various businesses to deal in bitcoin payments. At the moment it is continuously expanding its network which has already become the largest bitcoin payment processing network in the world. Bitpay is currently providing its services to industry-leading merchants over six continents. It has generated a foolproof secure bitcoin payment plan which is used by thousands of bitcoin users on daily basis.

Bitcoin Cash – an Innovative step by BitPay

As mentioned above, BitPay merchants can now accept payments in Bitcoin Cash. No doubt it is an innovative step in case of Bitcoin Cash which has already been considered as the best future money. Bitcoin Cash will provide a rich opportunity to the BitPay merchants to receive payments from customers around the world. Due to the trust provided by the blockchain technology, there will be no risk of credit card frauds or chargebacks. the company said in a statement. It will also be more convenient in case of cheap transactions as the Bitcoin Cash costs only pennies or even less in some cases.

Future plans concerning Bitcoin Cash

BitPay is also planning to integrate Bitcoin Cash in order to save massive transaction fees in terms of batch payments. According to a company statement it also has the intentions to enable Bitcoin Cash settlements. With the help of these settlements merchants would be able to receive their payments in the form of cryptocurrency, no matter what kind of BitPay payment option they had been using already.

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