What is Bitcoin and How To Earn Money Through it, Updated
What is Bitcoin and How To Earn Money Through it!
Bitcoin is a digital currency used to pay for a variety of goods, services and much more. Bitcoin transactions are sent from and to electronic bitcoin wallets, and are digitally signed for security. They don’t exist anywhere, even on a hard drive. We talk about someone having bitcoins, but when you look at a particular bitcoin address, there are no digital bitcoins held in it, in the same way that you might hold pounds or dollars in a bank account.
Earn free Bitcoins by completing tasks on websites
There are many websites which offer you to earn free Bitcoins. With most of these sites, the concept is that you visit the site and just for looking at it you get a small amount of Bitcoins. The concept has something in common with watching good old free TV. You watch a lot of ads and in between you get something you actually want to see, like a film or music clips.
Earning money from Bitcoin has taken various forms since the world’s top digital currency became more popular. Some of them are new while others have been known to spread in reach along with the currency. Below are some of the best ways to earn money with bitcoin.
- freedigitalmoney.com :
Earn Bitcoins by getting rewards fo purchases made in Bitcoin. On this site you also don’t need a user account and just have to enter your Bitcoin address to earn Bitcoins.
- CoinWorker :
Earn Bitcoins by completing analytical tasks. A user account is required here. I haven’t tried this service but payouts seem to be a bit higher than with the aforementioned sites.
- Bitfortip :
Earn Bitcoins by answering forum questions. This is a nice service because it brings people together who are interested in Bitcoin and many other topics. At the same time it allows to pay rewards in bitcoin for answering questions. This is something that would not have been possible without a currency like Bitcoin that has low transaction fees and instant transfers. Earning Bitcoins from completing tasks on websites is a viable option to actually earn some Bitcoins, but don’t expect your income to be very large. I regard it as a first step to get familiar with Bitcoin in general. Also, it is interesting to see what kind of services are enabled through friction-less money transfers.
- Play dice
With sites like PrimeDice and 999Dice, it is possible to play dice with a free balance even though it may be a very small amount. A good understanding of it through a thorough research into dice strategies could enable the user take the free amount and turn it into a substantial amount of money if the user is willing to invest the time.
- Earn Bitcoins through trading
The safest way to make money with trading is through arbitrage. In short, this means that you see an opportunity to buy an asset in one place for a certain price and sell it immediately at another place for a higher price. It is important that you know you can sell the asset immediately at a certain price. The Bitcoin world, in my opinion offers such arbitrage opportunities. But they are not as simple to execute as it might seem at first sight. Price differences between exchanges often come for certain reasons. The speed of fiat money transfers and access restrictions are just the most striking ones. You have to find out the concrete opportunities yourself. One place to start is this thread on Bitcoin StackExchange. Also, not every opportunity is available to everyone. Go and have a look at the price differences between exchanges and check out if you can find opportunities.
Now, I would be really interested in knowing about your experience with these Bitcoins.