A new form of currency was born in 2009, and they called it bitcoin. It is a kind of money that is entirely digital. People who own it can use it, like real money, to buy products and services from shops or sellers that accept the virtual coin as payment. In the last several years, bitcoin investments is gaining popularity, although only a few shops consider it a legal tender.
Why Do People Love Bitcoin?
Since its creation, many young people have learned to love bitcoin. Some of them love it because it is not regulated by any institution, letting them spend it anonymously. Others think that it is safer than real money because bitcoins are hard to copy. It would be tough for anyone to fake it or use bitcoins that they do not have.
How Does Bitcoin Works?
Since it is a digital currency, bitcoin exists only online. People can only use it to facilitate payment online. A bitcoin is a digital file stored on a computer or a smartphone in a strict sense. Owners can also keep it in a digital wallet such as Coinbase, Lumi, Blockchain, and Circle.
Same with online banking, people can send their bitcoins to another person or transfer it to their digital wallet. They also use it to purchase items from other people who accept them as payment. Each bitcoin transaction is recorded on a public list. The list is popularly known as the blockchain. Hence, bitcoins’ transaction history is traceable, which prevents anyone from copying transactions or spending bitcoins that they do not have.
Ways To Earn Bitcoin
- Jobs that pay bitcoin
People can look for work that offers bitcoin as payment. It is highly applicable for freelancers who want to earn bitcoins. Several crypto freelance platforms pay bitcoin for accomplishing tasks, such as Bitwage, r/Jobs4Bitcoin, Earn.com, Angel’s List, and CrytoJobs.
- Crypto Interest Account
Traditionally, people put their money in banks to earn interest over time. Similarly, crypto interest accounts allow bitcoin owners to store their virtual money and earn interest over time. People can transfer their bitcoins to a financial service provider, and over time they will generate interest on their bitcoins.
- Affiliate marketing
Some companies offer bitcoins as payment or reward for promoting their products and services. Businesses will provide affiliate marketers with their URL or promo code to promote it on their social media channels or blog site. If someone clicked on the URL or promo code and made a purchase, the affiliate marketer gets a reward. The reward is in the form of bitcoin. The more sales that an affiliate marketer generates for the company, the higher the reward.
Bitcoin is currently not a well-accepted currency around the world, but it might become a viable investment for many people in the future. Thus, it is essential to know the different ways to earn bitcoins.