How to Make Money with Bitcoin

Make Money with Bitcoin

I’m sure you have heard by now the term Bitcoins been spoken by your work peers or computer geek friends. In this blog post we will be briefly going through how to make money with Bitcoin and what Bitcoin is and how other people are making money and are benefiting from the cryptocurrency.

What is Bitcoin

Bitcoin is the first decentralized digital Currency. Bitcoins are digital coins that you can send through the internet. Compared to alternatives Bitcoin has some useful advantages. Bitcoin is transferred from person to person via the internet without going through a bank or clearing house. This means that the fees are much lower and you can use them in every country, your account cannot be frozen, and there are no limits.

How Bitcoin works

Let’s look at how it all works, a number of currency exchanges exist where you can exchange Bitcoins for Dollars, Euros and more. Your Bitcoins are kept in your digital wallet on your computer or mobile device off-line or on-line. Sending Bitcoins is as easy as sending an email and you can purchase anything with Bitcoin. The Bitcoin network is secured by individuals called miners; miners are rewarded with newly generated Bitcoin for verifying transactions after transaction are verified they are recorded in a public online transparent ledger.

Bitcoin opens up a whole new platform for innovation and the software is completely open source and anyone can review the code. Bitcoin is changing finance the same way the web changed publishing when everyone has access to a global market great ideas flourish. Bitcoin is a great way for businesses to reduce transaction fees and it costs nothing to start accepting them and it is easy to setup and there are no charge backs and you will get additional business from the Bitcoin economy.

How to Make Money with Bitcoin

There are 3 ways you can benefit from making money with Bitcoin, let’s have a look at these 3 ways more closely.

Bitcoin MiningMining bitcoins has evolved over the last few years and companies have been setup to develop and sell special computers that are designed to mine Bitcoins at a very high rate higher than normal computers and servers. For more information on how to download mining software and to get more involved in this area of Bitcoins you can find some useful information at bitcoin.org and weusecoins.com

Bitcoin Trader – A lot of people have made money by becoming Bitcoin traders by trading Bitcoins with other currencies like the Dollar and Euro. Here are some links to some good trading exchanges localbitcoins.com and coindesk.com

Selling Goods – A lot of shop merchants are accepting Bitcoins for people to pay for goods and services rendered as the transactional fees are very low to nil as you are not dealing with a credit card processing facilities or banks. Bitcoin.org has a directory of merchants that are trading with Bitcoin.

Other Useful Bitcoin sites

Stats on Bitcoin Network – Blockchain
Bitcoin profit simulator calculator – coinployer
Bitcoin FAQ
Bitcoin Mining Community – Eligius
Bitcoin mining hardware comparison