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How To Make Money With Bitcoin: A Beginner’s Guide

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If you’re looking to make money with bitcoin, you’ve come to the right place. I mean, who doesn’t want more money, right? But seriously, if you don’t have any experience with cryptocurrencies or mining, then this guide may be just what you need. In it, I’m going to share how I made my first $100 with bitcoin and how you can do the same thing.

How I made my first $100 with bitcoin?

While researching how to make money with bitcoin, I was struck by how hard it was to find anything about the subject, other than people making so much money with it that they had to keep it hidden. So I decided to find the truth for myself, and I started with the simplest way to make money with bitcoin: mining. Mining for bitcoins on your own is the simplest and most straightforward way to earn more with bitcoin. If you’re a tech-savvy person, or you have a great idea for a bitcoin-based app, I can’t wait to see you in the fast lane with bitcoin mining! Before we go any further, let’s just clarify what mining is. It’s the process of solving math problems in order to obtain bitcoin.

What is bitcoin?

Bitcoin is an online, digital currency. This is a virtual currency that can be used to purchase things from other people using your computer. It’s also the easiest and quickest way to send money anywhere in the world instantly and completely anonymously. Sounds crazy, right? That’s because it is. With bitcoin, you’re not dealing with banks or currency exchange rates. You’re dealing with computers. No middlemen, no delays. As a bonus, bitcoin isn’t even backed by a bank. You’re literally just trusting someone else to do the calculations for you. The price of a bitcoin has been on a roller-coaster ride for the past three years. It started at $1,000 per coin in 2013 and now it’s below $5,000 per coin. 

What is mining?

Mining is the process of solving complex cryptographic puzzles to verify and increase the blockchain transaction record for the bitcoin cryptocurrency. This is how bitcoin is “mined,” the basis of bitcoin being “mined.” It’s basically a whole bunch of people trying to solve a tough math problem by solving puzzles. As each person solves their puzzle, they get more bitcoins in their bitcoin wallets. 

How do I start mining bitcoin?

Before we get into how you can get started, let’s quickly explain how cryptocurrency mining works. What do you mean by “get started?” You mean, like, how do I actually begin mining? Why is it called mining? All of this information is important. Let’s start at the very beginning. What is mining? Bitcoin mining is basically the process of adding transactions to a blockchain. These transactions are added to the blockchain by miners. Miners are people that use specialized computers (or other devices) to perform the work of mining. So, technically speaking, mining doesn’t require any real effort on your part. Now here are four simple steps to get you started:

1. Sign up for a cryptocurrency exchange like Coinbase

2. Purchase bitcoin. 

3. Sign up for a bitcoin mining pool. 

4. Buy a mining rig.

How to make money with bitcoin?

The first thing you should know about Bitcoin is that there’s a finite amount of it on the market. In fact, it’s estimated that there will only be 21 million bitcoins in circulation. The first one to be mined was back in 2009, and so far, the largest known stash sits at just over 12 million coins. That’s not to say that there isn’t money to be made, though. There are a lot of ways to cash in on bitcoin. From mining to trading, the possibilities are endless. If you want to earn money with Bitcoin, then here’s what you need to do:

1. Understand what bitcoin is, and how it works. 

2. Buy bitcoin and hold on to it. 

3. Earn money through mining, trading, or faucets. 

4. Use bitcoin to purchase goods or services. 

5. Use bitcoin to invest in other cryptocurrencies.

Conclusion

First, you should understand what bitcoin is before getting started. It’s not just a “digital dollar.” It’s also a blockchain-based technology that’s focused on making online transactions cheaper and faster. It basically allows you to conduct monetary transactions without having to go through the process of going through a bank or other financial institution. As far as the concept of cryptocurrency goes, you might have been around the concept of it, but if you have no idea how it really works, then you may find the concept of this article rather confusing. Hopefully, though, you will understand some of the basics after reading through this article, and that will help you learn how to create and trade bitcoins and other cryptocurrencies in the process.

Khyati is the author and co-founder of The Hustle Story. As a recent graduate from Warwick Business School, she realized she doesn't want to be a member of the 9-5 job club. And soon started The Hustle Story blog based on her multidisciplinary knowledge. Her mission is to help all the young and aspiring entrepreneurs out there.

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How To Become A Bitcoin Miner: The Ultimate Guide

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Bitcoin mining is a lot like a giant lottery where you compete with your mining “rig” (a computer specifically designed for mining) with everyone on the network to earn bitcoins. It is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new bitcoins are released. Anyone with access to the internet and suitable hardware can participate in mining.

The Basics of Bitcoin Mining

Bitcoin mining requires the user to solve a mathematical puzzle. To do this, they have to make as many calculations as possible and the computer has to solve those calculations within a time limit. Once the puzzle is solved, the miner is rewarded with a predetermined amount of bitcoins. On average, a Bitcoin miner earns about .00035 per hour. At the time this article was published, the Bitcoin value was $13.02 and the minimum daily reward for solving a puzzle was 25 Bitcoins ($250). This will decrease as the number of miners grows because fewer people will be able to solve the puzzles. 

What is a Bitcoin Mining Rig?

In 2013, the first ever bitcoin miner was produced with a “bitcoin rig” costing $1,000. However, to access the bitcoin network one is required to have a bitcoin wallet, which basically acts like a virtual wallet used to send and receive bitcoins. One needs to set up an account at a bitcoin exchange, either the San Francisco-based Coinbase or the Toronto-based Bitstamp, which acts as a merchant processor for the digital currency and allows consumers to exchange dollars for bitcoins. Once an account has been created, the user would send a transaction to the network. The protocol is set up such that a transaction can either succeed or fail.

How Does Bitcoin Mining Work?

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new bitcoins are released. Anyone with access to the internet and suitable hardware can participate in mining. But several components, like a graphics card, motherboard, and a fan-cooled water-cooled processor, are required to participate in mining. However, for the purposes of this article, we will be focusing on the use of a graphics card to mine bitcoin, since it is much easier to figure out than the other components. Mining is also a 24-7 gigahertz type of process, so it is necessary to buy the equipment that you need when you want it. 

Bitcoin Mining Software

Depending on the skill of the miner, the computer, and the hardware you own, it can take anywhere from minutes to hours to mine a single bitcoin. And the rate at which new bitcoins are released determines the difficulty of the work. Hard work is required when mining bitcoin. Many people have looked into creating Bitcoin-mining software to make it easier for others to participate. Some of them have proven to be more efficient than others. You can find a list of the most common types of mining software by visiting this page, or you can visit this webpage dedicated to self-mining guides and instructions for the most popular types of mining software.

How Do I Join Bitcoin Mining?

Since bitcoin mining is so automated, it is possible to work part time and earn bitcoins. To understand how to become a bitcoin miner, you first need to understand how bitcoin works. Here is an easy-to-understand explanation: Bitcoin is digital money, a “digital cash” with no physical form. Bitcoin can be exchanged for goods and services, but it can also be used to pay for transactions in any currency. The most widely accepted way to convert bitcoins to cash is through “Bitcoin exchanges.” These are online exchanges that convert bitcoins to other forms of digital money, typically government-backed currencies such as dollars or euros. The simplest way to do this is by buying and selling bitcoins on an exchange.

Conclusion

As it stands now, there is a total of 21 million bitcoins that will ever be released (Source: Bitcoin Wiki) If each bitcoin is currently valued at $230 each, and they are only expected to increase in value (thanks to their underlying technology), that would mean the total value of the entire network would be $57.2 million. That is assuming there are an equal number of bitcoins mined as there exist as in the supply. So if you want to secure your right to be one of the lucky 21 million bitcoin owners, you’re going to have to stake some serious money at some point!

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5 Reasons Why Cryptocurrency Is A Good Investment For Women

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Cryptocurrency is a good investment for women because it’s not only a high-growth investment, but also a profitable one, it offers security and most importantly it is empowering. Cryptocurrencies are digital currencies that are encrypted using cryptography, which is used to secure the transactions and to control the creation of additional units of the currency.

Cryptocurrency is a high-growth investment

Cryptocurrency is growing rapidly as it is the new gold standard of money. Cryptocurrency is experiencing growth at an exponential rate, many experts are even expecting Bitcoin to rise to be as much as 500-times more in value over the next decade. For a start, there are over 500 different cryptocurrencies in circulation. As of December 2020, Bitcoin was only the 5th most valuable cryptocurrency, and there are many others that are valued in the thousands.

Cryptocurrency is completely digital and therefore secure, thus you know your money is being kept away from hackers and the government and you can purchase cryptocurrency without any form of interference. Unlike traditional currencies, you don’t have to worry about laws regarding money transfers or transactions.

Cryptocurrency is a profitable investment

Cryptocurrency investment is highly profitable because it can generate an annual income of $25,000 on average, according to Forbes. In 2017, during its Initial Coin Offering, Block.one’s digital currency, the EOS coin, was offered for a maximum of $15 billion and raised about $350 million. This shows that a company was willing to invest in the digital currency and reap the benefits in the future, without a risk. 

Cryptocurrency is also highly scalable, meaning the more customers are buying the currency, the more investors are willing to invest. Block.one, the company behind EOS coin, manages to provide this scalability because their goal was to help the Internet of things (IoT) become a reality.

Cryptocurrency offers security

Security comes first in any financial investments and when it comes to cryptocurrencies, it’s even more important. The fact that cryptocurrency is encrypted makes the entire process secure from hacking and other forms of fraud. There is little or no risk of losing your initial investment. Cryptocurrencies are profitable unlike some other types of investment which may bring you mediocre returns and they are a profitable investment option for women because it has huge growth potential. For example, Bitcoin has soared from $20,000 to $10,000 this year. If you had invested in Bitcoin at $20,000, you would have been sitting on a whopping return of 1,308%.

Cryptocurrency is empowering

Cryptocurrency is a whole new financial world and women have the opportunity to be early adopters and leaders in this space. Cryptocurrency is a great way for women to have more control over their finances and feel empowered about making their own financial decisions.

I know most of the women are told that only a man can run a business, while they are being advised not to do so. And even when they are offered an opportunity to do business they are not encouraged to do so because they are viewed as inferior human beings who will never be able to do anything in life.

But if you look at cryptocurrency investing you will see that a significant proportion of people who invest in this kind of currency are women. The latest information indicates that at present, only about 23% of the active users of cryptocurrency are women and this figure is expected to grow significantly. Interestingly, some of the fastest growing cryptocurrency sites are also run by women. 

Conclusion

Although I am always hesitant about putting my money in anything with questionable reputations, cryptocurrencies are still making a major comeback in 2020. If you haven’t gotten into crypto yet, the above reasons should be enough to tell you why investing in cryptocurrencies might be a smart decision for you. 

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What is Cryptocurrency? How is it different from Blockchain?

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Cryptocurrency is a growing digital asset that you can buy and sell online, but what does that mean? And how do cryptocurrencies differ from blockchain? We’ll answer these questions and more as we dive into the world of cryptocurrency.

1. What is Cryptocurrency?

Cryptocurrency is a digital currency that uses advanced cryptography to secure the transactions and to control the creation of new units. It was invented in 2008 by an unknown person or group of people called Satoshi Nakamoto. Cryptocurrencies are a subset of alternative currencies also known as virtual currencies. The main application of cryptocurrencies is the decentralized digital currency like Bitcoin. 

Some developers designed cryptocurrency as an alternative to Bitcoin in 2017. These alternative cryptocurrencies are intended to gain value through digital gambling. 

Earlier digital assets were pseudonymous. A cryptocurrency is pseudonymized because the information behind the private key is part of the blockchain. People familiar with cryptocurrency should know that there are usually two types of cryptocurrencies based on the value of their unit.

The first type is the unit of cryptocurrency with a fixed supply and there are no more coins to be created. This is the cryptocurrency we often hear about such as Bitcoin, Ethereum, Litecoin, and Monero.

The second type of cryptocurrency has a variable supply. Members of the community have the right to create more coins or restrict the number of coins in circulation after a certain period. In this case, the person who established the currency gets the benefit as they can set a limit for the number of coins and take a cut of the transaction fees imposed on the users.

2. How is cryptocurrency different from blockchain?

Cryptocurrency & Blockchain are two separate things. Blockchain is the technology that powers cryptocurrency. The blockchain is the technology that allows cryptocurrencies to make transactions and transfer funds. Cryptocurrency is a digital currency that uses blockchain as the underlying technology.  

The blockchain is an encrypted database of all cryptocurrency. As time passed, the blockchain increased the security and increased the computations needed to access the blockchain. But, newer cryptocurrencies have also improved the security and the computing capacities of blockchain across the world. 

Blockchains also enable transactions between coins and they can protect “virtually any information exchange,” so it’s useful to record transactions and other vital information about digital assets.

3. How long does it take to mine a cryptocurrency?

It depends on how much of the cryptocurrency you want to mine. Bitcoin is a popular cryptocurrency and it can be mined in a matter of days. Litecoin is also very easy to mine and can be mined in a matter of hours.

The main reason players should consider investing in alt-currencies is to anonymously store value. The Shadow company, the largest unregulated crypto hedge fund, is based on Ethereum, a cryptocurrency privacy tool with a market capitalization of roughly $ 4.8 bn. So this means the company trades more than double of Ethereum. Many alt-currencies, such as Dogecoin and Anoncoin, eliminate the need for a third-party moderator or payment facilitator, as these cryptocurrencies process transactions directly between their users on their blockchain. To this day, the Dogecoin network has a staggering eight billion daily transactions.

While many people will argue about the use of these cryptocurrencies as a tool to anonymously store value, the openness of blockchain allows for better options with all types of assets and the best solutions would be the ones that are easy to access. Explaining why anonymity is needed is debatable but simplifying it with cryptocurrencies presents a task to achieve.

Blockchain provides a way to create user-controlled currencies and trusts. These digital assets are stored digitally and users are able to move assets privately without storing them directly in a financial institution.

On the other hand, There are companies like Nasdaq that have blockchain and decentralized exchange plans based on the Blockchain Architecture Alliance. Looking at the advancement by these public and private companies, futures and options charges are on the way in the future as blockchain-based technology makes its way into trades.

One thing is clear though; despite the hype of massive inflation and hyperinflation of newly created crypto-currencies, the world does not need them. Public opinion seems to be against them, and no politician says they should be accepted anytime soon.

4. Which cryptocurrencies are worth investing in?

If you’re looking to invest in cryptocurrency then you might be wondering which currencies are the best to invest in. Well, it depends on your investment goals. If you’re looking for a cryptocurrency to use as a currency then you might consider Ethereum or Litecoin. If you’re looking for a currency to use as a store of value then you might consider Bitcoin. If you want to invest in a currency for speculative purposes, then planning on buying, holding, or selling large amounts of the currency for a long period of time then Bitcoin may be worth a much higher dollar amount than many other cryptocurrencies. 

Based in Hong Kong, Bitcoin may seem foreign to many Americans. The investment opportunity such as the huge inflation rate vs the anonymity that Bitcoin provides may feel as if it carries some risks. However, when it comes to the best cryptocurrencies to invest in, Bitcoin may be the best. As a store of value, it protects you from inflation even further. It also provides a very stable currency and even added security as a cryptocurrency, but with more anonymity than, say, dollars. This is the true potential of Bitcoin that people may not fully realize.

The best cryptocurrency to invest in 2021 is Monero. The Shadow Conspiracy has listed Monero as one of the greatest cryptocurrencies upon the market. It has also been called the currency of the online black markets as it’s infrastructure has multiple layers of security. Having said that, the main reason I am recommending Monero is because of its low transaction fees. Because most cryptocurrency services charge a small percentage of the transactions as a fee, Monero is much more competitive when comparing fees. With the transaction fees being so low users of Monero enjoy having this low cost compared to other cryptocurrencies. It also has a growing community, which benefits from having an increasing amount of adoption.

You can also see Cryptocurrency’s daily prices by Market Cap on this CoinMarketCap website.

5. How do you get your first cryptocurrency?

There are two main ways of getting into the cryptocurrency world. The first is to buy a cryptocurrency, which you can do with any exchange that deals with fiat currency. The second is to mine cryptocurrencies. You can mine them using a PC or a mining rig that you’ve built yourself. 

There’s three main currencies used by traders that make up the cryptocurrency market. That includes Bitcoin, Ethereum, and LiteCoin. The value of all of these varies daily, so it’s not always easy to tell which is the best to buy and sell based on your personal needs.

Regardless of which one you’re interested in, they all serve different purposes and are useful in different circumstances. What is the purpose of buying Ethereum? To create an autonomous company or contract in the Ethereum ecosystem, basically any type of decentralized app. There are a lot of different companies and projects on Ethereum, which makes it quite valuable in and of itself.

Ethereum can be bought and sold for 1/6 of one bitcoin. The price is based on supply and demand, as there are fewer ether created every year than bitcoin. As of 2018, there were 100 million ether created every year:

“The supply of coins on the market is limited so the price must reflect that scarcity. At the time of writing on Dec 15, 2020, one ether was valued at 0.000212 BTC.” — Genesis Mining

This means you can buy into ether relatively cheap compared with other cryptocurrencies. 

Buying Ethereum can give you the ability to store data on the blockchain and run applications, however, it’s definitely not a “safe haven” to store your money.

Buying Bitcoin is a great way to start your crypto journey. The main use for Bitcoin is investing and specifically buying and selling the cryptocurrency. This has made Bitcoin quite valuable even after ten years as a popular investment.

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