Bitcoin is a cryptocurrency in which payment can be made. The network is peer-to-peer,and transactions are carried out between users directly without an intermediary which are confirmed by network nodes. When obtaining Bitcoin, the easiest method available is chosen by most users; users buy Bitcoin from a seller or an exchange. Another method which is uncommon is to work for Bitcoin;this is different from just purchasing it with your salary. To get paid in Bitcoin, there is a platform that provides a bank account for receiving payment on.This account can be given to employers who are ready to pay in Bitcoin; this platform is known as Bitwage.
Bitwage helps you earn Bitcoin without having to pay an international transfer fee. To create an account with Bitwage is quite simple; you sign up, enter your details andthen click submit. A call or SMS will be sent with a confirmation code to confirm your account. To verify your account, you enter the confirmation code that was sent to your cellphone. Your profile has to be configured. Enter your personal details and choose invoice. You fill in the information about your employer and your place of employment. Upload the required documents and click submit.
The number of merchants who accept Bitcoin is on the increase. For example, merchants such as Dell, Microsoft,etc. accept bitcoin.Bitwage is a Bitcoin company that has payroll services – https://www.bitwage.com/; it acts as an intermediary between employers and employees. Bitwage helps you to setup separate banking details without convincing your employer or Payroll Company. Apart from Bitwage, coinbase is another platform for getting paid in Bitcoin.
How to work and earn Bitcoin
There are several ways to work and earn Bitcoin; this can only be one with investment. Most of the information that you need is available at https://www.abitgreedy.com/earn-bitcoin/.
It is very necessary to have a realistic view of the amount of money that could be made before opting for any of the ways. These ways are explained below
- Mining of Bitcoin
This is the process through which Bitcoins are released so that they will be in circulation. In this process, computer hardware is used which automatically creates new Bitcoin by performing a set of mathematical operations. Miners now utilize faster hardware like Application-Specific Integrated Circuits (ASIC), Graphics Processing Units (GPUs),etc. Mining of Bitcoin serves to add transactions to the blockchain and to release new Bitcoin. The process is done by putting together recent transactions into blocks and solving a difficult computational puzzle. The first participant claims the rewards by solving the puzzle and places the next block on the blockchain. The reward given out encourages mining and includes the transaction fees and the new Bitcoin that is released.Mining of Bitcoin is decentralized, and with an internet connection and the proper hardware, anyone can participate. The decision is made by a simple majority consensus if there is disagreement about the inclusion of a block in the blockchain. 51% attack occurs when someone controls more than half of the mining power and uses it to corrupt the blockchain.
- Working for Bitcoin
This is another way Bitcoin can be earned; this is a process whereby you work for Bitcoin. A good example of this is freelancing; an online platform for freelance services that range from writing to website development. If you have got innovative skills that individuals or businesses would be eager to pay for, services may be rendered to such businesses in exchange for good amounts of Bitcoin. There are two major benefits that freelancing offers to people. First,there is little or no initial cost that is charged for most freelance jobs unlike mining and secondly, amounts of Bitcoin that are worth dozens or even hundreds of dollars can be paid by some freelance jobs. Freelancing is one of the best and fastest ways to earn Bitcoin without investing a huge amount of money. As a designer, writer, editor, internet marketer,etc., you can work for Bitcoin and get paid. Platforms such as Coinality, coinWorker, XBTFreelancer,etc. offer Bitcoin in exchange for services rendered: https://www.xbtfreelancer.com/.
- Investing in Bitcoin and Bitcoin Derivatives
Investing in Bitcoin is one of the lucrative ways of earning Bitcoin. Purchasing andholding Bitcoin till its price increases enough to make a profit is the most basic form of investing in Bitcoin. Bitcoin has helped lots of investors to get gains from investment. One problem Bitcoin has got the lack of trustworthy and reliable exchanges. Another way of investing in Bitcoin is trading it as a Contract for Difference also known as CFD. CFD is a derivative instrument that is determined by the price of an asset. With a CFD broker, traders open positions on the movement of an asset’s price. Gains and losses are higher using CFD than they would be in a traditional investment. Thus it is considered as a high-risk investment.
- Lending
This method works by allowing you to lend out the Bitcoin you already have. One of the best ways to generate income is by lending out Bitcoin for interest. Lending out Bitcoin allows individual lenders to collect the interest of the money lent out as it is repaid. Bitbond is a lending platform that is used to earn Bitcoin through loans. It is one of the most reliable and popular platforms. You need to have some initial Bitcoin before you can start lending since the initial coin can be mined or earned. Lending Bitcoin can also be used as an additional way of earning Bitcoin. In lending out Bitcoin, the lender has to be very sure of the person he/she is lending out to.This has to be done carefully.
- Bitcoin Faucets
This is a website that gives out small amounts of Bitcoin to its users, whereby owners make money by putting ads on their website and pay individuals who visit the ads. It allows visitors earn a proportion of the Bitcoin that they give away to visitors that are invited. In this way of earning Bitcoin, Bitcoin is usually available to users at a set interval. There are several facets which include Bitcoin Zebra, FreeBitcoin, Moon Bitcoin and Daily Free Bits.
- Gambling and Gaming
This is another good way of earning Bitcoin. The category of Bitcoin gaming includes digital casinos that utilize Bitcoin as currency. The advantage of Bitcoin games is that your activities are monetized. You can get rewards by playing some games that will pay you small amounts of Bitcoin. Some options like jackpots, online lotteries, casino games, spread betting,etc. are offered to Bitcoin players by some casinos. Bitcoin casinos operate globally,andtheir digital nature allows global access and easy availability of large numbers of players. Bitcoin casinos try to build users trust by openly disclosing how their software algorithms work. The most popular game for Bitcoin casinos is poker.However, gambling is not a very sure means of earning Bitcoin.
There are many other ways of earning Bitcoin which include offering some Bitcoin-related services, writing about Bitcoin, Bitcoin trading, Bitcoin affiliate marketing and answering Bitcoin questions.
Selling Bitcoins
To sell your Bitcoin, here are the steps below:
- Move the Bitcoin that you want to sell into your coinbase account
- Choose sell Bitcoin
- Decide the amount of Bitcoin that would be converted to USD
- Choose PayPal as the payout method
- Click: sell Bitcoin.
- Selling Bitcoins for PayPal via BitPanda
Bitpanda is an Austrian company that sells and buys Bitcoin. You can sell your Bitcoin through BitPanda in order to fund your PayPal account. The procedures include signing up to Bitpanda, choosing sell and PayPal as the payout method. Payment through PayPal will be made immediately you send the Bitcoins to Bitpanda.
- Selling Bitcoins for PayPal via Virwox
Below are the procedures for selling Bitcoin for PayPal through Virwox
- Open a Virwox account
- Fill your personal information
- Activate your account
- Get a Bitcoin address
- Transfer Bitcoins into Virwox
- Convert Bitcoins to SLL
- Convert SLL to USD
- Withdraw USD to your PayPal account
Another alternative for selling Bitcoin is the direct sale, platforms such as BitQuick, BitBargain, Bittylicious,etc. They allow users to register as sellers and interested parties will get in touch if they like your price. Transactions are mostly done through deposits to your bank account, after which the agreed amount of Bitcoin is transferred to a specified address. You can also sell to friends once they have a Bitcoin wallet set up. The type of exchange chosen to sell Bitcoin will depend on the type of holder. Some exchanges set a limit on sales so that if Bitcoin’s price dropped below a certain point, the sale would not proceed.
The process of selling Bitcoin on an exchange is not as easy as you think. Some sites require users to provide a photo-ID for verification before buying or selling on them. This process might take a long time and cause delay. It is very important to understand the fact that Bitcoin’s value can be unstable over short periods of time.Bitcoin can also be sold for cash; some people who have Bitcoins still believe that selling BTC for cash is the best way.
