What is Bitcoin and How to Mine Bitcoin ?

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Friends most of us want to earn some money online and i am sure you have heard about BITCOIN.But most of us don’t know what it is exactly and how to earn money from bitcoins ? if you are also one of them then do not miss this post and keep reading.

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Friends you can see many currencies in the market like dollar,euro,pounds,yen etc but these are printed currencies or coins.And i am sure some of them is in your wallet too and you have also sold or bought something by using these currencies. But what if i say there is a currency which you can not touch or see and only stored electronically on mobile,computers & any storage media and  This is Bitcoin for you.This word sound like a coin but this is not a coin it is only a virtual currency.

Friends if we have two notes in our two hands although their values are same but we only get to know that one note is of $100 and another is of $50 because there are some authorities,banks,governments and people who decide which note will have $100,$50 or $1 Coin.But For bitcoin there is no centralized authority.It was officially Created & Launched by Mr.  Satoshi Nakamoto in 2009 and still popular,infect it is also stable from last years.So First Lets Know :

  1. What is the value of bitcoin ?
  2. How you can earn from  bitcoin ?
  3. Is it good to invest in bitcoin or not ?

What is the value of Bitcoin ?

Friends according to today’s currency rate 1 bitcoin = 4089.98 Dollars.This value is flatulate because there are no authorities who can control this but there are only people who trust each other and they trade.Bitcoin does not have any backup from any government or bank too.Bitcoins trade can be one two one.If i wanna send you bitcoins then i don’t need any mediator or any 3rd party.Your account also can’t be freezed.You can do anything independently also those too which your banks don’t allow you Because you have bank have so much control on you but there is nothing like this in bitcoin.

How to earn from  Bitcoin ?

Now the question is how to earn or sell bitcoin ? For this tell me tell you there are many ways to earn from bitcoins and the best easy way is first buy some bitcoins and it will be saved in your account virtually and whenever in future bitcoins rate will increase you can sell your bitcoin and take profit from it.Or you can buy or sell some goods like mobile,gadgets etc using bitcoin.

Along with this you can also try Bitcoin Mining.This is the main reason why bitcoin came to market.Because you all know that there is a limit and depend on many factors that how much currency a government can produce and currencies will be printed continuously.But bitcoins have a value and a fix number of bitcoins can be released in market.This is why because people don’t want to decrease its value they only want increment. So only 21 Million bitcoins can be mine means 21 Millions bitcoins can be exists and i think till 2140 you won’t see any new bitcoin in market.

Now the main topic is mining.For example i have 5 Bitcoins and i wanna do some transition to you means i wanna send you some bitcoins.If i do same transition through bank then they will charge some process fee and they follow a proper way and rules.These Bank authorities also check that the sender is verified or not,he/she isn’t fraud and so many other verification too.After this the receiver get his/her money.But in bitcoins,there is no controlling authorities and for example i am sending money to someone (although i have setuped my account and done the transition) but who will verify it ? 

For this with every transition there is a math problem is attached.And there are a lots of users who wanna mine bitcoins.These are the miners who have powerful computers,GPUs and powerful ASIC.Later on they verify that transition and can solve that math problems.And if they verify this in less time then my transition will be completed and they will get a little fees from it means they will get little bitcoins as reward So this is they way the new bitcoins came to market.

1 Bitcoin can be break in eight decimal points.For example 1 Rs = 100 Paisa and it can be break in two decimal like 0.50 paisa or 0.05 paisa like this 1 Bitcoin = 0.00000008 Dollars  or 0.03100387 Dollars .So this is not necessary that every time you have to sell or but 1 Bitcoin you can either sell/buy 0.00000020 bitcoin or 1.00067453 bitcoin too.

if you wanna mine bitcoins   then you need a powerful CPU but now a days CPUs are old now so you need powerful GPUs or ASIC (Application-specific integrated circuit) which will help you to solve that math problems.

Is it good to invest in Bitcoins ?

As you know there are lots of ups and downs in bitcoins values,not every country accept it,lots of buyer/seller won’t accept it.In these cases even  you have bitcoins but you won’t be able to use it.So there is a risk in bitcoin that you invest in it or not.If we talk about bitcoin mining it is all depend  on calculation so the hardwares you have setuped to verify the  transitions (which are happening on global level) you must have to utilize that the award you are getting from it and the expence you are doing on it are worthy.For example i have setuped a very powerful computer to verify these transition that  consume lots of electricity and the reward i m getting from solving the problem is less then my electricity bill then it is just a waste of time.Do it only when you have a good reward benefits.

So friends i hope you got some knowledge about bitcoins .Do share it with your friends and social media.

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