In 2008, Satoshi Nakamoto introduced a new monetary concept through a published white paper. This new currency is now known as Bitcoin. Bitcoin is a digital monetary currency that can be used for online purchases. If you want to purchase a product online using Bitcoins, what can you do to earn bitcoins? Here are a few suggestions on how to earn bitcoins.
- Accept payments for your online shop with Bitcoin.
Setting up your online shop to receive Bitcoins is easy. If you’re new to Bitcoin, all you have to do is to set up a Bitcoin wallet and follow the instructions to link up your website or online store. If Bitcoin in legal in your country, find a bitcoin wallet local to your area. This way you can link your Bitcoin wallet with your bank so that you have the option to withdraw Bitcoin in your local currency.
2. Be a Bitcoin miner.
Bitcoin miners work at solving complex mathematical problems. Every math problem solved releases a Bitcoin into circulation. Bitcoin miners also validate transactions made within the Bitcoin network. Miners are critical in ensuring the security of the public ledger where all Bitcoin transactions are entered. They earn Bitcoins through transaction fees that they validate and if they are the first to solve the math puzzle and release the next Bitcoin into circulation.
Bitcoin mining uses hardware that has become more complex through the years. With rising power and hardware costs, miners often join mining pools to work cooperatively at reaping the Bitcoin incentives and rewards.
3. Participate in Bitcoin Trading.
Working similarly to trading at any stock or currency trading, you can earn a modest income from buying and selling your Bitcoins at a legitimate Bitcoin Exchange platform. As with any market trading activity, research and constant monitoring are key to maximize profits and minimize losses.
As the Bitcoin “economy” evolves and gets popular acceptance, more innovative and creative ideas will crop up for you to earn your Bitcoins. Keeping vigilant tabs on market forces and developments will help you get ahead of the game and earn more Bitcoins. Just remember to do your bit in paying the appropriate taxes from your earnings to make the whole Bitcoin network legitimate.