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Bitcoin: What's it all about?

If you haven’t heard of Bitcoin, you probably haven’t been on the Internet much.

Bitcoin is a digital currency (aka cryptocurrency). Satoshi Nakamoto invented Bitcoin in 2008 and it was released in 2009. Satoshi Nakamoto is a pseudonym for the person or group of people that actually created Bitcoin. In 2013, the market value for all Bitcoin surpassed 1 billion USD! The value of Bitcoin fluctuates from day to day.

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Have you ever thought of earning some Bitcoin for yourself? Before you jump in, you need understand how it all works. You can read the following articles:

Some things you need to know

How does Bitcoin work?

Securing your wallet

Additionally, do your own research and learn all you can.

 

Creating a Bitcoin Wallet

To start, you need to get a Bitcoin Wallet. Your wallet is basically a virtual bank account: A place to store your Bitcoin.

1. You can choose your wallet on bitcoin.org

2. Click the “Choose your wallet” button. 

3. Select your device. Most will probably use Mobile or Desktop.

4. Click on the different wallet options to read a description of each.

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5. Follow the prompts and instructions to download your desired wallet and Bitcoin client.

 

Block Chain

The block chain is a shared public ledger that keeps track of the balance in all Bitcoin wallets. It also keeps track of all transactions (the transfer of bitcoin from one wallet to another). The entire bitcoin network depends on the block chain.

 

Mining (how you earn Bitcoin)

Mining is the process of earning Bitcoin. It is quite a complex process. According to Investopedia.com:

“The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The first participant who solves the puzzle gets to place the next block on the block chain and claim the rewards.”

To increase chances of earning bitcoin, you can join a Bitcoin Mining Pool. Bitcoin miners pool their resources together and equally split any Bitcoin rewards. 

Miners usually have other sources of income to offset downturns and to supplement income when mining turns up no additional Bitcoin. Multiple sources of income minimize risk and keep a constant flow of money coming in. Miners could focus on opportunities in the free money making niche, such as CashCrate. Between CashCrate’s free earning program and mining Bitcoin, you have the potential of making a really nice income online. Both afford a great deal of flexibility and work well together.