How Do You Make Money Via Bitcoins?

How Do You Make Money Via Bitcoins?

History of Bitcoins

Bitcoins was discovered by an individual or group of people from Japan under the pseudonym Satoshi Nakamoto. Eventually Nakamoto, who remained mysterious and anonymous, left the project in late 2010. Other group of people took over and the Bitcoin community has grown exponentially since then.

While Satoshi Nakamoto’s real identity remains a mystery, it is on record that he communicated extensively in Bitcoin’s early days. The value of bitcoin has risen exponentially over the years, according to 1bitcoin = 18,635.72 US Dollar

The lowest denomination of bitcoin is called Satoshi, it was named after the founder or group of people.

The coin emerged out of the 2008 global economic crisis when big banks were caught misusing borrowers’ money, manipulating the system, and charging exorbitant fees. To address such issues, Bitcoins creators wanted to put the owners of bitcoins in-charge of the transactions, eliminate the middleman, cut high interest rates and transaction fees, and make transactions transparent. They created a distributed network system, where people could control their funds in a transparent way. There is no need of a central authority to manage bitcoin network.

The coin as well as other cryptocurrencies make use of the blockchain technology. A blockchain is basically a perpetually growing list of records, called blocks. In case of bitcoins, the blockchain is a public ledger that records bitcoin transactions



How do bitcoin transactions work?

Every bitcoin account consists of a public key which works like a bitcoin address and a private key. Anyone can send you bitcoins if he/she knows your public key. To spend bitcoins, you have to use your private key for authentication. Every bitcoin transaction appears on the bitcoin network.

An example of the sample coin address is as follows –


How Do You Make Money Via Bitcoins?

There are several ways to make money via bitcoins, a couple of them could be via bitcoin faucets, Writing articles about bitcoins, trading bitcoins and converting it into cash. The last option seems to be the most viable option if you have good trading skills. The trading option simply refers to the buying and selling of bitcoins, and later converting these bitcoins into cash. If you have  bitcoins and want to turn it into  hard cash, you can use the following exchange to convert your Bitcoin cash −

How to Sell Bitcoins

People who want to sell their Bitcoins for fiat currency (i.e. dollars, euros, Naira etc.) have several ways they can do so online and offline. Find an exchange (e.g. ) Send your Bitcoins to that exchange to trade your Bitcoins for cash, and have bitcoins converted into cash and paid into your Nigerian bank account

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