Sunday, March 22, 2015

Bitcoin: How did I know about it?

I am going to do this blog to explain it. How did I know about bitcoin? I learn about it from taking a computer class. From there I looked online and now I am in it by online by earning it. Bitcoin is a peer to peer and there is no middle man. There are three ways to do it: Buy, Earn, and mining. I guess I should begin. (Feel free to click on the links)

Buying

Buying bitcoin is really nuts. You need to look for the right website. I use Coinbase, because it's easy to set up, but there are some that required more Identifications, which you may need to be careful and also you may need a 2 Factor Authentication to protect your account. I use Authy to protect my account. I know I say that, but, it's the only way.

Earning

Earning is another way. There are many sites that would let you earn. Mostly there are ones called faucets, which give out a fraction of a bitcoin, called satoshis. You use your wallet address to collect after you solve a captcha and do it again in a certain amount of time. One I recommend is Daily Free Bits. It's easy and you can earn satoshis for every 60 minutes until you can cashout. You can cashout many times.

Mining

Mining is really nuts. Mostly you may need hardware to buy and set up. Plus you need to find and sign up a mining pool. There are websites that would deal with mining, but, you have to buy contracts. However, I have two websites that are free and you don't need to do anything, but collect, unless you want to upgrade. They are Ore Mine and MyBitMine. Ore Mine is just easy. You sign up and start collecting. You collect every 8 hours. You can withdraw, but if you can get 0.01BTC (There is a fee of 0.0005BTC) for an easy withdraw. Now, MyBitMine right now will give you to mine gold when you sign up. Just easily solve a captcha and wait until 5 minutes to get gold. You can exchange gold for satoshis. You can withdraw to your earnings to your wallet, which it's 0.001BTC. However there is a one called SocialCoinWallet. You do not want to go there, because I haven't explore it and if you do, be careful.

Besides that you need to understand of denomination of bitcoin. I did mention satoshi, which it looks like this: 0.00000001BTC However we can show it like this: 1 satoshi.  In order to get 1 BTC you need to collect 100,000,000 satoshis. There are also a way bitcoin can be describe. Some people will say bits, which 1 bit equals 100 satoshis. In order to get 1BTC you need 1,000,000 bits. There are other ways to see bitcoin, but, I like seeing at satoshis or bits. A lot of people hear about bitcoin and they see it as bad, because it mostly involve in the black market, but, there are good in it. Small business are starting to use it and recently Microsoft and Overstock.com are using it. There are websites are using bitcoin in a good way over the bad. Also, some colleges are accepting bitcoins as a payment. However you need to be careful with the situation. If you come across a bad website like you did not get what you order or if you came across a website that says that you can double your bitcoins in a few days (They would specify it by hours) and you don't get your bitcoins back, you are very screwed. So, be careful!

Also, there is one site that is mostly be giving out bitcoins through twitter called Changetip. You can give someone a tip if you like what they say. You can collect your tip if someone gives it to you. You will know when ChangeTip twitter account mentions you. I know some do it like WWE Superstar Curtis Axel. You may have to keep an eye out, because mostly he does wrestling. But, there are others, including me! You can send me one by mention my twitter handle @MsLindsieStarr and how much you want to give me! I will know when ChangeTip mentions me and I will collect it. Just sign up to Changetip and add funds and mention me and ChangeTip's twitter handle @ChangeTip and the amount. Once that happens, I will see it. Go ahead and try it!

If you want to know about other cryptocurrencies, you need to use a exchanger to exchange your bitcoins to other coins, but, it will be lesser in cash. I will explain it in another blog.

1 comment:

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