Every person wants to earn money online & many people have heard of Bitcoin. Today we are going to learn about bitcoin. What is Bitcoin Mining & How you can earn Bitcoin.
As you know there are many currencies like INR, Dollar, Euro, Yen, etc. which are used to trade or to purchase something.
But what if I say you that there is also a currency which you cannot touch or feel but it’s stored electronically on your device like phone or computer. It’s not a coin but it’s just a virtual or digital currency which is stored on your device.
What Is BitCoin?
BitCoin is a digital currency, invented by a programmer named Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list and released as open source software in 2009.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger.
This activity is referred to as mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services.
What Is BitCoin Mining?
Bitcoin mining is the process of adding transaction records toBitcoin’s public ledger of past transactions. This ledger of past transactions is called the blockchain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.
Bitcoin does not have any controlling authority, these are the reason why bitcoin values get fluctuated every time.
How Do BitCoin Works?
As there is not controlling authority for bitcoin, so when I want to send bitcoin to someone then who should verify it? So for verifying there is a maths problem attached with a transaction & many users all over the world do bitcoin mining.
These miners have powerful computers, powerful GPU, ASIC (Application-specific Integrated Circuit Chips) which are design specifically for bitcoin mining.
They try to solve the math problem and when they successfully solve that problem then your transaction will be completed and verified. Also, the miners will get some amount of bitcoin for these mining process.
Bitcoins are divided into eight decimal points as like 1$ is divided into 100 cents. 0.00000001 is the smallest amount of bitcoin which means 1 Satoshi. 1 Satoshi is the smallest amount of bitcoin which you can use for trade or purchase something.
But if you purchase Bitcoin there is huge risk cause bitcoin rate can increase or decrease any time as there is not controlling authority. Bitcoin value doesn’t remain stable, and it gets fluctuated
Check the graph below for changed in a price of bitcoin.
How To Earn BitCoin?
Bitcoin can be earned by mining. Bitcoin mining is a technique by which you can make money through your computers which have high power & GPU.
You can do Bitcoin mining by your own computers which have high GPU as it solves the problem & help for doing the transaction which are done worldwide OR you can purchase Bitcoin Miner which can mine bitcoin.
There are many Bitcoin Mining Hardware available on the Internet which you can buy and start Mining. Buy Bitcoin Mining Hardware from Below.
Purchase BitCoin Miner From Here.
Just purchase bitcoin miner & start mining Bitcoin. But just check that the bitcoin which you are getting by bitcoin mining is more than your electricity consumption.
For example, I have a powerful computer which I use for Bitcoin mining, but it consumes more electricity than I earn Bitcoin.
So if you are using a powerful computer and your mining rate is higher, then only you can earn more bitcoin otherwise, you will spend all your money on electricity which it consumes. So make sure you have higher mining rate.
You can also earn Bitcoin by Android Apps Available on Playstore. Below are the few Android Apps through which you can make Bitcoin
Hope you enjoyed & understood this article about BitCoin. Comment below if you have any query. Stay tuned with more Updates on Bitcoin. You can also subscribe not to miss any.