If you want to make money with Bitcoins, first you need to understand, what Bitcoin is?!?. Then I will explain how you can make money from it. Bitcoin is cryptocurrency or digital currency; they are basically computer codes that hold monetary value. Once you own a bitcoin it acts as physical gold coins which you can use to trade and buy.
How does it work?!?
The first thing you require for Bitcoin is a wallet, and that wallet needs to be secure just as a normal wallet. As Bitcoin itself is digital so its wallet is also digital. There are money options on the internet, but ensure you find the best and the secure one for yourself.
Put Bitcoins in your wallet
Now you have set up your digital wallet it is time to put coins in it. There are different ways you can do.
- Buy directly from Exchange (Coinbase, Bitfinex).
- Accept them as a mode of payment for your goods and services.
- Obtain them from your friend.
These above are the few ways that you can obtain Bitcoins. I will suggest the best and most secure way is to buy them directly from a legitimate exchange.Just keep one thing in mind that Bitcoin services are not much regulated, so it possible that there must be some exchange operating and they may not be secure.
There are different ways you can use your bitcoins, if you have your time along with your bitcoins then you can treat them as shares like in stock market and keeping track of their price increase and decrease.
It is also an excellent option for digital payment and it is widely accepted by many merchants online. There is a catch to it, there is no law on how the merchant may accept Bitcoins against his services and goods, so as a consumer make sure you use a secure gateway like BitPay. Many businesses and organizations use BitPay as the gateway to receive Bitcoin.
Bitcoins are the new cryptocurrency and are taking over the globe rapidly, but there are some cons to them as well.
- Price of Bitcoins is unstable
- Bitcoins payments are irreversible
- They are still experimental
- Some governments have imposed taxes and different regulation for them
It is still in developing stage and people are still figuring out how to use them, so the chances are quite bright if you start now.