A cryptocurrency, as define by Investopedia, is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
What is Bitcoin?
The first decentralized cryptocurrency is Bitcoin. It was released the year 2009 as an open source program and presumably created by Satoshi Nakamoto. Bitcoin uses SHA-256, a cryptographic hash function.
Where can I spend my bitcoin??
3. Microsoft Xbox Store is accepting Bitcoin since 2014
4. PizzaForCoins (pizza delivery)
5. Zynga (Mobile apps/games)
6. OKCupid (dating site)
7. CheapAir (travel/hotel booking agency)
9. Etsy (e-commerce, some Etsy sellers accept bitcoin as payment)
10 Legit Ways to Earn Bitcoin Online
Like other online jobs, earning bitcoin is an easy task. Below are 10 of my favorites platforms to earn bitcoin.
1. Crypto Jobs List – is founded by Raman to help the blockchain and crypto community grow faster. Since 2017 the site has been helping 50k+ people find a job in crypto/dlt space. Today Crypto Jobs List is the number 1 crypto community to find and post blockchain jobs. Some of the best blockchain companies have featured their jobs with Crypto Jobs List.
2. Timebucks – is a reward site where you can earn real cash for performing various tasks and activities that you already do every day. You can make some money from doing things such as taking surveys, posting on social media, watching videos, voting, installing free apps, playing games, and more! TimeBucks is unique from other reward sites because they pay in real cash instead of gift cards, and they have a lot of specific tasks created that no other place has. They also pay weekly with a low minimum payout of $10.
3. CoinSwitch – is a cryptocurrency exchange, providing the best way to invest in cryptocurrencies by aggregating all leading exchanges and comparing cryptocurrency prices in real-time. They support over 300+ cryptocurrencies, digital currency, altcoin, cryptocoin with more than 45000 pairs for exchange.
4. Paxful – is the safest peer-to-peer marketplace to buy and sell bitcoin with 300+ payment methods. Select a payment method you like and trade directly with other people just like you. Paxful is very popular in the cryptocurrency space and has had extensive coverage in many famous magazines. One of there missions is to build 100 schools in Africa. Become a vendor on Paxful and empower millions around the world with financial freedom. Offer multiple payment methods that buyers like, eliminate intermediaries, and they help people with all the resources and guidance needed to succeed.
5. Bybit – established in March 2018, Bybit is one of the fastest-growing cryptocurrency derivatives exchanges, with more than a million registered users. Built on customer-centric values, they endeavor to provide a professional, smart, intuitive, and innovative trading experience to better serve their customers promptly. They are committed to creating a fair, transparent, and efficient trading environment, and offer 24/7 multi-language support as part of there service. Products currently offered on the Bybit platform include BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts.
6. Coinbase Earn – earn crypto while learning about crypto. They’ve created educational videos to teach us about different cryptocurrencies. After each video, you’ll receive a simple quiz testing what you’ve learned. You’ll receive crypto in your Coinbase wallet for every quiz you complete. Earn opportunities are only available for a limited time to a small set of customers.
7. Lolli – install the Lolli extension on your favorite browser. Shop the web. They’ll notify you when you’re on one of there partner stores. Earn bitcoin when you checkout using Lolli. Lolli is the first bitcoin rewards application that lets people earn & own bitcoin when they shop online. They’ve partnered with 500+ top brands to help drive sales and conversions on their sites. When you shop on one of there partner sites, you get a percentage of each sale. They split that percent with you, sending bitcoin to your Lolli wallet!
8. Brave Browser – get rewarded for browsing and support your favorite content creators. It is built on the Basic Attention Token (BAT), a new way to value attention, connecting users, content creators, and advertisers. When you view Brave Ads, you receive 70% of the ad revenue.
9. Binance – beyond operating the world’s leading cryptocurrency exchange, Binance spans an entire ecosystem. The vision of the company is to increase the freedom of money globally. They believe that by spreading this freedom, they can significantly improve lives around the world.
10. Honeyminer – gives anyone easy access to sophisticated mining software. Imagine earning meaningful passive income just by having your computer turned on, all while taking part in the blockchain revolution. Earnings depend on the power of your graphics card as well as overall market conditions. Newer PCs can make anywhere from $15-$75* per GPU per month.
Pros and Cons
Before jumping into Bitcoin investment, remember that still, it is not a legitimate currency, not controlled by any national bank.
The advantages of using bitcoin are – bitcoin has far greater liquidity, more merchants accepting bitcoin payment, lower transaction fees, built-in privacy protection, and built-in scarcity features.
Another advantages of using bitcoin are – bitcoin has far greater liquidity, more merchants accepting bitcoin payment, lower transaction fees, built-in privacy protection, and built-in scarcity features.
The disadvantages of using bitcoin are – high exposure to scams, fraud, and attacks, susceptible to wild price swings over a short period of time, no chargeback or refunds, a higher chance of being replaced by other Cryptocurrency, bitcoin mining uses a lot of electricity and computer memory.