Earn with Bitcoin has become almost a mantra for the past 2 years, but the myths and legends that have spread around the virtual currency of the bitcoin can often suggest easy pickings for everyone, while the reality is quite different.

What is bitcoin

Bitcoin, often abbreviated as BTC is a virtual currency invented in 2009 from a computer scientist known as Satoshi Nakamoto, which bases its operation on a pear-to-pear and a encrypting algorithm quite complex.

Using bitcoin transactions is possible from a portfolio to another in total safety thanks to the capillary control which is carried out by all users, the miners, that providing theprocessing power of your computer or other device, check that the transaction is smooth and there are no anomalies.

In practice then, the bitcoin is a virtual currency, whose value is determined by market supply and demand, which offers the possibility to all holders of a virtual wallet to exchange money without intermediation, talking from a Government or a bank.

How to accumulate Bitcoin

To get bitcoins, there are many ways, some obvious, such as the sale of products in Exchange for BTC and the conversion of money into traditional currency bitcoin according to the exchange rate.

The first and most famous method to accumulate bitcoin remains to "undermine bitcoin".

Bitcoin mining, in practice it is the task of using their computers or processors dedicated to test thousands of transactions that take place every day online and, in doing so, accumulate small amounts of virtual currency in the form of fees or commissions.

This type of activity has been to everyone for the first 2 years after the invention of the bitocoin, today unfortunately, the complexity of the calculations to be performedis such that often the electricity cost is higher than the money earned.

Other ways to earn bitcoin

If so we weren't able to put together an activity of mining with a sustainable business plan, we have other methods of earning bitcoin.

One of these is to use the bitcoin faucet or taps bitcoin: websites that distribute bitcoin free without asking anything in return, if you don't fill out a CAPTCHA (verification).

Bitcoin taps are many online, often new ones are opened while others are closed.

The principle that drives these webmasters to give bitcoin is to increase the overall popularity of the criptomoneta, thus contributing to its diffusion and increase of value of Bitcoin/Euro exchange rate and dollar Bitcoin

Wow. I thought bitcoin 'mining' would remain the staple means of acquiring them but after reading this I've realized its not sustainable. This's also the only article that explained the mining process in layman terms -- others just use computer science jargons to confuse.

Any prospective user of the currency should view it as a fad that'd soon get erroded since first-world governments're cracking down hard on it. It cannot get taxed or locked down to geo-political zones so it spells doom for economic growth.

On the bright side though, I heard the company behind the currency offer security-based server solutions to banks to eliminate cyber-based exploits; that means your laptop 'mining' is actually part of a server consisting of millions of computers worldwide ensuring online bank transactions're made accurately with no loopholes thieves and hackers can take advantage of. That alone makes me sleep well at night knowing I'm contributing to society.