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|Easiest Method Of Making Cool Cash From Bitcoin (part 1) by neowelsh(m): 12:16pm On Aug 25, 2016|
Have you heard of Bitcoin?
Hello welcome to this tutorial about bitcoins, I am going to explain how Bitcoin works, what it is and most importantly how to make money from Bitcoin.
I have surfed the internet looking for a detail explanation of how Bitcoins works, but could not see any, so I decided to put up this tutorial to educate everyone who cares to know about Bitcoin.
Before we go into details, let me show you how much a Bitcoin is worth.
As of the time of writing this article 1 Bitcoin equals 574.26 US Dollar, oh yes that is what a Bitcoin is worth.
Now imagine as a Nigerian you have 1 Bitcoin, the Nigeria equivalent will be
340.25 x 579.78 = N197, 270.145
Isn’t that cool?
Let’s get down to business
Let us start with the basic. Most of us must have heard about bitcoin, but 99 percent of us don’t really understand how it works, it looks magical to us.
Let us start by answering the question.
What is Bitcoin?
Bitcoin is simply a Decentralized Digital Currency, in other words, it’s like a virtual cash or gold and it is transferred from person to person, which means that no bank or government control or prerequisites to be able to own or transfer Bitcoin, the symbol for Bitcoin is B or BTC.
Bitcoin is a Crypto-currency and cryptocurrencies has been around since the 1980’s, but there was a problem called double spend. All of the prior digital currency or cryptocurrencies had this had this problem of where somebody spends a unit of that currency, it’s very difficult to tell if that unit is already be spent, and that is the biggest problem Bitcoins and why it has gained so much popularity and the way that it does this through its distributed peer-to-peer network which works just like Bittorrent.
The first Bitcoin was actually issued in 2009 by someone named Satoshi Nakamoto, this is believed to be a pin name, and nobody actually knows who started Bitcoin.
Bitcoin is divisible to 8 decimal places (.00000001) just like the way Naira is divided into Kobo, you can therefore almost break Bitcoin into a very small amount.
Bitcoin is very difficult and expensive to hack because of the way Bitcoin protocol or network operates since there is no central or specific location that is government by the government of a particular country. There are some numbers that says to hack the Bitcoin network for just ten minutes will cost around half a billion dollars, therefore there is a lot of trusts.
Bitcoin is controlled by the consensus of market participants, so no government or bank can control the Bitcoin network, which is why it is gaining so much popularity.
Why is Bitcoin Important?
There is some aspect of cryptocurrencies I think shows huge prospect for really changing the world, let’s look are some these facts.
Out of the 7 plus billion people that lived on the planet, about 6.5 billion people don’t have access to basic and banking financial services, like saving the account, ATM cards, etc. Bitcoin, therefore, makes it possible for anybody without government permission or bank approval to access to virtual banking. I think that will really change the world.
Fiat currencies are getting inflated by printing money (this is a subject for the economist, you can google it to get more knowledge about.
Now let us look at how Bitcoin actually have value, before we do that, let us look at
What is Money?
Money is simply any means for exchanging goods and services, in recent history, we have used fiat currency like USD, Gold as widely accepted forms of money, and there are primarily four properties that define what money is
Divisible: anything that should be accepted as money, must be able to be broken down into smaller units or amount, just like the way the Nigeria Naira can be broken down to kobo. Gold can also be broken down to Ounce, Bars e.t.c
Durable: anything that should be accepted as money, needs to stand the test of time.
Fungible: anything that should be accepted as money, must be freely interchangeable with another in satisfying an obligation. Basically like commodities, so one naira is equal to another one naira, it is interchangeable.
Verifiable: anything that should be accepted as money must be verifiable, you need a way to verify it, to show that it is real and not fake or counterfeit.
Why does Bitcoin have Value?
Bitcoin does a very good job of answering that four property of money, let look at some other ways Bitcoin has value.
Limited and Scarce (like gold), on planet earth, there is only a set amount of gold, just like there is a limited amount of Bitcoin.
Its Decentralized, it has no government control just like torrents.
It can be anonymous
It is transparent (Open source)
And because it has been vetted by people way smarter than me, it is therefore trusted.
It is easy to buy and sell (we will talk about this in another tutorial.)
Extremely low transaction fees
Irreversible ( no chargebacks)
How does Bitcoin Work?
This is actually very simple, let say for example someone gives you cash or a cheque, you take the cash or cheque to the bank and make a deposit into your bank account. Bitcoin kind of works like that, where someone gives you a Bitcoin, they are stored in a public ledger. Sending and receiving Bitcoin is as easy as sending an email (I will show you how in a bit).
Your coins are stored in what we call a “wallets”, there are different forms of wallets like
Local hard drive
Google for more information.
Bitcoin account number has two parts
Public key – account number/address, it looks like 1y3gB2LKwoeb4iSrb93LhFrMgq3U2T9Eo (that’s my account number, you can donate some satoshi to me if you like this tutorial), it is the account number you can give out to anybody that you want to send you Bitcoin
Private key – this is the password you use to access your Bitcoins account. This should be a secret to you, just like your password for logging in into internet banking account.
How Do You Get Bitcoins?
There are basically three ways you can acquire Bitcoins.
Buy from a person or exchange, there are websites you can go to buy and sell Bitcoins, it is just like a stock market.
You can Barter, that is providing products, goods and services in the exchange with Bitcoin.
You can mine for Bitcoins (run software to find bitcoins), this is where Bitcoins are mined and released every 10 minutes. There are miners out there who actually mine for this Bitcoins, it works like a lottery system, where the more CPU power that you have the more that you mine the better your odds are to get this Bitcoin for free and the way that you do that is by running software on your computer. In another tutorial, I will show you how you can do that.
How Can You Profit With Bitcoin?
One of the ways of making a profit from Bitcoin is when you mine, this is because when you mine, you get this Bitcoin for free, and you now sell them for whatever market value is. Although mining is becoming more increasingly difficult, the more competition there is, the more computing power it takes to actually mine for this Bitcoin and the more cost that is associated the more hardware you have to buy and the more electricity you have to pay for. Therefore before you say you want to start mining for Bitcoin, you have to do a proper cost analysis, if it will be profitable or not.
My favourite way is to invest and trade Bitcoin.
Buy and hold = very risky
Short- term trading = very profitable
Offer discount in products and services for payment in Bitcoin.
In the next tutorial, we are going to look into
How to get a Bitcoin Account and start making some free Satoshi online
How to buy Bitcoins
Software and tools
How to mine Bitcoins
How to Trade Bitcoins online
How to accept Bitcoins for your Business
And much more
See you in the next tutorial….
9 Likes 3 Shares
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by gocare: 12:24pm On Aug 25, 2016|
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by winnerjoy: 2:02pm On Aug 25, 2016|
pls, continue your lecture
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by neowelsh(m): 2:39pm On Aug 25, 2016|
I will, before this time tomorrow
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by emmanuelbrown26: 2:40pm On Aug 25, 2016|
mak una shift for me, mak i sit down
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by papuchudo: 2:45pm On Aug 25, 2016|
Following, cnt wait for the juicy parts
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by Abcruz(m): 4:00pm On Aug 25, 2016|
Following. Op thanks a million for this enlightenment
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by Ajiswaggs(m): 4:46pm On Aug 25, 2016|
Thank you op
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by oevenme(m): 3:37pm On Aug 26, 2016|
Following, please continue. Need to utilize this opportunity
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by Emmyk(m): 10:43pm On Aug 26, 2016|
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by neowelsh(m): 4:02pm On Aug 27, 2016|
Sorry, my hands are tired, I'm not sure I will be able to post the part 2 of this tutorial today nor tomorrow, but unfailingly I will post it on Monday. Thanks
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by neowelsh(m): 4:12pm On Aug 27, 2016|
Oga we hear, nobody said mining a Bitcoin is easy. In fact, Mining a Bitcoin is not possible in Nigeria, the essence of this thread is to educate the general public, and show them some of my simple method and tricks used in making money from Bitcoin.
you dig? so sit tight and follow up, you can also add more tips so that we all can smile at the end.
In addition, if you want to teach us how to make money from MMM, it's of no use we WhatsApp you, you can just create a thread on Nairaland and drop it if it is truly genuine and not a means you want to use to enrich yourself from our small income.
5 Likes 1 Share
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by pyerii: 10:16pm On Aug 27, 2016|
Emmyk:Oga mi, ejo, did you get to withdraw from Fiverr using the exchangers? I saw that you had issues withdrawing some days back. I have some amounts due for withdrawal and was wondering if the old method still works fine.
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by Emmyk(m): 10:59pm On Aug 27, 2016|
I tried 24hours later and it was successful.
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by fxbomovi: 11:42pm On Aug 27, 2016|
great work op.
Keep it up
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by Nobody: 7:14am On Aug 28, 2016|
Thanks OP. I personally don't think it is impossible to mine in Nigeria. Maybe if we are looking to mine Bitcoin, it may be a little harder than mining other altcoins with exchange rate to BTC very high. Example is XMR. XMR can be mined using only CPU hardwares although according to all I have read, some still go for the GPU mining (which may not be profitable). I guess what I am saying is that Nigerians often lack the culture of sharing beneficial information without taking a dime for it (respect to Nigerians who are not like this). Unfortunately, I don't understand all the hardware/computer/card specifications and the implications but if we have gurus n the house or blogs that can speak in our own Nigerian English as per those computer specs that can enable one mine successfully in Nigeria here, It would be worth it. (Information is scattered all over the internet with people (without the Nigerian attitude) discussing various methods on how they mine, just type and search on Google). Nigeria is fast behind in this new e-finance age as you can see, even nairaland.com feels it is taboo to discuss cryptocurrency. We need to educate ourselves and seriously be in growing world of tech.
We don't need to start building scrap helicopters at the time the world has started building drones. We should tap and move sharply.
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by pyerii: 5:59pm On Aug 28, 2016|
Emmyk:Alright brother. Thanks. I was already perturbed. Lol.
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by neowelsh(m): 1:24am On Aug 29, 2016|
Well said, sometimes I wonder why Nigerians have that habit of requesting for cash to share simple information
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by Orion21: 8:24am On Aug 29, 2016|
Follow like a disciple ..
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by Jametola: 9:08am On Aug 29, 2016|
waiting for next post Bro. very educating....
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by comeandsee: 3:26pm On Aug 29, 2016|
U are blessed .
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by neowelsh(m): 3:30pm On Aug 29, 2016|
Amen sir, same to you
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by fxbomovi: 4:04pm On Aug 29, 2016|
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by lexaydfg(m): 11:31pm On Aug 29, 2016|
I am following you. Thanks
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by fxbomovi: 11:36pm On Aug 29, 2016|
Here is opportunity to make good profit in cryptocurrency trading. Bitshares is pumping up, get in now when its cheap.
BUY BITSHARES 0.00001178
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by neowelsh(m): 10:03am On Aug 30, 2016|
more informations please.
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by fxbomovi: 11:07am On Aug 30, 2016|
neowelsh:what other info do u want
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by mondayimoni(m): 1:20pm On Aug 30, 2016|
Like the website
|Re: Easiest Method Of Making Cool Cash From Bitcoin (part 1) by fxbomovi: 1:51pm On Aug 30, 2016|
mondayimoni:you can buy bitshares from poloniex . Com
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