For the past ten years, Bitcoin has made a name for itself in the world of online finance as one of its most valued currency’s.
Valued at roughly $11,671.30, a Bitcoin could be used to make purchases or buying services online, with the idea of transactions being more secured. It is easy to see why something so revolutionary has made profits for people like Jered Kenna, and Charley Shrem, who made millions of dollars investing with it. Although it may seem like a complicated process with fancy tech terminology, making money using Bitcoin is something that anyone can venture in.
Today there are many different ways to make money using Bitcoin, the most commonly used is Bitcoin Mining. Assuming you are an average person and don’t have thousands of dollars to invest in Bitcoin, there is a way to produce the currency via Bitcoin Mining. This is the process of using special computer software to solve algorithms, and in return receiving certain amounts as a sort of reward. This is essentially the way the system works, seeing as there is no central banking system like the U.S. dollar has (Government). Instead, Bitcoin is not regulated by any bank or Government, and is basically regulated by the Bitcoin Miners, and how fast their computing power can solve the math problems, and in return generate more. The more computing power, the more Bitcoin a prospective miner can produce, and the harder the math problem, the bigger the payout.
In the Early days of Bitcoin Mining, a single person could mine from their own home with their desktop computer. Once it started gaining popularity and more miners began to chip away at algorithms, it was discovered that instead of using the CPU (Central Processing Unit) on your computer, the GPU (Graphics Processor Unit) was much more suitable for solving the math problems. Then the development of specialized chips called ASICS (Application- Specific Integrated Circuit) were made to process faster and consume less power, furthering the advancement of Bitcoin mining. There are also Mining pools, which are communities of miners that work together to solve harder algorithms, and in return all members receive a portion of the mining profits based off of the amount of work each miner put in. You can also make money by trading, for more information on this, look at bitcoin revolution.
One doesn’t need an extensive background in finance or a degree in computer technology to make money using Bitcoin, weather you are an experienced investor like Roger Ver, who made over $50 million dollars investing, or maybe you are just an aspiring entrepreneur looking to start your first venture, anyone can make money. Whether you are an aggressive investor and want to start your own mining operation, or you plan on using your mining operation to build your wealth and save it in your virtual wallet for the future, Mining can be a great way for any person to make money.