Its popularity has inspired the development of many other cryptocurrencies. Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank.
Bitcoin’s creator, Satoshi Nakamoto, originally described the need for “an electronic payment system based on cryptographic proof instead of trust.”
Every Bitcoin transaction that’s ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake.
This makes it more trusted than the traditional form of payment printed and manipulated by the government.
Bitcoins are not backed by the government or any issuing institution, and there’s nothing to guarantee their value besides the proof baked in the heart of the system.
Bitcoin has risen dramatically in value. Although it once sold for under $150 per coin, as of October 14, 2022, 1 BTC equals around $19,319.
What is Bitcoin?
Bitcoin is a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or government, thus removing the need for third-party involvement in financial transactions.
It is rewarded to blockchain miners for the work done to verify transactions and can be purchased on several exchanges all over the world.
Why Should I Invest In Bitcoin?
Bitcoin has a limit of 21 million coins, causing scarcity and making it appreciate. Many expect its price to only keep rising as time goes on, especially as more large institutional investors begin treating it as a sort of digital gold to hedge against market volatility and inflation.
Currently, there are more than 19 million coins in circulation. Here are some reasons to Invest in Bitcoin
1. Bitcoin rules are permanent.
That is a permanent rule that is also public. Everyone can check that rule, and no one can change it. This makes it a haven for investors seeking to diversify their assets.
2. Bitcoin will be scarce.
As mentioned above, Bitcoin has a limited supply of 21 million. There will only ever be 21 million Bitcoins. That is a fact, and it cannot be changed.
If all the Bitcoin supply in existence were to be distributed evenly across the people of the earth, then there would only be 0.0023 BTC for each person.
If you own more than 0.0023, you will own more than most people will be able to own and that should be one more good reason to buy Bitcoin.
3. Bitcoin is a transparent asset.
Bitcoin is more transparent than the Federal Reserve, it was recently revealed that the US printed more money in 2020 than at any time in history, and nations across the world print excess money to cover up for their mess.
But Bitcoin has two things that no other currency in the world has, not even the U.S. Dollar: Decentralization and Transparency.
The Federal Reserve prints money every day, inflating the economy. We have no insight into future monetary policy, and we don’t have a way to audit the Federal Reserve which leaves everyone around the world at its mercy.
It is smart to invest in Bitcoin? If you like your assets not to be manipulated by governments, banks, or companies.
4. Bitcoin can’t be controlled.
America is supposed to be the land of free speech yet it has censored more countries out of its financial system leading to the total collapse of the economy of some nations around the globe. Bitcoin as an asset cannot be censored. Decentralization guarantees that.
5. It is cheaper to transfer Bitcoin.
International payments can be time-consuming and surprisingly expensive. Fees can range from 3.5% to above 10%, and take days to process.
6. Bitcoin is gaining global acceptance.
Back in 2010 various countries went all rampage on Bitcoin calling it a sham, but a few decades later, it is starting to gain wide acceptance globally.
7. Bitcoin Offers Potential Profits
Yes, there have been dips, peaks, and valleys, but zooming out we see a clear uptrend. A $50 investment in 2009 would have netted you $100 Million at Bitcoin’s peak in 2017. So, should you invest in Bitcoin? If you intend to hold it for as long as a home, then yes, why not?
8. Bitcoin holds much value as gold.
How do I Make Money Online With BitCoin?
1. Mine Bitcoin.
Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems that verify transactions in the currency.
Cloud mining has been developed as a way to mine bitcoin by using rented cloud computing power without needing to install or directly run any related software or hardware.
I wrote a comprehensive guide on this blog on how you can start mining Bitcoin and make money doing it. Check out the link to the article to learn more.
2. Join Bitcoin-based Affiliate marketing.
Affiliate marketing is the process by which an affiliate earns a commission for marketing another person’s or company’s products.
The sales are tracked via affiliate links from one website to another. Many crypto affiliate programs pay you for referring new users to their platform.
Affiliate programs are free to join. once you create an account, you’ll be given a special unique link. You can start sharing the link however you‘d like on social media, websites, blogs, and forums.
Whenever a person signs up or makes a purchase using your link, you will receive a commission. The biggest advantage is that it’s quick to start and begin earning money, all that is needed is an effective promotional method.
I wrote a comprehensive guide on how you can start an affiliate marketing program and make money. Check out the link to the article below to learn more.
3. Buy and hold Bitcoin.
Once their market prices rise, they sell at a profit. This investing strategy requires one to identify more stable and volatile assets that can shift in value rapidly, resulting in regular profits.
Assets such as Bitcoin and Ethereum have been known to maintain regular price fluctuations; they can, therefore, be considered a safe investment in this regard.
Also, you don’t need to buy the most expensive assets for you to make profits. There are thousands of small altcoins that have decent price shifts once you can identify with them earlier on.
4. Day Trade Bitcoin.
Just like trading Forex, you can also day-trade cryptocurrency assets such as Bitcoin. Day traders are looking to make a relatively quick profit, while investors may only make a handful of changes to their portfolios per year.
Nonetheless, day trading can be another way to make money with Bitcoin, just like it is with stocks or other securities.
Day traders buy and sell assets within the same day, to try and score a quick profit. This is a risky strategy since it’s hard to know how cryptocurrency values could change on any given day or over time.
You can start day trading on any exchange today; all you need to do is to sign up, buy some assets, analyze, and you’re all set.
You can also start trading through an automatic trading platform like bitcoin profit which allows users to decipher the signals emitted by the trends on bitcoin and other cryptocurrencies and start to perform successful small trader.
I wrote a comprehensive guide on how you can day-trade cryptocurrencies and make money, check out the link to the article below to learn more.
5. Work for a Bitcoin Company.
Cryptocurrencies need to be evolved, and this can only be made possible when software companies build solutions to power the ecosystem.
6. Stake Your Bitcoin asset.
Many exchanges and platforms offer stakes, with both centralized and decentralized options. The lowest risk option for staking would be to stake stablecoins.
When you stake stablecoins, you eliminate most of the risk associated with the price fluctuations of cryptocurrency.
7. Write about Bitcoin.
The beautiful thing about blogging is that you don’t have to start off being an expert – many very popular blogs were started by people who did not have any expertise, but went on to develop their expertise in the course of their blogging journey
Blogging allows you to be your boss, work the hours you want to work and call the shots.
You can make all the decisions about what you will write, how you will grow your blog, how much time per week you’ll dedicate to your blog and how you will monetize your blog.
You can decide to start a blog writing about what your opinion is about the cryptocurrency world, and in turn, monetize it from there.
I wrote a comprehensive guide on how you can start a blog and become successful. Check out the link to the article to learn more.