3.) FAQs about Bitcoins and Where to Find Out More
Learning all you can about bitcoin is an important endeavor before you get started mining for it, using it, or buying it. Without knowledge, you’ll be more likely to fall for a scam or make mistakes due to misunderstanding. Keep learning about this important programmable currency so that you can succeed.
Are Bitcoins Legal?
Because bitcoin has never been made illegal, and more and more businesses are taking bitcoin, it’s considered a legal currency. Because of that, you should be careful not to use it for illegal activities that may end up causing regulation.
What Happens If You Lose Your Wallet?
Losing your wallet means you’ve lost your bitcoins forever. You could lose a lot of money if you do this. There is no recovery and no entity to help you if this happens. Guard your bitcoins carefully.
Do New Bitcoins Get Created?
Every 10 minutes, a new block of coins is solved. At that time a block reward is determined that states the worth of the block. This is the only way that new bitcoins are created. This takes a lot of electricity which is a factor in the value of the bitcoins.
Are Bitcoins Secure?
Some people worry about the security of bitcoin, but the truth is it’s very secure. The important part is to use trusted software, only work with people you trust, and not trust just anyone on the net. That’s why there is a system in place to prove the work.
Is Bitcoin Data Traceable?
The block chain technology is transparent and makes bitcoins very traceable. Block chain acts as a public ledger for every single financial traction on the bitcoin network. However, everyone uses a pseudonym during transactions, and your wallet key is secret and should be known only to you.
Can You Get a Refund from a Bitcoin Transaction?
There is no refund system. Therefore, you can’t get a refund if you accidentally send the wrong amount of money in a bitcoin transaction. Check your math and check your numbers before you complete any transaction.
Who Can You Pay with Bitcoins?
Some schools around the world are taking bitcoin for tuition payments. Schools like Simon Fraser University in Vancouver, Canada, and Mexico’s Universidad de las Americas Puebla and others are taking bitcoin.
Even companies like Dell are taking bitcoin. You can actually pay in bitcoin to over 300K stores and companies around the world.
Do Bitcoins Use Energy?
Using bitcoin takes more energy than a credit card by almost 400 times. That’s a lot of energy and factors into the worth of the bitcoins.
An interesting fact about bitcoin is that Finland exempts bitcoin from value added tax (CAT). This is a tax that is added to goods and services automatically in some countries. Finland has exempted bitcoin from VAT because it is considered a commodity.
Bitcoin is complicated, to say the least. Hopefully, these facts help you think about bitcoin in a new way. The more you learn about bitcoin, the less likely you are to fall prey to a scam and the more likely you are to use it wisely. You can find out a lot about bitcoin from various websites.
Try Bitcoin.org, bitcoinmining.com, and Blockgeeks.com.
Previous close with a doji. Will the weekly turn to green or a doji. If a doji will be good but turning green with a long leg is bad. Because it will become a bear inverted.
If weekly pattern form a indecision candle; than it will be good for the coin tongo bullish and retrace but buying point should be below the $9584 area estimately above $9400 area. Then she will be heading above prevoius week high again. We can’t confirm till this week closes.
4.) Making Money with Bitcoins
Believe it or not, you can make money with bitcoins – and in more than one way. Even though there are only a total of 21 million bitcoins, the value of each coin goes up over time (and down sometimes) depending on the market. You can make money by mining for bitcoins, buying and selling, or getting paid in bitcoins. Let’s look at some options for making money with bitcoins.
* Micro Earning Sites – These are websites that pay you in bitcoin for doing tasks. They will pay you to do small tasks, but you will be paid very low amounts. The idea is that the bitcoins will increase in value. It’s the easiest but most time-consuming way to earn bitcoins.
* Bitcoin Faucets – These websites give away small amounts of bitcoin to users when the user views an advertisement or completes a survey. You won’t make a lot of money doing this, but again the idea is that the value of the bitcoin should increase over time. If you’re not doing anything else, it’s an option.
* Micro Jobs – You can use websites like CoinWorker.com to complete tasks such as testing a plugin, retweeting someone’s post and other acts to gain bitcoins. Your pay will be a lot lower than you could make in dollars, but the potential is there to earn more.
* Earn Bitcoins by Writing – You can get paid in bitcoin by writing about bitcoins. There is a need for more education. You can choose to accept bitcoin on your own site or you can join a freelance site that pays in bitcoin such as WorkingForBitcoins.com.
* Buy and Sell Bitcoin – Like any other type of currency, you can buy and sell it. The trick is to buy low and sell high. This can be tricky but it’s totally possible to make money with bitcoins in this manner if you know how to follow the market.
* Build and Manage a Bitcoin Faucet – Some people earn up to $800 a month with their own bitcoin faucet. It’s complicated but you can find a guide online that teaches you how to do it effectively. There is even a bitcoin faucet plugin for WordPress.
* Create a Bitcoin Information Site – Put information about bitcoin on a webpage and then put advertisements on the page. You’ll earn money via the ads on the site because people are desperate for information about bitcoin. And the site will get a lot of traffic if you do it right.
* Selling Your Own Products or Services – Naturally, you can set up your business to accept bitcoin. By doing that, you’ll earn more bitcoins and hopefully be able to trade them for cash as the price of bitcoin gets more expensive over time.
* Bitcoin Mining – Miners are the ones who are building the public ledger. They create new blocks and when they do so they’re rewarded with new bitcoins. This can be an expensive way to earn bitcoins because you have to buy a mining rig or join a mining pool, but it’s a good way to do it – as well as the oldest way.
As you can see, there is money to be made with bitcoins. You just have to jump in after you learn all that you can about bitcoin, its uses, and the system. It can be confusing at first because it all seems theoretical, but it’s very real. And once you get going, you’ll understand it and be able to earn more money than you may have thought.