If you are unaware about bitcoin, then your mind would come up with a question like “what is a bitcoin?” Bitcoin is a digital currency or encrypted currency used all over the world to transfer money. This cryptocurrency or digital currency is a coin or money which can be sent from one place to other through internet. The cryptography is used for regulating and generating the units of this currency.These are like virtual coins that cannot be seen by their values can be seen. This transfer will not require involvement of a bank. You need not transfer money to the bank and send it to the concern person. Instead you can just make a direct transfer.
How does it work?
Bitcoin transactions are made using the bitcoin wallet where your bitcoin will be stored. This wallet has a secret code or data that is called a private key. It is also called a seed. This key is used as a signature from the user or owner of the wallet. This is taken as an approval for transferring money from one place to other or one person to another.
Where bitcoin is used?
Bitcoin is mostly used in the stock market. If you are buying and selling goods online. Then you will have to open a bitcoin wallet. You can add the bitcoin in the wallet. Later use it for transferring them as currency for your trade. Otherwise you can just keep the wallet untouched such that the value of the bitcoin will raise. You can get more than what you have invested.
How to earn bitcoin?
Most efficient or effective ways to use these bitcoins will be to use them as a source of payment.First of all, you need to get free bitcoin wallet such that you will be able to save your bitcoins in it. There are many websites that would readily avail you with the bitcoin wallets for free. Check the website thoroughly before registering in that website.You need to ensure the safety of your bitcoin in the wallet. It is always good to store or save the bitcoin in two to three different places. This will help you in safeguarding your money.
Once your wallet is ready, you will be able to see options like receive money or add fund. Using this you can receive money and store it in the wallet or you can add some bitcoin as fund. Few websites provide free bitcoin for registering or logging in with them. This can be beneficiary to get free coins. But you have to ensure safety. There are fraudulent sites that might offer less number of free bitcoins and later gulp all the money you invest in it.