When you required money, you visit your nearest Bank ATM or withdraw the amount in the form of cash from a bank branch. Unlike traditional currencies Bitcoin is not printed but is discovered by a process known as bitcoin-mining. Bitcoin exists only as a digital file containing information of it’s transaction history in the form of a distributed ledger.
Bitcoin miners are essentially individuals and companies that use expensive enterprise grade hardware and software to solve math problems encoded in the currency to discover new bitcoins. The mining process ensures that the Bitcoin network remains safe and stable because it is also used to verify the transactions in a block. Mining thus enhances the security and acceptability of the Bitcoin block chain.
No ! This is not a bitcoin. Its the pound used in London, the Capital of Bitcoins in Europe.
The miners use a digital wax seal often called a Hash to authenticate their transactions in the block-chain. Hashes are created by taking the information stored in a block of transactions and using a unique mathematical formula to convert it into a number of sequences. These sequences are composed of letters and numbers. Every miner who successfully creates a Hash is rewarded with 25 bitcoins, then the block chain is updated and other users on bitcoin network are then informed. This is what refers to as bitcoin mining
While mining was easy some years ago, it has now become very competitive and you need to invest lakhs to purchase the right equipment. So a lot of people have started trading in Bitcoin which has emerged as the easiest way to become a millionaire in China.
India is still lagging behind in adapting to this technology as the government departments are locked in a fight with the RBI over whether a Bitcoin is a currency or a security.
Indians can still get free bitcoins at the websites below but before that you need to sign up for a Bitcoin wallet which will give you a receive address. You have to save the receive address in a word file because you will need to use it later. For a complete list of Bitcoin Wallets visit the official bitcoin website.
Coin Worker – coinworker.com
To start earning bitcoins for free on this website, you will need to enter your bitcoin receive address which signing up. After completing the registration you will need to start browsing for micro-jobs listed on the website. Most of the work allocated on the website involves translating audio into text, doing market research and writing short articles.
The tasks given on this website can be performed by anyone in their browser windows. These tasks might take you anything from fifteen minutes to several hours to complete after which you will be paid in bitcoins. Once your account hits 200 points then you can convert it to bitcoins and withdraw the bitcoins to your bitcoin receivable address.
Your payment will be made within 12 hours of submitting a withdraw request. Remember that accuracy is important when doing online work. Pay complete attention to the requirements given by the job poster. If your work contains errors then you will only receive partial payment for the work completed.
BitBond – www.bitbond.com
This website offers loans in bitcoins. You can lend in bitcoins to earn interest or apply for a loan of bitcoins if you are in need of the money. You can borrow up to Rs 20 lakhs in bitcoins at a very low interest rate of only 1% per month. This website offers loans for eBay sellers and other online businesses. The loan tenure can vary from six weeks to three years.
Since the borrowers are credit checked by Bitbond, lenders do not have to worry about losing money. The website currently supports more than 100,000 borrowers and lenders. This peer to peer lending bitcoin platform is growing fast and plans to increase the variety of it’s offerings in the coming days.
Start Mining Bitcoins with bitminter.com
Bitminter members have already earned thousands of Bitcoins since 2011. It is one of the leading Bitcoin mining pools online. Its mining algorithm is the fastest and is backed by a large network of physical miners. The company has also setup data centres around the globe making it easy for anyone to join their system.
To start earning bitcoins on this system, all you need to do sign up and provide your wallet address. You will then need to install the Bit-mining client software on your home computer and connect it to a specialised mining computer. Please note that the difficulty of mining has increased over the past few years and mining using your home computer is no longer feasible.
Bitcoin Trading – coinsecure.in
A single bitcoin is worth Rs 3,10,200 as on 30th August 2017. You can earn a lot of money by trading in bitcoins. One of the fastest real-time bitcoin exchanges in India, Coin Secure is the ideal platform to earn money by trading in bitcoins. You can earn free bitcoins buy short selling them on this platform. When you short sell a bitcoin, you expect the price to drop over a number of days. Once the price drops you square of your trade and pocket the difference in trades. This is one of the easiest way to get free bitcoins.
There are however some risks if you are not used to day trading. Day trading involves trading without holding the security, so you need to be aware of different parameters which might influence the price of bitcoin. This can then be used to gauge the market sentiment and determine whether to buy or sell on any given day.
Coin Secure is a safe way to store bitcoins because their coins are stored in a cold storage, which means it is not connected to the Internet and cannot be hacked by cyber criminals. Please note only Indian citizens can trade on this platform and they must be over eighteen years of age. There is flat fee of 0.4% charged on all trades done by the company.
It is easy to buy and sell bitcoins if you have a bank account with ICICI, Yes Bank or Axis Bank in India. Coinsecure has tied up with these banks to make it easy to buy and sell bitcoins in India.