How to earn Bitcoins and other Crypto Currencies? – Indian Bitcoiner – Medium
Bitcoin is like Digital Gold and it has immense potential,tho’ maximum Indians aren’t aware of it. Earning bitcoin is like earning gold , its value increase everyday. Its presently having the highest Come back on Investment among all trade-able commodities.Being decentralized,anonymous and free from the clutches of banks and governments,the power of bitcoin is unimaginable.From buying products and services from the dark web to buying an apartment ter a legalized country, you can do anything and nobody can control thesis transactions. Bitcoin is the future.
“You can’t zekering things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust” — John McAfee, Founder of McAfee
Te July 2010 , 1 BTC wasgoed 0.08$ and now it is 1777.77$ (CEX.IO) |1724.58$(Coinbase) , see the massive growth — 22,Ten,00%.Last year on 14th May Bitcoin wasgoed trading at 450$ and an te year it grew around 400%. Whereas , Te July 2010 your physical Gold wasgoed Rs. 18867 and now its Rs. 27,500, only 46% growth.Recently after Japan legalized Bitcoins the bitcoin market grew from Two.9 billion USD to 30 billion USD te an week. Te the coming 4–5 years other countries will go after the suit, the market will increase and the price vanaf 1 BTC will reach 20,000$ , Mark my Words. Nothing te this world can give you such an massive terugwedstrijd.
Now the question is how to earn Bitcoins ? Bitcoin is a form of digital currency, created and held electronically. So to earn bitcoin , you have either create it or hold it, te technical terms you have to trade bitcoins or you have to mine it.
“Bitcoin is a remarkable cryptographic achievement and the capability to create something that is not duplicable ter the digital world has enormous value” — Eric Schmidt, CEO of Google
Bitcoins are lightly available for trade , you can buy or sell any amount of bitcoins from India. There are several Exchanges / Exchange spunk Wallets which permit such transactions after zindelijk verification of identity.
There are several International exchanges which can be trusted and you can trade with them.
Te the above websites you can lightly buy bitcoins using Credit Cards or Debit Cards and sell them whenever you want it. You can withdraw the amount to your registered Credit Card or Indian Bankgebouw Account.
Recently two Indian companies leaped into Bitcoins business,they came up with Wallet-Exchange concept and they accept Indian Rupee.
I would personally recommend the international exchanges for transaction because they suggest highest levels security.
“Bitcoin actually has the balance and incentives right, and that is why it is embarking to take off” — Julian Assange, Founder of Wikileaks
Isn’t it amazing if tell you that you can print your own money ? Yes, you can create your own bitcoins and spil much spil you want and this can be done using you hardware or cloud services .
Te the initials days of Bitcoin mining , it wasgoed lightly mined using the CPU . Spil the miners enhanced , to use more hash rates people began using GPU and now ASIC. I am not going into the details on how this works te the background , you can refer to this Bitcoin mining if you want to know the science behind it.
You can use the hashrate of your own pc to mine bitcoins. But due to fat number of miners , difficulty of blockchain and high hash rates of ASIC its almost unlikely to mine Bitcoin for profitability. How can you contest with your 100H/s against 1TH/s ? If you have free electric current then you can get some sort of profit. Where spil you can mine Altcoins or Alternative Cryptocurrencies such spil Monero , Bytecoins , DASH , Ethereum etc. You can wait for them to turn into Gold or you can convert them to Bitcoin using Cryptonator.
All you need to do is Register,Download Minergate GUI Miner for Windows/Linux and commence mining. They also suggest “Smart Miner” which automatically mines altcoins based on current exchange rates.
If you have a high budget you can get yourself BITMAIN‘s Antminers which will cost 1000$ + which is around 80,000 INR. You can calculate the profitability using Cryptocurrency Mining vs. Bitcoin Mining Profitability.
This concept is going rounds for last few years, there are certain mining companies who are suggesting cloud services. All you need to do is sign up at their websites and buy hashrates. They take onetime toverfee + daily maintenance toverfee and suggest lifetime contracts / one/two year contracts. You can mine Bitcoins , Monero , Ethereum , Dash etc and you can calculate your profitability using Cryptocurrency Mining vs. Bitcoin Mining Profitability . But te this cloud mining sector , maximum companies are running scam like TeraBox — Cheapest Bitcoin Mining , so you have to choose very cautiously . You can trust the below websites downright.
- Genesis-mining ( Use code mNpFUG for 3% discount) — The most popular and thickest mining company. You can buy hashrates for Bitcoins, Ethereum and Monero mining.
- Hashflare.io is very popular and suggest the best rates ter the industry. You can mine based on Hash algorithms SHA 256, Scrypt , ET-HASH (Ethereum), X-11(DASH) and EquiHASH (ZEC).
- Hashing24 is a trusted webstek where you can mine bitcoins. They also offerande a free demo which you can attempt if you are unassured about which contract to choose.
- NiceHash, the most advanced crypto currency cloud mining, hash rental service and multipool. They suggest you to buy or sell hashing power without contracts on pay-as-you-go voet.
Any Monero / Ethereum contract will give you 80% + Come back on Investment within an year and this is one of the reasons why thick number ofpeople are joining the mining business.
“I do think Bitcoin is the very first that has the potential to do something like switch the world.” — Peter Thiel, Cofounder of Paypal
Now the most significant thing is storing the bitcoins. There are truly security concerns about storing the bitcoins. Major exchanges have bot hacked , bitcoins worth millions were stolen. Tokyo based Mt Gox wasgoed hacked and 350 million$ wasgoed stolen , 78 million $ wasgoed stolen from Hong Kong based Bitfinex and there are thousands of stories of private bitcoin thefts due insecure treating of private key. There are hundreds of hackers who are working day and night to pauze into systems , hack the servers or hack your account. All they need is your private key, either by hacking your account or by hacking the server.
- So , the very first and foremost rule never keep all your bitcoins ter your one pocket , DISTRIBUTE THEM among different wallets.
- Avoid keeping bitcoins ter exchanges spil they are more prone to cyber attack , waterput them ter wallets.
- If your amount is puny and you are interested ter Trading keep it te Hot Wallets (Online Wallets) like Coinbase , Blockchain , Xapo etc.
- For the hot wallets, Always use the highest form of security available by the wallets , like SMS based authentication or Google Two Factor Authentication or Finger Print Authentication.
- You can also keep your bitcoins on Windows / Android based software such spil Copay , Mycelium Wallet etc.
- If you have more bitcoins and want to keep it ultrasafe then go for Hardware wallets like KeepKey , TREZOR . or the cheapest Ledger Walletwhich is available at only 58$. Ledger Wallet is undoubtedly the best choice.
You can also earn Bitcoins te puny amounts (Satoshis) from faucet websites like Moon Bitcoin,Freebitco.te etc.
“Bitcoin will do to banks what email did to the postal industry” — Rick Falkvinge,Founder of the Swedish Pirate Party
Legal:- About Legality of Bitcoin te India , its neutral. A particular thing becomes illegal only when the thing is prohibited under a particular law. Presently there is no law which states that investing / mining / earning Bitcoins is criminal offence. All the developed nations are pushing towards legalizing Bitcoins , so will India.