Bitcoin is a decentralized peer to peer cryptocurrency and the first of its kind. It is one of the most fascinating innovations in finance in at least the last hundred years. Bitcoin is completely determined by an algorithm and everything is open source so there are no surprises. No central agency can control the purchase of Bitcoin, unlike fiat currencies or even materials like gold. The world can only see a total of 21 million bitcoins.
Like any new disruptive innovation, Bitcoin has a fiercely loyal core group of supporters and followers who are passionate about the idea. They are the ones who start and spread the idea and raise it to a higher level. Bitcoin has many enthusiasts who are excited about the idea and the way it can shape the future of finance, restoring the power of money to the masses instead of under central control.
It’s not just a passing fad. Bitcoin is here to stay. Miners are preparing for the best of the best equipment for more efficient Bitcoin mining. Stock exchanges are investing heavily in the security and efficiency of the Bitcoin system. Entrepreneurs use their chances and build great deals around this idea. Venture capital funds are starting to support projects that revolve around Bitcoin (Coinbase has just raised $ 5 million in venture capital from some of the best WCs, including the team that supported Tumblr).
There are many scenarios, black swan and others in which bitcoins can become the dominant force in the financial industry. There are many scenarios of doom and gloom you can imagine where Bitcoin will retain its value and value as hyperinflation consumes fiat currency of a weak central government (there was at least one recorded case in Argentina where a person sold his house for Bitcoin). However, that is too pessimistic. Even if nothing bad happens, Bitcoin can live happily with traditional world currencies.
Some of the biggest advantages of Bitcoin are realized in efficient markets. It can be disassembled into one hundred million parts, each of which is called a satoshi, unlike the fiat, which can usually be disassembled into only one hundred parts. Also, transactions through this network are essentially free or sometimes require a small transaction fee to encourage miners. Little by little, we are talking about less than a tenth of a percent. Compare this to the 2-4% commission usually charged by credit card companies and you will understand why this concept is so attractive.
So, now that you are convinced that Bitcoin is there to stay in the long run, how to use it? It is still at a very early stage of development and there are many places where you can make bitcoin. Taps, for example, are supported exclusively by advertising and captcha and have no pitfalls – enter your wallet ID and get free Bitcoins.
There are several other concepts from the world of Get-Paid-To that have been translated and made specifically for the Bitcoin economy. For example, there are several ways you can take surveys, watch videos, and visit advertiser websites, all in exchange for some bitcoins. Since this is new, it is a great way to test the water and ensure some of it in the process. Remember that it is much easier to donate Bitcoins because microtransactions are so convenient. There doesn’t have to be an actual minimum payout, and even when there is, it’s usually very minimal.
To participate in the economy of Bitcoin, you do not have to be a technical expert or even go deep into the functioning of the currency. There are several services you can use to make the process as easy as possible. It’s all up to you to take that leap of faith and stay in the game in the long run.