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Your Bitcoin Questions – ANSWERED

Bitcoin questions answered

Unless you’ve been living under a rock, you’ve definitely heard about Bitcoin. The cryptocurrency or virtual currency is not only getting a lot of airtime in the media, but is also slowly taking over the financial world.

Bitcoin isn’t a perfect financial system, and conventional money isn’ either. When you consider mainstream currencies such as the US Dollar and the Rand, their strength or weakness is “managed” by how much of it the reserve banks print. The performance of mainstream currencies is also determined by government debt, foreign investment, political instability, and most importantly, government policy (which is a growing problem in South Africa). Bitcoin on the other hand, operates in the digital world. This is why the user has more control over their money. This is the first time ever that you, the user, can control the financial system. So, how can you benefit from Bitcoin?

BITCOIN OCCUPIES A UNIQUE SPACE IN THE GLOBAL FINANCIAL SYSTEM 

Since Bitcoin is a virtual currency, it lives at your hosted wallet, online. This means, you can access the funds from anywhere in the world. Furthermore, using Bitcoin now means complete privacy and very little fees. In fact, some large corporations like Microsoft accept Bitcoin as a form of payment. So, how can you get your hands on them?

Well, if you want to buy Bitcoin, or be in a position to receive them, here is what you need to do:

Get a Bitcoin wallet: This is the easiest step. All you have to do is visit blockchain.info, coinbase.com,or BitX South Africa and create your wallet.

Use your Bitcoin: If you have a friend who’s using Bitcoin, you can practise sending and receiving money from each other. You can also use them to pay for goods that accept Bitcoin payment, such as vendors using PayFast. 

HOW DO YOU EARN BITCOIN

Mining: There are two ways to mine Bitcoin – You can own hardware or computers that do the mining or, you can hire the hardware from a third party and mine on the cloud.

Small Earnings: There are a number of websites that pay small amounts of money in exchange for completing certain tasks. Most of the time these so-called “faucets” involve looking at ads in one way or other. You can also use affiliate marketing and get paid in bitcoins.

Gambling: Not recommended but, you’re probably familiar with online casinos. You play a game of luck, or skill-based game such as poker, and if you win, you earn some bitcoins.

Trading: You can also earn bitcoins by trading. You buy when it is lower, wait until the price increases then sell it at a higher rate to generate profit. Or, wait til the price drops then buy it as a lower rate. Understanding market trends and price patterns are key in this regard. 

Happy Bitcoin job hunting!

By Shimanga Mubitana

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