Not an IT expert, how can I earn Bitcoin daily?
Earning a portion of Bitcoin daily is a whole lot different from buying Bitcoin. In his whitepaper published in 2008 (http://nakamotoinstitute.org/bitcoin/), Satoshi Nakamoto called on volunteers (people like you and I) to contribute as honest nodes to run his mathematical algorithm, to enable the proposed new technology of recording transactions in blocks in a chain. In 2016 the technology was aptly named Blockchain.
Encouraging enough volunteers to run the open source software was secured by a promise of payment for proof of work in the form of a digital currency, called Bitcoin. New Bitcoin is released daily based on the number of blocks confirmed in the Blockchain. The volunteers providing the hardware running the mathematical algorithm 24/7 thus enabling the technology to confirm the blocks in Blockchain earn Bitcoin. These volunteers are called miners and they confirm the Bitcoin transactions in the public ledger as well as confirming the next block in the chain.
How does the release of new Bitcoin work?
Issuing new currency on a regular basis is nothing new as the banks in the FIAT system do it all the time. With Bitcoin it is different as we know exactly how many Bitcoin is available in the market at any given time, thus providing security and a supply-and-demand driven value to the cryptocurrency. The issuing of new currency into the market is known as the ‘Primary Market’ and in the case of Blockchain the volunteers whom perform the mathematical algorithm confirming the blocks will be compensated with a portion of the new Bitcoin released. Thus, they are earning Bitcoin in the primary market and are not buying Bitcoin. Satoshi created a primary market for releasing new Bitcoin in an orderly and well-regulated way by mathematical algorithm, to volunteers whom can proof their work.
Mining Bitcoin is powerful as Bitcoin is an international currency without foreign exchange regulation, government intervention and no bank as overseer to the transaction. A no nonsense transact yourself digital currency you can take anywhere and spend it on literary anything.
Can I buy stuff with my Bitcoin?
The secondary market is created when the money issued into the primary market is used to trade with. In the case of Bitcoin this took a little bit of time to get off the ground as initially the miners did not have a lot of places to spend their Bitcoin. Today it is a different story as the adoption rate of Bitcoin as legal tender is growing as scores of people join the Blockchain revolution. For those whom want to trade using Bitcoin without mining Bitcoin, the only alternative is to get their salary paid in Bitcoin or to buy Bitcoin by exchanging their FIAT currency into cryptocurrency.
What is driving the price of Bitcoin?
The market capitalisation for cryptocurrency is over $580 000 000 000 as I write this and growing fast (https://coinmarketcap.com/charts/). Most international companies are changing or adapting to accommodate a move to the new Blockchain technology. The growth in the price of Bitcoin is driven by the adoption rate of the technology which gave rise to Bitcoin.
The reason for the existence of Bitcoin is to compensate the volunteers whom run the mathematical algorithm giving rise to Blockchain technology, without which there would not have been Bitcoin. The secondary market for trading with Bitcoin is developing fast because the transactions are; peer-to-peer, cheap, fast and secure.
Where can I go to learn more about Bitcoin, fast?
My Reply hosts regular workshops, seminars and conferences to provide ordinary citizens with enough information to make an informed decision with regards their participation or not in the new technology. The time we live in, with the rollout of Blockchain technology provide you and I with a once-in-a-lifetime opportunity to change our financial future for the better. Visit our website http://myreply.co.za/ and follow us on social media to know when and where the next workshop is hosted. Invest in your understanding of Blockchain technology and cryptocurrency not to miss out on the biggest adapter of our era. Blockchain technology will impact your life, whether you understand it or not, act now.