The most effective way to make money with Bitcoin 2020
Is there a way to make money with bitcoin, and is this still a potential way to make money? We learn together in this article offline.
1. What is Bitcoin?
Bitcoin, also known as BTC, is the world's first issued cryptocurrency created by Satoshi Nakamoto. This electronic currency was launched in 2008. It can be exchanged and traded directly with Internet-connected devices without going through an intermediary financial institution, without any country. Who controls these transactions. Transactions are instant & anonymous completely.
Bitcoin uses a peer-to-peer protocol based on Blockchain technology for all transactions.
With this method, transactions will be performed directly from sender to receiver with transaction fees almost zero and without going through any intermediary organizations or individuals.
2. What is the unit of Bitcoin?
Any currency will have a unit, such as VND will be copper, USD is cent, and Bitcoin's unit is Satoshi - named after the founder of this coin is Satoshi. At a rate of 1 Bitcoin (BTC) equals 100,000,000 Satoshi. You can spend a small 1 BTC to buy and sell, this is one of the outstanding advantages of this coin.
When you want to use bitcoin, you need to register a bitcoin wallet to store, the two most popular wallets used by the majority of users are Blockchain and Coinbase.
3. Advantages and disadvantages of Bitcoin
- Not subject to any management by financial institutions
No tampering: Since it is generated by algorithms, it does not exist in a physical form.
Information security and safety: Bitcoin uses an anonymous transaction system (Blockchain), when trading you do not need to declare any personal information.
- Very low transaction costs, fast transactions: There are no intermediaries so the fees are almost 0, and it only takes 20 minutes to 30 hours.
Besides the above advantages, bitcoin will also have certain disadvantages that are:
- Not many people use: Currently Bitcoin is mainly used for speculative activities, that is, it is like a commodity to buy, sell, exchange, and not be used as a form of payment. much.
- Difficult to use for newbies: To be able to transact with Bitcoin requires users to have internet knowledge, and you need to create a wallet to store bitcoin. For people who lack knowledge, it is easy to be scammed.
- No clear legal framework: Currently in Vietnam and most countries around the world there is no clear legal framework for Bitcoin. Therefore, problems arising during the sale and purchase process will not be protected by the law. That's why you have to equip yourself with knowledge to protect yourself.
In Vietnam, Bitcoin and other coins are not banned, but also do not support Bitcoin-related issues and the government has repeatedly warned people to be careful when trading and investing Bitcoin.
The State of Vietnam just pointed out the press release that: Bitcoin transactions in Vietnam are not protected by law, which means that when you buy, sell or invest in bitcoin, the state will not be responsible for the risks. that you encounter.
Criminals and hackers raging: Because of bitcoin's anonymity and no one controlling, criminals can use this currency to launder money by buying and selling weapons and banned substances. In addition, if you store BTC on exchanges or wallets there is a possibility of hacker attacks and theft.
4. How to make money with Bitcoin
After finding out, everyone must be curious how to own this valuable coin. Here are some popular methods to invest in making money with Bitcoin today:
Invest to buy long-term hoard (Hold): That is, you will buy BTC and store for a period from 1,2,3 months to a few years. profit. If you have a need to buy and sell Bitcoin, you can introduce it or join some reputable exchanges like Remitano, santienao.com ...
Short-term investment (Surfing - Trade): This is a form of investment that requires you to have knowledge and complex analytical skills. Short time is normal, so many people rely on this feature to make a profit from buying low and selling high. Some reputable exchanges to trade coin such as Binance, Huobi or CoinEx.
Mining Bitcoin: In the world only 21 million BTC exist and more than 16 million BTC has been mined, which means there will be about 5 million BTC left untapped. So it is also a form of Bitcoin investment, this form of Bitcoin mining is also very complicated and not suitable for newbies, you will use the computer hardware to solve complex algorithms to get the main reward. is BTC.
Related NewsAT HOME MAKE MONEY ONLINE WITH DIGITAL PRODUCTS IN 2020 Here are 5 super-fast, super-easy and super-easy ways to make money ONLINE that anyone thinks about STARTUP WITH ONLINE SALES HOW MUCH WILL YOU PAY FOR THIS LESSON? ONLINE SALES: 10 ITEMS SOLD ONLINE AT HIGH-COLLECTION HOUSE IN THE SEASON SEARCH THOUSANDS of USD PER MONTH FROM VIEW ON YOUTUBE 8 STEPS TO REGISTER GOOGLE ADSENSE FOR DETAILED YOUTUBE CHANNEL What is Lazada Affiliate? How to make money with Lazada's affiliate marketing program WHAT IS MMO? HOW TO MAKE $ 1000 INCOME ON THE NETWORK WITH MMO FOR NEWERS EFFECTIVE ONLINE MONEY MAKING 5 ways to make money online in 2020