What exactly is bitcoin?

What exactly is bitcoin?

Bitcoin is one of the myriad cryptocurrencies floating around the interwebs, and perhaps the most recognizable. Coins like Dogecoin exist for the memes, and Ethereum is a close secomd to Bitcoin. Bitcoin, however, continues to be the largest of its kind in terms of total market value. It is a peer- to-peer system, not quite torrents, in that there is no cetrelized server, reositoryor administrator handling transactions. Instead, the transactions take place between users directly, without amy sort of intemediary involved.
These transactions are verified by several network nodes, and then recorded in a publicly distributed ledger, clled the blockchain. The blockchin is what facilitates the magic of any crpto- currency. In the case of Bitcoin, it uses bitcon as its unit of account.

Why bitcoin is immune to Inflation

All currencies, like the dollar and euro, are vulnerable to inflation, however bitcoin was designed in a manner that specifically prevents it they are released in controlled amounts that are continually halved, in a manner that ensures that there will only ever be 21 million coins in cirulation. However, this cap will probably eventually have to be raised, as there are already 16, 305,238 coins in circulation (77% of the total bitcoin value). There is also a certain amount of bitcoins that invariably lost, either by hard dirves, theft fo devices, wallet details getting lost, or just simply by being thrown away. These factors are accounted into the bitcoin price by online bitcoin exchange.

How are bitcoins secure?

If bitcoins only exsit digitally, then what is to stop someone from hacking all the bitcoins to steal them, or just shutting the system down for the lulz?. This is an important question. If bitcoins were even a little bit insecure, they would have no value. It’d be like people to invest in a pile of money that’s left out in the open, in crowded town square.

As we now know, there is on central bitcoin server. Any and all informaton about bitcoins is hosted on millions of computers that house bitcoin wallets. Now is about when you’d say “Hang on there just a second, doesn’t that just mean that it’d be even easiwe to hack, since the only information I’d have to change would be my computer?”

This is where the blockchain comes into play. Every bitcoin has it’s own uniquely identifying, really long hexadecimal code (in base 16, using A-F in place of 10-15, meaning you can represent bigger values with fewer numbers). Whenever you thansat with bitcoin somewhere, a broadcast is send to everyone on the blockhain, saying that this wallet address is sending these specific bitcoins to that wallet address.

Here are two ways you can make money on social media

             

  Here are two ways you can make money on social media

Many experts say that social media is for connecting with [eople, and not for selling, but at some point, you’re going to want to leverage the connections you create, If you’ve built up enough trust with your followers, they,ll be more inclined to check out your recommendation and the links you share.

Here are two ways you can make money on social media

1.   Promote affiliate products

No matter what industey you’re in, you can find great products to promote on ClickBank. And if that doesn’t quite jive with you, you can become an Amazon Associate, promote products of your choosing and earn commissions on them – Amazon has no shortage of products.

Next, instead of spamming links on Twitter an hoping for the best, keep in mind that the most honest and effective way of promoting affiliate products is through reviews. If you personally use a product and like it, and know that your followers serve to benefit from it, then write a long- form review on your blog, and share why you like the product. Don’t be afraid to talk about what you like don’t like about it. You can even use video if that’s more your style.

Also make sure to disclose your affiliate relationships. This is a legal requirement in most cases,but it’s “best practce.” Your readers or viewers will appreciate your honesty.

2.   Join the You partner program

Buliding a popular YouTube channel can be a lot of work. But if you already have a following, or you’re detemined to build your audience, joining the YouTube Partner Program to make money on advertising might be path worth exploring.

There are prominent youtube content creators who have made substantial amounts of money wit this program, but they are the exception rather then the rule. It would take a lot of time, strategy and sheer luck to make money on youtube. However, this is good thing to keep in mind with advertising in general. Unless you’re already gatting a lat of views and clicks, you’re not going to make a lot of money on them.

Final thoughts

These are just of the many ways you can make money with social media; there are plenty of other money making websites for you to expore.

It’s importaneurial spirit and are willing to work hard, test and experiment, your chances at success will be far greater than the chances of those who just want to “give it a try” to see what happens.