Cryptocurrencies have been the most significant trend in tech and investing for more than a decade. Its popularity keeps growing despite concerns in many quarters about how safe it is for investors to bet big on it. By now, most people are familiar with term cryptocurrencies even though they might not have much knowledge about what it is and how to transact digital currency. To remind you once again, cryptocurrencies are technically generated currencies coupled with encryption techniques.
They have a two-fold function – regulate the currency generation and verification of the fund transfer explains Eric J Dalius, an investor who takes an interest in the newfound currency that has the potential to become mainstream someday. Mining is the process for creating units of cryptocurrencies owned by the people who possess it and not by banks or governments.
Eric J Dalius answers the question -How to earn Bitcoin?
To earn Bitcoins, you must take to mining by running computer programs to verify the transaction data. Pertaining to the history of transactions of all Bitcoin. The process of verification uses the Blockchain technology to facilitate the creation of traceable. Transactions that are irreversible and make it possible to undertake the verification process. The name Blockchain originates from the blocks of data. Once you have verified the data, you will receive it. The rewards in the form of some amount of digital currency, the one that you were verifying the transactions. Therefore, to earn Bitcoin, you must take to Bitcoin mining.
What is driving people toward cryptocurrency?
Cryptocurrencies have evolved over the years, with hundreds of new currencies added to the repertoire. Cryptocurrencies and have been experiencing unprecedented attention, as evident from its repeated mention in the news and other financial forums. People love to speculate, and cryptocurrencies offer ample scope for it. But there are other reasons for the people taking a close look at it.
- Since 2017, the value of Bitcoin has been steadily rising with Ether following closely at its heels and likely to overtake the cryptocurrency giant any day.
- Blockchain technology has varied purposes beyond cryptocurrencies, and some even look at it as the backbone of the future’s financial system.
- More and more people have started looking at cryptocurrencies as a form of investment that is like investing in gold.
- Buying cryptocurrencies can be a worthy venture as people hope that it will shed its volatility and become more stable.
Buying and selling cryptocurrency
You must have an account with a cryptocurrency exchange to start transactions of cryptocurrencies. This will open the gates to the world of investing and currency speculation. To purchase cryptocurrencies, link your cryptocurrency exchange account with your credit or debit card or bank account. The latter is better as it offers higher limits of transactions of $2500 per week or $100 per transaction. But it takes 3-4 days for the money to get credited in your Crypto exchange account’s wallet. When selling Bitcoin, the proceeds will show in your bank account after 2-4 days after confirmation of the sale.
If you use credit or debit cards, the limits are $200 per week, and you can buy Bitcoins by directly transferring funds. From your bank to the account of the site.