Today I am going to explain to you what are bitcoins and how do you get them. But first, a little story how I made some easy money.
Last year I bought bitcoins for around 600€ when my friend recommended them to me. I knew that this guy is very skillful when it comes to investing. I decided to give bitcoins a try. Today I just checked what are my bitcoins’ value and it was +2100€. So I already had made about 1500€ without doing anything. Well, a few mouse clicks.
I need to admit that it was the easiest money that I have ever made. Today I just withdrew a very small part of my wins but I am going to maintain my bitcoins because I believe that they are going to raise in value even more.
Will Bitcoin Bubble Burst? – UPDATE 5.12.2017
I have now earned more than $20,000 with cryptocurrencies. The value of Bitcoin and other coins is just going up and up. Is it just a bubble? I believe that the value will keep on rising for a long time based on the reasons that I mention in the video below:
What Are Bitcoins?
Bitcoin is a first decentralized digital currency founded in 2009. It is somehow similar like any other “normal” currency like euros and dollars. You can pay your shopping with bitcoins. You can trade it to other currency or other goods. It has a certain value that changes like other currencies’ values change.
But there are a few differences about bitcoins.
1.Inflation doesn’t affect bitcoins. It is already defined how many bitcoins there will be in the future. No one can make them more than it’s defined beforehand. Compare this for example to dollars. 100 years ago $1,000 was a big money. But if you have $1,000 today, it’s only worth for $45 compared to 1916.
There are much more dollars out there every year so the further we go, the more their value goes down. Who knows if after one hundred years every second person in America is a millionaire because of the inflation. But inflation doesn’t have any effect on bitcoin because nobody can make more of them. That’s a big benefit!
2.Bitcoin transactions happen immediately. Let’s say that you want to transfer money to your friend who is living in a different city or country. If you make a normal bank transfer, it usually takes 1-3 business days. Money doesn’t get there immediately because the bank needs to transfer your money and it takes time.
With bitcoins, you don’t have to wait for days, hours or even minutes. Usually, the transfer happens in a few seconds. Think how easy it is to transfer money with them. This could also help many companies and business owners. Sometimes a company wants the money on their bank account before they start doing anything.
But you need to wait for 1-2 days until money gets there. I work as a transport manager and I know that using bitcoins would make some actions much easier and probably make more profit to companies.
=> Invest in Bitcoins Today. Get a $10 Bonus!
Here is a video which will explain you even more simply what are bitcoins and what can you buy with them.
Bitcoins are generated all over the Internet by anybody using a free application called Bitcoin miner. Mining bitcoins produces new bitcoins but it requires work from the server and the computer so it’s not very fast process.
How Does Bitcoin Work?
Instead of me explaining you with long complicated lines how bitcoins work, I recommend you check one or two of the following videos which explain with pictures and simple explanations all about how bitcoins work and how people can change them.
How Does BitCoin Work?
How Bitcoin Works in 5 Minutes (Technical)
Some Examples of Bitcoin Profits
Today in 25.12.2016 the value of a one Bitcoin is $883. The price has grown hugely in a few years as you can see in the graph above. If you had bought, for example, 100 bitcoins for $100 5 years ago, you would have now $88,300 value in bitcoins. Quite a good profit for a $100 investment, huh?
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Bitcoin reached its highest value so far in 2014 when one bitcoin was worth even over $1,000. I believe that bitcoin has a great potential of growing in the future because more and more people are starting to use it and becoming aware of it.
As I mentioned before, I have made already around 1500€ with bitcoins and I bought them last year. However, that’s only a little sum if I compare what some of my friends have already earned with bitcoins.
Where Can You Already Pay with Bitcoins?
The amount of companies that are accepting bitcoins grows year by year. You can already pay with bitcoins in tens of thousands (if not hundreds of thousands) companies. You can buy flight tickets online with bitcoins from some airline companies. Then you don’t even need to pay $5-10 transaction fee what you should be paying if you are paying with a normal bank account. I experienced this when I was buying my flight tickets from Finland to Germany in the last summer.
You can also pay your stay in many hotels already with bitcoins. Just to mention some other companies where you can pay with bitcoins:
- Subway fast food restaurants
- WordPress.com (the biggest provider of websites)
- Namecheap (one of the best domain name servers online)
- Microsoft (for example in Windows store)
- Reddit (you can pay premium features with bitcoins)
- Expedia (online booking agency)
- Many supermarkets or local grocery stores
So you can already use bitcoins in many different places. And if the trend keeps on going the same way, a number of companies will grow even more. Why wouldn’t company like to accept bitcoins? Most of the time it will bring them, even more, revenue.
Where to Buy Bitcoins? (Get a $10 Bonus Today)
There are a massive number of pages online where you can buy bitcoins today. However, not all of them are very reliable and some of them were hacked in the past. That’s why you should choose a big and a reliable provider to avoid losing your money because of hackers. Optimally you will buy bitcoins from many different sites because if one of them get hacked, you don’t lose everything.
The best bitcoin place to buy and exchange bitcoins according to famous bitcoin sites is Coinbase. Here are some reasons.
- It gets A+ trust score (the best)
- it scores 9,85 out of 10 in BestbiCoinExchange.io
- It is also one of the biggest bitcoin exchanges in the world
- There are more than 32 countries supported, 5,1 million customers and more than $5 billion exchanged.
UPDATE! 16.1.2017 I have seen many controversial reviews about Coinbase on the Internet. Read my full review to find out more.
I have also used Coinbase myself and I can’t find anything negative about it. The platform is user-friendly and even beginners can use it easily.
Today you can get a $10 for free if you buy your first bitcoins if you register through my link. When you buy your first bitcoins for $100, you and I will be given extra $10. That way you are also supporting YourOnlineRevenue.com and our work on this website.
If you just want to earn easily $10, you can just deposit $100. Take your $10 bonus and then sell all your bitcoins right away. You will earn $10 in 5 minutes. Easy money.
Have you heard about bitcoins before? Do you have them? How much profit have you made? Leave a comment below!
Great commentary.How I wish I bought bitcoin when the price was still low. I also believe that the price of bitcoin will increase in future,especially because as time goes by the amount of bitcoin circulating decreases. I also think because bitcoin is a social currency and people believe in it’s value it will continue to be the number one cryptocurrency. These are exciting times we live in!
Yeah, the best time to buy Bitcoin was in 2009. The second best time is now.
Get in and reap the profits before it’s too late. 😉
I heard about bitcoins in 2014 and I acquired my first bitcoins in 2015. I was paid in bitcoins for ,my writings. I earned $400 worth bitcoins in 2015 when the value of 1 BTC was $400. In 2016, I invested in various programs and make around $1000 worth bitcoins when bitcoins were priced at around $600. If I had held those bitcoins I would have a lot of money hen bitcoins increased to $20,000 in December.
Yeah, true. I also sold some Bitcoin in 2016 and now we can see that it wasn’t a good decision. Anyway, I’ve made tens of thousands of dollars with cryptocurrencies so I can only be happy about them.
I am convinced that the prices will keep on going up because masses are starting to use cryptocurrencies.
Bitcoin needs no introduction, don’t get me wrong, I like and apprentice your complete review on bitcoin. It has infact given me a better insight on my understanding of them.
Over the recent years we have seen a dramatic rise on individual interest on bitcoin. Regions and governments are beginning to reckon with the fact that its becoming a wider means of transaction accepted by the general populace, take China for example. Now better regulations and controls are beginning to be put in place for the emerging market of bitcoin thereby making it safer to transact with. I think bitcoin right now is unrivalled and probably going to be the future of electronic transaction.
Great review by the way.
Yeah, now the bigger audience is starting to know about Bitcoin. When I published this article for the first time it was still pretty unknown. During the year it has become more and more popular and I believe that during the coming years it will continue growing because masses are coming in.
There’s been so much fuss and noise about bitcoin over the recent years. So yes, I know and have heard about bitcoin. But I still dont know much about it.
This post has been a really interesting content on bitcoin. Like I said above, I’ve only heard and come across the name bitcoin, but never knew much about it. Now am pretty certain I know what bitcoin is all about. Drawing from the post, I think bitcoin so far is the less risky and better crypto-currency than others.
Yes, Bitcoin is probably the less riskiest cryptocurrency investment at the moment. They have so many users all around the world and most likely they aren’t going to fall any time soon.
I came across the term bitcoin about a month ago. And i became interested right away. But because of innate caution, i didn’t just jump in and invest just anywhere. There are a lot of websites that uses online coins and promises that one could earn online. But there are also a lot of scams out there. So one should really be careful in investing in these kinds of online coins. I am also looking for some reputable reviews and proofs about bitcoins. So i am really thankful about this post because this really proves that bitcoin is profitable and would still be stable in the future.
Yes, there are lots of scams built around Bitcoin. But if you buy them directly from an exchange like Coinbase or Kraken, you are safe.
Nice. Thanks for sharing. But there is also a website that is popular here in our place. And if my understanding serves me right, it also works somewhat like Coinbase. Could you please do a review of this site if this is legit or not. I would like to know your response. The site is Coins.ph. Thanks a lot.
I think it’s a specific site and application for the Philippines. I think I don’t have an access to it. Anyway, it looks pretty different than Coinbase which is a cryptocurrency exchange.
I can’t believe I never invested in Bitcoin really. It was “expensive” when I wanted to invest in it especially because no one really knew what would happen, people just weren’t sure whether this idea of cryptocurrencies would really become more mainstream but it seems it has. I can’t remember what the exact price was when I wanted to invest in it but it must have been around 1% of it’s current value.
That’s what so many people say :D. But I think you still haven’t missed the boat with cryptocurrencies. I believe that the value of one Bitcoin will be easily over $50,000 or probably over $100,000 during the next year in 2018.
It’s no doubt that bitcoins is definitely going to dominate financial wise in terms of currency exchange in no distant time. With the way it’s value has skyrocketed, every wise investor would take the opportunity of making the best out of bitcoin investment when there is time.
It’s true that bitcoins are now more expensive compared to the value it holds before, and this shows that it’s a promising investment. It’s logical that even though it’s costly to buy bitcoin now, but any investment made on it will definitely yield good output of profits.
Yes, I also believe in the future of Bitcoin and other cryptocurrencies.
Thank you for sharing your experience, encouraged me to try this too 🙂
You’re welcome 🙂
This is so interesting, my buddy bought a few bitcoins when it was only less than $200.
I’m pretty sure he cashed in most of them as the value started to increase. I like how the amount of bitcoins is fixed for the future, does that mean not all of them have been released yet?
I didn’t know there are physical stores like Subway now accepting payments, that is crazy!
Hi Jeremy,
not all of bitcoins have been released yet but the dates are already fixed when all bitcoins will be released. So there is no risk of inflation like we have with a normal currency.
Yeah, it’s interesting to see how many companies will accept bitcoins in the future 🙂
-Roope
@Roope The advantage of bitcoin investment not being affected by inflation and deflation like most currency suffers is one of the best perks in dealing with bitcoin, and investing in bitcoin is one of the best business decisions one could ever make.
And also how quick transactions are processed and dealt with when dealing on bitcoin is so cool, personally I call it swift business closure. It takes almost no time in having payment confirmed and processed without waiting for days like banks do or other financial service platforms.
That’s absolutely true.
THAT IS INSANE! I wanted to get into Bitcoins a long time ago but I just went on with my life not thinking about them. $883!!!! I feel so so very stupid at the moment. I still don’t know that much about them. Can you pay with partial Bitcoins? I mean if Subway sandwiches takes Bitcoins, and 1 Bitcoin is $883, … you see where I am going with this?
Is it still possible, and legal, to farm bitcoins?
Hi Marc,
Just a few days ago Bitcoin’s market price was +$1,100! No it’s a bit less but I am very confident that it will keep on going up in the future. I don’t see any reason why more and more people wouldn’t start using bitcoins. It has so many benefits compared to a normal currency.
Yes, of course, you can pay with partial bitcoins. You can use, for example, 0,001 bitcoin at a time if you want.
If you mean mining bitcoins with “farming”, yes it’s legal and possible. However, you would need a very good systems and servers to make it profitable nowadays.
The only reason why I see that people are not buying bitcoins is that they think it’s risky. But so owning “normal money” is risky too. Actually, owning bitcoins lowers the risk because you are allocating your equity and not putting all eggs into one basket.
-Roope
I have learned so much with your article. Thanks a million for this.
I am thinking of starting to invest in Bitcoins and start buying a little every 2nd month. as you said, they are in limited quantities and the possibility is high that in time, they will go up in value.
I also, like to invest in assets, and though this one is a little different, one can still make a profit.
Thanks once again
Regards
Roopesh
Hi my “almost namesake” Roopesh,
I am happy that you learned new about bitcoins from my article. Your plan (investing a bit every second month) sounds good.
Buying assets is always better idea than buying lots of liabilities. I prefer also buying assets because they grow up in value and give me something in the future. One great asset is your mind so when you dedicate time and money on your education, it will pay off later. And my greatest asset is a faith in Jesus Christ. It will give value even after death 🙂
-Roope
Hello! Wow this is genius. Thank you for exposing me to this. I have heard about Bitcoins for a few years now. At first it was like ok interesting but this is a little fringe. Over the years Bitcoins in my knowledge Bitcoins have come much more into the mainstream and is now a major player in the world economy.
Havent said that I never knew a whole bunch about Bitconins . Your article is awesome in educating me . And as an person who will be investing more and more this is a great thing to know about.
As a business person it is as well. Not to mention a consumer.
Again this is a genius idea that I will be researching more to fully get my mind around how it works.
But my question is. In this world of Cyber Attacks. Can this system be hacked?
Of course nothing is perfect. And Lord knows our monetary systems and stock markets are volatile and/or could fall.
But I was wondering about the safety of this encryption system. Are there any guarantees that your investment is safe?
Hi “Vertical Veloxity”,
yeah bitcoins have really become a big player in the world’s economy today. The total value of all bitcoins in the market is now around 18 billion U.S. dollars. So, there is still a lot of space for growth. I am glad that I was able to give you some new information about bitcoins with my article. My intention is always to provide helpful and honest information for my readers and followers.
3 bitcoin exchange companies have been hacked to some extent in the past. However, never such a big company like Coinbase has been hacked. I am aware of the risk of hacking but I count the risk much smaller than the possible reward. I have already earned +1500€ and I could take my money and leave if I want.
That’s one reason I recommended to buy bitcoins from more than one place. If one bitcoin exchange gets hacked, you will still have all other accounts. Also, if your bitcoins are hacked within the company, sometimes they are responsible to pay back the money you have lost.
I can guarantee that if you take my $10-bonus through this link, there is no risk because you can just take your bonus and go. 🙂
-Roope
Hi Roope, thanks for the well explained information on bitcoin. I am so intrigued with investment coz its my money that works for me and not I for it. Please help me understand the difference between bitcoin and one coin? Is there a difference? Hope to hear from you soon but thanks again for the site. Bitcoin is something I heard of once but you have helped me understand it better.
Hi Dan,
Here are some differences between Onecoin and Bitcoin:
1.Bitcoin is older than Onecoin
2.Total worth of Bitcoins is much bigger than the total worth of Onecoins
3.There are more people involved with Bitcoins than with Onecoin´
4.Onecoin works like a Ponzi scheme (or MLM-program) so the founders become very rich.
5.Onecoin is not as open as Bitcoin. Everyone can see all bitcoin exchanges in block chain.
6.New Onecoins can be made only by the founders while basically anyone can make (=mine) new bitcoins.
Bitcoin seems to be much more reliable than Onecoin. There has been a lot of hype around Onecoin which is made the founders. They want that masses buy their money and they become rich. Then they can sell their own coins and the value crashes. That’s what it seems in my eyes. Bitcoin is much more open and reliable.
Hope this helps 🙂
-Roope