How often do we wonder if cash is the only form of currency? Are there other forms of money which we can use? However, even if something else exists, how do we use them? These are the questions which often plague our minds whenever we need to make a large payment. Lately, several forms of electronic payment methods have come into use in the way of electronic cards, E-wallets, and another mostly unknown way, namely, Bitcoins.
Born as another software product, bitcoins are a new form of electronic money. In August 2018, the domain bitcoins.org was established followed by the development of the bitcoin software in October. Though the use of bitcoins started with the exchange of a paltry ten bitcoins over the network between two people, its usage grew by leaps and bounds. By 2017, hundreds of bitcoins were exchanged,and its value reached a value of $19,666 before plummeting sharply to less than 81% of its value by the end of 2018. This downfall was due to several hacks on the cryptocurrency exchange systems which acted as the parent software for the bitcoins.
However, bitcoins continued to be in demand, often making a novice wonder how to earn Bitcoin? Bitcoins can be obtained through several which include purchasing them from bitcoin exchange points or taking them from people who own bitcoins or by mining bitcoins. Bitcoins are obtained from Bitcoin exchanges by paying for them through another form of money like PayPal or even in the way of physical capital. While this is easier to do and is often followed by most bitcoin users, another less-known procedure is mining bitcoins. This involves special software and knowledge for earning bitcoins and can be continuously used even when the last known bitcoin is acquired.
Once we earn bitcoins, we can use them for various forms of payment with different vendors. Bitcoins are often treated as prized possessions because of their high value when compared to standard cash. Nevertheless, bitcoins still need to be used with caution because of its ever-changing cost and its susceptibility to hacks and internet threats like most other electronic forms of payment.