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What is Bitcoin?
Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application.
Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.
Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other governments. In China, buying bitcoins with yuan is subject to restrictions, and bitcoin exchanges are not allowed to hold bank accounts.
If you want to know more then check out the full Bitcoin Wikipedia article
Ways to earn Bitcoins
We list the best bitcoin cloud mining services below.
Best Bitcoin Cloud Mining Services
Hashflare.io Review: Hashflare offers SHA-256 mining contracts for $1.20/10 GH/s. More profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.
Genesis-mining.com Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans: 100 GH/s ($26/Lifetime Contract), 2,000 GH/s ($499/Lifetime Contract), and 10,000 GH/s ($2,400/Lifetime Contract). These plans cost $0.26, $0.25, and $0.24 per GH/s, respectively. Zcash mining contracts are $29 for 0.1 H/s $280 for 1 H/s, $2,600 for 10 H/s.
Hashing24.com Review: Hashing24 is one of the latest bitcoin mining companies with a 100% uptime capacity. What this means to miners who choose their service is that they can be sure of gains no matter the month or time of the year. As the future of cryptocurrencies and bitcoin in particular remains optimistic, Hashing24 has developed a strategy for people to consistently mine their own money. With their strategy, everyone who is subscribed to them has a chance to benefit either in the long run or immediately.