There are various forms of online businesses that one can rely on to earn a living or merely make more money on the side. A perfect example of an innovative online company would be a custom term paper writingÂ online service. Online writing has become an alternative or supplementary source of income for most industry professionals.
However earning money is only half the battle, getting paid on the other hand is a challenge for some. For one to get paid online, you have to have any one of the conventional payment systems available and acceptable by online writing companies.
Most, if not all, of the time these conventional payment systems such as banks often charge large levies on your hard earned money just to allow you to transact with them. As such you only get a fraction of what you have worked for. What if I could tell you, with Bitcoin you can overcome all the challenges you experience while transacting online.
Bitcoin is an ideal and relatively new technology that can be used by an individual as a simple way to transact online at minuscule costs. Also, businesses prefer to use Bitcoin as a mode of payment because it is an economical option of handling payments online. Bitcoin has also been integrated into various organizational structures to facilitate day to day activities. Bitcoin is a new kind of currency created in 2009 by an unknown developer and released to the public, for free, by an individual using the code-name âSatoshi Nakamoto.â
What Is Bitcoin Why Is It A Big Deal
Bitcoin was conceptualized during the collapse of the US financial and economic markets, when an inventor and software developer released a paper on Bitcoin, terming it as a viable P2P payment system. For now, Bitcoin can only do so much in the current markets and is still a long way from competing with world currencies such as the US dollar ($) and euros (ÂŁ).
However, Bitcoin is on the right track, and that is why it has caught the attention of so many people who have considered it a world-changing technological breakthrough. Therefore this is why Bitcoin as a crypto-currency, matters and what needs to happen for it to succeed. Bitcoin offers users a new and innovative payment system.
The system operates without any centralized authority; that means no middlemen such as banks or any other financial institutions. Bitcoin is so popular due to it lacking a centralized authority, which ultimately means that you do not have to pay intermediaries to get your earnings. The network collectively manages the managing, transaction and the issuance of bitcoins. Nobody controls own or can lay claim to the design of bitcoin.
Another contributing factor that could explain why Bitcoin is so popular is because of its use as a universally accepted mode of payment for both products and services rendered and received. Bitcoin has surpassed most previous payment systems through its many exceptional properties not limited to anonymity and global acceptance as the leading factors. With bitcoin, you can pay for your hotel room, buy Xbox games, and shop for furnitureâŚ you catch my drift.
But there is a catch, the service provider or employee must be willing to accept it as a mode of payment. You can pretty much do anything with bitcoin, and best of all no hefty conversion fee that is usually charged by financial institutions who are in it to make a profit from the transactions you make.
As a way of introducing the currency to the people, mining the crypto-currency has been made easier. One is required to set your clients to a specific node and decipher a puzzle. Successfully deciphering the puzzle earns you 50 Bitcoins. The Bitcoins awarded are sourced from the small fees charged on verified transactions on the network.
Is Bitcoin Legal Currency Worldwide?
By definition cryptocurrency, such as Bitcoin, is a digital currency that employs various encryption methods to regulate its generation and also verify transactions. All these operations are independent of a centralized banking system and not monitored by any financial bodies. Bitcoin provides an outlet for decentralizing personal wealth that is beyond scrutiny, constraint, and confiscation by any government or security agents.
The legality or illegality of Bitcoin varies from one country to the next as either undefined or changing. A majority of the global economy does not make the use of Bitcoin illegal. However, its status as money is faced with regulatory implications while in others itâs openly accepted. You are permitted to use Bitcoins in the US, provided the transactions are taxed, and reporting is done; as is the case with any other financial institution in the US.
Perhaps the most notable of all of Bitcoinâs features is that the economics of the currency is not controlled by any one individual, institution, organization or even government. The economic functions are embedded into Bitcoin protocols developed by S. Nakamoto. Nonetheless, it is due to the uncertainty of the supply and lack of government control in the use of Bitcoin, that it is not considered a legal currency. Some authorities, such as the government of Ecuador, have gone as far as banning the cryptocurrency and others like it.
Why Is Bitcoin Prevalent As A Preferred Online Payment Method?
Bitcoin has taken the world by storm as being the simplest way to transact and interchange money with the added benefit of having most of the overhead costs slashed. The most crucial aspect that Bitcoin is its decentralized nature, though this has been the reason for it being banned in several countries worldwide. The reasons why Bitcoin became popular is mostly as a result of its characteristics. They include;
- Availability at any time and any place
- Easy setup as a mobile payment system
- Anonymity, transparency, and security
- Fast and reliable international payments
- Miniscule and manageable fees
- Has a wide range of applications
How Do I Earn Bitcoins As A Writer?
While working as a writer, there are various ways in which you can get your hands on some bitcoins; the first and obvious method is to mine them yourself by completing complex mathematical puzzles. This task is tedious and not preferred by most. On the other hand, you can visit online marketplaces known as âBitcoin Exchanges.â
On these marketplaces, writers can buy any amount of bitcoins online using different currencies, probably earned from your work as a writer. Online writing companies have come to embrace the use of cryptocurrency and offer their writers the option to get paid with Bitcoin. The recipient need only have a digital wallet, stored in the cloud or on their computer as a kind of virtual banking system, to help him or she receives payments in the form of Bitcoins.
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