In 2008, the bitcoin currency was introduced to the world by a group known as Satoshi Nakamoto. Satoshi Nakamoto aims to develop a way to enable online users to exchange monetary transactions without trusted third party mediators.
In 2009, Satoshi Nakamoto released the first software enabling the bitcoin cryptocurrency in the world wide web.
The Bitcoin currency was created so that one internet user could pay the services or buy goods directly to another internet user online via sending bitcoins through a free online bitcoin wallet.
Bitcoins is a legal cash currency which can be traded into other foreign currencies.
- Peer to Peer (P2P) Electronic Cash System
- Digital Asset
According to a study conducted by Stanford University in the field of Computer Science, the advantages of using this decentralized, peer-to-peer , cryptocurrency are as follows:
1. No Third-Party Seizure
Bitcoins are created as an alternative to Third-Party mediums hence, no other party aside from you and your peer are involved in the transaction. No other institutions (government or non-government) can seize your accounts as this is a decentralized payment system.
2. No Taxes
Bitcoins as cryptocurrencies cannot be intercepted by any third party hence a Bitcoin taxation system is hard to employ.
3. No Tracking
According to Satoshi Nakamoto, “The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone.”
Your bitcoin wallet addresses are known only to you. Your bitcoin wallet address will only be known if you post your wallets publicly over social media networks for donations or accepting payments.
4. No Transaction Costs
Exchanging bitcoins with other users helps maintain the activity of the Bitcoin client ultimately contributing to the life of this cryptocurrency.
Sending and receiving bitcoins are free because it keeps the bitcoin nodes running which is essential on the maintenance of the Bitcoin client.
5. No Risk of “Charge-backs”
The technology of bitcoins allows one to receive money without the risk of losing it. The bitcoin payment system is straightforward allowing single non-reversible transactions.
Once you have it, no one can take it!
6. Bitcoins Cannot be Stolen
Your bitcoin account is your private property. Bitcoins cannot be stolen by viruses or malware softwares online.
Your bitcoin wallet address is your digital fingerprint. It is unique and relies on the power of your gadget’s CPU and your electricity.
The only way your bitcoin can be stolen from you is when another gets access to your personal computer and manually transfers your bitcoins to their bitcoin wallet.
1. Bitcoin Faucets Not Worth Your Time Unless You Find a Way –
Getting enough satoshis to earn a decent amount of bitcoin is admittedly hard. 1 BTC = 420 USD = 20,000 PHP. A great number to view you might say. However, the means of getting free bitcoins in the internet offers a meager return for your effort and your time.
Bitcoin faucets give you free bitcoins (some of them directly to your bitcoin Xapo wallet!) which is awesome. But you need to consider the fact that the rewards are only in satoshis (a dime a dozen) and the fact that:
1 BTC = 100,000,000 satoshis
ONE HUNDRED MILLION SATOSHIS!
How are you ever going to get 100 million satoshis without wasting your time?
One bitcoin faucet gives around 100-3000 every 30 minute with around 100+ bitcoin faucets (most of which requires a minimum payout to be withdrawn). Still at its maximim reward payout and
Computation: Bitcoin Converter
*Assuming 1 legit faucet giving max reward 3000 satoshis every 30 minutes; You have 10 legit faucets; 8 work hours per day; 2 chances to claim max 6000 per hr; 2 chances to claim min 200 per hr;
For 1 faucet @ max reward per 30 min:
3,000 satoshis x 16 claims/8hrs = 48,000 satoshis = $0.19959456
(3,000 satoshis = $0.01247466)(In 8 hours, you get 16 chances to claim 3000 satoshis max per claim totalling 48,000 satoshis per day for 1 faucet)(Time it takes per claim is around 30 seconds or less x 16 claims = 8 minutes of your time spent in one faucet per work day)
For 10 faucets x 8 hrs x 1 day – daily:
48,000 satoshis/faucet x 10 faucets/day = 480,000 satoshis/day = $2.02 = 1.77 EUR = 131.44 INR = 93.22 PHP
For 10 faucets x 7 days @ 3000 max claim – weekly:
480,000 satoshis x 7 days = 3,360,000 satoshis/wk = $ 14.20/wk = 12.36 EUR/wk= 920.06 INR/wk = 644.00 PHP/wk
For 10 faucets x 30 days @ 3000 max claim – monthly:
480,000 satoshis/day x 30 days = 14,400,000 satoshis/month = $60.52 = 52.99 EUR = 3943.11 INR = 968.82 PHP
Spending 1 hour and 30 minutes of your time gathering a maximum of 3,000 satoshis per claim for 16 claims in one faucet per day will give you $6.05 dollars per month.
If the above is true and you have 10 faucets then you get $60.05 dollars per month
BE WARNED! ALL BITCOIN FAUCETS GIVE AN AVERAGE OF 100 SATOSHIS PER CLAIM!
This will leave you with cents per month and you are wasting your time with this endeavor.
Either you develop a plan how to get bitcoins fast or you invest in bitcoin mining, bitcoins have the potential to give you the cash power you need.
If you want, I have written about my plan on how to get 100,000 satoshis per day straight to my Xapo wallet.
Points to Ponder:
1. REFERRALS will multiply your income! This is the core of passive income.
2. Plan well, Work Smart! Always plan your daily moves so you don’t waste precious time over needless things.
3. Be Consistent! Set around 1 hour and 30 minutes of your time for gathering free bitcoins from faucets everyday so that your passive income may not get in the way of more fruitful activities.
4. As You Do, So Do You! The universal principle is simple. Whatever you do comes back to you! Be my referral and I will be your referral too!
5. Always Give Glory to God. God is the source of all these abundane and all the beautiful things we enjoy. Glory and Honor must be returned to the Source as manifested by our actions and intentions.