Getting Paid In Bitcoin For Your Services – Is It Worth It?

 Getting Paid In Bitcoin For Your Services – Is It Worth It?

Before Bitcoin prices reached 5 digits, many people, freelancers mostly, were already getting paid in bitcoin. But now that prices have reached all-time highs, people are thinking of joining the fray and getting paid for their services or products, not in fiat currency, but in bitcoins. The big question is, is it worth it?  

Some may say it’s not worth it because bitcoin is extremely volatile. One minute the price is at a certain amount and the next 5 minutes, it’s down by several hundred dollars. If you’ve put a lot of effort into your work, then you might feel faint at the thought of losing your hard-earned cash in a matter of minutes. Of course, this scenario will only happen if you decide to hold on to your bitcoins instead of exchanging it for your local currency at your favorite cryptocurrency exchange.  

Imagine this second scenario though: what if you held on to your bitcoins and the price suddenly jumped to twice the original price? Then you’d feel like you’ve won the jackpot, right? Because you’re essentially going to get paid at twice your rate! If the bitcoin you’ve received is equivalent to, say, for example, your salary of $5,000, with bitcoin prices going up twice the original amount, then you just got paid $10,000! That’s pretty exciting, to say the least.

The decision to get paid in bitcoin is, of course, yours alone. But there are so many positive benefits to this cryptocurrency you should at least look at the bright side before you say no to an employer or client who’s thinking of switching you over to bitcoin payments.

Bitcoin payments are fast and cheap. You no longer have to wait days for payment to arrive at your bank and you don’t need to pay those hefty bank fees your bank charges you for withdrawing your money. You can receive bitcoin payments any time of the day, and you’ll usually receive it within 10-45 minutes.

If you’re averse to the volatility of bitcoin, you might want to consider holding a very small part, maybe 5% to 10% of the total amount, and exchanging the rest to your local currency. Who knows, you just might be able to take advantage of Bitcoin’s volatility and before you know it, your bitcoins might be worth more than your entire year’s salary.

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Bitcoin Is The Future Of Money In Developing Economies

 Bitcoin Is The Future Of Money In Developing Economies

Bitcoin is fast becoming integrated into the everyday lives of people living in developing countries. With unstable and hyper-inflated national currencies, bitcoins are proving to be a much more viable solution to solving the financial woes of their citizens. Here are 4 reasons why Bitcoin has a massive appeal for the masses in developing countries:

1 – You Don’t Need Banks

In developed countries, it’s relatively easy to sign up for bank accounts and credit cards. But in the developing world, it’s a vastly different story. It’s much harder to get credit and setting up a bank account is no walk in the park. But Bitcoin changes all that. With Bitcoin, you can save your own bitcoins yourself – all you need is a secure wallet to keep your digital money safe.

2 – Fast, Cheap and Borderless Payments

With Bitcoin, you can send any amount of bitcoin to anyone in the world in a matter of minutes. When you send money through banks you not only pay those costly bank fees, you also need to wait for several hours or a few banking days. But with Bitcoin, as we’ve mentioned previously, you don’t need banks to send or remit payments to other people. All you need is their bitcoin address and voila! Your payment should arrive in the next 10 or so minutes.

3 – Bitcoin Can’t Be Manipulated By Anyone

Governments and banks can dictate the production and movement of their national currencies which ultimately leads to inflation. Unlike fiat currency, however, Bitcoin is a decentralized virtual currency. This means there is no controlling entity that tells the Bitcoin network what to do. Everything has been hard-coded into the network and the underlying technology behind Bitcoin, the blockchain, is tamper-proof and can’t be manipulated by anyone, not even its developer, Satoshi Nakamoto.

4 – Bitcoin Will Help Authorities Catch Criminals

Contrary to popular belief, Bitcoin is not anonymous. Rather, it is a pseudonymous currency because while your alphanumeric public keys provide a certain level of anonymity, computer experts can trace who owns which wallets and the amount of bitcoins each wallet contains. Now the masses who make small transactions don’t have anything to worry about. It’s the criminals who move large amounts of bitcoins that catch authorities’ attention, and it’s who they focus their research on, not the millions of people who make minute transactions.

 

 

 
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An Elementary Explanation Of How Bitcoin Works

 An Elementary Explanation Of How Bitcoin Works

To most people, Bitcoin can seem like a financial concept made in a parallel universe. Yes, it’s a very complex and complicated concept, but it doesn’t mean it’s impossible to learn it. When you think about it, many people started off with no idea about bitcoins and how it worked. But look at them now, they’re probably investing left and right in various cryptocurrencies like pros and possibly profiting very nicely as well! So, in this article, we’ll try to simplify how Bitcoin works using a betting game analogy:

Imagine playing a betting game with your friends, but none of you have any money on hand, so you decide to use a ledger to record the transactions, like your winnings and losses. But you don’t want to put your trust on one friend to record everything, so a lot of you decide to make a ledger simultaneously.

This way, at the end of each game, those who kept ledgers can compare their records to see if it all evens out—which means that cheating the system would be virtually impossible unless everybody else is in cahoots with you, which ultimately defeats the purpose of cheating in the first place.

The ledger is not hidden or exclusive to the ledger keepers; you can view it anytime you want. To add your transactions to the ledger, all you have to do is broadcast your transactions to the ledger keepers, and you pay as little or as much as you want to make sure they put your name down on that ledger as soon as possible.

Your friends who keep the ledgers up to date get compensation for their hard work with a reward in the form of money. This money comes from an external source—say, a vault with a limited amount of money. The money in the vault wasn’t part of the money circulating in the betting pool, but it became so once it was acquired by your ledger-keeper friends.

This simple analogy is exactly how Bitcoin operates, albeit on a much more complicated level. Bitcoin runs on a global computer network, and each transaction is compiled into new blocks which are then connected to the last block on the blockchain. And the bitcoin miners are the ledger-keepers who work hard to record transactions and mine those precious bitcoins. 

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