Beginners Guide to Storing Bitcoin - 3 Best Ways to Store Bitcoin

Think about storing Bitcoin like storing money in the Bank.

To start saving your money in the Bank, you would need to open an account with your preferred Bank and an account number would be giving to you, which people can use to send you money and all that. You also store cash on physical wallet.

This is very similar to Bitcoin. Beginners hearing about Bitcoin for the first time often tend to ask these two questions

• How to earn Bitcoin (which I have talked about here)
• How to store Bitcoin (which this post is going to answer)

However, there are different ways to store Bitcoin. But, as a beginner I will stick with the 3 Best Ways of Storing Bitcoin.

Currently, Bitcoins are an equivalent to cash and, as every single day pass, another merchant starts accepting them as payment. We have talked about how they are generated, but how can they be stored? Bitcoin works in a similar way that you store physical cash, except that it's normally digital.

The wallet that stores these digital currency comes in different form, but in this article, I will cover storing Bitcoin on the Web, Mobile and Desktop because they are the easiest for beginners. Like I said, am sticking with the beginners.

Storing Bitcoin in Web Base or Online Wallet

Web-based or online wallet are used to store your Bitcoins online. You need to be connected to the internet to be able to access the wallet. There are several such online services that are available, and some of them link to mobile and desktop wallets, replicating your addresses between different devices that you own.

One advantage of web-based wallets is that you can access them from anywhere at any time, regardless of the device you are using, as long as you are connected to the internet. Some popular online Bitcoin storage are;

• Coinbase: This is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin and ethereum. It is based in San Francisco, California. It is also an integrated wallet/bitcoin exchange that operates its online wallet worldwide and users in the US and Europe can buy bitcoin through its exchange services.
• Blockchain: This is one of the most popular online wallet, I personally use this to save my Bitcoins. It host popular web-based wallet – encryption is carried out in the browser. Blockchain provides the convenience of an simple bitcoin wallet with an added security.

Storing Bitcoin in Mobile Wallets

Mobile wallets are very useful, especially when you are out (like on the street). If you are trying to pay for something in a physical store. This is where a mobile wallet comes very much in handy. These wallets runs as an app on your smartphone, the wallet can store the private keys for your bitcoin addresses, and enable you to pay for things directly with your phone.

One common feature of mobile wallets is that they are not full bitcoin clients. A full bitcoin client has to download the entire bitcoin blockchain, which is always growing and is multiple gigabytes in size. That could get you into a heap of trouble with your mobile service provider, who will be only too happy to send you a hefty bill for downloading it over a cellular link. Many phones wouldn't be able to hold the blockchain in their memory.

So, smartphones download a very small subset of the blockchain, and rely on other, trusted nodes in the bitcoin network to ensure that they have the right information. Some examples of mobile wallets include the Android-based Bitcoin wallet, Mycelium, Xapo and Blockchain (which keeps your bitcoin keys encrypted on your phone, and backed up on a web-based server).

Storing Bitcoin in Desktop Wallets

You may have been running the wallet on your desktop unknown to you, if you have the original bitcoin client (Bitcoin Core) installed, then you are running a wallet. This software also enables you to create a bitcoin address for sending and receiving the virtual currency, and to store the private key for it.

There are other desktop wallets too, all with different features, the most commonly and popular one is the MultiBit that runs on Windows, Mac OSX, and Linux Operating System, and Hive is also an OS X-based wallet with some unique features, like an app store that connects directly to bitcoin services.

Some of these desktop wallets are focused on enhanced security, like Armory is one of such desktop wallet that falls into this category. While some are focused on anonymity, that uses a lightweight browser plug-in to provide services including coin ‘mixing’ in which users’ coins are exchanged for others’, to prevent people from tracking them.

Conclusion

These are currently the most recommended wallets that beginners can use. For me, I use web base wallet (Blockchain). There are also other type of Bitcoin storage wallet like Paper wallet, Ledger USB wallet and Hardware wallet. These may be completed and confusing for beginners to understand.

Again, it is highly to store your Bitcoin in more than one wallet for safty reasons (in case of hack and security) so that you don't lose your hard earn bitcoins

6 Best Way to Earn more Bitcoin (BTC) without Stress

Bitcoin is the pioneer of every other cryptocurrcies that is available today and it it is the first cryptocurrency that ever exited. Just as online payment system is becoming the primary method of payment everywhere, there are many companies and startups developing tools and applications for easy trade of money.

To make such type trading as easy as possible, a new digital asset and a payment system was introduced called Bitcoin. Bitcoin is assigned as a decentralized virtual currency by U.S. Treasury and hence it is called the first CRYPTOCURRENCY. And it is becoming more and more famous every passing day because;

• This system is end-to-end transaction between users directly, without including any intermediary
• They are verified transactions recorded by network nodes in a public distributed ledger called blockchain
• Blockchain uses bitcoin as its unit of account
• It is first decentralized digital currency
• Bitcoin offers the largest market value

this article outlined the Best 6 Ways to Earn Bitcoin like through Income, Trading, As a means of Payment, Mining, through Donations and by been a Speculator. First, lets see how to earn Bitcoin though;

1. Earning Bitcoin as a Means of Payment

If you have a small business offline or online or you have a specialized service that you can render you can integrate payment for the services through bitcoin. Because, in my opinion, accepting bitcoin as a means of payment for services or product is the easiest way to earn bitcoin.

To get started with integrating it as a means of payment

• First, get your wallet from Blochain (where you can save your bitcoin), it is completely free. Once you've created your wallet.
• Login to your wallet and click on Receive Bitcoin to generate you unique address (which buyers or anybody paying for your services can send you bitcoin).

2. Earning Bitcoin through Donations

This is also a good way to earn bitcoin, if you are rending a specific service for people for Free, you can ask them to make free will donations with bitcoin. This is common these days, some Big NGO's, Companies and even some Article Directories are using this medium to earn more coin.

This way is easy, but you may need to build Trust or Offer Quality Service before user can freely donate. If the trust has already been earned, it is alot more easier to earn from donations. To earn donations, create a wallet (as outline in 1 above) and add your address to your website.

3. Earning Bitcoin by Completing Tasks on a Website

This can also be very lucrative, but your time is needed. there are lots of websites offering free bitcoin just by simply completing some simple tasks (though the compensation may be very small and takes time to get reasonable amount of BTC).

While this processes is very legitimate, the return from the invested time is very little. This way you earn some cents of BTC from the advertising sites, just as they say "there is no free lunch" it actually cost you your time. Some of the website that you can earn from includes;

• FreeDigitalMoney: Here you earn instantly when you try new apps, fill out surveys, view advertisements, sign up for trial subscriptions, and much more! You don't need a username or password, all you are required of is your Bitcoin Address( that may be gotten from number 1 above).
• Coinworker: With coinwoker, you earn BTC by completing some short and simple analytics task. Here a user account is required, so you would need to create an account before you can start earning.
• BitForTips: Here, you earn Bitcoins by answering some forum questions, it is a nice service as it brings people together who are interested in Bitcoin and many other topics. At the same time it allows to pay rewards in bitcoin for answering questions. A registration is also required.
• CoinTasker: Coin Tasker is the ultimate bitcoin earning system with more variety and consistent updates. You earn by completing some tasks and categories, combined with our high payout rate makes us the most profitable solution for anyone looking to earn free bitcoins. Active users are aslo rewarded with bonus.
• EarnFreeBitcoin: This is one of the easiest way to earn BTC, You get paid in Bitcoin for surfing websites and clicking ads.
• CoinUrl: CoinURL is an URL shortener, that pays you every time someone clicks on your shortened link. Registration is required.

4. Earning Bitcoin through Mining

Some one may ask, What is Bitcoin Mining?

It is simply the process by which new Bitcoins are generated. When you perform mining using you computer, you get new Bitcoin transactions that could be added to the block chain where Bitcoins are stored (a public ledger where all Bitcoin transactions are stored) and searches for new blocks. The block is a file that has the most recent Bitcoin transactions recorded in it.

When your computer discovers a new block, you receive a certain number of Bitcoins. Currently a block contains 25 BTC. This number changes throughout time and gets smaller by the factor 0.5 every four years. Mining can also be said to be simply solving complex mathematical problems with the help of your computing power and get rewarded with coins for solving the problem.

In the past it was very easy to mine bitcoin with your laptop. Its a different ball game now because the difficulty rate of solving those maths problem is very high now and requires high end machines to do that. Most individual miners joins mining pools like Bitminter to min and get this coins without having to build your own mining farm.

But, you can also usr your laptop to min some other Bitcoin alternative coins, the most popular one to make use of is the Minergate. it's been used by some top traders. Beside the facts that you earn BTC during mining, it is also fun.

5. Earn through Trading

Seriously, This is the best and easiest way of making more bitcoin and money. Just like FOREX, but in a more different way, in that crypto trading has high volatility and that is where the money is VOLATILITY. I am involved in crypto trading full time. And you won't regret it if you join.

Trading with Bitcoin simply means, you see an opportunity (an asset) at a lower price, you buy it and letter sell it of when the price becomes higher than when you bought it. Here you use Bitcoin to buy other cheaper coins (assets) and sell then when the price increase.

Crypto-trading in volatile (meaning that the price goes up and down). To get involved, there are something you would need like, an exchanger (I use Poloniex) and some BTC. You are not only limited to Poloniex, there are other good exchangers (just google). Just do your research well and decide which is ok for you.

6. Earn as an Income

The steadiest way to earn Bitcoin is by earning it as a regular income, currently some Organization can pay you with Bitcoin instead of a regular paycheck. Even Gavin Andresen, core Bitcoin developer of the Bitcoin Foundation stated in this interview that he gets paid in Bitcoins. Chances are, when your employer accepts Bitcoins they might be willing to pay you in Bitcoin, too.

You don't necessarily need to work for a BIG company or NGO before you can earn in BTC, you can earn BTC comfortably by been part of Bitbond. Been a freelancer is even the best and has multiple advantage, you can work for others just form your home.

It is very convenient to earn in BTC, here are some list of website where you can search for job offers and earn in BTC.

• BitGigs: This is an online job board with many diverse job offers. There are too many job offer categories, fill free to register (its free) and explore the once you can do.
• Xbtfreelancer: This is another job listing site that pays in BTC. Just that, the jobs are mostly software and IT related, If you have an IT experience, it will be alot easier for you.

Then of course, you can also start your own Bitcoin related business and earn Bitcoins, either as a full business of goods or services or you could even run a website and place ads from CoinURL

Conclusion

There are also other ways that are not listed here like gambling due to some reasons. If you have any other questions you can use the comment box. I hope you enjoyed this post.