The Bitcoin is no longer associated with Darknet and SilkRoad, and there are more and more opportunities for earning from this Cryptocurrency. In this article, we’ll list the ways to earn Bitcoins, the tools for managing Cryptocurrencies. Moreover, we’ll try to predict the future of this Cryptocurrency.
The prospects of Bitcoin’s Cryptocurrency are highly valued by financial analysts. The alternative monetary units are in a great demand now. You can earn and spend this digital money in many different ways just with the help of your smartphone.
The Advantages of Bitcoin for your Business
One of the most common questions the entrepreneurs ask: Why they should be interested in developing their own Bitcoin Wallet application? Why the Bitcoin should be integrated to their business as an additional payment option?
The answer to these questions and the ultimate information on Bitcoins you will find below.
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1. Bitcoin as the simplest form of money exchange: The essence of Bitcoin makes this digital currency an ideal solution for all kinds of transactions, especially for cross-border ones. Bitcoin compared to other payment options appears to be the fastest one.
It’s quite easy and convenient to buy Bitcoin online for any other currency through the exchange. Moreover, you can earn Bitcoins yourself without putting some extra efforts. This is how it can be possible:
Mining: To put it simply, it is the extraction of Cryptocurrency for a reward. It is necessary to assemble a farm (a computer consisting of a dozen powerful video cards with special software) for the Cryptocurrency you want to mine.
- Pros:
-Total autonomy in mining.
Cloud Mining: If you don’t have enough resources, buy them from other miners. This option makes mining accessible for all.
- Pros:
-Low entry price.
-Payback of the invested money in 4-6 months.
-A variety of plans for mining of different types of Cryptocurrency.
Purchase: Create an account to buy, exchange, transfer or sell the Cryptocurrency.
- Pros:
-The price of the entrance is determined by you.
-A variety of Cryptocurrencies.
-You can double the capital in a day on some transactions.
Storage of Cryptocurrency in electronic wallet: Open an electronic wallet or register in the payment system that allows you to store Cryptocurrency. Buy the Cryptocurrency and forget about it for some time.
- Pros:
-Low entry price.
-Similar to a deposit in the bank.
-Possibility to store several Cryptocurrencies.
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2. Bitcoin is absolutely anonymous: To make a transaction in a Cryptocurrency, you will only need to know your recipient’s Bitcoin address. It’s usually looks like an average web link.
By knowing this address it’s possible to check how much money was sent from it, but you can’t find which wallet is associated with this address and who is the owner.
3. Bitcoin has the safest ecosystem: Each transaction made with Bitcoin wallet app has to be approved with a digital signature before it’ll be sent to the block chain. The whole transferring process makes the Bitcoin wallet app a safest wallet to use, store, and exchange Cryptocurrencies.
Why you need your own Cryptocurrency app and benefits of developing Cryptocurrency app
Let’s start with a little bit of statistics. Over the past 5 years Bitcoin’s price has increased by 607%. In fact, the number of transactions with Cryptocurrency exceeded the equivalent of 100 billion dollars.
- No government control:
All of us remember the economic crisis in the Republic of Cyprus, which happened not long ago. That time the banks decided to return 48% of uninsured deposits. Did it affect people? Yes, the way too much. However, this will never happen with Cryptocurrency as far as it’s decentralized.
- Cryptocurrency is more secure:
No one will be able to steal your information from merchants, because you do not need to disclose any sensitive information.
Each user posses two keys: open and closed. When user wants to make a transaction, he needs to combine the first with the second.
- Bitcoin can’t be influenced by inflation:
Nowadays the main problem with real currency is that the governments have the right to print as much money as they want. As the result, money is loosing the value on daily basis. Nevertheless, it will never happen with Cryptocurrency because the number will never exceed 21 million. So Bitcoin is protected from inflation as well.
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Would you like to develop your own Bitcoin wallet?
If your answer is ‘yes,’ the first and the most important thing you need to know is that the Bitcoin wallet is very easy to use.
To create an app for a Bitcoin wallet, you can use certain libraries that offer standard features that allow synchronizing with a block chain.
However, if you do not want to use such libraries, you can also create your own Cryptocurrency app according to your business requirements.
We have an experienced team of blockchain developers that specialize on Cryptocurrency apps. It makes possible for us to offer a perfect solution for Android and iOS.
Also read: In-House Developers vs Outsourcing – Guide to Read Before App Development
Integrating Cryptocurrency as a payment option
It’s quite hard to say how many people own Cryptocurrency today. Nevertheless, many large companies started accepting Cryptocurrency as a legitimate billing source.
Amazon, WordPress and Microsoft are offering Bitcoin as one of the payment options. Rakuten accepts Bitcoin payments. Some of the other well-known players accepting Bitcoin payments include Microsoft, Dell, Overstock and more.
Furthermore, for entrepreneurs planning to enter the digital world, especially ecommerce should also consider this payment option as a beneficial one.
The best thing about payment service providers is that they make the company’s account in domestic currency, and if any customer pays using Cryptocurrency, the merchant will get the amount on his bank account in local currency.
Have any questions on Cryptocurrency application development, we are just a click away. Drop us a message: sales@wedigtech.com and get an ultimate consultation absolutely free of cost.
