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[Hades]

Stating that Bitcoins are not real money is utterly wrong. Bitcoin is just a digital currency: saying it doesn't have any economical value would be like saying USD or EU don't.
I think the best way to explain what Bitcoin is would be to list its main differences from common currencies, it will probably give you a better idea of what you're dealing with:

• How they are spent: Bitcoin is a digital currency, so it can only be used online (they tried to make a physical Bitcoin some years ago, somewhat similar to a credit card, in the US, but the government had to shut it down). Also, being a currency, it means you can trade your Bitcoins for USD, EU or any other currency to spend them anywhere. There are no restrictions.
  
• How your money is stored: You don't have any physical coins nor bills, you've just got a number displaying how much cash you have, and that number is tied to your online wallet, which is basically the same thing as a bank account number. This is the reason why you're not applied any deposit fees.
  Also, this wallet can only be seen by you, as it's not tied to any number. Bitcoin addresses are numbers tied to specific transactions, and not to the wallet itself. This makes them safer, but also easier to lose, so always pay attention to that.
• How transactions are handled: As opposed to the way transactions with common currencies are handled, Bitcoin transactions are de-centralized: this means there isn't a central corporation which stores all the money and then transfers it from seller to buyer, but they're always handled by different people (better defined as mining nodes). Transactions are put together in blocks and computed by a different hardware everytime: also, since every transaction is tied to a different address, and all addresses are not bound to any wallet (or even name), tracking down people is practically impossible.
  This has also other advantages, aside from safety, like delivery celerity (it takes around 10 minutes to receive Bitcoins after they are sent) and ridicously low transaction fees (their value floats around 0.0005-0.05 BTC, but sometimes you may even be charged nothing).
• How many BTC there are: With common currencies, money is constantly being printed and placed on the market. This is not the case for Bitcoins. There's a limited amount of how many Bitcoins can be produced (20,999,839.77085749 BTC, for the sake of accuracy), and mining (which is the process of computing and registering blocks) will stop generating any more of them once we hit that border (15,282,400 as of today; you can check the live number at Blockchain). However, this is not happening anytime soon: the more Bitcoins there are around, the less BTC you are rewarded to get and compute a block, and the estimated year in which the last block will be generated is 2140, so you probably won't have to worry about it.
  This is crucial to determine the value of a BTC: as time passes, there will be less and less Bitcoins in the market (supply will decrease), meaning their value will increase (demand will increase). Of course, this is true as long as we assume that Bitcoin will keep going as strong as they currently are, and there's no telling how it will go.

 

[hedonologist]

That depends what you mean by making money with Bitcoin. I think normal trading strategies would apply here, but of course there are unique things about Bitcoin that you would need to take into account. There will be plenty of PDFs and video on Youtube going over different trading strategies. Of course you will also need an exchange to buy coins with (for real money) and sell when you want to cash out.

The key is determining when it is undervalued, and when it is neutral or over valued.

Just because it is priced lower than normal, that does not mean it is a good time to buy (it may be low for a good reason and staying low).

'Buy low sell high' is a good mantra, but real profit is made when you buy cheaper than it's real value, and sell higher than it's real value.

 

[PenguinManiac]

Well, bitcoins are money, they're just an online currency, so you can use them right away. However, I suppose you're asking for a way to earn bitcoins and convert them into common currencies (USD, EU, etc.), so let's get started.

So, first things first: how do we get some bitcoins? Let's review our options:

• Buy them: This is the obvious choice, but I think it kind of defeats the purpose of this thread: sure, you can invest some money in trading, but that's something you can do with any currency, not just bitcoins. Still, if you're willing to take the risk, give it a go. Want a few names? Try Cubits (Europe, but should work in US too) or CoinBase (US only).
• Mining: This is how bitcoins started to spread, in the first place. To get how this works, we should first understand how bitcoin transactions work. (I'll write it a little to the side, so you can quickly skip it if you want to get straight to the point; just know CoinDesk has all the documentation you need to set up a mining hardware, and yyou can learn more at Bitcoin's wiki)
  • Basically, transitions are all recorded and bundled together in blocks, which are computed by a dedicated hardware, called mining node. Now, after a block is created, the next one will be computed by another node, which is chosen by resolving a certain mathematical problem, generated by each block. Once a node finds the solution, it computes the block, and the chain continues. Everytime a node gets chosen, it gets rewarded with a certain amount of bitcoins (it's currently 25 bitcoins). This is what makes bitcoin transactions work.
• So, if you have some dedicated hardware (we're talking about pretty powerful machines, though, a good rig could even cost around 800$), mining can be pretty rewarding; however, as you can imagine, there are lots of other machines trying to get the next block at the same time, so getting one could take a lot of time (it's mostly a matter of luck). This is why some miners group together, in order to have higher chances to get a block (and also reduce power requirements), and later split the earnings: this is called a mining pool. If you want to get started, this is probably your best bet (you'll get several small rewards, rather than a few, big rewards). You can try MultiPool, Give Me COINS (they work for both US and Europe) or BCMonster (US only).
• Sell services: If you own an online activity, you can also accept Bitcoins as payment. There are various softwares you can use to implement this (Cubits, BitMerch, BitPay, CoinCorner, just to name a few).
• Free bitcoins: Some websites give away small fractions of bitcoins for free (they're called faucets), like Dailybitpoints (they have hourly prizes), BitcoinGet (watch videos and ads, usual job) or QoinPro. CryptocoinFountains has a list of other useful websites.
  Also, some survey/tasks sites will pay you in bitcoins, like PrizeRebel, Gifthulk and UltimateGPT.

Now, before gaining bitcoins, we'll need a place to store them it. They're called wallets. You can use desktop wallets, by downloading a client (Multibit works on every platform, or you can also try Armory if you want some more security), mobile wallets (try out Bitcoin wallet or Blockchain) or online wallets (Coinbase and Cubits both have one, just as Blockchain).

Finally, let's get to the interesting part: how can we gain profit from them? We have two options here:

• Trading exchanges: This has been suggested before, and it's fundamentally an investment. You convert a certain amount of money to Bitcoin, and then, when its value raises, you convert it back to its original currency to get even more money. It's risky, of course, and you'll have to constantly follow the USD/BTC rate (or any other currency/BTC rate, really), but it can be quite rewarding. You can check it out daily at CoinDesk (for instance, today's USD/BTC rate has lowered by -1.09%). However, the BTC value is really floaty, so it's almost always going to be a high risk-high reward situation. Play your cards well.
  Still, that's not the only way you can use exchanges. You can just convert the bitcoins you have earned in your currency, to use it in any normal card. You can still use the websites I mentioned earlier (Coinbase and Cubits) to sell bitcoins, but you can also try LocalBitCoints (US only) or Bitbargain (UK, but works for all of Europe).
• Just use them: Well, after all, as I said at the beginning, bitcoins are money, right? So you can just use them right away, if they're accepted. They have a lot of advantages over normal transitions (they are charged lower fees due to the way transitions are handled, we're talking less than 0.001 BTC here, and they're also almost instantaneous), and they're getting more and more widely spread, so keep an eye on it.

 

[suresh]

There are lots of ways to make money with bitcoin as it is a payment processor system, so you can make money by trading them. Bitcoin is high than a US dollar rate so the conversion wins to the Bitcoin payment processor.

For your query how to make money with bitcoin?
You can make money with bitcoin by exchanging them with other people. You can ell services like SEO, web designing, web hosting, etc.
It is one of the toughest point to calculate or buy services, sell services, goods because 1 bitcoin = USD 435 Approximately. Then calculate how much time it require to make a Bitocoin.
Please use these sites for making bitcoins
bitcointalk dot com A community where people discuss about bitcoins.
macobserver.com/tmo/article/get-free-bitcoins-with-8-website-faucets-that-really-pay

 

[SuncicaZ]

Bit Coin is a digital money. Every country has some type of guarantee for their currency. They have the value of their money in, for example, gold. There is not any guarantee for Crypto currencies. That is something what makes them less safe than other currencies that we can 'touch'. There is not any paper or metal that presents BTC.

 

[SuncicaZ]

Best way to earn money with Bit Coin is to buy it and to wait to rise. When it's value get bigger, you sell it and earn money. Also you can use it as any other currency and invest it in something on the Internet, for example some revenue share site, there are a lot of those on the Internet. And, also you can find your own Bit Coins by mining them on your computer.

 

[stiffany162]

Bit Coin is a digital money. Every country has some type of guarantee for their currency. They have the value of their money in, for example, gold. There is not any guarantee for Crypto currencies. That is something what makes them less safe than other currencies that we can 'touch'. There is not any paper or metal that presents BTC.

Yes, it's a cryptocurrency. We can not sure what will happen to this coin in the future.

 

[stiffany162]

Best way to earn money with Bit Coin is to buy it and to wait to rise. When it's value get bigger, you sell it and earn money. Also you can use it as any other currency and invest it in something on the Internet, for example some revenue share site, there are a lot of those on the Internet. And, also you can find your own Bit Coins by mining them on your computer.

Yes, but if he doesnt want to invest anything he can earn from faucets but with a really small amount.

 

[SuncicaZ]

Yes, but if he doesnt want to invest anything he can earn from faucets but with a really small amount.

It is not important will he buy BTC or he will earn it only ways to make more money by BTC are to invest them in something or to wait to their value gets bigger.

 

[SuncicaZ]

Yes, it's a cryptocurrency. We can not sure what will happen to this coin in the future.

We can not be sure even what is going to happen with the real currencies.

 

[krious]

You know "Money" in general also has a similar origin. Regardless of its origins, the driving force of its continuous usage is the fact that is has "purchasing power" or rather there is value in it that is capable of being accepted as a mode of payment. The single most significant difference between actual money and bitcoin is only the physical vs virtual aspect of it. Unlike money that can be held securely and is grounded by the realm of the physical world, Bitcoin remains in the virtual world and the only means for you to be able to utilize is through the virtual world or if you exchange it for the physical money. But regardless of the state money and bitcoin are in, they are both used as a mode for payment and have value. If you look at the most basic concept of money, it's just a piece of paper with words written on it or just some piece of metal with embroidery on it, while Bitcoin is just all data. The materials they are made from are cheap but they have a lot of value in them and can be exchanged for much more expensive things. However, money has history and is approved by the world while Bitcoin is just slowly making its way towards it. Only when the whole world accepts cryptocurrency as form of payment is when we can truly use digital currency as a stable mode of payment. If that happens, then at least we are the pioneers of it and are one step ahead of everyone else in the world.

 

[krious]

You don't need to just focus on Bitcoin to make money. There are hundreds of forms of cryptocurrencies that you can get into that could be valuable! It's hard to enter into Bitcoin trading nowadays but you can try your luck in promising and high potential alternative coins (Altcoins).

 

[stiffany162]

We can not be sure even what is going to happen with the real currencies.

Yeah, but cryptocurrency is more risky than real currencies. Because we cannot predict what will happen to this.

 

[stiffany162]

You don't need to just focus on Bitcoin to make money. There are hundreds of forms of cryptocurrencies that you can get into that could be valuable! It's hard to enter into Bitcoin trading nowadays but you can try your luck in promising and high potential alternative coins (Altcoins).

Agree, there are lots of altcoins that having high values now. But compared to btc, still btc has the highest value.

 

[overcast]

Faucets and mining is not the method I'd be going for. I meant to say it takes a lot of time to earn that much amount. You can see that bitcoin has it's share of demand from the marketplace. But you can ask for the bbitcoin for your services. In some cases people can give it to you. And that seems to be the onlly option to get the bitcoin apart from the mining and the faucets.

 

[krious]

Faucets and mining is not the method I'd be going for. I meant to say it takes a lot of time to earn that much amount. You can see that bitcoin has it's share of demand from the marketplace. But you can ask for the bbitcoin for your services. In some cases people can give it to you. And that seems to be the onlly option to get the bitcoin apart from the mining and the faucets.

You know if you want to earn money with Bitcoin through faucets, you'd earn more money owning faucets than actually doing them. The money you earn from ad revenue due to visits from those who use the faucet are a lot. The problem is the maintenance of it as it's such a hassle especially if you are not that well-versed into creating websites and such.

 

[tusziget]

There are 2 ways to earn Bitcoin:1.You can buy with Dollars Bitcoin.2.You can earn it with the help of the faucets(this takes a lot of time).

You can forget after that you have the Bitcoin(s) in your Wallet,and after that its price is rising to the moon,you can sell it and receive a huge profit,if continuously is rising the price of the Bitcoin.

 

[SuncicaZ]

Yeah, but cryptocurrency is more risky than real currencies. Because we cannot predict what will happen to this.

I have said that in some my post. We can not even predict what will happen to the real currencies of big countries. Whole economy is a risk and everything is a risk.

 

[stiffany162]

There are 2 ways to earn Bitcoin:1.You can buy with Dollars Bitcoin.2.You can earn it with the help of the faucets(this takes a lot of time).

You can forget after that you have the Bitcoin(s) in your Wallet,and after that its price is rising to the moon,you can sell it and receive a huge profit,if continuously is rising the price of the Bitcoin.

Agree, that's what im doing right now. Im earning from faucets and will keep my earnings for a long time. I will wait for btc to increase much :)

 

[tinu11]

You can trade bitcoin against other currency like dogecoin, dashcoin, ethereum etc when these currencies are down and sell these currencies when you get desired profit from it. You can keep these bitcoin in your walllet and wait till price of it increase and sell it at profitable price.