Make money in bitcoin
Essentially, there are 2 ways to make bitcoin – you mine it, or you trade it on the open market.
How is bitcoin generated?
A somewhat technical explanation:
Make money with Bitcoin – Unlike paper money, which is printed and distributed by a government, bitcoin has no central government. Instead, bitcoin is “mined” by people who run specialized software on computer systems. Essentially the software they have solves complex mathematical problems. These problems take the transaction records of bitcoin transactions from the ledger (which could be a very long number), and boils them down to a shorter figure, called a “Hash”. These hashes are then validated and appended to the ledger, called a “Block Chain”. Miners are issued pieces of a bitcoin in exchange for their work. Due to the nature of how the Block Chain is architected, there is no central authority for the ledger, as it exists on multiple systems spread across the globe, simultaneously. This architecture makes it extremely difficult, if not impossible, to “hack” or create a fraudulent entry in the system. This innately makes the blockchain architecture VERY secure and trustworthy. To alter it, someone would have to hack multiple systems at the same time, undetected, and create simultaneous entries to the ledger… an EXTREMELY difficult proposition. How do I make money in bitcoin
There are multiple mining systems that can be built/purchased to mine coin. The mining operations are measured in hashes per second. (a “hash” is the output of a transaction block verification) as an example, you can purchase a system that will generate 4.7 TH (Tera-hashes, 4.7 Million Hashes) per second for about $500. The expected earning potential of a machine like this is around .16 bitcoin per month. Your gross from this at today’s coin price ($2300/coin) is approx. $380. It will take you approximately 1.5 months to pay for the mining rig. This doesn’t factor for power usage of the mining rig, ether.
So, to Trade then?
Trade Coin Club (TCC) is a Bitcoin Trading platform. The founders of TCC are here to make money, same as you. They have made substantial investments in the trading platform, and thusly, charge fees for use of the system. On average, I’m seeing a 1% daily, 20% monthly ROI on the TCC Platform. The Fees outlined below may seem to be high, but remember – money isn’t free. Everyone here is in business to make money.
So, I keep hearing “Network Marketing” in discussions related to TCC – is this like “Amway”, or a Pyramid Scheme?
There are essentially 2 ways How do I make money in bitcoin with TCC…
- You can purchase bitcoin from someone you know, or on the open market, and trade with it in the system. TCC’s system makes hundreds/thousands of small trades per second, taking advantage of short term gains and losses of bitcoin. (sometimes called “Arbitrage”) – this is a well-known practice in securities trading.
- You can choose to participate in the business building side of TCC, and earn commissions and bonuses from people you bring into the system to trade. (you are earning commissions on their trades, not on the people specifically) There is a detailed compensation plan on how this works. This piece is completely optional, and up to you if you feel comfortable talking to people and building out your network of affiliates. You can certainly earn more BTC and other rewards by participation, but it’s not required to be a part of TCC. How do I make money in bitcoin
- The system is not a Pyramid Scheme, as the monies you make on your affiliates are commissions on their trades. A Pyramid scheme, by definition, is the practice of recruiting people into a business with the promise of a payment or service simply for enrolling others into the scheme. This is not the case here. Your commissions are paid on actual transactions rendered. If someone you enroll does not transact in the system, you make no commissions. How do I make money in bitcoin
- The system is also not a Ponzi Scheme, because people at the top of the organization are not being paid by your investment in the company. You are not investing in the company. You are charged fees to access the service, and trade bitcoin. Commissions are paid to people along the way, but it’s not to ensure solvency of the company, or pay off investors in the company. The company makes money on the service fees of its intellectual property, not on your investment in the company itself. The company then pays commissions to its sales and marketing people, out of profits generated from transacting sales of bitcoin.
So, Tell me about the fees…
- When you purchase Bitcoin – you need a Blockchain Wallet. There are several, but the one I use is http://coinbase.com Blockchain wallets are free for personal use, but there is a transaction fee for sending/receiving bitcoin. Typical fees from Blockchain.info are 1% (but your mileage may vary there) This transaction fee is charged EVERY TIME you transact bitcoin in or out of their system. The fees go to pay the miners who must validate the transactions against the blockchain.
- When you put bitcoin into the TCC System, the BTC that is to be traded goes into the “Exchange Wallet”. there’s a fee charged – 50% of the amount you put into the Exchange wallet is held back, to pay for the system, commissions, etc. (Example – if you put 1BTC into the system, you’ll be trading with .5BTC). This fee is charged every time you put money into the exchange wallet.
- Every 86 Days, there’s a transaction fee of 25% charged on your trades only. (Baby Blue Box) How do I make money in bitcoin
- When you Withdraw money out of the system and back to a blockchain wallet (to convert into cash, or to pay for goods/services with bitcoin), the system will charge you an 8% withdrawal fee. (It’s an “escrow-type” service that is external to TCC, hence the fee.
- 5X Earnings – When your Commissions reach 5X your exchange amount – you will be assessed a 20% fee on the Commissions – (for example you have 1BTC in your Exchange wallet, and you’ve made 5BTC in commissions, you will be assessed 1BTC as a fee, but you will have earned 4 BTC)
Do you Trade in Stocks? Do you Trade in Commodities? Do you pay Fees for trades? Same concept here. Ideally, the BTC you will be earning will far outreach what you’re paying in fees.
Using the 5X earnings Example – I put 1BTC into Exchange… over time, I make 5BTC in commissions, or earnings off that money. The system charges me a 20% fee on that (in the example above 1BTC as a fee) – you say “Wow, 20%, that’s like $2300!!” – I say- you just netted 4BTC off of a 1BTC investment and a little elbow grease – in that logic You made $11,500 gross off of a $2300 investment – that’s not bad. Is it worth paying 2300 in fees to net yourself $9200? I’d say so…How do I make money in bitcoin?
Yours to success