Earn Bitcoins Guide
BITCOIN
What is Bitcoin?Bitcoin is a digital asset invented by Satoshi Nakamoto. It's a software based payment system published in 2008 and released as an open source in 2009. Payments are recorded in a public ledger and transactions are verified by network nodes. The unit of account that is used by the ledger is called Bitcoin.
Bitcoin is often named as the first cryptocurrency. Bitcoin is called as the first decentralized digital currency as it works without a central repository. It has the largest total market value of its kind.
Users offer their computing power to verify and record payments into a public ledger in which Bitcoins are made as a reward for the payment processing work. They call this mining, and miners are paid with transaction fees and newly created bitcoins.
Most importantly, Bitcoins can be exchanged for products, services, and currencies - which means Bitcoins can be exchanged for cash and withdrawn.The smaller parts of a Bitcoin is commonly called as Satoshi.
Satoshi
From the name of the founder, Satoshi Nakamoto, Satoshi has been used to identify parts of a Bitcoin. See below the Satoshi Equivalent of a Bitcoin:
1 Satoshi = 0.00000001 Bitcoin
10 Satoshi = 0.0000001 Bitcoin
100 Satoshi = 0.000001 Bitcoin
100 Satoshi = 0.000001 Bitcoin
1,000 Satoshi = 0.00001 Bitcoin
10,000 Satoshi = 0.0001 Bitcoin
100,000 Satoshi = 0.001 Bitcoin
10,0000,000 Satoshi = 1 Bitcoin
mBTC and uBTC
1 mBTC = 0.001 BTC (milli BTC)
1 uBTC = 0.001 mBTC (micro BTC or millionth of BTC).
Also called a ‘bit’, so 1 bit = 100 satoshi = 1/1,000,000th of a Bitcoin
1 satoshi = 0.01 uBTC (smallest unit of divisibility, hundred milltionth of a Bitcoin).
To check the latest conversion price of USD/BTC, check out the open Bitstamp market.
Currency Conversion
1 Bitcoin = $ 448.70 US Dollar = P 21,220.59 Philippine Pesos (as of Dec 17, 2015)
This guide hopes to extend to you the knowledge on Bitcoins and show you ways on how to earn and exchange them into currencies or cash that you can use as you wish.
If you wish to know more about Bitcoins, you can visit the following links below:
