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hi what is a bitcoin, how is it traded and how can i make money from it...
Question
hi what is a bitcoin, how is it traded and how can i make money from it - Posted by Anonymous
Answer
ANSWER 9th November 2011
Hi Anon,
A Bitcoin is basically virtual money, used for transactions on the internet. Each coin has a unique number or code. How do you make money from them? Like any other commodity, currency etc. you buy them at one price and endeavour to sell them at a higher price. It seems that since inception their value shot up in a classic bubble due to the speculative demand. For various reasons, including the cost of 'making' or mining them (they are 'produced' by a processor-intensive calculation requiring increasing amounts of computing power) and hacking, their price has slumped from a high of $33 to below $2.
Quite frankly I would advise you to stay away until you have studied the concept thoroughly. As they say, not for widows or orphans!
A good starting point, I feel, is here:
http://www.guardian.co.uk/technology/2011/oct/18/bitcoin-value-crash-cryptocurrency
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