Saturday, 28 December 2013

BitCoin: A new Currency for 21st century

Bitcoin is all the craze in the world right now. What is it, why has it gone on to become so popular in the last month alone and why should you pay attention? This is all what this post is about. Keep reading!

The start of the currency

Bitcoin, as you might’ve known, is the digital currency (or cryptocurrency) for the 21st century. It’s nothing physical, you can’t see it, you can’t touch it but it’s there.

But before you start, keep in mind that Bitcoin is a complex product. The concepts of cryptocurrencies in general are deep and abstract, and understanding how and why Bitcoin works requires a fair degree of technological knowledge. If I may speak frankly, Bitcoin is not everyone’s subject.

To put the idea in simpler words, Bitcoin is an alternative (digital) currency that can be paid for goods and services much like conventional currencies. You can transfer Bitcoins to other users and vice versa to maintain your financial account.

It was started in early 2009 by an unknown person under the name of Satoshi Nakamoto. No one knows for sure who this person might be or whether there is a whole group of people operating under this name.

In around-2010, he transferred all the Bitcoin-related property to Princeton University graduate, Gavin Andresen. Interestingly, Andresen has himself communicated with Nakamoto only via emails or web forums. Still, the amount of Bitcoins owned by Nakamoto are estimated to be around a million so he’s a billionaire in dollars regardless of his identity.

The currency isn’t dependent on a bank or any other source. Its value depends on the amount of interest and support it garners, as simple as that.

Some Facts

Bitcoin is divided into units, just like any other currency in the world. The smallest unit is just 0.00000001th of a Bitcoin.

Only 21 million Bitcoins will ever be created to avoid inflation. Around 12 million Bitcoins are already in existence today, with their publishing rate of 25 Bitcoins per 10 minutes slowing down until that golden 21 million figure is reached, which will happen around 2140.

Around $30,000 value worth Bitcoins are spent everyday worldwide. The currency has a total market capitalization of more than $8 billion.

Its value has jumped by 300,000 times since they came into existence, making the people who brought them in their infancy very rich. In fact, some guy from Florida brought 2 pizzas for 10,000 Bitcoins back in 2010.

How to Get Started with Bitcoin?

To start buying or selling bitcoins, the first thing you need to do as a new user is install a digital wallet on your computer or mobile device. The wallet is a free software and is quite similar to a personal finance software.

The wallet maintains your balance on your device and encrypts that info. There are two keys given with any wallet: A private key and a public one. The private key is to be kept secret at all costs whereas a public key is like an address through which you carry out your transactions.

This software is available on mobile, on a PC and as a web interface. Protecting it is necessary as once you lose it, your fortune is gone and will never come back which is why getting it installed on PC is the safest bet.

Buying a Bitcoin

The value of each Bitcoin is worth around $650 and while that figure is on the rise, it is extremely volatile. “But how can I earn?”, you are asking by now. Here are a few ways.

For one, there is the simple exchange from real-life money to Bitcoin. The rate fluctuates a lot but since Bitcoin’s value is mostly going up right now, this isn’t a very bad bet at all at virtually any cost. However, not all currencies are exchangeable to Bitcoin.

If you can find a person who is willing, then you can also trade real-life money to Bitcoins. Websites such as are especially helpful.

Bitcoins can also be brought as a physical currency which comes in the shape of coins. These coins contain a piece of paper inside them containing a private key. This is a rather expensive way of getting Bitcoins so it certainly isn’t recommendable unless you want to “touch” the currency.

Finally, there is mining, which is easily the hardest way to getting a Bitcoin. This is also the only way through which a Bitcoin comes into existence (at a rate of 25 bitcoins every 10 minutes as I’ve said before, this rate halves every four years).

Miners use dedicated rigs with ASIC’s in “pools” along with other miners to solve complicated encryption functions. These are machines which are build just for the purpose and if you try to do that from a normal PC, you’re mad.

This encrypted function gets more and more difficult to solve as time goes on, making the entire process slower and hence the amount of Bitcoins minted.

Note: If you didn’t understand above 3 lines then trust me its not your fault. Its because mining Bitcoins is not for you.

Transactions and Usage

Bitcoin transactions generally take around 10 minutes to happen, after first confirmed in the block chain of the network. This makes sure that Bitcoins aren’t spent more than once but also means the usage is slow, an area through which its competitors are capitalizing. (In a few cases, this can also take up to an hour.)

Transaction fees usually depend on the amount of data which is sent out during transactions. They’re usually as low as to be negligible but if you’re sending a large number of tiny amounts worth Bitcoins, they’ll be more.

Bitcoin’s usage is increasing rapidly. In countries like Canada, you might even spot a Bitcoin ATM. Virgin Galactic now accepts Bitcoins for an outing to space while in the US, a guy recently spent a measly 91.4 Bitcoins to buy a $100,000 Tesla Model S electric car. Now that’s a high-tech way to buy a high-tech ride.

In our country, they’re virtually useless right now but investing in them doesn’t seem too bad an idea. They are on the way up, that’s for sure but still, investing your entire fortune into it isn’t something we would recommend right now.


Payments made easy: Bitcoin allows you to pay with a simple two step scan-and-pay. No need to sign up, swipe your card, type a PIN, or sign anything. All you need to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let your friend scan your mobile, or touch the two phones together (using NFC radio technology).
Security and control over your money: Bitcoin transactions are secured by military grade cryptography. Nobody can charge you money or make a payment on your behalf.
Zero or low fees: Bitcoin allows you to send and receive payments at very low cost. Except for special cases like very small payments, there is no enforced fee.
Protect your identity: With Bitcoin, there is no credit card number that some malicious actor can collect in order to impersonate you. In fact, it is even possible to send a payment without revealing your identity, almost just like with physical money.

The price of a Bitcoin is volatile, making it difficult to assess its real value and increasing the risk of losses for investors.
The relative anonymity of Bitcoin may encourage its use for illegal and illicit activities such as tax evasion, weapons procurement, gambling and circumvention of currency controls.
The fact that bitcoins exist primarily in digital form renders them vulnerable to loss.
Other Cryptocurrencies

In case you think that you missed the oppurtunity to invest in Bitcoins when they were cheap, then things haven’t quite winded up just yet.

There are a number of such currencies including Litecoin (market capitalization of $421 million, value $17), Ripple, Peercoin, Dogecoin and Nextcoin. They’re all cheap and virtually useless right now so investing in them might seem stupid but then again, Bitcoin was once in the same phase.

The Future

Given its volatile nature, no one can say for sure whether this recent trend of (mostly) rocketing value will continue in the future but people should certainly take notice.

Whether you want to be a part of the boom is up to you but we really hope it will not prove a bubble in the end. Placing your bet on something which loses half of its value overnight is a risky affair.

Tuesday, 17 December 2013 Scam Alert

Beware of as it is a scam. The admin has vanished in thin air and now the site is offline. The payment schedule of the site was also poor. Kindly beware of the admin of as he may form new bux sites in future.

Thursday, 21 November 2013 A good Bux PTC is a good startup PTC in the second income from Internet forum. The site is owned in Japan as mentioned.

  • Pay per own click : $0.08
  • Pay per referral click :$ 0.04
  • Minimum deposit : $ 2 given by admin for advertising.
  • Maximum deposit NA
  • Minimum cashout : $ 2
  • Maximum cashout : Any
  • Cashout fee/Max :
  • Payment processors : Paypal,Payza

Friday, 15 November 2013

Beware of

In this age of scams all over the internet, Beware of as its is one of the prime scam sites there is. It promise is to give $10 for every visit on the website and minimum payout of $300.

But is a big scamster and has a complex survey to complete which is a never ending process. So dont register with this site or promote it.

Tuesday, 12 November 2013

How to use the internet to make money

As long as you have the inclination, a little bit of expertise and some free time, you can earn some money on the Internet from the comfort of your own home. ET highlights some popular ways to make that quick extra buck:
Self publish books
If you love writing and want to get a book published, Amazon offers a free service called Kindle Direct Publishing. The service allows anyone to self publish books on the Kindle (electronic) bookstore and earn royalties from sales. There are two plans you can choose from — the 35% royalty works across any book sold in any country) while the 70% royalty plans works if you sell in a few select countries. Indian authors can choose to set prices specifically for the Indian bookstore and receive royalty payments in Indian currency as well.

Make & sell your apps
With so many smartphones and tablets, app development can be a very lucrative business. You can learn about developing apps online — there are various tutorials available for free. That's the easy part — the hard part is coming up with an idea that 'clicks'. Once you make an app, submit it to the respective app store, set a price and choose whether you want to earn from inapp advertising. Your earnings, after deducting the appropriate fees, will be paid monthly.
Sell your photos Online
Numerous stock websites like www.shutterstock. com, and www. host photographs submitted by members. Depending on the site's policy, you can earn between a 15 to 85% royalty on each sale. The better the quality of photos and the larger your online portfolio, the more you will sell. Usually, each photograph you want to upload will have to be 'selected' by them first — and they usually have strict requirements of what can or cannot go on sale.
Sell old stuff online
An easy way to earn some money on the Internet is by selling old stuff that you have around the house. Websites like, & provide a free classifieds platform. You need to create an account, enter the product details, location, the expected price along with some photographs — listing usually go live within a couple of hours. Interested buyers can directly contact you and finalise the sale.
Start an online shop
With some creativity, you can learn to make handicrafts or if you know a wholesale dealer, purchase unique things at low prices. Once you have some stock ready, you can set up an online shop to sell these goods on sites like or
Both sites have a simple signup process. After you get verified as a seller, they provide you with a step-by-step wizard to set your online store (how to add photos & details of items you want to sell).
Work online for money
The internet is full of bogus companies that promise to pay you for work but never will. For instance, all places that offer money to fill surveys or those that require payment up front are scammers. Two popular & reliable places to find work are www. and
Both have a similar system: set up a profile and take tests to prove your proficiency in certain areas. Once done, you'll be listed as a contractor/freelancer and people can hire you for an hourly rate. You can get paid more by working hard, getting better at what you do and getting good feedback (ratings) from your clients.
If you are fluent in any subject and have some tutoring experience, you can sign up on websites like or as an online tutor. The sites require you to create a tutor profile with details such as the subjects in which you are fluent, what classes/courses you want to teach, your experience level, preferred timings for tutions and the remuneration expected.

After verification, the site lists your profile on their portal where interested students can connect with you for tuitions. You can opt for virtual workspaces with built in teaching aids like live chat and collaborative whiteboards. Once you get better at tutoring, you can increase your monthly earnings by teaching multiple students simultaneously.
Earn from Advertising
A reliable way to earn money is from Google AdSense on your blog/website or ads on your YouTube channel. To get started, create a Google AdSense account at www. You can use the same account with your blog, website or YouTube channel. To maximise earnings from your blog or website, your objective needs to be to get the maximum number of visitors possible.
Write about what you know and what you're passionate about. On YouTube, make sure that your videos are original and interesting. Promote your channel to get more views. Apart from views, your objective should also be to get more people to like/favourite your video and to subscribe to your channel. The build up will be slow and Google only makes payments once your balance crosses $100, so don't get disheartened. Persistent efforts pay off in the long run.
Rough estimates of how much a newcomer can expect to earn in a month
Self publish books upto Rs 15,000
Make and sell apps upto Rs 50,000
Sell photos online upto Rs 10,000
Sell old stuff online upto Rs 50,000
Start an online shop upto Rs 25,000
E-tutoring upto Rs 10,000
Earn from advertising upto Rs 5,000
Work online for money upto Rs 30,000