Bitcoin is a new form of virtual currency/capital that resembles Euro, US dollar and Peso, except that it doesn't exist in physical form like coins and currency do. Unlike the monetary form, Bitcoin is not controlled or owned by any single government or company. Rather than being managed and manipulated by a single organization, Bitcoin peer-to-peer currency, which means that it works for everyone. Since Bitcoin is a virtual capital (meaning it lives on a computer) and given that it is in decentralized form, no one can corrupt the marketplace by releasing large amount of Bitcoins to the circulation and no wall-street bankers lining each others pockets.
The benefits of acquiring Bitcoins is that, transactions happen instantly and dont require transaction fee just to get the negotiation done not unless the person who starts the transaction decides to pay. And since no one manipulates the network, there are computers across the planet which help confirm each transaction that occurs this Bitcoin network process is called mining. As to incentives, these miners help authenticate the recurring transactions while the Bitcoin network (or the Blockchain) is the one which grants Bitcoins to miners occasionally. Today, 12.5 Bitcoins are being rewarded in a form of lottery system every ten minutes and the program behind it is completely open therefore everyone can see it.
The way Bitcoin operates is easy, each person needs a Bitcoin wallet which they will utilize to send & obtain Bitcoin funds. This wallet address is made up random numbers and letters, this wallet is fully confidential, unless individuals decide to link themselves with it publicly. The value of Bitcoin is widely based on how much people think its worth (similar to exchanges of real money). But since there's no central authority to keep the value around certain level, the amount can vary more dynamically. The Bitcoin market can be very volatile by nature.
An typical Bitcoin address looks like this:
So, how do freelancers get paid in Bitcoin?
Bitcoin provides a wonderful means to pay for the skills and work of talent ed freelancers across the globe. Due to the nature of Bitcoins capital system, cryptocurrency can provide various businesses with access to those highly talented individuals wherever they are in the world. Indeed, there are communities of freelancers on-line who actively seek cryptogrind is the next generation in Bitcoin Freelance Marketplaces, check us out.
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