Bitcoins are exchanged and transferred digitally through a computer generated code. To ensure that these Bitcoin transactions are completed safely and securely users use keys.
Two keys are always required for any Bitcoin transaction:
1. Public Key
This is the one that is used for the actual transfer of the Bitcoin. Because it is a public key, it allows anyone to verify the transaction. before a transfer can take place, the senders account is verified to ensure that they have sufficient Bitcoins in their account to cover the transaction. Upon completion of this first verification the transaction enters into the Block Chain. This is like a public ledger displayed in a transparent glass case; people can see but they can’t touch!
This first verification step prevents anyone from trying to send the same transaction to two different people at the same time. If anyone attempts this type of process it is referred to as double spending. Having the two different keys prevents this from happening.
2. Private Key
The end user then employs their private key to unlock the transaction, once it has been verified. The Bitcoin then gets deposited into their wallet. A wallet is simply a virtual bank account.
Because the system uses two keys all activity in the network can be easily traced. The process of verification often occurs multiple times before the receiver deposits the Bitcoin.
All of these transactions are available in the Block Chain, every transaction ever made is accounted for there. Plus anyone can view it if they wish to.
How the Blockchain is Created
As I described earlier, it takes several verifications for each transaction to proceed. At the present time the current number of verifications required is six.
Prior to a transaction entering the Blockchain, a new block must be formed. The first step in this process is to verify that the person sending the Bitcoin has the currency available in their wallet.
This is where it can get complicated!
To create a block, a process known as hash creation must occur. Imagine small nodes that are attached to a block each time it is verified. So the original block gets a little longer.
As this is all done via a mathematical software program, zeros are added at the beginning of the block. As each new block verification is completed, more zeros are added. The largest block is always taken to be the authenticated block.
Once this verification process has occurred six times this block enters into the BlockChain and a time stamp is associated with it. This is how you can easily see all the transactions that have ever occurred. No records are ever removed from the Blockchain and it will continue to grow in size.
Successful affiliate marketers share some specific traits that help them succeed. Many people trying to start their own business, start with affiliate marketing. But most fail because they do not have, or may not know what it takes to succeed. Listed below are the traits common of most super successful affiliates who earn huge commissions.
Traits of Successful Affiliate Marketers
- Successful affiliates have a strong resolve, are determined to succeed and are willing to do what it takes to earn online. Not easily discouraged, nothing can stop these people from attaining their goals.
- Successful affiliate marketers are willing to learn and train so that they will succeed in their business. Internet marketing is dynamic and there are many tips and tricks to learn in order to succeed. Successful affiliates are constantly looking for information they may use to build and refine their business.
- As most affiliate marketers work from home, it can be hard to stay on course. Successful affiliate marketers are self-motivated. People succeed in internet marketing by pushing themselves to do what they must to complete tasks within a specific time frame.
- Most people fail at internet marketing simply because they do not do what they must to grow their business. Successful affiliate marketers are organized and complete one project before starting a new one.
- Successful internet marketers are resourceful and think outside the box. They think about different and unique ways of handling any task and how to make themselves better and more successful in their niche. By differentiating themselves from other affiliates, these successful marketers gain a competitive edge against others enabling them to earn big commissions.
- Successful affiliates are highly disciplined. They set their goals and targets and work towards them without allowing any distractions.
By following and adopting these principles you can become a successful affiliate marketer!
What’s the difference between multi-level marketing (MLM) and pyramid schemes?
Sometimes referred to as networking marketing, multi-level marketing (MLM) is pretty much what it sounds like. It’s a marketing system where people earn income from the sales they make personally. But they also as earn on the sales of others that they have referred into the business opportunity.
Unfortunately, multi-level marketing (MLM) has received a negative reputation in the past. Newer, more creative businesses use new terminology to refer to multi-level marketing such as: word of mouth or direct sales.
Multi-level marketing uses a product or service provider’s customer base as it’s sales team. They are independent contractors and earn income from the sales they make. They also earn residual income on the sales of other team members that they have referred. Hence the name multi-level marketing.
On the other hand, a pyramid scheme is just that – a scheme. In a typical pyramid scheme, no real or tangible goods or services are sold. The promise of making large amounts of money in short periods of time is the selling point.
A pyramid scheme is virtually impossible to maintain. However, those who get in first are the ones that are usually able to cash out with substantial monetary gains.
Since it must continually enroll new customers into a pyramid scheme, it usually crumbles before it succeeds. Leaving those at the bottom – out of luck.
Most well-known pyramid schemes involve the person at the top of the tier paying a sum of money and then enrolling others who pay the same amount. When a certain number of enrollees is reached, the top enrollee leaves with his or her money. And then the game continues.
Unfortunately, individuals at the bottom level are the ones left out in the cold. It’s nearly impossible to continue to recruit individuals who are willing to plunk down hard-earned money with no product or service being sold.
The real difference between pyramid schemes and multi-level marketing (MLM) is that multi-level marketing recruits individuals on a tier system. But products, goods, and services are actually being sold.
Throughout history people have tried to come up with alternative currencies but none have gained the popularity enjoyed by Bitcoin.
The Bitcoin phenomenon began back in 2009 and by the middle of 2013 it was estimated that the value of Bitcoins currently in circulation was approximately $400 Million US. Like all currencies, the exchange rate of the Bitcoin fluctuates and we have seen some huge extremes. But, if you purchased Bitcoin early you will have likely seen a huge return on your initial investment.
Domain registrar NameCheap made the news in early 2013 when they first started to accept the digital currency. As of January 2014, due to the increasing number of requests from their customers; numerous merchants and retailers began accepting Bitcoin as a payment method.
Reasons for Bitcoin popularity:
- Bitcoin has no borders and is not backed by any government.
- You do not have to pay the high conversion fees you would with a regular bank.
- A Bitcoin transaction is not reversible due to the verification process. This helps prevent fraud and un-necessary returns on purchases.
- It is possible to exchange Bitcoin into your local currency whenever you wish.
Bitcoins are becoming so popular that dedicated websites are being set up that allow you to purchase in Bitcoin.
The Future of Bitcoin
Of course, there are many people who are just waiting for the Bitcoin popularity bubble to burst. People are wondering if there is a weakness in the system that will cause it to eventually crumble. Will governments central banking authorities move to seize control? Or can it be hacked or corrupted by dishonest users?
The biggest issue with the Bitcoin system would be keeping the private keys a secret. People have accidentally lost their private keys or leave them displayed on their home computers, without thinking.
While users are advised to protect and encrypt their online wallets, they do not always do so. Some users suggest splitting your private keys into shorter sections and storing them on different devices.
One good way to help protect the privacy of your keys is to back them up to an offline website such as Google Drive or onto a USB device.
While there is a cap set on the number of Bitcoins that can be mined. There are no set rules on how each bitcoin can be broken down. The possibility of new units appearing is real. Currently each Bitcoin is broken down into 100 million units.
If you have paid attention to the exchange rate of the bitcoin you will see that it is very volatile. Rates can increase and decrease by as much as 50% in one day. This will certainly discourage some people from using Bitcoins altogether.
The general way of thinking is that the rates will start to stabilize as more businesses accept and more people start using Bitcoins.
The $7 per month Pro membership at European Safelist is one of my favorite list building tools as well as a fantastic bargain. Over the past three years, I’d have to say that I’ve added a minimum of 5000 new subscribers to my lists from European Safelist alone!
For those of you unfamiliar with safelists, a safelist is a mailing list where all members can send email to each other. These emails cannot be considered as spam because every member has opted in and confirmed their email address. A safelist can be used to advertise websites, business opportunities, etc.
European Safelist is a traditional safelist that boasts 17,867 members and ranks #51,166 in web traffic according to Alexa (as of this writing). It offers both a Credit Mailer and a Regular Mailer.
Benefits of Pro Membership
Credit Based Mailer
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Credits for reading AD
Visual HTML Editor
Banner / Text Ads Rot.
500 Monthly Leads
3 Times Day
Once a day
Free, Silver, Pro
Up to 15
1 impress. = 1 credit
$7 per month for:
- 12 Autoresponders with 40 messages allowed per responder, 100 imported leads allowed per day, 50000 leads allowed per responder and 30 tracking links per autoresponder.
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Not to mention the other perks listed above.
I defy anyone to find a better deal anywhere on the web for a service of the quality and reputation of European Safelist!
A few essential elements you should consider before you join any affiliate program or promote any affiliate product. If you want to be successful in earning affiliate commissions. Because choosing the right affiliate products or programs is essential to making money online.
Criteria for Choosing Affiliate Programs
- There are affiliate programs that are free to join and others that have a fee to join. Unless the product or service is proprietary or pays 100% commissions, do not pay ANY money to start promoting an affiliate product. If you are considering promoting some products as an affiliate, choose the ones that make it easy and less costly for you start promoting their products.
- Look for affiliate programs that provide marketing tools as well as any needed support. With enough marketing tools, it’s easy for you to market your affiliate link and begin making sales quickly.
- Do not try to promote a product that is not in demand. It is important that you choose a high quality product or program that is popular.
- Make sure that the affiliate program or the product owner pays commissions on a regular basis. Preferably via PayPal or Payza. (If the affiliate program does not have a relationship with PayPal or Payza, be weary of joining!) You don’t want to waiting for many weeks or months before you get your commissions.
- You must maximize your earning potential by promoting products which pay higher commissions. Depending on the affiliate program or product, you should look to earn commissions between 50% and 100% for every sale you make.
- Choose an affiliate program that has multi-tier structure. A single-tier program only pays you for the business you generate. A multi-tier program pays you for your generated business, plus a commission on the sales generated by any other affiliate you sponsor into the program. It is recommended that you choose an affiliate program that gives you more opportunities to earn residual income.
Following these recommendations will enable you to choose an affiliate program that allows you to earn attractive commissions and become a successful online money maker.