Thinking of Bitcoins Here are 3 ways of getting them

November 23, 2018 Quick read

Being a cryptocurrency, Bitcoins have a very flexible way in which you can procure them. It is one of the first virtual currency that was introduced way back in 2009. From having a value of almost nothing a few years ago to being worth more than a hundred Billion Dollars in market cap in recent years, Bitcoin has seen its popularity rise amongst all other cryptocurrencies in the market currently.

For those who see the traditional regulated fiat currency model as prohibitive, decentralised cryptocurrencies like Bitcoin comes as a great way to invest and trade without any barriers put forth by regulators. There are many ways in which you can get Bitcoins, let us see how.

Mining them

If anyone wants to mine Bitcoins, they need to first solve a complex mathematical algorithm using powerful hardware and software. Once this algorithm is solved, a fixed amount of Bitcoins are released through a ‘block’. Anybody( or a group of people) who mines a block receives a set amount of Bitcoins as a reward. This is how Bitcoins are created on a daily basis. Blocks are created every 10 minutes and the number of Bitcoins awarded per block halves every 4 years.

Buying them

You can Buy Bitcoin Online, through Online Bitcoin Exchanges or other means.

You can pay for your online Bitcoin exchanges through various options offered by the exchanges through which you are buying the Bitcoins. For example, you can buy Bitcoins online and pay for them in US Dollars or any other Fiat currencies. Alternatively, some exchanges also allow you to exchange Bitcoin for other cryptocurrencies.

All this can be done only if you have an account with the exchange. You will also need a Bitcoin wallet where you will store all your Bitcoins. Once all of this is in place, you can buy your Bitcoins through wire transfer, debit or credit card or by exchanging other cryptocurrencies for Bitcoin.

There are thousands of cryptocurrency exchanges currently doing business online. You need to make sure that  the online cryptocurrency exchange that you choose is  the right one and that it provides all the features that you want from the exchange. You should also ensure that there is complete security for your transactions.

The exchange works like this, on receipt of payment  for the Bitcoin, it will then purchase the amount of Bitcoin that you want on your behalf and then deposit the Bitcoins in your online virtual wallet. Generally, this entire procedure takes just a few minutes.

Earning them

Just like the way freelancers earn online through Upwork and Fiverr, there are websites like WorkforBitcoin and Coinality that allow you to be paid in Bitcoin. However, there are certain limitations to this.  There are many part time, freelance and full time jobs which can be done through these websites.

Besides this, another way of getting your Bitcoins is through gambling. However, this is discouraged as the risk factor of losing all your hard earned money is high.  With the interest in this virtual currency growing day by day, there will be a time when Bitcoin will be a serious contender to fiat currencies in the world commerce trade.