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Guide: 4 Ways to Own Bitcoins Online
The Bitcoin infrastructure has grown significantly, and owning some Bitcoins today can prove to be quite useful tomorrow. As a result, a number of retailers are offering discounts on purchases made with this digital currency. There are even hybrid financial platforms that combine digital and traditional currencies to create substantial global bank accounts
If you are excited, or even the least intrigued, by Bitcoin, you’ve probably thought once or twice about dipping your feet in this worldThere are many things to be aware of before taking the plunge. Things like how to secure bitcoin or ways to track bitcoin exchange rates etc.
This article answers one of the frequently asked questions of Bitcoin beginners: how to own Bitcoins? Here are 4 ways.back to menu ↑
1. Buy Bitcoins
One of the most The usual way to own Bitcoins is to buy them from Bitcoin exchanges. This is probably the easiest way to own Bitcoins for the average person. It’s worth pointing out you can buy fractions of bitcoins if you cannot afford the price of one whole bitcoin
You can buy bitcoin worth $ 100, or you can also buy 0.2, 0.005 or something else denominations of bitcoin (the smallest value is 0.00000001).
Buying bitcoins on exchanges is a simple process.
create an account on the exchange of your choice, follow their instructions. In most cases you will be referred to transfer methods that converts your cash into Bitcoins deposited into your account’s bitcoin wallet
Some bitcoin exchanges can, too ask for copies of personal documents and even utility bills to verify your identity – this is part of it KYC / AML regulations (know your customer / anti-money laundering).
It is best to choose an exchange that supports your preferred currencyThis is to avoid converting your money twice – remember each conversion has its own conversion cost, so do this twice will subject you to the fees twice
Therefore, do not choose a bitcoin exchange provider that only accepts euros if you deposit in US dollars.back to menu ↑
Alternatives: Bitcoin ATMs and LocalBitcoins
You can also buy Bitcoins from the bitcoin ATMs, available in some locations. According to CoinATMRadar, there are more than 700 bitcoin ATMs spread across 51 countriesThere are numerous bitcoin ATMs in the United States, the United Kingdom, and in European countries.
If you don’t want to use online bitcoin exchanges and there are no bitcoin ATMs near you, you can try looking at LocalBitcoins to see if there are individual buyers or sellers in the same city or country. Use caution when conducting a personal transaction with buyers / sellers
Bitcoin trading on localBitcoins.com
If possible, hang out with verified users and insist on meeting them in public places. Better to be safe than sorry – just ask this Florida guy who got robbed on a knife during a bitcoin sale.back to menu ↑
2. Mining Bitcoins
An alternative to buying Bitcoins directly is my Bitcoins myselfIt can be an incredibly expensive endeavor so you should go it alone consider this path if you are willing to pay equipment costs and maintenance costs.
In addition, the profit is not guaranteed. Cost and profitability can vary depending on a few factors, but the director of UCL’s Center for Blockchain Technologies estimates that – the world’s bitcoin miners spend as much as $ 50,000 on electricity per hour.
Mining will eventually become obsolete too due to the fact that no more than 21 million Bitcoins will ever exist (or to be more precise, 20,999,999.9769 Bitcoins), as dictated by the Bitcoin Network system.
According to Blockchain.info, the number is Bitcoins currently in circulation are approximately 16.57 million (as of September 2017). It should also be noted that the difficulty of bitcoin mining increases with each successfully mined block, therefore remaining Bitcoins are much more difficult to mine compared to the early days.
Costs related to bitcoin mining
When mining Bitcoins, extra costs such as electricity be taken into account. Considered one of the best (if not the best) bitcoin mining equipment, AntMiner S7 will only yield 0.9153 bitcoin per month at its current difficulty. Bitcoin mining equipment also tends to be hot and noisy
Some miners have factory style bitcoin mining setupcomplete with cooling and improved ventilation. This is important, as there are anecdotal parts of miners talking about equipment catching fire! Should you decide on bitcoin mining, buy your equipment from verified sellers such as Bitmainor run the risk that your ordered machines will not be delivered at all.
The bitcoin mining hardware marketplace is also full of scams and broken promises; if you are adamant about buying mining hardware then you will definitely need to thoroughly research all available choices before making your decision.
Cloud mining sounds great in theory. It is being marketed as another way of mining Bitcoins does not involve buying or with expensive Bitcoin mining hardware.
While legit cloud mining exists, most cloud mining services are Ponzi-style companies that require you to refer as many people as possibleThis means that the income does not come from mining but collected systematically from referencesIt is a non-sustainable form of investment.
Here are features of cloud mining Ponzi schemes – this guide helps you with that identify and avoid themso you don’t lose thousands of dollars like these guys. I suggest avoiding any cloud mining services that appear in this BadBitcoin BadList. When in doubt, avoid this altogether.back to menu ↑
3. Work for Bitcoins
As bitcoin gets more recognition and wider acceptance worldwidemore people have started working for it. The types of work vary and are usually developer / programmer / technology focused, but there are some freelancers offering graphic design, writing, and other types of skills
Some notable bitcoin job websites include XBTFreelancer, Reddit’s Jobs4Bitcoins page, and Coinality.
Bitcoin is especially useful for remote workers such as salaries and payments can be sent across borders easily and at any timeCombined with bitcoin exchanges to sell Bitcoins for local currency and / or bitcoin debit cards, it is relatively easy to spend the bitcoins in everyday lifeback to menu ↑
4. Free Bitcoins
If you just want to see what the fuss is all about, ideally without spending a penny, Bitcoin faucets might be of interest. Think about taps like websites with lots of ads paying small amounts of satoshis (smallest denomination of bitcoin; equal to 0.00000001 bitcoin) when you complete simple tasks.
Some cranes work like mini games, some require you to watch ads, while others are simple timers.
However, don’t get overly excited about the payout. You receive hundreds or thousands of Satoshis, but they are the smallest fraction of a bitcoin. Converted, a few hours or days of work will do usually yields a few cents at most
These faucets probably won’t help you buy that cool TV you saw on Overstock, but they are one good way to get some Bitcoins to play with, just to see what matters.back to menu ↑
Ready to get into the BTC game?
The method you choose will be almost complete depends on how much money you are willing to spend, and how ready you are to commit to the cryptocurrency. Mining for bitcoin is strictly reserved for the dedicated folks, but Bitcoin exchanges and faucets provide a way for almost everyone to get in on the action.back to menu ↑
While you’re at it:
Here are more Bitcoin related messages that may interest you:
10 Things You Need To Know About Bitcoin Best Bitcoin Wallets For Secure Bitcoin Storage 10 Exchanges To Buy And Sell Bitcoins Bitcoin Alternatives Also Known As Altcoins Where To Spend Your Bitcoinsback to menu ↑
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