Different Techniques To Acquire Bitcoin

There are many different techniques to acquiring bitcoins, and in this guide,
we will show you the most popular methods of getting yourself some units
of the world’s most popular cryptocurrency.

Buy Some Bitcoins

Buying bitcoins is a very simple and straightforward process. You can
simply go to a bitcoin exchange website such as Coinbase or Kraken, and
exchange your US Dollars, British Pounds, Euros, Canadian Dollars, and
other supported currencies (this will depend on the platform) into some
bitcoins. Of course, with the ever-increasing value of bitcoin, this is easier
said than done.

Right now, you can expect to shell out more than $10,000 for a single
bitcoin! The good news is that you don’t have to buy a whole bitcoin. Each
bitcoin can be divided into 100 million units called Satoshis (named after
Bitcoin founder, Satoshi Nakamoto).

This means you can buy a few thousand Satoshis for a few dollars. While
this won’t make you rich, you can at least get a feel for how bitcoins and
cryptocurrency works.

Here are some of the best places where you can buy bitcoins:

Cryptocurrency Exchanges

There are plenty of platforms where you can buy and sell cryptocurrency.
The most popular ones that have been around a few years are Coinbase,
Kraken, Gemini, Coinmama, and CEX.io.

You’ll have to do some research, however, if your state or country is
supported and what currencies and payment methods they accept as each
platform would have their own rules and regulations.

The transaction fees involved will also vary in each platform so you’ll
definitely have to look around to find the best cryptocurrency exchange that
would suit your bitcoin needs.

Cash Exchanges

If you want to avoid bitcoin exchange platforms and pay directly in cash (or
another payment method that’s popular in your local area), use cash
exchanges like LocalBitcoin or Wall of Coins. These platforms allow you to
trade directly with another person.

There are no expensive transaction fees involved. However, they may
charge a fee for successful trades. We would suggest that you look for a
platform that offers an escrow service to make sure the seller doesn’t run
away with your hard-earned cash!

Trade Your Other Cryptocurrencies For Bitcoin

If you’ve got a digital wallet full of other cryptocurrencies, you can easily
trade these for bitcoins. You can go to sites like ShapeShift.io which allows
you to quickly trade your non-bitcoin cryptocurrency to bitcoins.

You don’t even need an account to make a trade. Simply enter the amount
you wish to convert or trade, your bitcoin address, and your cryptocurrency
refund address. That’s it! You’ll have your new bitcoins in a few minutes.

Get Paid With Bitcoins

Getting paid with bitcoins is not a complicated process at all. You simply
need to have your own bitcoin wallet so you can start receiving payments.
For starters, you can create a free online wallet on Blockchain.info or
Coinbase.

All you need is a valid email address to sign up and begin receiving
payments! Once your wallet is set up, you can either generate a QR code
or use the long alphanumeric address and send it to the person you wish to
receive bitcoins from.

Here are some ideas on how you can get paid with bitcoins:

Work For Bitcoins

There are many different types of work you can do to get paid in bitcoin. It
doesn’t matter if you work online or offline as making and receiving bitcoin
payments is so simple you don’t really need technical know-how to do it.

Solopreneurs find this payment method so much more convenient as they
don’t need to wait 24-48 hours (or more for international workers) to receive
bank transfers from their clients. They can receive their payment, salary, or
wages in just a few minutes.

It’s a big relief to workers knowing they don’t need to wait in limbo, unsure if
they’re going to get paid for their hard work or not. Employers or clients
also like the idea of not paying those exorbitant bank fees for doing
transfers especially to workers or freelancers overseas.

With bitcoin payments, they get to save plenty of money just in bank fees
alone!

Sell Products Or Services

Whether you are an online shop or a brick-and-mortar store, you can
choose to receive payments in bitcoin. With a growing community of bitcoin
users, you’re bound to get new and repeat customers who will do business
with you simply because you’re forward-thinking enough to accept bitcoin
payments.

The added benefit to customers is they can easily send you payments
straight from their bitcoin wallets while you receive their payments almost
instantly. It’s really a win-win situation for both you and your customers!

For online shops, you can use plugins or scripts to start accepting bitcoin
payments on your site. If you’re unsure of how you can do this, it’s best to
hire a developer to make sure it’s set up right (you don’t want those bitcoin
payments going somewhere else!).

When your customers go to your checkout page, they’ll see the bitcoin
option and select that if they want to pay using bitcoins.

For local shops like hotels, restaurants, bars, cafes, flower shops,
groceries, etc., if you want to receive bitcoin payments in person, all you

have to do is just print your wallet’s QR code and pin it near your cash
register.

When your customers are ready to pay, simply direct them to the QR code,
have them scan it on their mobile phones, enter the amount they need to
pay, hit Send, and wait for your bitcoins to arrive.

Oh, and don’t forget to add a giant ‘Bitcoin Accepted Here’ sign at the
entrance to invite the bitcoin community to come inside! To attract even
more bitcoin users, add your business to Coinmap and other similar sites
where the bitcoin community hangs out and searches for places where they
can spend their bitcoins!

Receive Tips From Customers

You don’t need to be in the service industry to receive tips. If you have a
blog, you can set up a bitcoin payment gateway where your loyal fans and
readers can tip you if they so desire.

Don’t underestimate the generosity of your audience especially if you
produce content that provides a lot of value to them. Try it out – you just
might be surprised to see some bitcoins on your wallet after a few days!

Complete Small Tasks On Websites
There are now plenty of sites on the Internet that offer free bitcoins (usually
just a very, very small fraction of it) for every task you complete. Some
websites require you to complete surveys, watch videos, click on ads,
answer questions, sign up for trial offers, download mobile apps, play

online games, refer friends, shop online, and more. Payment is usually
quick and easy.

Some platforms just require your bitcoin wallet address while others require
you to sign up and create an account. While it’s true these jobs are mostly
small and can be done in a few minutes, earning only a few hundred or
thousand Satoshis at a time may not be worth it especially if you value your

time. But if you’ve got nothing better to do and you want to experience first-
hand the joys of owning cryptocurrency, then you’ve got plenty of micro-
tasking sites to choose from.

Join Bitcoin Faucets

Bitcoin faucets are just websites that give away free Satoshis at set time
intervals. These sites bring in a huge amount of traffic from people wanting
to get free bitcoins so expect lots of competition and, depending on where
the faucet is hosted, slow loading times.

Some faucets give away Satoshis with no work involved, that is, you just
need to have the site up on your browser, while some require you to solve
little tasks before you earn your Satoshis (much like the micro-tasking
websites we’ve discussed in the previous section). Sites like these are a
major time drain as well so it’s really up to you if you can afford to
exchange your precious time for a few Satoshis.

Mine Your Own Bitcoin

Bitcoin miners play an extremely important role in the Bitcoin network.
Without miners, there would be no new bitcoins, and no transactions would
be confirmed. Bitcoin miners are so important to the Bitcoin ecosystem that they are justly rewarded with bitcoins for their hard work. However, bitcoin
mining is not as profitable as it seems.

When Bitcoin was still in its infancy, miners were getting paid 50 bitcoins for
every block mined. But every 210,000 blocks (this is around 4 years), the
reward is halved. So this means that the initial 50 bitcoins was halved into
25 bitcoins.

And now, at this particular point in time, the block reward is down to 12.5
bitcoins. If you consider the price for one bitcoin right now (well over
$10,000), this is still is a very attractive reward indeed. And experts predict
the price will continue to go up as the number of bitcoins in existence
slowly go up, too, and the demand for more bitcoins continue to increase.

Mining bitcoins is not an easy job, much like any other physical mining job
in the real world. Bitcoin miners may not get dirty from soot and mud, but
their powerful computers do.

The difficulty in mining new blocks has gone up so much that individual
miners are finding it extremely difficult to solve complex cryptographic
functions on their own. Many different miners or mining groups compete to
discover a new block and the mining difficulty are at extremely high levels
now.

Most, if not all, miners are forced to work in mining pools where several
miners work together as a group to add new transactions to the blockchain.
When a new block is mined, the reward is split according to the work each
miner’s computer has done.

Mining bitcoins doesn’t come cheap. You can’t just use any computer as
solving cryptographic functions will take so much of your computer’s
processing power.

Not even a high-end laptop or desktop computer can do the job anymore –
it’s really that difficult to mine new bitcoin blocks today!

Even if you join mining pools, you’ll need to invest a lot of money to buy the
right hardware. In the beginning, a powerful CPU (Computer Processing
Unit) and GPU (Graphical Processing Unit) were sufficient to mine new
blocks. However, as the difficulty of mining bitcoins have gone up, more
processing power was needed.

Today, an ASIC (Application Specific Integrated Circuit) chip is seen as the
only way to succeed in mining. A bitcoin-mining ASIC chip is designed
specifically to mine bitcoins. It can’t do any other task apart from mining
bitcoins.

While this may be viewed as a downside for some, remember that mining is
a hard job. You need all the resources you can use to find the next
transaction block so you can add it to the blockchain and get rewarded
bitcoins in the process. Professional miners find this hardware very
powerful than other technologies used in the past.

Also, it’s not as power hungry as other hardware out there. It will still
consume plenty of power, however, so consider that if you’re worried about
your electricity bills.

If you are prepared to buy the technology to mine bitcoins as well as pay
more costly power bills, then mining bitcoins will be a great way for you to
acquire this particular cryptocurrency.

However, we’d like to say that this is not a job for the uninitiated. It’s best to
leave this task to the experts or those with an in-depth knowledge of how
bitcoin mining works. As we’ve shown you in this guide, there are many
ways you can acquire bitcoins that don’t require a healthy investment of
both time and money.

I hope that this helps you understand a bit more about Cryptocurrency

8 Comments on "Different Techniques To Acquire Bitcoin"

  1. Why is your blog taking time to load?

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