4 Ways to Get or Own Bitcoin – Infrastructure Bitcoin has grown significantly, and owning some Bitcoin today can be very useful to use someday. Because bitcoin is so seductive, a number of retailers are even offering huge discounts for buyers who make payments with this digital currency. There is even a hybrid financial platform that combines digital and traditional currencies to create an essential global banking account.
Until now, bitcoin is still a very attractive currency, because after experiencing a very high phase of increase in value, then freefall and then rising very fast, this makes bitcoin really attract the attention of many people and especially investors.
If you are very interested, or even not at all interested in Bitcoin though, you may have thought once or twice about dipping your feet into this world. There are many things to consider before you take the plunge. Things like how to secure bitcoin or how to track bitcoin exchange rates, etc.
This article answers one of the most frequently asked Bitcoin newbies: how do you own or earn Bitcoin? And there are 4 ways to own bitcoin:
1. Buy Bitcoin
One of the most common and easiest ways to get and own Bitcoin is to buy it from a Bitcoin exchange or often referred to as a Bitcoin Exchange. And obviously this is the easiest way to own Bitcoin for most people. However, of course this method can only be done by rich people who want to invest in bitcoin because the price of bitcoin is very expensive. But please note that bitcoins do not have to be bought in whole, you can even buy a small part of Bitcoin for example buying 0.1 bitcoin only.
You can buy $ 100 worth of bitcoin, or you can also buy 0.2, 0.005, or any other denomination of bitcoin (the smallest denomination is 0.00000001).
Buying Bitcoin from an exchange is an easy process.
- Create an account with an exchange of your choice, then follow their instructions.
- In most cases you will be directed to the method transfer of funds which will convert your cash into Bitcoin.
- Any Bitcoin you buy will be stored in bitcoin wallet your account.
Some bitcoin exchanges may also request copies of personal documents and even utility bills to verify your identity – this is part of the KYC / AML (Know Your Customer / Anti Money Laundering) regulations.
It is best to choose an exchange that supports the currency of your choice. This is to avoid having to double-convert your bankroll – remember that each conversion has its own exchange fee, so doing this twice will cost you twice.
Therefore, don’t choose a bitcoin exchange provider that only accepts Euros if you deposit in US Dollars or Indonesian Rupiah for example.
2. Mining Bitcoin (Bitcoin Mining)
An alternative to getting Bitcoin directly is to mine Bitcoin yourself. This can be a very expensive option, because to mine bitcoin requires a lot of sophisticated computer equipment and of course you have to provide a special cold room to keep your computer temperature stable.
Furthermore, profits are not guaranteed. Costs and profitability can vary depending on several factors, but the director of UCL’s Center for Blockchain Technology estimates that – as much as $ 50,000 is spent on electricity per hour by the world’s bitcoin miners.
Mining will also eventually be made redundant by the fact that there will only be a maximum of 21 million Bitcoins in existence (or more accurately, 20,999,999,9769 Bitcoins), as determined by the Bitcoin Network system.
According to Blockchain.info, the number of Bitcoins currently in circulation is around 16.57 million (as of September 2017). It should also be noted that bitcoin mining difficulty increases with each successfully mined block, therefore the remaining Bitcoins are much more difficult to mine compared to the initial mining.
The fees associated with bitcoin mining
When mining Bitcoin, additional costs such as electricity must be taken into account. The AntMiner S7, considered one of the best (if not the best) bitcoin mining equipment will only generate 0.9153 bitcoins per month at the current difficulty. Bitcoin mining equipment also tends to be hot and noisy.
Some miners have factory-style bitcoin mining setups, complete with cooling and ventilation upgrades. This is important, because there is an anecdotal division of miners talking about burning equipment! If you decide to mine bitcoin, buy your equipment from a verified seller like Bitmain, or risk the machine you ordered not delivering at all.
The hardware market for bitcoin mining is also full of scams and promises that they won’t send your order in the end; If you insist on buying hardware for your mining needs then you should thoroughly research all available options before making a decision.
Cloud mining sounds good in theory. It is marketed as another way to mine Bitcoin that does not involve the purchase or operation of expensive Bitcoin mining hardware.
While legitimate cloud mining does exist, most cloud mining services are Ponzi-style businesses that require you to refer as many people as possible. This means that the income does not come from mining activities but is collected systematically from referrals. This is an unsustainable form of investment.
I recommend avoiding all cloud mining services that appear on BadBitcoin BadList that have been detected as scammers, in fact I highly recommend that you completely avoid this bitcoin cloud mining method.
3. Working for Bitcoin
As bitcoin is gaining more recognition and wider acceptance worldwide as a digital currency, now more people have started working on it. The types of jobs vary and tend to be developer / programmer / technology focused, but there are also freelancers offering graphic design, writing, and other types of skills which they all accept and pay in bitcoin or digital currency other.
Some of the well-known websites for jobs that pay with bitcoin are XBTFreelancer, the Reddit Jobs4Bitcoins page, and Coinality.
Bitcoin is very useful for remote workers because salaries and payments can be sent across countries without limits easily and at any time. Combined with bitcoin exchanges for selling Bitcoin for local currency and / or bitcoin debit cards, it is relatively easy to use Bitcoin in everyday life.
4. Free Bitcoin
If you just want to see what the problem is, ideally without having to spend a cent, then the Bitcoin Faucet might be interesting. Think of the faucet as a heavy website that pays out small amounts of bitoin (smallest denomination of bitcoin; equivalent to 0.00000001 bitcoin) when you complete simple tasks.
Some faucets act like mini-games, some require you to see an ad, while others are simple timers.
However, don’t get too excited about payments. You will receive hundreds or thousands of Satoshis, but they are the smallest fraction of bitcoins. Converted, a few hours or weekdays will usually earn you just a few cents.
So I conclude that this fourth method is not a good way if your goal is to get rich with bitcoin, because it will really take up your time and a small income.
And those are 4 ways you can get bitcoin online. Bitcoin will always be an interesting thing because it follows the development of existing technology. If you have a lot of money, of course buying bitcoin for investment purposes is a very good thing.