Synopsis: There are only three ways to gain Bitcoin – buying it, mining it, and getting paid in it. In this article, you’ll learn about the basics of each of these three methods and find out which one is right for you!
You Can Only Gain Bitcoin In 3 Ways
Once people have learned a bit about Bitcoin, asked the tough questions such as “is Bitcoin real”, and gained enough cryptocurrency facts to become comfortable with the idea that Bitcoin really can be a form of alternative money – their next question is: “Well, what exactly do I need to do to go ahead and gain Bitcoin for the very first time?”
This article will explain the three ways you can do it.
1. Buy It
By far the simplest way for most people to gain Bitcoin is to use “ordinary money” (that is, government-issued dollars, euros, yen, etc) to buy it. To do that, you’ll need to use a crypto exchange – a place where buyers and sellers of crypto can meet and transact. Depending on the cryptocurrency exchange, several methods will be available to you:
- Credit card (e.g. CEX.io)
- Bank transfer (e.g. Coinbase)
- International wire payment (e.g. Paxful)
- Physical cash (e.g. Local Bitcoins)
Depending on where you are based, the exchange signup process might be straightforward, or very painful. You just need to be patient and work your way through the process, and try several exchanges if necessary.
Remember, you don’t need to buy much at first. When learning how Bitcoin works, the quantity involved hardly matters at all. Even $50 or $100 is enough to play with and become familiar with how to buy and sell, setup best practice crypto security, and use a Bitcoin wallet. Actually, even if you can afford more, starting small is still a very good idea. With a smaller amount invested, it will minimize the possibility of loss if you do happen to make a mistake.
2. Mine It
Cryptocurrency mining has a significantly higher barrier to entry. Instead of directly trading government-issued money for Bitcoin, to gain Bitcoin through mining you instead need to invest in mining hardware – essentially, graphics cards or specialized devices whose sole purpose is to try to earn newly-minted Bitcoin in a competitive race with everyone else who wants to do the same.
It’s like the difference between buying gold from a shop versus going to the gold fields and digging for it. If you just wanted to get a bit of gold, the convenience of buying it from someone else is almost always better.
Once you have your mining hardware setup, you need to download the Bitcoin Core software and be prepared to chew through a lot of electricity as the Bitcoin mining process is very energy-intensive. Even then, there are no guarantees of earning anything. There are huge Bitcoin mining farms who are doing it on an industrial scale. If you want to gain Bitcoin through mining, then they are your competition. If all this sounds complicated, it’s because it is. Even so, Bitcoin mining may appeal to technically-minded people who enjoy these sorts of challenges – even if just as a hobby.
3. Get Paid In It
If you don’t have spare savings to buy Bitcoin and nor do you want to deal with the complexity that comes with mining Bitcoin, then there is a third way: you can accept Bitcoin as payment.
For instance, if you are a freelance software developer, it is possible to gain Bitcoin by agreeing to get paid in it. All you need to get started is someone who is happy to pay you, and a cryptocurrency wallet (of which there are many types, with varying levels of security and convenience).
Setting yourself up to get paid in Bitcoin may be the very best way to contribute to the growth of the Bitcoin economy. There are now millions of Bitcoin users, and they are eager to find things to spend it on. By accepting Bitcoin as payment, you can gain Bitcoin using your time, instead of spending your money.