The digital currency Bitcoin has been all over the news lately.
While its price is unstable, and it does not have a central bank system, there are many ways to get your hands on some Bitcoins.
In this post, we will go over five different methods for how to get your hands on Bitcoin!
Invest in Bitcoin Mining
If you can get your hands on some Bitcoin mining hardware, then this is the most direct way.
Invest in buying specialized computers that compute mathematical computations for transactions and create new bitcoins.
Bitcoin mining profitability depends on how much you spend.
The more computing power your miner has, the higher chance it will have of solving a transaction block and receiving bitcoin as a reward for its work.
However, this also means that the amount of electricity used to mine bitcoins is higher. Bitcoin miners can require anywhere from 400 watts up to 1250+ watts of power per miner.
Some people even use their own homes to mine bitcoins, in order to reduce electricity costs associated with mining bitcoins remotely.
As a result, it is difficult to calculate the bitcoin profit margin for miners because many factors depend on your personal setup and how much you spend on equipment and energy.
Beware, though, that Bitcoin mining is not a get-rich-quick scheme.
The reward for mining Bitcoin is cut in half on a regular basis, and the difficulty of each block also increases to compensate so that new bitcoins are mined at a steady rate.
Today, it's much harder to mine bitcoins than it was in the past because of this.
Buy Bitcoin On An Exchange
This popular option allows users to buy Bitcoins with their local currency through a simple online purchase process.
The Bitcoin exchanges that offer this option have to go through a lengthy process of verifying the buyer and checking for fraud.
This verification process can take a few days.
However, it is still the simplest way to get your hands on Bitcoin with cash quickly and without too much hassle.
Keep in mind that these exchange platforms usually have transaction fees, and the transactions can take a few hours to process.
Trustworthy bitcoin exchanges include Coinbase, Kraken, and Bitstamp.
Accept Bitcoin As Payment
Bitcoin is a great way to accept payment.
It provides the consumer with a lot of benefits, such as the absence of transaction fees and lower risks for chargebacks.
Many companies are now accepting Bitcoin payments because it is becoming more and more popular.
This could be a great option for you!
If your company accepts Bitcoin, then it will just take some time to research how exactly to accept Bitcoin on your site.
Just make sure your business is in compliance with the regulations, and you will be on your way!
Trade Bitcoins for Other Currencies on a Cryptocurrency Trading Platform
If you want to obtain Bitcoin by selling another currency, then you can do so on a cryptocurrency trading platform.
You could use your credit card or cash for this.
However, beware because these exchanges can be risky to use for inexperienced users.
You need some technical knowledge in order to avoid losing your funds.
Also, these exchanges have to verify their users for anti-money laundering purposes in order to use the platform and a few of these sites have run into legal trouble because of this.
However, if you are able to use these safely, then you can obtain Bitcoin by selling other cryptocurrencies.
Alternatively, you can trade bitcoin in person too. Just search for people who are interested in buying and selling bitcoin from your area.
Make sure to use a secure app like Copay to make sure you don't get scammed!
Work for a Company that Pays You in Bitcoin (Like Bitwage)
This option is probably the least common of all the ones that we've talked about, but it is a good one!
Companies like Bitwage exist to provide workers with an option for how to get their hands on Bitcoin.
Bitwage is a service that pays its employees in bitcoin and then sends the wage payments to an individual's bank account.
It is a company that will also provide you with the bitcoin wallet and other necessary tools to get your hands on Bitcoin.
More companies are starting to offer this option for their workers, so you might want to start looking into it!
It’s never been easier to get your hands on Bitcoin. If you want an in-depth guide for how to invest, buy and spend bitcoin – check out our article “How To Get Your Hands On Bitcoin”.
Have you tried any of these methods?
Let us know in the comments below!