With the current political turmoil it is evident Bitcoin is receiving some attention from investors. While the simplest way to acquire Bitcoins is to simply purchase them, there are other means of obtaining the cryptocurrency which doesn’t involve paying for it.
With Bitcoin surging past its previous all-time high water mark and being catapulted once more into the headlines, a fresh wave of cryptocurrency fever is sweeping the planet. It’s perfectly understandable too. Bitcoin thrives in political and financial uncertainty. It’s use as a store of value in the wake of brutal inflationary banking crises across the planet, and huge financial turmoil in nations like India and Venezuela is driving some of the recent interest in the cryptocurrency. It’s becoming seen by many as an escape route out of a devastated national economy.
Furthermore, uncertainty over the posturing around the rogue state of North Korea looks ever likely to turn hostile on a global scale. Wars can do incredibly destructive things to a nations balance sheet and often invite some of the most dubious banking practices. Put simply, as more people are affected by fiat currency market shocks, more people take interest in Bitcoin.
Of course, the most common way to acquire Bitcoin, is to buy some. There’s a wealth of information scattered across the net about which exchange to use, how to get a wallet, how to store your private keys securely – all that basic stuff. There are other ways to get hold of some Bitcoin, however, and we’ve rounded a few of the best below:
1. Get paid in Bitcoin
Probably the most logical way to get hold of some Bitcoin, without the need of signing up at an exchange, is to request payment in Bitcoin. Granted, this isn’t always going to possible but it’s a great way to increase its overall awareness, and spread adoption – something which all Bitcoin enthusiasts should be doing at any given moment. Andreas Antonopoulos, tech entrepreneur and Bitcoin enthusiast is actively working towards exclusive payment in BTC. He even charges a 20% premium for fiat payments for his work, claiming that this has forced his own clients to get over personal misapprehensions over the cryptocurrency.
Obviously, this is easier said than done for the majority who don’t command the kind of clout that allows them to dictate payment method. However, if you’re freelancing in the tech sphere, a discounted Bitcoin rate for clients might achieve similar results. There are also services which allow you to get paid in Bitcoin regardless if your employer supports that option. Bitwage for example, can settle your paycheck via cryptocurrency even if your employer pays you in fiat.
2. Affiliate programs
Another great way to earn a few satoshis that doesn’t involve as much graft as the last one is to take part in affiliate programs, like the one offered at CEX.io. Just like every other affiliate deal, you get paid to refer people. If you’ve got the gift of the gab, and know some people who are into trading, then by encouraging them to use the CEX platform, you’ll be paid at 30% of their transaction fees. Do it a few times, and the rewards will soon add up.
Other platforms like Bitcoin casinos, Bitcoin ad platforms, and even Localbitcoins, offer lucrative referral rates for bringing them active customers. If you have a large social following or are an internet marketer that may be an option to consider as Bitcoin payouts are instant and with the increasing interest in the currency it is easier to bring new clients to those platforms.
3. Completing tasks
There’s all kinds of tasks that a person can perform to receive payment online. Completing surveys, responding to consumer questionnaires, watching adverts, and visiting websites, to name but a few. The payments might not be huge, but on paper, at least, they should be greater than their fiat currency counterparts due to reduced operating costs. Granted, you’re unlikely to make your Bitcoin millions this way, but it’s a great way for those unsure about the technology to get some real-world cryptocurrency experience, entirely for free.
There’s an exploding market for Bitcoin based games of chance online. The lack of fees, restrictive legislation in some jurisdictions, and the quickness of withdrawals all make cryptocurrency casinos appealing to punter and house alike. Some even offer no deposit bonuses to get players familiar with using cryptos to gamble with. Get lucky with some free promotional cash, and you might just land yourself a juicy nest egg to ride the next bear run with.
5. Earn through interest payments
If you already have a stash of Bitcoin, you can put them to work for you in much the same way people do with fiat currency. There’s various peer-to-peer lending sites that facilitate Bitcoin loans between two parties. Simply loan out some of your Bitcoin, and earn through the interest agreed upon. Just like with loans in dollars, pounds or yen, there needs to be trust between the borrower and the mediator (website) for this to be a viable prospect. Always do your research before arranging any sort of loan online.
The process by which new Bitcoins enter the market is known as mining. In the early days of the technology there was somewhat of a gold rush, and anyone with a computer could theoretically start mining. A race to the top ensued because faster hardware increases the likelihood of a miner successfully solving the complex equation needed to unlock the currency. Naturally, miners sought out increasingly more specialized machinery rendering all but the largest operations unprofitable.
It’s not just the actual gear that drives the price of mining sky high, though. It’s also the cost of the electricity needed to run it. If you’re a particularly high roller, or receive cheap, or even better free electricity, mining for Bitcoin could still be an option but the price to get started would make it a colossal commitment.
There’s a variety of different games online that will pay you in Bitcoin. Some, like “The Blockchain Game”, are simple mobile applications that are riddled with advertisements, and pay out a minute fraction of a Bitcoin for weekly, or monthly leaders. These require zero fee from the player and usually involve either simple casino style games, or basic tests of skill. There also exist sites where you can back yourself in eSports tournaments, receiving payment for your successes from a prize pool of players. Granted, you will have to have some Bitcoin to stake on yourself, but if you’re a serious hot shot on Battlefield, it could be a real money spinner.
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