Bitcoin was associated with the dark net for so long, and its users had been lumped together as merchants of sleaze, but not anymore.
Bitcoin has turned out to be a valuable digital token, and for that reason, more people are extending their investment portfolio to include them. I believe that digital value tokens will be the currencies of the future!
But getting into the bitcoin business is not as easy as it seems, at least not at the first instant. What is the due process towards securing BTC’s? There are three main ways you may get BTC’s.
- Buying: you may buy BTC’s (at the market price) either from a person or through an exchange company.
- Working: you may spend hours on faucets or job sites completing tasks and getting rewarded with micro bitcoins (Satoshi).
- Mining: You may set up your computer for the bitcoin network, so it may become a node, and then you’ll supply computational input in exchange for bitcoins.
This is the most convenient way to come into bitcoins. If you knew about someone that trades bitcoins, you may approach them, and offer to buy from them. He’d transfer the bitcoins to your wallet and you’d pay what you owe.
Considering that bitcoin is a relatively new trend, chances are high that you know not even one person that dabbles in it, and that’s precisely why we have online portals like LocalBitcoin, and Remitano, which pair up bitcoin traders with those closest to their location. In this way, you may meet people who come from near you and can buy from them.
Although this is one of the hassle-free methods to do it, you need to be a little more careful. You must scan the profiles of the individuals you are to transact with. Look at their reputation score. After each transaction, buyers and sellers rate each other, and so, if a trader has poor ratings, then that’s a person you don’t want.
Developers have created Bitcoin ATMs, and you can check which one is closest to you here. The ATMs allow customers to purchase bitcoins through their electronic cards. There are some ATMs which also allow customers to redeem their bitcoins for cash (Yay!).
Finally, you can buy bitcoins from an exchange company like Coinbase (hate them), or BTCC. These exchange companies have strict verification rules that make them dependable. A company like Coinbase ensures they acquire not only your intimate details but also track your user account, eager to ban you at the slightest caution. But their paranoia is somewhat understandable (hackers are on the prowl looking for a meal!)
Another way of getting bitcoins is by spending time on faucets and completing simple tasks like watching ads and solving puzzles, so you may be rewarded with BTCs.
If you intend to make a huge amount, then you’re better off staying off faucets, because the system is made to exploit you. Faucets are not entirely bad, no; you can earn some BTC’s off of them when you’re free. But if you want to make a profit, do it through trade.
By all means, join a mining pool and wait on profits. But don’t just join any pool calling itself a mining pool. Some pools get overwhelmed and they run away from business, effectively disappearing with “customer dues”.