Bitcoin (BTC) took the world by storm as a revolutionary medium of exchange. It’s deemed as such primarily because it doesn’t need a central entity to govern its operations. Instead, transactions are peer-to-peer–members of the network verify the transfers that happened in the system.
As such, more and more people have become intrigued with BTC as well as other cryptocurrencies. Unlike its early days, it’s relatively easy now to get started with this digital cash since a lot of exchanges have been developed to cater to the growing demand for it. There are even platforms that allow you to win free Bitcoin when you join their program and games.
BTC has also become a viable investment option. Nonetheless, the first thing you should do to get started with this cryptocurrency is to learn the ways that you can acquire it, such as:
- Purchasing Bitcoin Online
The most straightforward approach that you can take is to simply use fiat or real-world money to purchase this digital cash. You can easily find online exchanges that provide this service.
Currently, one BTC is valued at over USD$32,000. Unless you have the means to purchase an entire coin, though, you’ll need to think about it like shares, where you buy the equivalent of the amount that you have on-hand.
- Earning BTC As A Reward
If you aren’t too keen on buying BTC through real-world money, there are platforms that give out cryptocurrency as rewards for accomplishing some tasks. Most of the time, signing up for these websites is free.
These are usually market research companies that require participants to test the products and services of their clients before it gets introduced to the public. This way, they can ensure that there aren’t any bugs on their software, for instance.
Here are some of the tasks that you might need to do on these platforms:
- Play Games – This activity is ideal if you’re a fan of video games. Since you’re already spending time playing games on your phone, you might as well earn something in exchange for it. Sometimes, you just need to log hours into the game, while other times, you might need to answer a few questions based on your gameplay experience.
- Watch Videos – You might also be asked to watch ads and get Bitcoin in exchange. It’s a way for companies to boost the views of their videos and improve engagement for it.
- Answer Surveys – Another method is answering surveys. Just like any other market study, participants will need to respond to questions published on the platform. It can range from a variety of industries, depending on the website’s clients.
- Trading Cryptocurrency
You can also dive into trading cryptocurrency and grow the BTC that you have on-hand. First, you’ll need to purchase some coins using fiat money. Then, you can join trading platforms where you study the market and buy or sell when the time is right.
It’s ideal if you already have experience in trading stocks, bonds, mutual funds, and other traditional assets. Just think of cryptocurrency as another type of asset that you can get substantial returns from.
Some people are hesitant to invest in Bitcoin because of its volatility. However, the rapid price fluctuations have more to do with investors rather than the stability of the digital cash system. Moreover, its value has continued to rise, especially after it experiences a price crash.
- Joining Crypto Trading Games
Aside from playing games in exchange for BTC, there’s also a dedicated crypto trading game that you can try out if you want to earn cryptocurrency.
In this setup, you compete to become the best trader or holder and win Bitcoin if you accomplish the goal. It can help you combine earning and entertainment since you’ll be competing with others for the prize.
- Accepting Cryptocurrency as Payment
More and more people, as well as companies, are using cryptocurrency as a medium of exchange. In fact, it’s one of the ways that Bitcoin is changing the online landscape.
Nowadays, you can buy products and services using this digital cash. On the other hand, you can also accept BTC as payment for your merchandise. This way, you won’t have to spend fiat money directly and save on the fees that entail when converting it into cryptocurrency.
Did you know that the first real-life purchase using Bitcoin was pizzas back in 2010? A miner in Florida ordered two boxes for 10,000 BTC. With today’s value, that particular order would amount to a whopping USD$323,340,000.
Other products that you can currently buy or sell using cryptocurrency include game and airline tickets, hotel reservations, as well as fast food. Of course, you can purchase digital goods, like software programs and video games.
- Becoming a Miner
Lastly, another option to acquire BTC and get started in investing or trading cryptocurrency this 2021 is to become a miner. The mining process is the foundation of the entire system because it entails the creation of new Bitcoin through verifying transactions.
As mentioned above, this digital cash system doesn’t have a central entity governing it as it runs on peer-to-peer transactions. However, someone still has to ensure that a transfer from one wallet to another is genuine Bitcoin.
You can think of each transaction as locked boxes that are piled up. This is called the blockchain. The role of miners is to find the key that will open the padlocks, which represents the verification of the transaction. They are then rewarded with 25 newly-produced Bitcoins.
You have to take note, though, that the mining process will take a load on your computer. This is because it involves solving difficult mathematical problems, which become more complex as more miners join the community.
Bitcoin took the world by storm as a revolutionary medium of exchange. It’s not too late to get started this 2021. The first step is to know the different ways that you can acquire this digital cash.
The most straightforward method is by using fiat or real-world money to purchase BTC. Other ways include earning it as a reward, joining competitions, accepting it as a payment method for your business, and becoming a miner.