The number of bitcoin supporters is growing by the day, and there are many people who believe that this digital currency is the future and that investing in it now will pay off in a big way later. The most popular way to own your first bitcoins is through purchasing them on an exchange. There are many of these and plenty of reviews on each, such as the QProfit System test that you can read to find out which exchange is best for you.
Some people may choose to buy and hold their bitcoins as a form of long-term investment while others will sell them for a profit as soon as they can. What matters is that the principle of buying low and selling high applies to bitcoin just as much as it applies to any other asset. There are many ways to earn your first bitcoins that don’t require you to purchase them on an exchange.
The process of mining is the principal process through which new bitcoins are created and released into the network for circulation. Mining involves solving some difficult to compute puzzles to discover a new block of transactions and add it to the blockchain. As more blocks get discovered, the difficulty of the transaction increases and the number of bitcoins created reduces. Back when bitcoin was launched in 2009, you could mine with a simple desktop computer. Now, you need to use the latest application-specific integrated circuits (ASICs) and graphical processing units (GPUs) to do it.
Receiving Payments in the Form of Bitcoins
This is another popular way to earn your first bitcoins. You can receive payments in bitcoins for products sold or services offered. If you have a store that sells any kind of product, you can display a sign that reads “Bitcoin Accepted Here,” and your customers will be able to pay using this option.
Payments in bitcoins require a hardware terminal or a wallet address that receives the bitcoins via a quick response (QR) code and a touch screen app if you have a brick-and-mortar store. For an online business, add bitcoin to your list of payment options, along with credit cards, banking and so on. You can then install a bitcoin merchant tool such as the one offered by BitPay to accept bitcoin payments.
Work for Bitcoins
You can earn bitcoins regularly by working for them. You could, for example, work for a cryptocurrency or blockchain startup and earn your salary in bitcoins. If you’re self-employed, you could also explore the option of being paid in bitcoins by your clients. There are plenty of websites that post jobs paying in bitcoins, such as Coinality and WorkForBitcoin.
You can earn bitcoins by lending bitcoins. You can either lend them to someone you know or lend them on a peer-to-peer lending website. You can also lend them to websites that act as cryptocurrency banks and earn interest on your deposits. Examples of such websites are BTCjam, BitLendingClub and Bitbond.