Since Bitcoin’s introduction in 2009, it has grown from costing less than a dollar to over $9000 as of the time of writing this article. Everybody nowadays wants to know how to get into the Bitcoin game and rake in a slice of profit.
This guide will teach you some of the practical ways to get your Bitcoins safely and quickly. But first, you need to get a Bitcoin wallet. A wallet is merely a software program where Bitcoins are stored. Once you have gotten one and set it up correctly, you are ready to get some Bitcoins.
1. From other Bitcoin holders
This is the most basic form of acquiring Bitcoin – face to face from another person. Simply head to Locabitcoins and search for a seller that is near your area. Contact the seller and tell him how many Bitcoins you are buying.
From then on it’s just a simple matter of meeting the seller in person and completing the transaction. This is usually done when you hand over your cash and the seller sends the coins from his Bitcoin wallet to yours.
If you have safety concerns regarding meeting up with a total stranger to hand over your cash, then you this method is not for you.
2. Through mining pools
Mining is essentially using your computer hardware to soft complicated encrypted problems, which you will then receive Bitcoin in return for your time and effort. But mining is a highly expensive and time-consuming affair. To put it in real life example, a person mining a gold mountain would take a lot of equipment and time, whereas if you have a team of people mining alongside with you, you will cut down the time and costs significantly.
Fortunately, there are ways you can team up with other like-minded miners and pool your resources to mine for Bitcoin easily without spending on costly computer parts. Mining pools – such as Bitcoin Loophole allow multiple registered users to pool together their computer resources to mine a single Bitcoin block. It is a safe and quick way to earn Bitcoin, which you can do even when your computer is idle.
3. Buy from trading exchanges
Buying Bitcoin from other trading platforms is the most common way to acquire your Bitcoin. There are currently over 100 cryptocurrency exchanges all over the world, that lets you buy, sell and trade Bitcoin with your own money or with other cryptocurrencies.
Cryptocurrency trading exchanges let you buy Bitcoin quickly. However, the problem lies in getting your Bitcoin changed into real money. Many banks do not allow account holders to link their bank accounts to cryptocurrency exchanges.
Without an exit channel for your money from these exchanges, you risk losing your investments unless the bank approves the money that you have earned from trading Bitcoin. Especially if you are living in a country where fraud is prevalent, you will have a difficult time trading on cryptocurrency exchanges.
Which is the best method?
For buyers who live in cities with low crime and good banking reputation, then all 3 options are great for buying Bitcoin. However, If you live in a high crime city, then buying Bitcoin from trading exchanges and other Bitcoin holders will not be viable methods for you.
Instead of putting yourself or your money in danger, you should use a mining pool such as Bitcoin Loophole to mine and earn Bitcoin effortlessly and safely.