The big question is how to get bitcoins.
Once you have a basic understanding of what Bitcoin is and how a wallet actually works, you can dive into the world of digital currency and get some Bitcoins for yourself. So, the big question that comes to your mind is how can I get bitcoins?
It’s getting hard.
Once you know the origin of each individual bitcoin, which is based on the mining process, you will believe that the best way to get them is to join that mining process. The fact is that this has become very difficult due to the rapid rise in popularity of cryptocurrency.
Sell products or services.
Each bitcoin is the result of a previous transaction. So the way to get them if you don’t have them is to get a transaction from someone else when you purchase them with cash or also mine new bitcoins.
If you know someone who uses bitcoins, you can ask him/her to get bitcoins. In case you don’t know anyone who owns them, you can get bitcoins by suggesting a different kind of transaction with another bitcoin user, which will get you money in bitcoins. An alternative option is to mine them yourself.
Extraction of minerals.
If you can’t buy bitcoins from someone else, you can get them by mining them. The term mining here means: solving a complex mathematical problem, the purpose of which is to verify the transactions of others. In return, you will receive Bitcoins. Receiving bitcoins is sometimes free, but sending them may incur a fee, depending on the online platform you use. Before you start mining bitcoins, you should understand that this is not an easy way to get bitcoins, it requires some technical knowledge which may not be practical for you.
In case you don’t know anyone who owns bitcoins, you have nothing to sell to exchange for bitcoins, there is a way to buy bitcoins. There are several online platforms that sell bitcoins through a process called trading/exchange. Here I list several ways to acquire bitcoins:
Buy bitcoins from a person.
There are online marketplaces where you can buy bitcoins person-to-person. You can pay these individuals in cash or in other ways. It’s good to think that you and the seller can arrange a payment method: cash in person, cash via escrow, bank transfer, PayPal, etc. The key element here is finding someone you can trust. A good tip is to use an online deposit service, this way you can protect yourself from any kind of fraud. The good thing about these online depositing platforms is that everyone has to upload their scanned ID, this ensures security during transactions.
Buy bitcoins on exchanges and in retail outlets.
Bitcoin exchanges or trading outlets are basically online services that make it easy for buyers and sellers to transact with Bitcoin. To become a member of one of them, all you need to do is create an account and pass an identity verification before you can buy or sell bitcoins.
Buy bitcoins through an ATM.
Some cities around the world offer physical Bitcoin ATMs. You just get your bitcoins through them using your local fiat currency. Governments regulate the use of these ATMs for security purposes. Sometimes it can be difficult to find a Bitcoin ATM near your location because even where they are installed is regulated.