Lesson 6: How To Buy And Earn Bitcoin
Lesson 6: How To Buy And Earn Bitcoin
Thanks to Bitcoin exchange guide, click here to get more info (aweber.com)
In the last lesson , we explained how bitcoin transactions work, how they’re verified by the bitcoin network, and how nodes are rewarded for their activity with bitcoins.
In today’s lesson, you’ll learn:
- Bitcoin can be bought and sold like any online product
- You can buy bitcoin using credit cards, bank transfers, or even cash
- You can spend bitcoins on goods and services in the real world
How to Buy Bitcoin Today
- A cryptocurrency exchange where you can buy bitcoin in exchange for fiat currencies (like the USD, EUR, or GBP) or other cryptocurrencies
- A bitcoin ATM in your city (using cash or a credit card)
- A local bitcoin reseller you find on LocalBitcoins.com (in exchange for cash or a bank transfer)
- An online bitcoin payment platform like Coinbase that accepts credit cards, PayPal, and other conventional payment methods
- A bitcoin wallet with a built-in bitcoin payment platform
- How to Buy Bitcoins Anonymously
- Earning Bitcoin through Cryptocurrency Mining
- Purchase a specialized bitcoin mining computer like an Antminer S9 or a multi-GPU gaming-style PC
- Find a source of cheap electricity (the United States, Canada, China, and other countries are famous for their low electricity rates)
- Run free bitcoin mining software and start mining bitcoins
Buying bitcoin today isn’t as hard as you might think. In fact, there’s nothing stopping you from buying bitcoin in the next 3 minutes.
You can buy bitcoin online today using a credit card, a bank transfer, or other conventional payment method. You can also buy bitcoin using cash – say, by going to a local bitcoin ATM in your area or by buying from a local bitcoin reseller.
Just like any currency, you can purchase bitcoin from various online and offline sources. Some of the most common places to buy bitcoin include:
Ultimately, there are hundreds of ways to buy bitcoin today. A simple search for “buy bitcoin online” will produce millions of results. In general, your best bet is to go through a trusted cryptocurrency exchange serving your country. These exchanges are relatively safe. You’ll pay a small fee (typically between 0.2% and 0.4%), but you can receive your bitcoin as soon as today.
Want to purchase bitcoins anonymously? Your best option is to use cash and find a local reseller. Bitcoin ATMs will typically require identity verification, so your only real anonymous purchase method is to find someone in your city willing to sell bitcoins in exchange for fiat currency.
You show up with cash and the person transfers bitcoin to your wallet (say, by scanning the QR code on the mobile wallet on your iPhone or Android). LocalBitcoins.com is the best site for arranging anonymous, in-person cash transfers like this.
In the early days of bitcoin, virtually anyone with a gaming PC could earn bitcoin. If you had a powerful graphics card (GPU), then you could install the bitcoin mining software, join a bitcoin mining pool, and leave your computer running to earn bitcoin rewards.
Today, things have changed. It’s significantly more challenging to earn bitcoin through mining. The difficulty of the bitcoin network has increased, which means you need a ridiculously powerful computer in order to “solve” bitcoin’s cryptography.
That being said, you can still profitably mine bitcoin in 2018. In fact, ordinary people like you continue to earn thousands of dollars per month in profit by mining bitcoin. Here’s how to do it:
If you can find a source of electricity that costs around $0.04 to $0.08 per kWh, then you may be able to profitably mine bitcoin. However, the days of profitable bitcoin hobby mining have all but disappeared. It’s harder than ever for ordinary people to earn bitcoin through mining, and the crypto mining space is dominated by massive companies like Bitmain.
Another option is to join trusty programs that offer mining pools, these programs offer by big mining companies allow you to gain small profits from their mining operations.
That’s it! We explained the two main ways to get bitcoin: by purchasing it or mining it.
