What is bitcoin?
Bitcoin is a cryptocurrency or, a form of electronic cash .it’s a decentralized digital currency without a central bank, which was invented and released as open source software in 2009. Bitcoins can be traded for goods or services.
So, do you wonder where you can get or earn bitcoins?
Well, there’s various method you can use to get bitcoins. Following, are some of those ways you can earn bitcoins:
1. Bitcoin mining
Bitcoin mining is the process by which new bitcoins are generated or, created. It’s the process of adding transaction records to Bitcoin’s public ledger. To earn bitcoin by mining, you need to have a bitcoin wallet where to store your bitcoin.
2. Lend bitcoins and earn interest
If already you have bitcoins, you can lend and earn bitcoins as interest. There are many bitcoin lending websites, which you can use to lend your bitcoin but need to be trustworthy. Also, there’s various method you can lend your bitcoin to earn interest.
- Peer to peer bitcoin lending websites –Where borrowers publish funding request and, you can contribute to their request.
Note: To diversify risk you can fund small portions of many loans
- Bitcoins Banking –like in a normal banking model, where you deposit your money for a certain period to earn interest, the same applies to bitcoin banking.
- Lend directly –This is another method you can earn bitcoin interest by lending directly to someone you know. To do this, you must both agree on terms like bitcoin interest rate, duration etc.
3. Buy bitcoins
Yes, you can earn bitcoin by buying i.e. exchanging money with bitcoins. The most convenient way to buy bitcoins is if you can use your credit card or, debit card since it is easy and doesn’t take long when processing.
Gambling for bitcoin is a process of taking a risk in the hope of getting bitcoins. There are many online gambling sites where you can gamble .when gambling you must know the result can be either gain or a loss. Gambling is not suitable for everyone so, you need to be very careful.
5. Accept bitcoins as a means of Payment
One of the easiest ways to get bitcoins is to accept them as a means of payment. If you have a business you can make bitcoin as a method of payment. No matter if you sell services or goods you can accept bitcoins as a payment. To earn bitcoins as a payment, you need to have an online bitcoin wallet. A bitcoin wallet is a place where you store your bitcoins.
6. Bitcoin trading
Another method you can get bitcoin is by trading. Trading bitcoin is whereby, you buy them at a low price and, sell them at a high price. By selling at a high price compared to what you bought, you earn a profit (bitcoin).
7. Playing online games
There are many websites online that you can play games, and earn bitcoins while playing. Playing games is not the best way to earn bitcoins because you need to consume a lot of your time playing but you earn a little amount of bitcoin.
8. Bitcoin faucets/ Micro tasking
This is another method that you can use to earn bitcoins. There are various websites that offer micro-task that pay bitcoin. All you need to do is to complete micro task, and you’re paid bitcoins. Some of this micro-task are taking surveys, signing up, watching videos, completing captcha etc.
There are various ways you can earn bitcoins as you can see some from the above list. But most importantly you must ensure you have equipped yourself with the knowledge required to understand the risk involved.
To get more information about bitcoins you can visit the various forum like BitcoinTalk -which discusses a wide range of cryptocurrency topics and threads.
To protect your bitcoins, you need to secure bitcoin wallet. Also, if you plan to own a lot of bitcoin it would be a good idea to have several different bitcoin wallets “Don’t put all your eggs in one basket.”