A lot of Bitcoin Price Market Cap users and supporters believe that bitcoin is the future of finance and investing in it today can give them huge returns later. The most popular way of owning a bitcoin is through buying on a bitcoin exchange.
Some people may opt to keep them for a longer time horizon, while others prefer to gain some profits by selling them as soon as they find an opportunity. Like any other asset, the principle of Buy and Sell Digital Currency low and sell high applies to the bitcoins.
There are many other ways to earn and own bitcoins that are quite different from buying them on an exchange. Here are some of those ways that you can try.
Bitcoin mining refers to the process through which bitcoins are released to come into circulation. In other words it involves solving a computationally difficult maze or puzzle to unveil a new block, and that block is then added to the blockchain. The miner will then receive a reward in the form of a few bitcoins.
The block reward is currently at 25 bitcoins. It was 50 in 2009 and decreases every 4 years. Back in 2009, when mining started, it took a regular desktop to be able to generate the coins but as more and more bitcoins are generated, difficulty in the mining process increases.
To answer to the difficulty level, miners now utilize faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units, et cetera.
Another way to acquire bitcoin is to accept it as a means of payment for products or services sold or provided.
For instance, you have a small store selling grocery or flowers, you just have to put up a sign and indicate that you accept bitcoin payments and many of your customers may want to use this and pay using bitcoins.
The payments with bitcoins can be performed as long as you have the requisite hardware terminal or wallet addres through QR codes and touch screen apps in case of a physical shop. It’s easy to accept bitcoins even for online businesses.
Working for Them
Bitcoins can also be earned on a regular basis by having a job and then getting paid with bitcoin units. This kind of system is not yet popular and therefore has strict limitations in its terms. Other than working for a company, you can also explore the option to get paid with bitcoin as a self-employed person. There are websites that are dedicated to the digital currency paying jobs.
Another interesting way to earn bitcoins is by lending them. And lending can take three forms. The first is direct lending to someone known or via a website that facilitate peer to peer lending where borrowers and lending meet, or lending bitcoin to some websites that act as abnks where you earn a certain interest rate for bitcoin deposits.
However, be sure to check the reliability factor while choosing a website offering deposit or p2p service. Check their terms and conditions and research the location and reputation of the company.