How to acquire Bitcoin
The only way to obtain Bitcoins when it first launched was to use the peer to peer network. You could do this anonymously and you didn’t need permission from anyone to acquire Bitcoins. With the growth in popularity of Bitcoin there are now several ways you can acquire them.
You can register with a cryptocurrency exchange like coinbase.com and purchase Bitcoins using your native currency. Some countries do not allow the purchase of Bitcoins so you need to check this first.
When you sign up with a reputable exchange like coinbase.com you will need to provide a number of personal details. This certainly includes your name and address and other financial information. This is to comply with the Know Your Customer (KYC) laws that exist in a lot of countries.
This defeats one of the key cornerstones of Bitcoin which is anonymity. The network was set up so that you could perform Bitcoin transactions without anyone knowing who you were or where you were from.
There are some cryptocurrency exchanges that allow you to use fiat currencies to purchase Bitcoins and there are others where you can only make purchases with cryptocurrencies. You need to check that an exchange provides the service that you need.
A cryptocurrency exchange charges a transaction fee for every purchase of Bitcoins. The good news is that these fees tend to be a lot lower than those charged by traditional financial institutions.
In the last few years Bitcoin ATM’s have emerged in North America and Western Europe. They are now in other countries too. Here you can use funds from your bank account or a credit card to purchase Bitcoins.
Most of the ATM’s will allow you to make transactions as well. So if you want to send Bitcoins to another person or receive them then you can do this. The rise in the number of Bitcoin ATM’s proves the growing popularity of the digital currency.
Work for Bitcoins
A lot of freelancers in different parts of the world like payment in Bitcoins. Employers like it too because sending Bitcoins is a lot cheaper than setting up a bank transfer to another country. It takes a lot less time to receive a Bitcoin payment than it does a bank transfer payment.
There are freelancing websites where you can receive payments in Bitcoin. One of the biggest freelancer websites, Fiverr.com, will pay you in Bitcoins if you want and so will other big sites such as Upwork.com, Freelancer.com, Guru.com and PeoplePerHour.com.
Complete tasks for Bitcoins
These days you can join websites that require you to perform small tasks and receive Bitcoins as a reward. Some of these tasks include:
- Watching videos
- Completing surveys
- Online shopping
- Signing up to free trial offers
- Playing online games
These tasks will take you a few minutes to complete and you will receive fractions of Bitcoins called Satoshi’s for doing this.
Sell products and services for Bitcoins
If you own a conventional brick and mortar store or an online store you can receive Bitcoins as a form of payment. In a brick and mortar store all you need to do is to print out the QR code for your wallet and then customers can use their smartphones to scan the code and pay you using Bitcoin.
With an online store there are a number of scripts and plugins available that create a Bitcoin payment gateway.