There is a rising number of investors because they think by investing in BTC, they can earn a huge profit. Despite being known as the first decentralized currency Bitcoin is also known for its moneymaking potential. Today there is a plethora of ways for obtaining BTC, some more popular than others. In this article, we provide an overview of some of the less-known ways of getting BTC along with the main options.
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Bitcoin Mining
This was the primary way of getting BTC prior to the explosion of Bitcoin’s price and the rise of the popularity of cryptocurrencies. Bitcoin mining today is mainly done as a group on the network. However, due to the regular occurrence of Bitcoin halving, which is an event that takes place after 210,000 BTC are mined the reward or for the miners is decreasing – today is 6.25 BTC. On the other hand, the competition is also rising and the network is overly saturated with miners, which means the process of mining is also increasing in difficulty.
On top of that, the costs related to mining, including, electricity and computing power are also a significant part of mining. Overall, Bitcoin mining isn’t that popular way of gaining BTC. Still, when conducted as a group whether as part of mining pools or farms, users do have a chance to gain BTC, receive transaction fees, and decrease the cost of mining.
Automated Trading Sites
If you are also completely new to the world of cryptocurrencies, then you will be glad to know that the latest trend in trading is automated trading. This is an effective way of earning BTC. Automated trading systems rely on Artificial Intelligence technology to perform trading and conduct thorough fundamental and technical analysis in order to provide the best chance for the users to earn a high return of investment.
Freelance Gigs
This is actually not so known way of getting BTC. Freelancing is exploding as well as the gig economy and you can easily find a lot of temporary jobs or online gigs. Of course, there are some that pay in BTC.
It just makes it convenient for anyone that can’t afford to purchase one Bitcoin as its price is currently over $60,000. Hence, there are sites where' they pay you to write articles or fill out surveys, for example. However, keep in mind that you will probably be paid in Satoshis, and you will need to earn your Bitcoin over time.
Bitcoin ATMs
Bitcoin ATMs have been around for a while, but they usually offered one function – either you can buy BTC or sell BTC. Today, as the technology is quite advanced, and you can find Bitcoin ATMs that offer both of these functions. So, you can just use your Bitcoin wallet and ID to obtain BTC in a physical or location. There are approximately 14,000 Bitcoin ATMs across the world and it’s very likely that this number will explode in the future.
Popular Ways of Getting Bitcoin
While we so far discussed the lesser-known ways of obtaining BTC, it’s now time to touch on the more common ones.
Buying Online
There isn’t a more convenient way of obtaining BTC than buying it online. This will also be the primary way of starting your career as a cryptocurrency trader. This option is easily available to you thanks to the popularity of trading, exchange, sites. These websites offer a unique service to cryptocurrency investors as they make it possible to buy BTC with USD, EUR, GBP, or any other currency.
Most of these also give you the option to withdraw cryptocurrencies via bank transfer or directly to your Visa or Mastercard.
Nowadays, more than 20 cryptocurrency trading sites exist. The most widely popular one is Binance. Unfortunately, Binance is banned in the US. So if you’re a US resident it’s recommended to go with the second-best, which is Coinbase.
Unlike Binance, Coinbase doesn’t give you access to hundreds of altcoins that you can trade your BTC for. But like Binance, both of these websites give you the option of buying and selling Bitcoin.
Other popular trading sites include CEX.io, KuCoin, eToro, Bisq, Gemini, etc.
Buying in Person
Bitcoin and cryptocurrencies are regulated in a lot of countries around the world. This makes it hard to buy and sell BTC as you wish. So the primary way of obtaining BTC is by buying it directly in person from another user that already owns the currency.
As you can imagine, the person you’re buying from is probably mining the BTC or getting it from other lesser-known methods. But what’s important is that this option is frequently exercised by hundreds of thousands of people each day. This option does come with certain risks, as you’re supposed to pay them in person in cash.
Getting Paid in Bitcoin
This one might sound similar to doing Freelance gigs, but it’s actually quite different. There are many people that prefer to buy and sell goods using BTC. Naturally, this presents a unique option for you to seize.
If you have a unique skill that you can monetize, then you can cater exclusively to the cryptocurrency community. Regardless of what service or product you’ll offer to this community, do know that there will be plenty of people to cater to.
You can also provide a discount if they pay in BTC as opposed to other currencies such as ETH, XRP, USDT, etc.
Bottom line is that you’ll be doing business with the very people that mine, trade, and obtain Bitcoin in lesser and commonly known ways. As Bitcoin becomes a more scarce asset, it would be wise to start accumulating more of it as the price will only go up.
Conclusion
Due to the availability of online trading sites not only Bitcoin is a highly liquid asset, but also it is more accessible than any other cryptocurrencies. Furthermore, there is an increasing number of options when it comes to obtaining BTC, especially as a lot of famous brands alongside brick-and-mortar businesses are supporting the mass adoption of cryptocurrencies.