Ever since Bitcoin has reached the heights of its valuations a year ago, an increasing number of people are believing in this cryptocurrency and finding ways to invest in it. Many are procuring it through Online Bitcoin Exchanges while others are getting it through various other means. No matter how you get your Bitcoins, there is no doubt that it is an excellent alternative investment, akin to investing in the stock market, real estate, gold or commodities. Let us see how you can buy your Bitcoins in various ways.
Mining for Bitcoins means getting those Bitcoins which come into circulation. This involves solving a mathematically difficult puzzle to discover a block which can then be released giving you a set amount of Bitcoins. The Block reward currently stands at 12.5 Bitcoins from 50 in 2009 where it keeps on decreasing every 4 years. Back then in 2009, you could mine Bitcoins using a simple desktop PC. Nowadays, you need to use faster hardware like Application Specific Integrated Circuits (ASICs) and Graphic Processing Units(GPUs) to mine Bitcoin effectively.
Accepting Bitcoins as payments
The first time Bitcoins were accepted as payments were when a programmer named Laszlo Hanyecz bought two pizzas for 10,000 Bitcoins in 2010. The value of these Bitcoins would be worth hundred million Dollars today. There are many small businesses who accept Bitcoins as a means of payment, all that needs to be done is have the right hardware and software for it and a ‘Bitcoins accepted here’ sign at the door. Bitcoin payments can be also be accepted through QR codes or touch screen apps which can be easily installed in store. In fact, Bitcoin can even be accepted as an alternative to fiat money for e-commerce using a Bitcoin merchant tool to accept payments.
Getting paid with Bitcoin
There are jobs where you can be paid in Bitcoin. However, this isn’t that popular yet and there are certain limitations to doing this. Self employed people can also get paid in bitcoin. There are certain websites like WorkForBitcoin, Coinality and others where you can freelance or work part or full time to get payment in Bitcoin.
Earning Interest in Bitcoin
One unique way of earning Bitcoins is lending them. This can be done in three ways- direct lending, through a website or lending to websites which act as banks and provide you interest on your deposits, just like a bank fixed deposit would do. However, you need to be sure that the website or person that you choose to lend your bitcoins is reliable, do ample research, read the terms and conditions and all related documented carefully before you make a decision.
Though this is one of the options you do have, this is not a recommended way to get Bitcoins. Many casinos offer jackpots, online lotteries, casino games,betting and other ways to gamble your to get Bitcoin. If you do indulge in betting, there is a chance that you might lose much more than anticipated. Hence, this is an option that is never recommended anytime.