Aside from digital communication, digital technology has also brought trading to the next level. While we may commonly associate trading with foreign exchange, stocks, or commodities, today, we now have digital currency.
One of these currencies that are starting to get noticed is the bitcoin. Bitcoin trading may still be new, but people are starting to see potential with the currency of trading and wish to own bitcoins.
Bitcoin – The promising digital currency
Before we get to know how to own bitcoins, let us first differentiate bitcoin from cryptocurrency. Sometimes, we notice that these two terms are cited together. Trust us; they have their differences. While bitcoin is the assigned digital currency, it needed the help of “cryptocurrency” to enable traders to use the currency. Cryptocurrency act as the technology that serves as a medium to facilitate the conduct of various financial transactions. So, in the way, they need each other to continue to function in the digital world.
Learning the ways on how to own bitcoins
The best way to get bitcoin is by going through various ways to earn it. Below, we give you four ways on how you can earn bitcoins. It would be better to choose only one from these, but there is also nothing wrong if you will try them all. Everyone is sure that you will get to choose the one that you find the easiest and will give you more bitcoins than others.
With that, here are following ways on how to get bitcoins:
- Purchase them from Bitcoin Exchange – This is far the most popular option for you to get a bitcoin of your own. During the Bitcoin exchange, buying or selling bitcoins happens, mostly exchanging it for local currency at the present market rate. For transactions like this, your traditional bank account must be linked to your bitcoin exchange account. This link will help facilitate the transfer of funds; usually, it happens with your traditional banking’s ACH or automated clearinghouse transfer system.
- Purchase them from a nearby trader or friend – Why should you still go to other places or meet other people when you can just get bitcoins from your friend? All you have to do is ask, but if in case your friend doesn’t have it yet, no worries, try looking for a nearby trader that is willing to sell his bitcoins for you. Other platforms will help you know how you will be able to get one. You can do the exchange online and through bank transfer. Or you can use an electronic payment method such as MoneyGram, PayPal, and others. You just need to pay a small fee for the transfer, but at least you will get your bitcoin, right?
- Get bitcoins in exchange of services or goods that you provide – Let’s say you own an online store, well, you can simply announce to your customers that your store is accepting digital currency as payment for the products they purchase. You just need a payment processing service to process the payment and can already convert it to US dollars.
- Bitcoin mining – If you think that precious stones are the only ones that can be mined, well, we can say that bitcoin can already be classified as a precious digital currency. Mining them isn’t easy, as it is incredibly complex. You will already need special software and your mathematical skills to solve mathematical algorithms all to “mine” bitcoins. If you are up for the challenge, well, you can try, but be careful; there is no how-to article that will help you along the way. Proceed at your own risk. If this becomes a fruitful journey, then learning how to own bitcoin is all worth it. Check the official site of bitcoin era.
Unlike other trading types, bitcoin is not limited to any geographical boundaries. Actually, you still need a trustworthy internet connection for this to work and nothing else. Bitcoin technology can be a bit confusing to some, but not to those who take time to research and study it. As you apply what you have learned from this trading, the great result will be achieved.