14 Answers To The Question: "How to get your first Bitcoin?"

by Moriah | 31 Oct, 21:33
14 Answers To The Question: "How to get your first Bitcoin?"

Against the backdrop of the growing popularity of cryptocurrencies and Bitcoin, in particular, we offer you to get acquainted with the ways to earn the first cryptocurrency! However, let's start with some basics on what Bitcoin is and what is the essence of its technology.

Where was it started?

“Bitcoin (BTC) is a digital currency, which was created by Satoshi Nakamoto in 2009. Transactions within the Bitcoin network are carried out without intermediaries. The transaction fee is small, and there is no need to pass verification. Anyone can connect to the network” - journalists at CNN Money gave this definition.

Before Bitcoin appeared, sending money to the other edge of the world was possible only with the traditional financial system help. As a rule, these were banks. The procedure required many processes and several days of waiting. In addition, you simply could not take and send a large amount (for example, a million dollars) without the intervention of third parties. Regulators will immediately be interested in sources of funds.

Sending Bitcoin takes a split second. There are no restrictions. You can send a billion dollars, having access only to a computer and the Internet. You can write a private and public key + SEED phrase on a hardware wallet and carry it with you, or you can learn and have access to money anywhere in the world.

In addition to the excellent money transfer system, Bitcoin also offers another function - a capital accumulation system. Cryptocurrencies grow faster than any financial instrument. Today's $ 100 in BTC may well turn into a million dollars in a few years.

So let's get started. How can you make money on Bitcoins and cryptocurrency?

1. You can purchase Bitcoin

This can be done on cryptocurrency exchanges and exchangers. On trading platforms, price is as close as possible to the market, but to purchase Bitcoins you need to register, and some companies require the provision of identification data. With exchangers, everything is simpler, but there the rate can differ significantly from the exchange price.

2. Invest your Bitcoins to earn more

Bitcoins can be put into a savings Bitcoin account in companies such as Celsius.network. This way you can increase the effectiveness of your investment. Firstly, Bitcoin is growing against the dollar, and secondly, the number of Bitcoins is also increasing. But, it is worthwhile to note that the risks, in this case, are very high. How many times have similar companies disappeared with user funds. Therefore, first, check their licenses, read reviews, etc.

3. Freelancer work for Bitcoin

Freelancing has been gaining popularity lately. A free schedule, high pay, the ability to work remotely are the main advantages of this type of earnings. But all this can be done for Bitcoins. Platforms such as XbtFreelancer.com and Dream.ac can be used to find employers. Payment depends on your professionalism. You can earn a few tens or a few hundred dollars in Bitcoins.

4. Perform tasks to get Bitcoin

These are peculiar clicks. Such tasks may include registration, clicking on ads, entering the platform, and so on. Payment depends on the job. It is usually very modest and you can even be deceived. However, this is so far the only way to get cryptocurrency almost free indeed.

5. Marketplace for selling goods for Bitcoin

You can use the Openbazaar.org and Bitify.com platforms to sell goods for bitcoins.

6. Mining

The only source for the emergence of new Bitcoins is the reward for finding blocks. You can buy expensive equipment and connect to the network, providing your computing power and receive a reward for this.

You can also use the services of cloud mining. There is no need to buy equipment. You rent it from a company that already owns it. Only there are not so many honest companies left, and it is already quite difficult to make money with that. 

7. Gambling Bitcoin games

Conceivably, everyone is familiar with gambling. You can also play on Bitcoins. Although this is not the best way to be paid since, as many people know, a casino always makes money, and the average chance of winning is below 50%. 

You should definitely choose websites that guarantee complete transparency. Check that the system does not work against players.

8. Credits in Bitcoin

Especially popular are such sites as Bitbond.com and BTCPop.co. You can borrow Bitcoins on them and vice versa. If you have extra BTC, give them to someone at a small percentage. This is another type of investment.

9. Speculative buying and selling of Bitcoins (trading on exchanges and forex)

The essence of such trading is quite simple - you buy an asset cheaper, and sell more expensive. But there is also Forex, where you can trade in both directions (some cryptocurrency exchanges also practice this) and even with leverage. Unfortunately, in practice, not everything is so simple. The financial market is very confusing and the majority is losing money mostly. But if you have the proper skills and knowledge or you want to get them, then you can try.

10. Purchase and holding

You buy an asset and put it off for a long period in the purpose of making a profit. Practice shows that holders win in a fast-growing market, but traders win in a flat or falling market. It is important to determine the current state of the market and choose the right strategy.

Imagine that you bought Bitcoin for a few hundred dollars. Now the profit would be hundreds of percent. But it's never too late to start.

11. Sale of goods or services in BTC

On the Internet, there are many sites that offer to sell goods or promote their services for Bitcoins.

You can use groups on Telegram, WhatsApp or Facebook to connect with people who are interested in buying goods for BTC. If you are a retailer, you can accept Bitcoins in your store.

12. Bonus for catching bugs during the ICO / IEO

Although the ICO / IEO industry is far from at its peak, such campaigns are still being conducted around the world. If you have the proper knowledge and skills, you can search for bugs in future platforms and receive rewards for it in Bitcoins.

13. The game for Bitcoins

There are games that offer their users to earn Bitcoins for the time spent watching commercials, downloading applications, and so on. You can use the Alien Run application, which is for iOS / Android devices.

The user must play at different levels and improve their skills. In addition, you need to watch videos related to games, casinos and so on.

14. Promotion of crypto services via referral links

Many cryptocurrency services offer a referral program. For example, you recommend the exchange to your friend, he/she trades on it and accordingly pays a commission to the owners of the exchange, and they return part of the profit for this to you.

The referral system is an effective way to attract new users, therefore it is integrated on many book-exchange services.

 

To Be Noted

Most of the ways are far from new and have been discussed more than once. Perhaps in a couple of months, some of this will no longer work or something new will be added. This is a young industry and it tends to change so fast.

 

 

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Author avatar
written by
Moriah

Blockchain specialist and crypto advisor


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