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Time or money, which one do you prefer spending? Depending on the number of bitcoins you need, you either spend money buying or spend valuable time mining them. Investing in bitcoin may seem complicated, especially when you are green.
We are going to break down the process step by step to make it easy for you. The methods vary; some are more effective than others. In this article, you will learn about the best Tried-and-True Methods of getting bitcoins.
Things to do Before Buying Bitcoin
Step One: Sign up for an account and Choose an Exchange
Get set up to purchase a crypto account which is done online. This cryptocurrency exchange will enable buying, selling, and holding cryptocurrency at the same time. Here, sellers trade cryptocurrencies in exchange for digital currencies.
Step Two: Connect your Payment Option
Add your bank account, debit card, or credit card to your exchange. To link your bank account, send a small amount of cash to the exchange to verify ownership and ensure you include the amount and reference number to track your deposits. The advantage of linking a bank account is that it allows you to sell bitcoins and withdraw cash over other payment plans like a credit card.
Step three: Acquire Storage by getting a Wallet
Understand about crypto wallets before getting one. They come in two concepts: hot wallets (online wallets run on internet-connected devices) and cold wallets (offline wallets not connected to the internet). You can get your wallets on Mobile, web, desktop, and hardware.
Getting to Buy Bitcoin
After successfully securing an account, you are ready to buy bitcoin. You can choose to quickly purchase bitcoins or earn bitcoins slowly for free through bitcoin faucets.
1. Buy Bitcoins Online
Use your exchange account to access bitcoin networks and buy them online. Go for the most popular sites like; coinmama and Coinbase. On your bitcoin wallet, tap the orange button to purchase bitcoin (BTC) or green if you want to buy bitcoin. The majority of exchanges accept credit card payments, bank transfers, or even PayPal payment options.
2. Buy Bitcoins in Person
Should you choose to buy bitcoins in person, through a store, or in banks, you will have to locate them. Stores like Starbucks, Overstock, and Name heap give bitcoin in exchange for cash. Also, Banks such as the National Bank of Canada, Barclay’s bank, and Fidor Bank in Germany give bitcoin in exchange for cash deposits. You can as well choose Bitcoin ATMs that allow you to trade your cash for bitcoins.
3. Doing Odd online Jobs
Companies’ for instance, LaborX and Bloc Lancer, offer online jobs like taking surveys and other web tasks, and they pay in bitcoins. Others reward people in bitcoins for answering their online questions.
4. Writing insights about Cryptocurrency
Several cryptocurrency blogs and forums will pay you in bitcoin to do article writing gigs for them. Although only highly ranked individuals with quantity and quality post get this opportunity. Newbies have to work their way up.
5. Playing online Games to Earn Bitcoins
You can earn Bitcoins by playing online video games such as Pink Elephant and Street magic on Bitcoin faucets and get paid in Bitcoins. However, it comes with a huge disadvantage of popping adverts by the bitcoin faucets. Alternatively, you can bet your own money on online casino games like 7Bit Casino and Bitcoin Poker and potentially win high payouts in bitcoins.
6. P2P Exchanges
Peer-to-peer (P2P) exchange is a service that matches bitcoin sellers with buyers. The sellers set their prices and preferred payment methods while the exchange acts as a broker linking people trading cryptocurrency with the same interests. Examples of these players are the LocalBitcoins and the Xcoins. However, they charge a small fee for the service and accept bank transfers, credit cards, and PayPal plans.
The bottom line.
If you're looking for legit ways to earn or buy bitcoin, the ways above are the way to go. Also, note that online is full of scammers. Be keen not to be scammed in the name of buying bitcoins.