Bitcoins have been on the top list of the most demanded cryptocurrencies. Mining bitcoins means getting them just like mining of gold or minerals. And in the upcoming paragraphs, we will be guiding you about how to mine bitcoins. This can be done in three different ways: Buying or trading them on exchange (get more information about buying and trading bitcoins and stocks on stockapps), accepting them for goods and services, and Mining new ones.
Mining New Ones
You can gain access to the bitcoins without spending money in the mining process. You are able to get by completing “blocks” of some verified transactions. The transactions which are completed by you then make up a blockchain. You need to have a high mining power in the whole network the only you will be able to come up with a solution to the puzzling transactions. As miners, you will get paid in the bitcoins of the work you will do. Once you are able to verify MB (megabyte) of the bitcoin transactions then you will be rewarded with a specific quantity of bitcoin. This all process has been set up by Satoshi Nakamoto.
It is not obvious that 1MB of the transaction means 1 transaction. This all depends on the data each transaction carries. You might have to verify a lot of transaction to come up to the value of 1MB. That is the reason not everyone is able to obtain bitcoins through this method. The other condition that you have to meet to get bitcoins is that you will have to be the first miner to get to the right answer or the closest answer as compare to others. So this means that even if you are able to solve transactions worth 1MB you still might not be able to win bitcoins.
Buying on Exchange
The way of exchanging permits you to buy, sell and store cryptocurrency. You can keep your bitcoins in your own wallet to keep it more secure and safer.
One type of exchange can be done without entering your personal information. You will remain anonymous and this is decentralized. There will be no center of control to pursue you to take any step forward. The absence of any regulatory body attracts many users to this type of exchange. In this way unbanked people can store, buy or sell like this and this can lead to illegitimate use of bitcoins. People living in those areas where there is no strict law or no proper banking systems can also gain access to the bitcoins through this method.
But now the method which is used for exchange demands KYC and there is an absence of decentralization. After you have selected the method of exchange you are expected to collect some personal documents needed. And the type of the documents needed depend on the type of the exchange you want. This can also depend on the area you live and the laws that surround you. Now you will be able to buy bitcoins. Such types of exchanges have got more common now a days and people prefer choosing exchange methods to get bitcoins.
Exchanging method was once not that reliable as it has turned now. It is a trusted platform for many of those folks who want to get bitcoins.
Purchasing Bitcoins For Free
This method is the most convenient and entertaining way to earn bitcoins. And this includes playing games and participating in online gaming network. But the drawback is that you will have to collide with many ads. In order to get rid of the ads a bitcoin casino can be joined where you can bet your money of bitcoins and win or lose casino games. In this way you will not bump into ads.
Some small jobs on websites can be done to earn bitcoins. This is energy and time taking but after all it is free and does not require your own personal money.
Reading is mostly in the list of hobbies most people have. If reading could bring you bitcoins so then nothing can bring readers greater joy. This also demands for your time but reward is greater: Bitcoins.
Many people who are good at writing jot down cryptocurrency articles or blog about them. In return, you will get bitcoins as a reward of the hard work. This can only happen if you carry a lot of knowledge about such things. As you will be contributing in the publicity of these cryptocurrencies, you will get bitcoin as a reward.
Buy Bitcoins Online
Things aren’t that easy as they seem like. Every achievement demands time, energy or money. And in order to get your hands on bitcoins you need to spend you precious money. For that you need download a bitcoin wallet where those bought bitcoins can be stored. This usually comes under the category of exchanging bitcoins so then you will have to set up a cryptocurrency account.