How do I get Bitcoins?
To get Bitcoins you can Buy Bitcoins, you can Earn Bitcoins or you can Create Bitcoins. The best option for you depends on your time and budget. There are fast ways and easy, however there is always a trade off: the faster you need them the higher it is going to cost and smaller the budget the longer its going to take. When you’re just starting out you might just be interested in getting Bitcoin fast but if you want to be respected in the cryptoverse and become a serious player, you should definitely learn how the professionals are bringing in the bitcoin.I have mapped out all the legit ways you can get bitcoins so you can choose the best option for you depending your budget.
How to get started with Bitcoin?
You can skip this step if you have already bought your first Bitcoin.
- Step 1: Get a wallet to store your Bitcoin.
Cryptocurrency wallets have a receive and send address also known as public key and private key.
The private key is like the username and password of your wallet whereas the public key is similar to the email address your give out to receive email.
Related Article: Public Key vs Private Key
Note:that just like the dollar or Euro, you can buy part of Bitcoin for example: 0.05 BTC).
Step 3: Provide you receive address or public key.
Protip: Never keep your Bitcoin on exchanges because they are they favorite targets of hackers.
Step 4: Send Bitcoin to another person buy asking them their public key.
Step 5: Earn more bitcoin buy trading, mining or offering your services.
How to get a bitcoin wallet?
You can go to bitcoin.org or bitcoin.com to download a bitcoin wallet on your phone.
Otherwise, I would recommend going to Exodus.io to download a multicurrency crypto wallet which will allow you to store many types of cryptocurrencies rather than having one wallet for each currency.
Bitcoin vs BitcoinCash and why does it matter
Before moving forward, I think you should know the difference between Bitcoin(BTC) and BitcoinCash (BCH)so you don’t accidentally use the wrong wallet.
Bitcoin (BTC) was created by SatoshiNakamoto and the first cryptocurrency ever created.
BitcoinCash(BCH) was created in 2017 and is a fork a bitcoin.
This is means that it similar to a spin-off or a different version.
For this reason, you can not store your BTC at the same address you are storing your BCH.
In very simple terms, imagine Bitcoin being the US dollar and BitcoinCash being the Canadian dollar, they are both currencies but are for different markets.
This confused me a lot when I was just starting out 🙂
Long story short: save yourself from a potentially very expensive mistake and a lot of aggravation by getting a multicurrency wallet for beginners like Exodus which several cryptocurrency.
Exodus is completely free and you can set it up in under 5 minutes. You download the Exodus Wallet Here.
The lists starts with the fastest and easiest to option which takes the most time:
Please include attribution to https://satoshilibrary.com with this graphic.
Popular Ways of Getting Bitcoin
Cryptocurrency exchanges and trading platforms are the most popular and fastest ways to get bitcoin.
It is usually recommended that beginners start with exchanges and get their first Bitcoin to see how the technology works before moving to more advanced platforms.
1. Cryptocurrency Brokers
Cryptocurrency Brokers are companies or people which own bitcoins and sell it to you in fiat (USD/EUR) in exchange for a commission.
This is a great way for beginners to get bitcoins in under 15 minutes.
If your time is valuable and just want to get bitcoin fast without too much energy, this is the way to go.
The most popular cryptocurrency brokers for beginners are Coinmama and Indacoin.
The great thing about these companies is that buying experience is similar to shopping.
The allow you to buy bitcoins with your debit card or debit card,
Buy bitcoin fast with Coinmama
1. Go to Coinmama.com and create an account . You can also use out affiliate link here:Coinmama
2. Verify your email address and your identity.
As this Coinmama is offering financial services, you will need to provide proof of ID.
3. Enter the amount of Bitcoin you want to buy or the amount you want to spend
4. Enter (VERY IMPORTANT) your bitcoin receive address
Step 5: Enter your credit card info
Wait a few minutes while the blockchain processes your transaction, remember that it IS decentralized.
The next alternative to Coinmama is Indacoin, which I have also tried, but I personally think Coinmama offers a better experience.
The advantage of Indacoin over Coinmama is that you can sell your Bitcoin on their exchange.
Coinmama also allows customers from the US to buy bitcoins with them.
Related article: CoinMamaReview
2. Cryptocurrency Trading
Cryptocurrency exchanges allow you to buy and sell your cryptocurrency.
The biggest problem with cryptocurrency trading platforms is that the largest ones are usually open to new registration.
Cryptocurrency trading is not usually recommended for beginners unless you already have experience trading securities.
The most beginner friendly exchanges
When I was just starting out, I found cryptocurrency exchanges extremely overwhelming so I would recommend starting with these 3 if you don’t like tech too much.
I will be using Paxful as an example because they have the most payment options.
Paxful allows you to buy bitcoin with credit cards, debit cards, Paypal and even Skrill.
- Go to Paxful.com or feel free to user our affiliate link.
And create a free account:
Paxful also give you the choice to choose the best deal in their market place or they can do a search for you based on your preferred payment method.
Choose how much Bitcoin based on the payment method.
As you get more experienced and better understand the market you might want to move over to exchanges like Binance.
Getting paid in Bitcoin
We tend to forget that bitcoin was created so we could send and receive value from anywhere around the world instantaneously.
This is also a faster and cheaper alternatives to banks.
3. Cryptocurrency Mining
Mining is a very popular way to get Bitcoin and other cryptocurrency.
Cryptocurrency mining is the process of creating new cryptocoins.
So how it works is, you help the ecosystem by verifying transaction and you get cryptocurrency as a reward for your efforts.
Feel free to check out a more detailed explanation on how cryptocurrency mining works.
So why don’t I just mine bitcoins?
Bitcoin coin generation is halved every 4 years and mining difficulty increases as more players come onto the market despite more specialized equipment.
Another problem with Bitcoin Mining machines, also know as ASIC miners, is they they can only mine one type of coin which makes them a very high risk investment.
Though it was profitable to mine bitcoin on a computer in 2010, you definitely won’t earn anything mining from a computer 10 years later unless you plan to create a mining farm.
What can are my options if I’m broke?
Once you’ve mined them, you can sell them on an exchange.
The biggest disadvantage is that it is very time consuming and you probably won’t make much at the beginning unless you plan on holding your crypto for several years.
However, the biggest advantage of this method is that it is great way to learn how cryptocurrency mining works and whether it is something you see yourself doing in the long run.
Other mining options
If you want to learn how to choose which coins to mine, I would definitely check out Genesis Mining which is a cloud mining company.
Cloud mining is where rent out mining equipment and the company pays you out the profits directly.
If done right, cryptocurrency mining can become a great source of passive income.
4. Charge Bitcoin for your services
This is slightly different than bounty hunting because freelancing involves doing ongoing work in exchange for Bitcoin.
The truth of the matter is bank transfers are expensive and take a long time and Skrill or Paypal don’t support all countries.
For this reason, many employers are opting to pay their team in cryptocurrency.
With all the startups which have raised millions during the ICOs they have a lot of work to offer.
Popular job posting on Upwork.com
- Content Writing
- Whitepaper writer
- Marketing experts
- Community managers
- PHP or Java Developpers
- DAPP Developpers
- Mobile Developpers
- Video producers
- Graphic Designers
If you are a content writer, have a support background or even programming background, there are quite a few number of clients on Upwork looking to pay in Bitcoin.
Cryptocurrency is making it even easier to get paid from clients from around the world.
5. Selling products for Bitcoin
Selling products online for crypto is not new, however, it IS VERY UNDER-RATED.
Remember that you can send bitcoin to anyone around the world instantaneously.
This set up works well if you like electronics such as video games or computer parts because gamers. You also get access to a broader oversees market.
The BIGGEST advantage I have been hearing from merchants is that they do not need to worry about refunds.
Credit Card purchases tend to get a 10% refund rate which is quite a budget for online companies.
6. Marketing other companies products
An affiliate program is where you market a product and get a commission or referral on each time the person you recommended makes a purchase.
How do referral programs work?
When you apply to an affiliate program, you are provided with an affiliate link, when someone clicks on the link, cookies are added in the users’browser for a certain period of time until they purchase the products.
For example Amazon’s cookies stay 24 hours in the user’s browser.
Affiliate programs are great if you already have a huge audience but what what you don’t want to do is spam every group out there- This is a big no-no.
Affiliate marketing blueprint
- Create a huge audience on Social Media. This can be pinterest or a facebook group.
- Offer valuable information why they need this product.
- Propose an affiliate product.
Popular Cryptocurrency Affiliate programs
7. Bitoin Faucets
How do bitcoin faucets work
They work similar to bounty programs except you do less to do even less.
Example of tasks required by faucets
- Providing your email address
- Clicking on ads
- Accessing a website once a day
Each ‘task’ rewards you around 2-3 cents and faucets also require users to meet a minimum threshold in order to be eligible which is around $5-$10 including transfer fees.
They usually entice users by opting in by offer $1 worth of Bitcoin.
They are know that you won’t be entering your email to weird websites once a day two thousand days in row.
Faucets are not a serious way nor sustainable to earn bitcoin and most of these websites contain a lot malware.
There are so many better paying jobs on websites like upwork or freelancer.com where you will be better paid for your talent.
8. Bounty Programs
Bounty hunting is when you get offered a reward in exchange for completing a task.
The most common bounty programs are among ICOs, where tokens are offered in exchange for a social share.
This is a great way to earn cryptocurrency if you already have a large audience.
How do you actually get bitcoin if you are being rewarded tokens?
The idea is to sell the tokens in exchange for bitcoin once the reach the exchange.
Where can to find bounty programs
Most ICO bounty programs can be found:
- Bitcointalk.com Forum (Bounty Section)
- Blockchain Facebook groups (the real ones not spammy ones)
Advantages of Bounty Programs
- Little effort if you already have a huge following.
- Airdrops which means they reward you tokens for your loyalty.
- Some tasks require .
Disadvantages of bounty programs
- Not all tokens make it to exchanges.
- Your friends and family might get upset if the project fails.
- 99% of startups fail.
- It is becoming very difficult to get tokens on exchanges due to regulations.
- Founders sometimes dump all the tokens as soon as they reach exchanges.
- Tokens are usually worth a few cents when they first reach exchanges.
If you want to earn ‘real money’ instead of a few dollars and some tech skills, there are is a high demand for locating bugs in exchange for bitcoin.
High Paying Bounty Programs
*By real money I mean serious amounts of bitcoin 😀
More Clever Ways to Get Bitcoin
9. Placing ads
If you already own a tech or financial blog you can set up an account with cryptocurrency ad companies which generate cryptocurrency and blockchain related content.
Note: You might need to trade the tokens on exchanges in exchange for Bitcoin.
Cryptocurrency Advertising programs
10. Tipping or Donation Jar
A bitcoin tipping jar is also a great way to monetize your content in both writing and video.
Though you can find a plugin, you can also just use your public key.
How to set it up
Just paste your Bitcoin public key underneath the content.
Where can I add my tipping address?
- Closed Facebook groups
- Under your youtube content
- In your blog
- On your T-shirt (basically anywhere people can find it 🙂
- In forums
VERY IMPORTANT: DO NOT SPAM forums and groups asking for Bitcoin donations.
11. Become an influencer
This is one of those open-secrets of the industry.
Many blockchain startups seek out social media personalities with high followings.
Influencers can get paid to tweet, participate in events or review their products.
John Mcafee famously claimed he charged $105,000 per tweet.
He even explained in the interview with Independent why he charges over $100,000.
Influencers also get paid to travel and speak at blockchain projects around the word. Preety cool eh? 😉
12. Treasure Hunting
This is currently the coolest app created in the crypto and it literally makes crypto trading fun.
Aircoins is an augmented reality plateform which allows you to receive tokens like PokemonGo or Snapchat.
I am not being paid or endorsed to share this, I just think it’s really cool and I am really happy we can come such a long way from the Electrum Wallet days.
The technology is moving very fast and companies are constantly adding new features.
Anything that appears a bit complicated today might get a bit easier down the road.
Remember that Bitcoins are a currency and to buy them requires to going through financial companies.
The faster you need the BTC, the more it is going to cost you.
If you do not own bitcoin, I would recommend buying an amount which you are comfortable with just to see how the technology works.
Once you are comfortable with the technology then you can move onto more serious solutions.
Thank you for visiting!
And also, if you feel comfortable enough to give me your email, just enter it below and I just might send you an email one of these days 😉
Disclaimer: I am not a financial advisor and the information provided does not replace professional advice. Cryptocurrency prices are highly volatile as well as evolving very quickly. This post may contain inaccuracies, so please do your own research before placing money in any website. Thanks!
Marie is a crypto-enthusiast who was born in the Seychelles and is currently living in Mauritius. She has 13 years experience in the BPO and the teaching industry. She specializes in keeping things easy and simple.