Bitcoin is enjoying a surge in popularity and value over the last few years. It’s become widespread and universally acceptable not just on websites but on brick and mortar shops as well.
For those who are looking to get into bitcoin, here are 5 ways to invest in the digital currency.
Table of Contents
Bitcoin mining is a common way to acquire bitcoins and for free. Investing is done by buying a capable hardware and running it to solve mathematical problems. Once proof of work is submitted the user is awarded a certain amount of the cryptocurrency.
Users log in to the network and solve cryptographic puzzles to earn bitcoin. You can also buy servers that run bitcoin mining operations but only get a percentage of it. The process is the same- bitcoin is mined for profit.
Trading bitcoin is the same as trading stocks or commodities in specialized platforms. The best part about bitcoin trading is that it can be done on the computer or using an app, such as Bitqt App.
The upside is that trading in Bitcoin is easier than stocks or participating in Forex. You can search for reputable bitcoin exchange platforms on the internet and sign up for an account there.
Trading is a viable option to make profit using a digital currency. You can buy or sell them using fiat currency, bank transfers or credit card payments. Transactions are generally faster compared to other investment vehicles.
Buy Them in Real Life
For those who don’t want to create an account or sign up online, then there’s face to face transactions. There are businesses such as convenience stores and specialized shops that deal with and accept bitcoin as a form of payment. It’s usually done using cash and with the establishment sending the bitcoin to your digital wallet.
Face to Face Exchanges
A more complex version of a buying bitcoin in real life, you and similar-minded people meet up and exchange bitcoins for valuable commodities, including cash.
Most face to face exchanges are not large compared to trading bitcoin on the internet. Plus, it’s more of a community experience than a simple get-together and transfer. It’s not uncommon for bitcoin enthusiasts to meet up and talk about the digital currency and its future, with exchange being a small part of it.
Using an ATM
Lastly, there’s the ATM option similar to one where you take out cash. Bitcoin has become a household name that companies have set up physical machines that can dispense bitcoin in exchange for money.
Locating a bitcoin ATM can be tricky though, but results usually come up when you do a Google search on your phone or computer. There’s also a small processing fee for upkeep purposes but it shouldn’t be a dealbreaker.
Exchanging bitcoins for cash is probably the most convenient way to invest in bitcoins, and you can get to a computer or use an app on your smartphone to carry them out. Make sure to create a digital wallet first so you can store your bitcoins in them.