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Did you know that 6.2% of Americans own Bitcoin?
This shows that despite Bitcoin’s volatility in value, it remains an attractive investment, especially for younger people. If you’re looking to ride this to gain more in the future, you might not know where to start. Especially when you never learned investing in cryptocurrencies before.
Don’t feel discouraged yet.
With this Bitcoin for beginners guide, you’ll learn everything there is to know about cryptocurrencies in general. That way, you’ll learn methods on how to earn it without problems. Read on and find out more:
What Are Cryptocurrencies?
For the uninitiated, cryptocurrency is a method of payment used for exchanging goods and services online. Lots of companies use their versions of currencies called tokens. You can trade these for the commodities they give.
The most popular currency is Bitcoin, a virtual currency used by people electronically. It’s a peer-to-peer system, meaning it has no specific or central control. It differs from regular money since you can’t print it and it has no particular fixed amount.
Bitcoin is a creative payment process bypassing a central network, ensuring safe and secure transactions. Its design allows it to process trustless payments between two unacquainted parties. As long as both have internet access, they can transact regardless of their location in the world.
This means two different individuals with no level of trust can engage in money exchange like they would in the physical world. Bitcoins have public-key encryption, a toll allowing various people to receive transaction messages rapidly. Also, people can look for the amount of data used to facilitate the payment process.
How Does Bitcoin Work?
As mentioned before, Bitcoin is a virtual currency, meaning it’s digital in its entirety. It’s self-contained and has its own enclosed value. If you have a bitcoin, you need not go to banks to withdraw or deposit money for it.
Bitcoins are valuable, and at times they have more value than gold pieces. You can use bitcoins like property since you can trade it off whenever you desire. That’s why like property, you can buy it earlier and sell it later when it gains the most value.
When investing in Bitcoin, you get a personal wallet used for trading, selling, or buying these currencies. It works as a storage warehouse for your bitcoin’s information. You can access these details using any device, like smartphones, tablets, and personal computers.
In general, cryptocurrencies like bitcoin use blockchain technology. It’s a decentralized technology used across millions of computers managing and recording transactions. This level of security is part of what makes Bitcoin appealing.
The blockchain technology’s purpose is for proving transactions made within the network are undisputable. That way, no one can use the same bitcoin to spend twice. This technology gave way to a new wave of innovations, transforming the way our world operates.
How to Get Bitcoins
With the average price of Bitcoin almost $11,000, investing in this currency seems lucrative. Like any other investment, remember that getting a substantial amount of bitcoins requires spending money. Otherwise, you’ll end up spending lots of time earning them using bitcoin faucet websites.
1. Buy Bitcoins Online
Before you start earning or buying bitcoins, your first task is to download a bitcoin wallet. This software enables you to send, receive, and store funds within the bitcoin network. You have four choices of bitcoin wallets, which are:
After downloading a wallet, you must set up an account on approved currency exchanges by the wallet provider. Exchanges are the marketplaces where sellers trade bitcoins and other denominations for fiat money and other currencies. Most of these places accept either bank transfers or credit cards, but some allow PayPal.
Exchanges also charge transaction fees for each trade made. Hundreds of crypto exchanges exist, but the most popular ones include Bitstamp, Coinbase, and others.
2. Buy Bitcoins in Person
It’s also possible to buy bitcoins in the physical world. This is a more preferable method if you’re more comfortable with tangible sellers. A good place to start is to look for websites that locate the nearest Bitcoin ATM in your area.
Bitcoin ATMs work in almost the same way as regular ATMs. The only difference is you’re trading cash for bitcoins. An alternative is to look for retail stores that exchange your cash for bitcoins.
3. Play Mobile or Online Games to Earn Free Bitcoins
This is one of the most entertaining methods of earning free bitcoins. These bitcoin faucets serve lots of advertisements to their user base to pay you for playing. If you aren’t fond of getting bombarded by ads, try joining a bitcoin casino instead.
In these casinos, you bet using your money or bitcoin like their real-world counterparts. It has lots of games, ranging from traditional casino games to lotteries. This gives you an opportunity to get a higher payout using bitcoin.
4. Do Online Odd Jobs to Earn Bitcoins
Some websites offer tasks and pay using bitcoins. In some cases, these companies task you to test their websites, fill out surveys, repost social media content and do other tasks. You’re liable to get something if you stay on the internet long enough.
5. Read Classic Books
Hundreds of bitcoin faucets aim to get both user and advertiser attention. Also, most users aren’t reliant on these outlets as their primary income source. That’s why most of the time, offering a small reward in bitcoin isn’t enough to make people do repetitive tasks.
Some innovative outlets decided to pay people bitcoins to read classic novels like Pride and Prejudice. If you’re a book lover, this is a great way of earning bitcoins without the tedium of other tasks. That way, you can try trading bitcoins for beginners.
Learn More Bitcoin for Beginners Today!
These are things you must know if you’re learning bitcoin for beginners. Use this if you’re investing in cryptocurrencies for more profit.
Of course, there’s still a lot more to learn when it comes to mining bitcoin. Pick up even more tips by reading our extensive library of guides right here!