There are many different ways to acquire cryptocurrencies, some of which are easier than others. Which you choose will really be up to you and your personal situation. Here, we will go over a few of the main ways in which people acquire Bitcoin and other currencies, and give you a decent idea of how realistic it is to get currency in these manners. Our goal is that you will then have the information that you need to make a smart decision for your own needs.
Mining
Mining used to be the easiest way to acquire Bitcoin, but this is now something that has become unrewarding for most. Cryptocurrency mining is still growing strong in other areas, but because of Bitcoin, the pressure is on within other currencies and more and more people have begun mining. This has made it less profitable for everyone else right now.
But that doesn’t mean that there’s no cash in this. In fact, in exchange for your hardware and your time, this can be a reasonable way to grow your wealth still, especially if you don’t mind investing in the hardware to do so.
Mining is great if you are thinking long term because with the big startup cost to make this worthwhile, mining can take over a year at times before you will start seeing a return. If you don’t mind this, then this can be rewarding, but most people do not have that kind of patience.
Purchasing
Right now, it is actually more likely to give you a quick return to outright purchase a cryptocurrency from a broker. There are many different kinds of brokers out there, and every single one will charge you a small fee for buying and selling your currency. Think of this as a spread, just like you would have to pay if you were trading on the Forex market. With the still volatile nature of cryptocurrencies, there’s a chance that the price you pay today on a currency will not be the same as what that currency is worth a few days down the road. Many of the bumps have been smoothed over in currency pricing, but digital currencies, even within the well established ones like Bitcoin, are still more volatile than the bigger paper currencies. This could give you a potential edge if you are a skilled technical analyst.
Online Shops
If you run a company, accepting a cryptocurrency as a form of payment will help you to acquire currency pretty quickly. There are some great plugins that you can use, depending on the type of site that your company runs, or you can set up an automatic payment code generator through your e-wallet. There are tons of options, and unfortunately, we don’t have time to go into all of them right here.
Yes, there are some concerns here which we’ve already looked at. Cryptocurrencies have a bit of volatility, and this means that there’s a potential for losses when you start mixing it in with business. However, it is still a means of acquiring digital currencies, and for some that might be worthwhile.
From a Friend
Odds are, your friends and others you know already use Bitcoin, Ethereum, or something else. Get in touch with one of them, and set up an exchange. This way, you don’t need to pay the broker fees and you can get a better return on your money right off the bat. Just remember to always follow the proper safety protocol when making these types of exchanges, even with a friend. You are not the only one on the internet, and you always need to be careful.