Where to acquire Bitcoins?

Bitcoins are the most popular cryptocurrency on the market. If you are interested in acquiring bitcoins there are several places you can get them from. Let us discuss the different ways of acquiring bitcoins.

Bitcoins can be acquired by

1- Buying from exchanges

2- Buying from others

3- Mining bitcoins

Bitcoins can be bought for cash or credit. Sometimes other cryptocurrencies can also be used to buy these coins. It all depends on the source as well as the area you reside in.

1- First you need to set up a bitcoin wallet. Of course, no matter how you acquire your coins you need to have a place to store them in. There are several wallets you can choose from like online wallet, desktop wallet, offline wallet or mobile wallet. For any wallet, make sure to keep the keys and password of these wallets safe or you may lose your bitcoins.

2- Setup an account in an exchange. Currently, there would be around a hundred or more. However, since there is a lot of fraud prevalent in cryptocurrency exchanges, it is better to be vigilant. You may require an id to open an account depending on your area of residence. At times even a proof of address is mandatory. Exchange can be done via credit cards, bank transfers or Paypal with a small fee attached. When you make a payment, a corresponding number of bitcoins is deposited into your exchange account which can then be shifted to your personal wallet.

3- You can also buy with cash using platforms such as LocalBitcoins that introduces you to people who wish to exchange bitcoins. There are several methods to do this. Places like Paxful and BitQuick point to bank branches that allow bitcoin exchanges. ATMs that work as bank ATMs to exchange for bitcoins are also available.

4- Cloud mining is another option where you can invest money in order to mine for coins. Cloud mining allows you to join other miners in mining for coins. Once a coin is mined, it’s equivalent to your share is given to you.

Author: admin