The most popular way to obtain Bitcoins is to buy them on a Bitcoin exchange. But that’s not the only way.Mining is the process through which Bitcoins are released into circulation. Simply put, mining involves completing a difficult computation to discover a new block of Bitcoin, which is then added to the blockchain that records transactions, and then rewarded to the computer server that completed it. The block reward is currently 25 Bitcoins. It was 50 in 2009; it will decrease every four years, making Bitcoins more and more difficult to mine. Bitcoin can be accepted as payment for products or services. A small store can display a “Bitcoin Accepted Here” sign and take payments through methods that use the required hardware or digital wallet components. Online businesses can accept Bitcoin as they would a credit card. Bitcoin can be earned as compensation for a job. Though this is not yet very common, self-employed people can find work from websites that are dedicated to paying in digital currency. WorkForBitcoin and Coinality bring together workers and employers, and Jobs4Bitcoins is a popular job board. Lending is another way to earn Bitcoins. It can take the form of lending to someone known, or lending though a website. There are websites such as Bitbond and BitLendingClub that act as banks where lenders earn interest for Bitcoin deposits. Finally, there’s gambling. While it’s not recommended, it’s possible to gamble at casinos that cater to Bitcoin players.
Published: Nov 26, 2018
