Bitcoin has skyrocketed in the past couple of years. Or should we say, in the last couple of months, especially? Its value increased up to 200% from its initial value, which was only a couple of dollars in 2009. The very first blockchain cryptocurrency has been slowly finding its way to various industries and markets and it finally seems that even the ones who didn’t believe in the practical value of these assets, can now witness the explosion and expansion of the best modern technology product in the last decade.
Not only the mindset but the investment habits of the majority of people has changed thanks to the rise of Bitcoin. Although a very risky type of investment, today, a lot of people regret they didn’t invest in Bitcoin 3, 5, or even 10 years ago. Calculating the amount of money you would have today if you had invested earlier in the past is something we witness on a daily basis since we’re facing the most significant increase in value and popularity – when it comes to numerous cryptocurrencies, and Bitcoin especially. With great sources of information, people can find on renowned websites such as myfrugalbusiness.com, it’s never been easier to indulge in the world of endless possibilities and fantastic opportunities that cryptocurrencies provide their investors with.
However, people are choosing crypto since it’s a great way to save their money from inflation, and of course – multiply it. For the ones that seek financial independence, whether it’s about national or international banks and other institutions connected to the state they live in, blockchain technology has become the best alternative to traditional currencies. Although transparent, cryptocurrencies are a completely different system, that’s being controlled by its users and traders, and not by third parties. When we add the popularity Bitcoin’s famous investors are creating by speaking about this phenomenon and investing themselves, founding companies and startups, or transferring to alternative methods of payment where possible – it doesn’t come as a surprise that even the people with no intention of investing at all, know the basic principles of crypto functioning, trading and investing.
What does mining mean?
Among the basic information about Bitcoin, you’ve probably heard about the mining process. Still, it’s important to understand how it works. Simply put, it’s a process in which you get to manage a puzzle in order to get your bitcoin. This way, the bitcoin you get comes as some kind of a reward. Mining itself is extremely important and extremely necessary since the whole system relies on miners. If there wasn’t for mining, there sure wouldn’t be any bitcoin left. “The puzzle” is actually a mathematical problem that needs to be solved in order to get a certain reward. It’s a competitive process in which a lot of miners compete in solving problems. The reward is somewhere around 6 bitcoins which leads to a logical conclusion – just take the current value of one single Bitcoin, and multiply it six times. It’s clear that successful miners can get enormous amounts of money in Bitcoin.
Is mining the only way to get Bitcoin?
A frequently asked question has one simple answer – no! Some people are not interested in learning about cryptocurrencies or they don’t have the resources to indulge in mining as well as other activities. By resources, we mean specialized technology devices that are able to indulge in that kind of complex problem-solving. However, it doesn’t mean that they should simply avoid investing in bitcoin or earning bitcoin. It just means that they have to find another way to get started. Luckily, today’s crypto market is open and welcoming to anyone who shows some interest, so not only you can find the right information, but there are various other sources of bitcoin that don’t necessarily include mining. If you’re not sure how or where to start, here’s our list of other ways to earn Bitcoin, to help you out on your crypto journey:
- MAKE BITCOIN A PART OF YOUR BUSINESS
If you already own a business, but you’re interested in expanding your portfolio and saving your money from inflation and other currency-related problems then you should definitely consider including Bitcoin as a method of payment. This way you will also become a part of innovative companies that are future-oriented and up to date with the latest trends.
- WEBSITES AND ADS
Just like mining, there’s a task and there’s a reward. The only difference is – you only need your computer, a little bit of your time and a bit of patience and the reward will come. What this means is that there are certain websites that you can visit, ads you need to view, things you need to click on and you’ll get paid in Bitcoin. Here, you trade your time or the number of clicks for Bitcoin. Among the huge variety of websites to solve captchas on and start earning free coins, you’ll easily find a couple to start with.
- LENDING BITCOIN
Just like simple money lending, this option is great for people who already own a certain amount of Bitcoin. Lend it and then charge it – simple as that. This way, you’ll charge interest on your bitcoin loans, earning yourself even more bitcoin. The only thing to be careful about is the platforms you’re using to do that. Maybe the best option is to start with someone you know, and slowly expand your community.
The obvious way of getting Bitcoin is always available. For trading, you don’t even need to have a certain amount of this currency to get started. There are numerous websites where you can open accounts and invest minimum deposits to start trading. As the price goes up and down, you can purchase or sell your Bitcoins and other currencies accordingly.
Although it may not sound like the best idea – participating in a risky activity to earn a digital currency, the gambling industry went one step further, compared to other industries, and it offers bonuses, jackpots, and regular earnings and rewards in both traditional money and Bitcoin. This means that you can use your strategy, knowledge in sports, or pure luck, to earn some coins. Not a bad idea if you find gambling equally interesting as the world of crypto.