The conversation about Bitcoin has been going on for years, but it exploded in 2017 when the stock reached $ 19,000. It plunged again a few years until it rose in 2020 and reached new peaks in 2021.
In the past, Bitcoin and other digital currencies were seen as extremely volatile, reserved for investors with extensive knowledge of the market and the cryptocurrency world. Today, that idea has been eased a bit as more governments and institutions recognize it.
Today, the number of retail investors growing who want to get their fingers in this valuable cryptocurrency is growing. In fact, a study from the University of Chicago in 2021 revealed that 14% of Americans have been investing in cryptocurrency in the last 12 months.
So let’s learn all about where you can get it and when it’s the right time to invest.
Once you have your cryptocurrency, store it in a Bitcoin wallet. Each wallet comes with private keys and addresses that are used to access the wallet, which can be Internet-based or hardware-based.
- A warm purse is one that is connected to the Internet, making it easy for investors to access their Bitcoin. However, it poses a security risk as you are susceptible to hacking and theft.
- A cold purse is one that is not connected to the Internet, making it the safest way to store your currency. In this case, you print your private keys and addresses and store them somewhere, such as a safe or safe. You can also store this information on a USB or hard disk.
Without your private keys and addresses, it will be impossible to access your Bitcoin. So it is imperative that you be careful where you store this information.
Where to get Bitcoins
How to get Bitcoins fast
These days, you can quickly and easily buy Bitcoins online or offline. It’s just a matter of choosing the right purchase option for you.
Exchange of cryptocurrency
Cryptocurrency exchanges are marketplaces where sellers trade cryptocurrencies in exchange for fiat money (ie government-issued currency such as the euro) or other digital currencies.
Most exchanges accept bank transfers or credit card payments, and some even accept Paypal payments. They will also charge a transaction fee for each trade you make.
You can choose from hundreds of crypto exchanges, but the most popular and reputable exchanges include Coinbase, Gemini, Binance.US and Kraken.
Investment brokerage firms
An investment brokerage firm is a platform that allows investors to buy and sell stocks and cryptocurrencies.
Companies like Robinhood allow retail investors to trade and invest commission-free, making them very popular. All you need to get started is an account and the money to buy, and then you’re up and running.
Recently, payment services like CashApp, Venmo and Paypal have introduced new features to their online platforms that allow users to buy, sell and hold cryptocurrencies.
For example, CashApp now has an entire tab dedicated to Bitcoin.
The platform also offers Bitcoin Boost, an opportunity to earn Bitcoin on purchases made with the CashApp card. Think cashback, except crypto.
So there is more than just one way to get Bitcoin on these platforms.
Bitcoin ATMs, shops and merchants
If you would rather buy Bitcoins in person, you have several options to choose from:
- Bitcoin ATMs, which works much in the same way as a regular ATM. You can find one near you through Coin ATM Radar.
- Retail Stores, which sells and buys Bitcoin. Visit LibertyX and CoinMap to find them in your region.
- Peer-to-peer, if you are interested in buying Bitcoin directly from another person. Sites like LocalBitcoins can help you find people who are willing to exchange Bitcoin for cash.
Currently, there are very few banks that allow cryptocurrency trading and storage, including online banks Ally and USAA.
How to get bitcoins for free
The examples outlined below are all examples of Bitcoin taps, which are platforms that offer small amounts of Bitcoin in return for performing a task.
Although they do not get you a wealth of bitcoins quickly, you can accumulate some over time and use them as a way to learn more about the cryptocurrency.
Play mobile or online games to earn bitcoins
One of the most entertaining and fun ways to earn free Bitcoins is by playing mobile or online games. That’s right- you can play games on your phone or computer and actually get paid in Bitcoin.
Some show a lot of advertisements to their users. So to avoid the ads, you can sign up for a Bitcoin casino where you bet your own money or Bitcoin on traditional casino games, sports matches and lotteries to potentially win a higher payout in Bitcoin.
2. Do odd jobs online to earn Bitcoins
Another way to earn free Bitcoins is by performing tasks on websites. Some companies will pay you in Bitcoin to test their websites, take their surveys, retweet their posts and complete other small tasks.
There are also sites that let people offer small Bitcoin rewards to the person who can give them the best answer to one of their questions.
You can find odd jobs that pay you in Bitcoin at Cointiply.
3. Write about Cryptocurrency to earn Bitcoins
Certain cryptocurrency blogs, news media and forums will pay you in Bitcoin to contribute your insights and write for them if you have a lot of knowledge about the industry.
Popular cryptocurrency forums, like Publish0x, reward users for reading and writing articles about Bitcoin.
On this page, users can earn Bitcoin along with other cryptocurrencies. They can also give tips to writers they like.
Is it time to invest in Bitcoin now?
This answer to this question will vary greatly depending on your financial goals and your level of risk.
For example, younger people tend to take on more risky investments as they have more time to wait in the market, while older investors tend to be more conservative.
Cryptocurrencies are still considered volatile in the market, which has led financial advisers to call it a speculative asset – ie. an asset that is very risky, but which can have a huge return on investment. Therefore, they recommend allocating only a small portion of your portfolio to Bitcoin.
With any financial decision, consult an advisor who can offer tailored advice and guide you on the best steps to take.
One thing that is clear is that Bitcoin is more popular than ever and it is not disappearing right away.
Editor’s note: This post was originally published in August 2018 and has been updated to make it more comprehensive.