How To Get Bitcoin

 

There are many ways to get involved in the Bitcoin game and own your coins. These are just a few of the many options available to acquire Bitcoin.

You can buy them at an exchange

An exchange is one of the best ways to buy bitcoins. You can purchase bitcoins through websites like Bitstamp or BTC-E. Although they don't actually sell Bitcoin, the exchanges allow you to pair buyers with sellers who are selling at whatever price you want.

Although this sounds great, it also has its drawbacks.

One of the most important is the requirement that you add your personal data to the exchanges via Know Your Client legislation, which is present in many countries for currency-related Best Cryptocurrency to invest in 2021 businesses. Although this might not be a major concern, in the post-NSA scandal era it is becoming increasingly clear that any data you give out is more accessible than you realize.

Although I may be paranoid, who knows what the future might bring. Ten years ago, the notion that the government spying on all our activities was only a conspiracy theory for tin foil hat conspirators. Now it is common knowledge. Who knows what the future holds?

You can see that I don't like the exchanges. It seems against Bitcoin's spirit that I would have to give my personal information to an entity that might need it.

There are many other options.

They can be mined

Bitcoins are only truly mined from mining. The Bitcoin mining network was the source of every Bitcoin you will ever see, hear, or own.

You can mine if you have a mining rig. If you're able to use a fast enough computer to make it worthwhile, that's also cool.

Be careful! You run the risk that your computer will overheat if it is not properly cooled. This could lead to it becoming bricked.

Mining with your computer isn’t worth it. It's not anymore. It is becoming more difficult to make any profits from mining as the difficulty of the job increases. Without a dedicated mining rig, the chances of mining producing any kind of profit are very low.

Some say that mining is in decline and that even purchasing a dedicated mining machine is no longer an option. But that's another topic.

You can buy them through a private broker

You can exchange with a private broker if you are able to locate one. While this has many obvious advantages, it has its drawbacks.

It's anonymous. Even if you meet face-to-face, you don't need to give your real name or other details than your wallet number to transfer funds to you. The banks cannot trace cash that you have paid. If this is a concern, you can sell your business.

However, anonymity does come with some risks. The risk of being ripped off when you deal through an exchange is lower. Although everyone used to take their Bitcoins with them in the past, the more established exchanges have had the time to establish themselves and build trust.

This anonymity may come at a cost. It can sometimes be up to 15-20% more than the average exchange price. However, anonymity can be a worthwhile price.

You don't have the security and anonymity of trading with an anonymous person. While they might be honest and legitimate, they may also be dishonest and eager to rip off you. I prefer buying Bitcoin from a private broker. It's vital to ensure safety, or you could be exposed to being burned.