Bitcoin is becoming quite a hot topic these days, with people worldwide beginning to sit up and take notice of the cryptocurrency. Started in 2009 by the legendary pseudonymous Satoshi Nakamoto, Bitcoin was originally able to be mined by anybody who owned a desktop or laptop computer.
With folks all over starting to become increasingly curious about Bitcoin and cryptocurrency in general, one of the first things they might wonder is how they can obtain some for themselves. If you’re reading this article for that very reason, then you don’t need to wonder much longer. You’re about to dive into all of the different ways you can earn Bitcoin.
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What is Bitcoin, And Why Would You Want to Earn it?
Bitcoin is the original cryptocurrency. It is the legend that started it all, and its origins date back to 2009. Around this time, the anonymous person (or group of people) known only as Satoshi Nakamoto authored Bitcoin: A Peer-to-Peer Electronic Cash System, published it online and sent it to cryptography newsgroups.
This was Bitcoin’s official whitepaper, the document that told the world what Bitcoin was and what it hoped to achieve.
Bitcoin is completely open-source software, meaning anyone can read its source code and validate that it is safe to use. It is the first example the world has ever seen of blockchain technology. In a blockchain, blocks are generated and mined by a decentralized collection of computers, creating a public and immutable ledger that no one can change.
Bitcoins are created through mining, where computers find blocks and solve them using computational cryptography. Then, the machines that participated in solving the block were awarded with Bitcoins.
Because of its open design, Bitcoin can be mined by anyone with the resources to do so. Back in the original days of Bitcoin, anyone could mine with just their desktop or laptop computer. Nowadays, because the block difficulty has gone up so high and so many miners are on the network, it is no longer possible to use normal PCs, forcing people who want to mine to purchase specific types of machines.
These mining machines are called ASIC machines, which are Application-Specific Integrated Circuits. These computers run a very light version of Linux under the hood and do only one thing: mine Bitcoins.
If you are looking at getting into mining Bitcoin and want an ASIC machine of your own, however, be prepared to spend a bit, as they go from several hundred to several thousand dollars apiece, depending on your budget and needs.
So, why would you want to earn your own Bitcoin? You could buy it, but maybe you don’t have the money to spend on the Bitcoin exchanges. Maybe you have the money but are more fascinated by the technology and don’t care much about trading for other coins in the vast crypto market.
Whatever your situation, you’ll be happy to know that there are several ways you can earn Bitcoin of your own.
How Can You Earn Your Bitcoins?
There are several different ways you could go about it. The first and most obvious suggestion is to mine Bitcoin for yourself if you have the means to acquire ASIC machines.
However, mining isn’t the only method that will allow you to earn Bitcoin, so let’s check out some of the things you should do before you start earning some Bitcoins of your own and then some of the methods you can earn with.
A Few Things to Make Sure of Before You Get Your Own Bitcoins…
Before you start earning your own Bitcoins, no matter what method (or methods) you choose, there are a few things you will want to do first.
Obtain a Bitcoin Wallet First
Before you earn coins, you’ll need somewhere to send them. Download a Bitcoin wallet for whatever platform you use. You can find wallets for all three major desktop operating systems (such as Windows, MacOS, and Linux) and for both of the major smartphone and tablet operating systems (Apple’s iOS and Google’s Android). This means no matter what operating system you use, you will have a wallet.
Get Your Wallet All Set-Up
When you first generate your wallet, you will be given a long, unique passphrase called a seed key. Make sure you jot this key down and keep it somewhere safe because you will need it if you ever lose access to your wallet. You’ll then be able to set up your passphrase for the wallet to add another layer of security to your coins.
Take Note of Your Wallet Address
When your wallet is all setup, you should be able to find your wallet address fairly easily. For example, on Electrum Wallet, all you need to do is click on the Receive tab, and you will be presented with your wallet address, and its QR code. When you earn Bitcoin of your own, all you need to do is have your wallet address handy so you can send coins to your wallet.
Now that you have a Bitcoin wallet all set and ready to go, you are ready to start earning Bitcoin. There is no one way to earn your own coins; there are many ways to do it. We’ll go through them in detail here so you can choose the best method for you. Once you’ve figured that out, you’ll be ready to start earning your coins.
Mining Bitcoin
One of the biggest ways to earn Bitcoin consistently is to mine it yourself. With Bitcoin mining, you cannot mine it on your desktop computers, laptops, and other consumer electronics like you can with other coins. This is because Bitcoin's block difficulty has risen very high in the last few years, making ASIC machines a necessity for anyone looking to mine Bitcoin.
If you have the means to purchase some ASIC machines of your own, then you will be good to go to start mining in no time at all. There are all kinds of ASIC machines available from different sellers online.
Some of the biggest names in the ASIC machine game are:
- Bitmain;
- Avalon;
- Bitfury;
- Bitfusion;
- EM Microelectronics.
All of these companies provide ASIC machines for Bitcoin mining and other coins. To mine Bitcoin, you will need to obtain some ASIC machines of your own, select a mining pool to join, and then follow these steps:
Plug your ASIC machines in: Make sure your ASIC machines are connected to their power supply unit and plugged into a power source that supplies the appropriate voltage. For most ASIC machines, this is 220 volts.
Connect them to the internet:
Connect your ASIC machines to your network by plugging them in via an ethernet cable to the back of your router or through a network switch. Then, you will need to check your network map and identify their IP addresses.
Navigate to the ASIC machine’s web portal: Using your web browser, such as Google Chrome or Mozilla Firefox, navigate to the IP address of your ASIC machine. You will be presented with a web portal where you can input information crucial to your mining experience. More on this in the next step.
Input your mining details:
You will now need to input the Bitcoin wallet address to which you want your mined coins sent and the mining pool details you selected earlier. Input these details into the web portal.
Sit back and watch the coins come in: Once your mining details are entered into the web portal and you confirm that your miners are connected to the internet and hashing, you are good to go! Your miners will now be mining away for you, so check your wallet every now and then to see if any deposits land.
Now that your ASIC miners are up and running, you won’t have much further maintenance for them. Just check on them every now and then, make sure they don’t get too dusty, and ensure they’re connected to the internet every now and then.
That’s it. You’re mining! All the hard work is over. All that’s left now is to wait for your newly mined coins to be dropped into your specified Bitcoin wallet.
Get Bitcoins Through a Coin Marketplace
One of the most popular ways for people all over the world to obtain Bitcoin is to grab it from one of the major coin marketplaces or just trade another coin for it on an exchange. Crypto exchanges are huge deals nowadays, with people doing millions of dollars in trades every single day, swapping Bitcoins for other coins and right back.
You're covered if you’d like to grab your coins easily and buy them directly with a credit card, debit card, or bank transfer. Plenty of popular coin marketplaces on the internet have been around for years.
Coinbase
Coinbase is one of the oldest names in the coin marketplace game and has been successful for a long time for a good reason. Opening its virtual doors in 2012, just three short years after Bitcoin was first conceptualized, it allows people worldwide to buy Bitcoin with their credit cards, debit cards, or even PayPal accounts.
Coinbase is one of the first destinations for people new to crypto, and it services millions of coin holders every day. Coinbase also provides its users with a built-in wallet and even a mobile application to check their coins on the go.
Coinmama
Coinmama is another popular platform where users can buy Bitcoins (and other coins) directly with their credit or debit card. Before they can buy coins on Coinmama, users must undergo Know Your Customer/Anti-Money Laundering (KYC/AML) identity verification checks.
However, this is a quick and easy process, and once you're finished, you will be able to buy coins immediately.
CEX.io
CEX.io is another one of the most popular and oldest names in the crypto marketplace game. It has become a trusted name over the years, allowing folks to purchase coins with their cards. It also has an excellent mobile application available for Android and iOS that allows you to buy coins from your phone.
These are some of the biggest names in the crypto marketplace scene, and if you’re looking to earn Bitcoin quickly and easily, there is no better way than getting it directly from a coin marketplace.
Sign up, make your purchase, provide your wallet address so the site knows where to send your coins, and then sit back and wait. Your coins will appear in your wallet in no time, and you can go back repeatedly to buy more coins whenever you’d like.
Earn Bitcoin By Trading Other Coins For It
You're not alone if you don’t know much about crypto trading. However, many people worldwide are doing it professionally and making good money doing it, too. If folks trade smart, they can make some pretty hefty profits at the end of the day.
One great way to earn Bitcoin is to trade on coin exchanges. Many popular coin exchanges process millions of dollars’ worth of transactions daily. If you have some altcoins you’re looking to get rid of and want to swap them for Bitcoins, this is the best way to do it.
If you’re new to the crypto scene, you may not know about some of the best exchanges on the internet. You’re in luck, though, because we’ve got your roundup right here.
Binance
Binance has quickly become the most popular coin exchange on the internet, allowing folks to trade Bitcoin and hundreds of other coins. Whether you want to trade Litecoin, Monero, Ethereum, or any other coin for Bitcoin, you can do so here. Even lesser-known names like Revain can be found on Binance. Binance even offers a handy mobile app for Android, so you can trade coins on the go.
KuCoin
KuCoin is another popular exchange that lists hundreds of altcoins for people to trade. Like Binance, KuCoin has a mobile application.
Coinmama: Coinmama is known as a marketplace where you can purchase Bitcoins and other coins directly. You can also earn Bitcoin by trading through Coinmama’s integrated exchange feature.
ShapeShift: ShapeShift is a service that allows people to swap any coin for almost any other coin in existence. Like several of the other services on this list, ShapeShift also offers a handy mobile application for swapping coins on the go.
If trading is your thing, and you’re looking to earn Bitcoin by trading some altcoins for it, then these exchanges are going to be your best bet.
Get Bitcoin From Working
This might seem like an interesting option, but some platforms allow people to advertise jobs and pay in Bitcoin. This is definitely one legit way to earn Bitcoin, and several sites exist to facilitate this.
r/Jobs4Bitcoins
Jobs4Bitcoins is a subreddit on Reddit where people who need jobs done will post them and allow folks to try to get the job. The payment for these jobs is always in Bitcoin, which covers all sorts of things, including graphic design, website building, and content writing.
Whatever your talent is, head over to the Jobs4Bitcoins subreddit and see if anyone has a job posted that you could handle.
Cryptogrind
Cryptogrind is a freelance job site similar to Upwork or Fiverr, but the payments are made in Bitcoin instead of fiat money. People needing work done will come here and post jobs like they would on any other freelance site. The only difference is that payments will always be made in Bitcoin.
If working for Bitcoin sounds like something you’d like to do, these sites and several others exist to help you find the right job so you can earn some coins of your own. If you’d like to freelance to earn Bitcoin, then this might be the perfect method for you.
Earning Bitcoin is Easy!
These are some of the best ways you can earn your own Bitcoin. Whether you choose to mine it, please buy it from a crypto marketplace, trade it on an exchange, or even work for it the old-fashioned way. There is no shortage of ways for you to earn Bitcoin online.
Once you’ve figured out how you’d like to earn your own coins, get busy. In no time at all, you could have your very first Bitcoins appearing in your wallet.