You want to get your hands on the cryptocurrency – Bitcoin (BTC), and you are wondering, besides buying, what other alternative methods one can get their hands on obtaining Bitcoin.
Side note: You do not have to own a single whole Bitcoin. BTC is divisible into eight (8) decimal places. So you can always buy a tiny fraction of BTC if you wish to.
What are all the different ways you can get your hands on Bitcoin (BTC)?
This article will show you all the seven (7) different ways you can consider landing your hands on some Bitcoins.
1. Buying through Crypto Exchanges
This is, by far, the most convenient and fastest way to get your hands on the cryptocurrency of your choice. In addition, you can easily buy any crypto using a wide range of payment methods.
Go for the cryptocurrency exchanges that have a high trading volume. This means more competitive prices and more buyers and sellers on that platform for your trade to go through.
You do not have to register for every crypto exchange out there. There is simply no such need to do so. Just opt for the ones with high trading volumes to get competitive rates and prices.
The high trading volume exchanges are;
Why do people store their crypto in exchanges?
Exchanges have a high standard of security to protect your crypto assets. Although you should always keep your long-term crypto in an offline hardware wallet, most will still prefer storing them in exchanges as it is faster to perform day trading or even occasional buying and selling. In most exchanges, users can also quickly swap from one crypto to another, e.g., Bitcoin to Ethereum.
2. Meeting & Transacting in Person
You can buy bitcoins by meeting an online seller in person. LocalBitcoins is probably the first peer-to-peer platform for buyers and sellers to communicate, meet up in real person and perform bitcoin transactions. The company was set up in 2012 and is based in Helsinki, Finland.
Sellers will register themselves on the platform and advertise their offers. In addition, they will state their Bitcoin rates, the volume they can transact in, their preferred meetup location and payment methods. You can even find sellers who can accept cash in person.
The advantage of doing so is undoubtedly the convenience of dealing if the seller is physically near you, the different modes of payment available, such as using cash, interbank transfer, Paypal, Venmo, Payoneer, etc., and lastly, the so-called anonymity of purchasing Bitcoin.
This is as close to anonymity as you can get, especially if you purchase using cash from a seller. The only party that knows you is the LocalBitcoins platform when you register on their platform. It is not true anonymity, but this is the closest you can go.
The downside to this is the conversion rate that the sellers are offering. It is much higher than the rates provided by crypto exchanges. Another careful consideration is the person and character you are meeting with. You do not know the type of person they are. You can judge it mainly on the seller’s reviews at LocalBitcoins.
During the transaction, you should wait for the Bitcoin transaction to be completed (all confirmations) and reflected on the blockchain before you leave. The seller should be within your view of vision at all times. Although Localbitcoins offers escrow services to withhold the money until all parties are cleared, it is still a good practice to be careful.
3. Your Nearest Bitcoin ATM Machine
There will likely be Bitcoin ATMs set up for the public to purchase in an old good fashion way in your country. It works by inserting your dollar notes into the machine, selecting your fiat amount (e.g. USD 100) and providing it with your Bitcoin deposit wallet address. Your wallet deposit address is a long string of characters. Always use the QR code representation of your deposit address to avoid typing the wrong characters.
You can check the nearest Bitcoin ATM in your country via the CoinATMRadar platform, where they list all the machines based on country and crypto type. These machines are now able to sell not only Bitcoin but other types of popular cryptocurrencies like Bitcoin Cash (BCH), Litecoin (LTTC), Dash (DASH), and many more.
4. Offering products or services
You can advertise your products or services in return for Bitcoin payment. For example, you can accept Bitcoin payments and traditional payments like cash or Paypal by providing graphic or website design services.
Alternatively, more commonly used by many, you can accept cryptocurrency donations on your website, publications or social media accounts. These crypto donations are typically found at the bottom of the page and consist of mainly 2 or 3 types of popular cryptocurrency, with Bitcoin definitely in there.
5. Gift from someone
You can also receive Bitcoin as a form of a gift from someone.
Such a gift usually comes with a hardware wallet with some Bitcoin or other cryptocurrency stored in it. Or you can receive bitcoins on your free crypto software wallet from your friend as a token of appreciation.
Alternatively, on special occasions, you can also request the person who is ready to send you a gift to consider sending you Bitcoins instead.
6. Playing Bitcoin Faucet apps
A trustworthy Bitcoin Faucet pays out a small amount of Bitcoin to users who help them complete specific tasks, typically daily. These tasks include playing mobile games, watching video ads, and filling out surveys.
You have to be careful with the mobile faucet app’s trustworthiness before committing time and effort to it. However, you can perform your own research and read online reviews on the app.
Mining used to be a profitable side hustle for home laptops, but that was many years ago. Currently, the level of Bitcoin difficulty is so high that you must participate in a ming pool to combine everyone’s hashing power to stand a chance to win some satoshis.
The positive side of mining your own Bitcoin is that it offers you the “cleanest ” satoshis you can get. You do not know its history when you buy or receive Bitcoin from others. Whether it was coming from a previous crypto scam or part of a stolen crypto loot; you will not see it unless you know how to trace all the transactions before it using the blockchain explorer,
Even a high-end gaming laptop or desktop unit is not profitable when mining Bitcoins.
If you still want to explore mining, you can try cloud mining like Genesis Mining or Nice Hash. Alternatively, you can use Cudo Miner or MinerGate also mine other less difficult coins or tokens and convert them into Bitcoin afterwards.
The fastest way to get Bitcoins and other cryptocurrencies are through crypto exchanges. In addition, you can buy through credit/debit cards, bank transfers and many more ways, depending on the exchange of your choice.
Buying from LocalBitcoins offers an almost anonymous experience, especially when transacting in cash.
Buying from a Bitcoin ATM gives you the nearest physical convenience but often at the expense of the poor exchange rate between Bitcoin and your local fiat currency conversion rate.