How do I get a Bitcoin?

Or maybe more aptly, this post should be titled, “How do I get crypto currency?” I will refer to all coins by the more general name, crypto, from here on. This can mean any coin, whether it is Bitcoin, Litecoin, Dogecoin, or another alt-coin.

Purchasing

You can purchase crypto in many different ways. This includes Exchanges, Ebay, LocalBitcoins, in person purchases, and other methods.

Exchanges

Exchanges are exactly what they sound like, sites that allow you to trade one currency for another. This includes USD to crypto and crypto to crypto. An example of an exchange is Cryptsy which is a well known, quick exchange, with relatively high volume. There are tons of exchanges available, but anyone getting on an exchange should talk to the community to make sure it is legit and secure before trusting them with their money.

Another site that is both a wallet and an exchange is Coinbase. They have a ton of money backing them, they are trying to be one of the most secure systems for buying and cashing out Bitcoin specifically, and they make it super easy to buy and sell Bitcoin.

Selling/Trading goods and services

Anyone can sell goods or services for crypto. The trick is to make sure that you’re getting paid what your good or service is worth, based on the current exchange rates. Coinbase provides “buy now” buttons that will handle the exchange rate for you automagically. For me personally, I just keep an eye on the exchange rates for the coins I am accepting and update my prices as I go. I also only have 6 items for sale at any given time, so it’s much easier for me. Often, stores will automate this process in one of many ways.

For services, you can check the Reddit job boards for jobs that pay in crypto.

Mining

Anyone can buy some specialized hardware or use their personal computer (at their own risk), install a piece of software, and start mining crypto. Mining is the way that crypto uses to verify transactions on the decentralized ledger. For the service of verifying these transactions, the miner gets a kickback of coins from the network. Depending on the coin itself, you may mine millionths of a coin or thousands of a coin every minute. Usually, when you’re mining thousands of a coin, those coins are worth less per coin.

Notes:

Assume that all the links in the page are referral URLs. They aren’t all referral links, but it’s a safe assumption.

Yes, people have had issues with Cryptsy being slow in the past. They have ironed out most of these issues and their support is usually very quick to jump on issues and solve them quickly.




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