Rohan MathawanBitcoin has been part of our society for over a decade. The cryptocurrency rose to prominence thanks to its bullish cycle, and cutting edge, innovative blockchain technology. In 2021, everyone wants a piece of the Bitcoin pie, as its price has already in January 2021 went above $30,000. Getting BTC in 2021 is easier than you think. In this article, we cover in more detail the main ways and alternative options of obtaining BTC.
Mining
As you probably know, the main reason why the blockchain network operates successfully without the control of a central institution like a bank, for instance, is Bitcoin mining. The process of mining is fulfilled by the miners, who are users of the blockchain network that take on the responsibility of approving Bitcoin transactions while they get Bitcoin tokens for their work. When new blocks of transactions are verified, also new BTC is released in the network.
They are also paid processing fees, but a substantial part of the compensation is the block reward. Actually, the reward they receive is 6.25 BTC per block. Although this might sound simple, it is actually a very tedious job that requires an upfront investment and a lot of time.
The blockchain network is very saturated right now, and as the competition grows, the process of mining gets more difficult in the network. Hence, it is very likely that mining will be unprofitable for most solo miners on the network. It’s work mentioning that you need to buy a high-quality computer system to work as a miner.
Mining Pools and Farms
This leads us to the next point of mining pools and farms. They were formed as a result of the increased competition in the network but also as a way to achieve results faster. Through mining pools, miners work collectively by combining their resources and computing power in order to reap the benefits of mining faster. They share the reward, but you will likely need to pay a fee to become a member of a mining pool.
Mining farms are very similar to mining pools, but they work more professionally, and some are even registered as businesses. They exist in large spaces that are equipped with a top, special equipment and also use air conditioning to prevent overheating of the devices.
Because they work in huge spaces with expensive equipment, some mining farms also have investors. To sum up, mining takes time, and you will need a good cost-benefit analysis to see if it is a good fit for you and your financial well-being.
The Trading Platforms
On the other hand, there are online trading sites where you can quickly get BTC because all you need to do is open an account on the site and make a deposit. For example, if you want to trade with Bitcoin Profit, a well-established trading site, you just need to deposit $250.
What’s more, the exchange site applies a subset of AI technology – Machine Learning, which means this is an automated-trading platform. So, beginners that don’t have a financial background, or aren’t familiar with BTC, can successfully trade here. Moreover, you can potentially gain $800 on the site. If you want to register, you need to make a deposit of $250.
Businesses That Support BTC
Businesses can also accept payments in BTC, and with that, business owners can get Bitcoin without directly investing in BTC or mining. This also applies to non-profit organizations that can accept donations in BTC. There is an ever-rising number of organizations as well as companies that support Bitcoin, from notable brands like The Water Project, Shopify, Burger King to small brick and mortar stores that also accept payments in BTC.
So, if you’re starting a business online or offline, make sure to invest in a good Bitcoin Wallet and share your public address in order to receive BTC payments.
Other Options
There is actually a growing list of alternative options to help you earn BTC. You can become an investor of Bitcoin start-ups, for example. Or, you can also buy BTC in person, as there are plenty of websites where you can make a deal with members in your city.
Furthermore, there are sites where you can earn small rewards in BTC by answering surveys or completing various tasks. However, before you spend time and money on any site, make sure to do your own research and sign up on trustworthy websites.
The Bottom Line
As cryptocurrencies are gaining traction, there will be a lot of options in the future for users that want to obtain BTC. Generally, today there are a lot of reputable exchange sites that are accessible for anyone that wants to invest in BTC. Also, mining can be profitable thanks to the rise of mining farms and pools.