Bitcoin, a peer-to-peer digital currency, is starting to gain some traction in the global marketplace. E-Commerce sites as big as Amazon.com are now accepting Bitcoin as a form of payment. In the month of July, 2014, 1 Bitcoin was worth over $600 US Dollars (preev.com). Because it is digital money, 1 Bitcoin can be broken down into extremely small fractions, meaning you can store even just a fraction of a penny worth of Bitcoin in your Bitcoin Wallet. So, how can you get started with Bitcoin and start earning some digital money yourself? Well, there are multiple ways. Before you can start to earn, however, we need to take a look at the first step that needs to be taken.
The first thing you must do before you earn Bitcoin is create a Bitcoin Wallet. This is an extremely easy process. You can set up a wallet through sites like coinbase.com which is an online currency exchange. Once you fill in your email address and password you will be given a bitcoin address which looks something like this: 1BkJkgcUanIosLbuEjsUhay678tQCJaq3L. This is the address you will use to receive Bitcoin. You can download a Bitcoin Wallet App from Apples’ ITunes Store, or Google’s Android Store.
Next, you can start earning. You can earn Bitcoin for free, from accepting Bitcoin for Products and Services, from purchasing Bitcoin on an exchange, or from Mining to name a few.
Earn Free Bitcoin
Well, almost free! One way you can earn Bitcoin is by visiting sites such as bitvisitor.com, or coinhd.com. These sites will have you view a variety of websites or videos in exchange for bits, which are fractions of a Bitcoin. Not the most lucrative option, but a simple way to get your feet wet if you want to experiment with Bitcoin.
Accept Bitcoin for Products and Services
Another way to earn Bitcoin is by accepting Bitcoin for Products and Services. Much like Paypal, you can set up a Bitcoin service through companies like “bitpay”, which will allow you to install a shopping cart plugin on your site. This service works across many platforms, including: WordPress, Magento, Shopify, and 3dcart.
Purchase Bitcoin on an Exchange
Purchasing isn’t the same as earning, but this is another way to get your digital hands on some Bitcoin digital money. Just like any other currency exchange, you are making a trade. For instance, if you live in the US, you could trade $600 USD for 1 Bitcoin, which is the current exchange rate. The company that you are using takes a percentage of the exchange, which is how they get paid. Some sites are taking about 1% of the exchange.
Mining for Bitcoin
Mining is another way to earn Bitcoin. It is a very complex topic, so we will only touch on the basics here. To mine Bitcoin you will need Mining Software; though some companies are offering a way to do Mining on the cloud. Once you have the software you can join a Mining Block, which is a group of miners who work together to solve blocks. Solving blocks is the way that miners get paid, but again, it is not easy!
Once you get some Bitcoin in your Wallet start to experiment with it a little. That will help you learn more about what Bitcoin is and how it works.