We have identified 5 different ways for you which will enable you to become a part of the revolutionary crypto that bitcoin is. These five points are as follows;
1. Purchase Bitcoin
The foremost way to become a part of the community is by buying the BTC yourself. Three of the main ways to obtain bitcoins are by either accepting a BTC payment if you are conducting a business, mining for new coins or buying the BTC on a selected bitcoin exchange. Learn more about bitcoin trading on the Bitcoin Era App.
- A) Accommodating Payments in Bitcoin: If you are an entrepreneur, the most convenient way to enter into the bitcoin show is by accepting and accommodating payments in bitcoins via a merchant solution. In the last decade, more importantly in the recent few years, a growing number of companies and platforms have started to accept bitcoin as a payment method via different platforms. Tesla and Microsoft are one of the most renowned big companies to have begun accepting bitcoin payments.
- B) Mining New Coins: In many ways, mining bitcoins is similar to mining the commodity gold, except for one main difference, i.e. bitcoins are mined on an intangible network, as compared to the tangible mining of gold. The supply, being limited in nature, will continue to fall for bitcoins as the years pass.
In the beginning of the crypto era, BTC could be mined using an off-the-shelf computer. Given that a lot more participants are there in the market now; a greater amount of money is required to be spent to get faster hardware.
- C) Buying Bitcoins: Bitcoins can also be bought through a bitcoin exchange with cash, and then the crypto can be moved to a secure crypto wallet. The BTC wallets are basically used to store your private keys which correspond to the owner’s bitcoin address. This matching of the addresses serves as an evidence of the ownership of the digital currency.
2. Engage in services for bitcoin.
Bitcoin is an innovative form of a financial asset, which although in the recent times cost a bit more, but gives great amounts of returns over the passage of time. It is one of the best methods of sending or receiving payments globally. It has become very simple and convenient to open a bitcoin company.
More recently, several companies have opened up, and there are several examples of successful businesses for you in order to read upon and get started. Following are one of the few most successful business ideas:
- A) Digital Cryptocurrency Wallets: Storing the bitcoins securely is another major concern of the holders of bitcoins. These wallet services allow these crypto owners to store their digital currencies safely inside these wallets, just like a digital bank account. However, one of the key threats to these crypto wallets is the hackers. Over the time, hackers have usually broken into digital wallets. If attacked and hacked, the digital currency gets stolen and cannot be reclaimed as the bitcoin network is not regulated or backed by any controlling authority such as the government.
To protect your bitcoins, Cold wallets can be utilized in order to secure and protect the crypto. Since these wallets are not connected to the internet, the threat of being hacked is minimalized.
- B) Bitcoin Exchanges: These digital currency exchanges, which are also known by the term, ‘payment processors’, have received large amounts of funding from various big investors interested in creating services to process transactions for the vendors. One of the most renowned companies like Amazon, Microsoft and other tech giants make use of these services.
3. Offer Solutions to Increase BTC Acceptance
Among other challenges that BTC has encountered over the time, its acceptance in the global market among non-users has been one of the most prominent ones. The owners of BTC are invested in the success of bitcoin in the longer run. Given that you have the ability to publicize bitcoins more positively and increase its awareness among the masses, you are certainly an important part of the BTC network.
4. Utilize Blockchain Technology
The blockchain technology is what the bitcoin network runs on. It is a public digital ledger which contains the records of all the bitcoin transactions which have taken place.
For many financial institutions, the blockchain network is considered by most institutions as a secure, better and transparent technique to improve the speed of transactions, reduce cost charges and also reduce the chances of fraud. Due to these reasons, a few of the organizations, specifically the financial institutions, are seeking methods to utilize blockchain systems for their own enterprises.
This demonstrates a great chance for business owners around the world to search for better ways to utilize blockchain technology in order to produce better services for their customers.
- Invest in BTC
Investing in bitcoin can also prove to be very profitable. Unlike the fiat and other financial securities, bitcoins have a limited total number i.e. 21 million coins. This limited availability of bitcoins makes it a very resourceful asset and attracts many investors towards it, therefore causing its price to increase over time.
We have discussed these five ways in which you can become a part of the bitcoin revolution. Although these aren’t risk free and entail their risks and underlying cons as well, however, these do allow you to become a part of the community, and if you are well-informed and have extensive research, these ways can be greatly utilized.