Alternatives to Buying Bitcoin
Introduction
Lots of people understand the benefits of holding some Bitcoin these days, but not everyone is in the position to buy it outright, and must rely on other ways of securing some of this crypto currency for their own portfolio. In this article we look at a few ways to earn or procure Bitcoin without buying it in the traditional manner.
Bitcoin Mining
Bitcoin mining is the process of generating new Bitcoins using specialized software and hardware. Miners require powerful computers and related equipment to facilitate the mining process. While some startups offer communal mining services, it is important to be cautious as many of these are scams. In the United States, mining Bitcoin is legal and convenient, but it can be costly due to high power consumption. Some states, such as Louisiana, Idaho, Washington, Tennessee, Georgia, Texas, and Arkansas, offer affordable and cheap energy for mining. On the other hand, there are concerns about the environmental impact of Bitcoin mining. Critics argue that the significant electricity consumption associated with mining is a major environmental issue, while supporters claim that it can have potential climate benefits such as grid balancing.
Mining bitcoin at home is beyond the reach of many of us, however there are numerous altcoins that can still be mined on an alt-rig or a pc with a powerful video card. These mined alts can then be traded for Bitcoin on an exchange such as Binance or cashed out to a fiat money bank account on Independent Reserve.
Bitcoin Faucets, PTC and GPT websites
Bitcoin faucets are websites or apps that reward users with small amounts of Bitcoin for completing simple tasks or captchas. These tasks can include watching ads, playing games, or taking surveys. While the amount of Bitcoin earned from faucets is typically very small, it can be a fun way for beginners to get their first taste of Bitcoin without having to invest any money.
Paid-To-Click (PTC) and Get-Paid-To (GPT) websites are similar to faucets with minor variations in the tasks available and payment methods offered. These days, these three types of websites function more or less the same, rewarding consistent effort and loyalty with a steady if modest flow of cryptos, including Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, etc.
For general purposes on this website, the term “faucets” can be expected to include PTC and GPT sites since they are nowadays almost the same.
Income earned from faucets may be little more than pocket change for many people, but for some it can be a life changer, providing an income supplement or seeding fund for crypto trading.
Earn Bitcoin through Freelancing
Freelancing is a popular way to earn Bitcoin, especially for individuals with specialized skills. Many online platforms connect freelancers with clients looking for services such as graphic design, writing, programming, and more. By offering their expertise, freelancers can earn Bitcoin as payment for their work.
If you’re interested in freelancing for Bitcoin, here are a few platforms to consider:
- Bitwage: Bitwage allows freelancers to receive their wages in Bitcoin. It provides a convenient way to get paid in cryptocurrency and offers additional services such as invoicing and tax calculations.
- Upwork: Upwork is a well-known freelancing platform that accepts Bitcoin as a payment method. Freelancers can create profiles, showcase their skills, and bid on projects to earn Bitcoin.
- CryptoGrind: CryptoGrind is a freelance marketplace specifically designed for cryptocurrency-related jobs. It connects freelancers with clients who are looking for services related to blockchain, cryptocurrencies, and more.
Keep in mind that freelancing for Bitcoin may require some additional steps, such as setting up a cryptocurrency wallet to receive payments and managing the volatility of Bitcoin’s price. However, it can be a rewarding way to earn Bitcoin while utilizing your skills and expertise.
Bitcoin Trading
Bitcoin trading is a popular method for investors to buy and sell Bitcoin. There are several platforms and exchanges that offer Bitcoin trading services. Some popular options include Binance, KuCoin, and eToro. These platforms provide users with the ability to trade Bitcoin using various tools and features. Traders can take advantage of advanced trading tools, such as margin trading and leverage, to increase their profits. Additionally, some platforms offer P2P trading, allowing users to buy and sell Bitcoin directly with other individuals. These and other crypto exchanges can be used to convert fiat currency or alt-coins earned from faucets into Bitcoin.
As always, do your own research before using any site.
Summary
Various options exist that enable people to earn, collect, store and trade Bitcoin and other crypto currencies without buying them with a credit card or cash. From crypto mining and fauceteering to freelancing and live crypto trading, the possibilities are endless, and limited only by the imagination. Thousands of people are earning their way to success through cryptos and bitcoin, and with some work, research and effort, you can too!
