A very popular way of obtaining Bitcoin or any cryptocurrency for that matter is by buying them on an exchange. However, there are many other ways on how this can be done.
Mining is a process in which cryptocurrencies are released in circulation.
How to Acquire Bitcoins?
In other words, mining will involve the completion of complex computations in an effort to discover new blocks of crypto which is added to blockchain that’s recording transactions and rewarded to computer server that has completed it. As for the reward, a block is equivalent to 25 Bitcoins but it was doubled in 2009. This is going to decrease every 4 years, which makes it harder to mine Bitcoins.
The Different Uses of Cryptocurrencies
But the beauty about Bitcoins is that, it can be used as a form of payment for services or products. Believe it or not, there are now online businesses that are accepting Bitcoin and other types of cryptocurrency as they would with a credit card. Bitcoin could be earned to as compensation. While this isn’t a new concept, self-employed individuals are able to find work from sites dedicated to paying services in digital format. Even in gambling industry, cryptocurrencies can be used.