It’s 2022, And Here Are The Best Ways You Can Get Your Bitcoin!Shreya
In the past few years, the popularity of cryptocurrencies has risen tremendously, with more and more traders and investors shifting from centralized finance to decentralized finance. To cater to this growing demand, several developers have created new tokens with unique utilities. However, Bitcoin still rules the crypto ecosystem as the most traded, most mined and popular cryptocurrency.
Bitcoin is a name synonymous with cryptocurrencies as it was the first digital token to exist. Even today, long-term holders prefer owning Bitcoin as its high volatility can immediately turn a massive profit for the investor. If you are new to the cryptocurrency ecosystem or have not explored the space enough to understand how to get Bitcoin, you have come to the right place.
Before diving deep into the best ways to get Bitcoin, let’s first talk about some apparent benefits of having Bitcoin. The three main reasons why investors choose Bitcoin are:
Great Store of Value
Bitcoin is competing with Gold as a store of value and has already captured 20% of the market, increasing and growing over time. This makes Bitcoin an excellent investment as its value is expected to increase with time instead of depreciating.
While cryptocurrency is a highly volatile market, the proper insight, tools, and timing can ensure a massive profit. For instance, Bitcoin grew a staggering 1251$ between March 2020 and April 2021.
Bitcoin is an excellent addition for any investor as the most popular digital asset. Moreover, it can help traditional investors diversify their investments from traditional investment tools such as Gold, stocks, equity to the growing market of digital currencies.
Now that we have a better understanding of the reason behind Bitcoin’s ever-growing popularity let’s talk about the most efficient method to own Bitcoin.
Cryptocurrency exchanges are one of the popular means to invest in Bitcoin. A user can simply use their fiat assets to purchase Bitcoin from popular cryptocurrency exchanges such as Binance, Coinbase, eToro, etc. These exchanges allow the users to use their credit cards or other payment gateway and purchase Bitcoin and other cryptocurrencies and store them in their wallets.
While purchasing Bitcoin from a cryptocurrency exchange is a popular method of investment, it has several drawbacks. When purchasing Bitcoin from an exchange, it usually charges the users hefty trading fees, transaction fees, and gas fees. Moreover, the user has to put up an initial investment that does not increase the profits over time. When purchasing Bitcoin from an exchange, the only way to make a profit is by selling Bitcoin during the bull market.
Also, there have been several instances where user funds were stolen from exchanges due to hacks or human error. As an alternative, Bitcoin mining presents a better opportunity to own Bitcoin with the ability to constantly increase profits over time.
Bitcoin Mining is the process of solving complex computations to mine new blocks and receive Bitcoin or other cryptocurrencies as a reward. When mining Bitcoin, the miner does not create a new cryptocurrency out of the blue but creates a new block where the transactions are registered. As payment for creating new blocks, the miner is rewarded Bitcoin and a percentage of the transaction fees registered on the new block.
Bitcoin Mining is a relatively straightforward process and can be done by anyone. The primary things that a user requires when mining Bitcoin are:
- ASIC Mining Rig
- Mining Application
- Digital Wallet
- Dedicated Space with Ventilation
- Membership at Mining Pool
- Constant Power Supply
- Constant Internet Access
While filling these requirements does cost initial investment, it is a one-time investment (except the monthly overheads). Once a miner invests their money into Bitcoin mining hardware, they can quickly recover their initial investment within a few years and immediately start turning profit without having to put in any more investments. Moreover, as the price of Bitcoin grows, the miners will have more assets than they can liquify to expand their mining setup.
Another benefit of Bitcoin mining is that if the investor does not have a large amount of capital to invest, they can still start mining and owning Bitcoin by leveraging services such as G2Miner. G2Miner is a Bitcoin mining hardware procurement service that helps new investors to set up their operations in the easiest and most cost-effective way.
Bitcoin has quickly become one of the most sought-after investment mediums because of its several advantages. While there are several other ways to own Bitcoin, such as trading, airdrops, events, etc., Bitcoin Mining and using cryptocurrency exchanges are the most lucrative methods.
Bitcoin mining has a competitive edge over cryptocurrency exchanges. It ensures increasing profits and help the users to constantly grow their treasury without having to put in investment every time.