5 Ways to Get Started in Bitcoin
Bitcoin hit an all-time high for price on Monday. The coin has been on a bull run during the pandemic, making many want to once again hop aboard the Bitcoin bandwagon. Some of you may be thinking of getting into Bitcoin but are not sure about the best way to get started.
Today, we will give you different ways that you can acquire Bitcoin. Note that this list assumes you know the basics of Bitcoin, including how to download and install a Bitcoin wallet. If you do not, head over to BitcoinGG.com and check out some of their guides for getting started in Bitcoin.
Buy Bitcoin at an Exchange
The most common way that you can acquire Bitcoin is through a cryptocurrency exchange. Exchanges work the same as stock exchanges. You can buy and sell BTC and other cryptocurrencies. Generally, you will deposit fiat currency (USD, etc) into your account and you can use that to buy Bitcoin. Alternatively, you can deposit Altcoin that can be used to purchase Bitcoin. If you hold Ethereum, Litecoin, or even Dogecoin, you can trade it for Bitcoin.
Buy BTC at an ATM
A lesser-known way to buy Bitcoin is through a physical ATM machine. Bitcoin ATM machines allow you to deposit cash and in exchange, the machine prints you a receipt with a code that you can use to scan your Bitcoin into your wallet. Adversely, you can also hold onto the receipt for cold storage.
The one catch to buying BTC at an ATM is that you will pay more for it. Bitcoin ATMs charge a premium for the service. This can be as much as 15%. At a price of $19,000, that would cost you up to $2,850 in premiums.
Get Bitcoin Through Faucets
A way that many people get started into Bitcoin is through the use of Bitcoin faucets. A faucet is a program on a website that will give you small amounts of BTC. As the name implies, it is a slow drip of BTC. In some cases, you may have to acquire satoshis for a while before you can make a withdrawal.
However, if you have the patience and time to spend with faucets, it is a way to get started with Bitcoin. Coinpot is the most widely used faucet service and has faucets for Bitcoin, Litecoin, Bitcoin Cash, Dash, and Dogecoin.
Play at Online Casinos
Another way you can get some Bitcoin is by playing at online casinos. This can be done in a couple of ways. If you already have some BTC or Altcoin, you can play online slots, blackjack, or other games to grow your bankroll. BTC holders are already playing at legitimate online casinos to grow their Bitcoin balance.
Another option that some don’t consider is cashing out your bankroll in BTC. Let’s say you have $300 in your account and you want to cash out. Some casinos allow you the option to cash out using Bitcoin, even if you made your deposit with a credit card or other fiat currency. For some casinos, your only option for cashing out smaller amounts is crypto.
Buy From Another BTC Holder
The final option we will discuss is acquiring Bitcoin through other users. This requires you to make a person-to-person transfer of BTC. Some exchanges will facilitate this, but a usual P2P transaction requires that the other party send BTC from their wallet to yours.
This is the riskiest way to acquire Bitcoin unless you know and trust the other party. There are many people out there that will try and scam you out of your money. However, if you have a trustworthy party, this is a way to acquire crypto without having to go through exchanges or paying hefty ATM fees.