3 Ways to Take Part in Bitcoin’s Success

by Andrew McGuinness     Feb 26, 2018

Sometimes you may feel like you are falling behind this cryptocurrency revolution while everyone else is investing in and contributing to not only their own futures, but the futures of technology and currency.

You may think to yourself that buying a coin is not an expense your bank account would be able to handle. What you probably didn’t know, however, is that there is more than one way to take part in the success of bitcoin, and more diverse ways to go about getting coins than you might have considered. The following are three ways that you can play a part in the extraordinary success of bitcoin.

1. Get bitcoins

There are 3 different ways to get bitcoins in 2018:

  • Receiving payment in bitcoin: if you are an entrepreneur or merchant of any kind, a very convenient way of acquiring bitcoins is by allowing it as a payment method for customers. All you need in order for this to be possible is to use Coinbase, BitPay, or Coinify payment processors on your website or within your store. Amazon, Tesla, and Microsoft are among the most popular companies that have taken this route.

  • Mining bitcoins: In order to mine bitcoins, first and foremost, a very powerful computer is required. In the early stages of bitcoin, you would have been able to use virtually any computer to mine bitcoins, but times have changed. Since there are so many miners competing for bitcoins today, you are going to need one of the fastest, most powerful computers to even stand a chance.

These computers are without a doubt expensive. If you do not already have a substantially powerful computer, it would be a better idea to put your money into buying already mined bitcoins than going into the mining business.

Only a very small percentage of miners reap benefits from mining. Between the cost of the computer, the overwhelmingly high electricity bill, and the amount of endless work that goes into mining itself, it tends to not be worth the trouble.

  • Buying bitcoins: Bitcoin exchanges allow for you to buy coins or fractions of a coin in exchange of fiat currencies. LocalBitcoins also provides the option to buy bitcoins from an individual near you.

2. Spread the word

Many people are hesitant about bitcoin, but this is usually just because they are not well-enough informed on the topic of cryptocurrency. This is one of the largest contributing factors to why bitcoin hasn’t expanded as much as it could. In order for bitcoin to reach its full potential, educating others and spreading the word is a great way to contribute to bitcoin’s success.

3. Help to improve blockchain

Blockchain technology is basically what allows the bitcoin magic to happen. If bitcoin were a world-renowned play, for example, the blockchain technology would be all of the work and technical operations that go on behind the scenes. Even though bitcoin is in the spotlight, it wouldn’t have been possible without blockchain taking care of everything behind the scenes.

Ways in which you can support blockchain, specifically as an entrepreneur, is by using this technology to improve the services provided within your own business. A good example of this is Bitwage, created by way of blockchain technology. Bitwage is a payroll company. Thanks to the advancements of blockchain, it is capable of taking care of international transactions in a matter of minutes rather than the 3-7 days we are used to waiting with centralized financial institutions.

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