If you want to get into the bitcoin game and hold your own coins, there are many options available to you. Here are some of the different methods available to acquire your own bitcoins.

Buy them on an exchange

One of the most common ways to acquire bitcoins is through the stock exchange. You can buy bitcoin on sites like Bitstamp, BTC-E or Cavirtex here in Canada. You don’t sell bitcoin yourself, but how it works, exchanges match you, the best site to sell bitcoin in ghana buyer, with a seller who will sell at the price you want.

This sounds like a great option, and in a way it is, but it also has its downsides.

One of the most important is that exchanges require you to add your personal information via know-your-client legislation that exists in many countries regarding currency-related trades. This might not be for everyone, but in a post-NSA era, at least I’m becoming more and more aware that the data you’re posting is more accessible than you think.

I might be a little paranoid, but who knows what might happen in the future. After all, the idea of the government spying on everything we do was the preserve of conspiracy theorists ten years ago, and now it’s just common knowledge. Who knows what’s next?

As you can see, I’m not a big fan of exchanges. The idea that I have to give my personal information to some entity that may need to release that information seems contrary to the spirit of bitcoin.

Fortunately, there are other options.

Mine her

Of course, there’s only one place Bitcoins really come from; Mining. Every bitcoin you will ever own, see, or hear about has been mined once via the bitcoin mining network.

If you own a mining rig, go ahead and mine! Or if you have a computer fast enough that it’s worth it, that’s cool too.

But be careful! If your computer isn’t properly cooled, you run the risk of overheating it, which could potentially damage it.

Honestly, it’s not really worth mining with your computer. No longer. As the mining difficulty increases, it becomes increasingly difficult to make a profit from it. And unless you have a dedicated mining rig, your chance of getting any kind of return from mining is pretty slim.

Some argue that mining is on the way out, and even buying a dedicated mining rig isn’t really a valid option anymore. I disagree, but that’s a topic for another day.

Buy them from a private agent

If you are able to find a private broker you can connect and trade with them. This has some obvious advantages, but also disadvantages.

First of all, it is completely anonymous. Even if you meet in person, there’s no reason you need to use your real name or any other identifying information than your wallet number so they can transfer the money to you. And if you pay cash, the banks can’t trace that either. So if that’s a concern for you, you’re in business.

But of course, with anonymity comes a certain risk. When trading through an exchange, there is less risk of being ripped off. Of course, exchanges have historically gone and taken all bitcoins with them, but the larger, more established exchanges have had time to build their brand and prove more trustworthy.

You can also pay a premium for this anonymity. In my experience it can be up to 15-20% above the average market price. But again, if anonymity is important to you, it’s a small price to pay.

When you trade anonymously with someone, you don’t have the security of exchanges. They might be legit and honest, but they might as well be shady and ready to rip you off. However , buying from a private broker is my preferred method of buying bitcoin. But it is important to take safety measures , otherwise you risk getting burned.

Accept them as payment for goods and services

This one is so obvious, but people often forget it. Amidst all of the investors looking into Bitcoin and the excitement surrounding the movement, it’s easy to forget that Bitcoin isn’t just a hot commodity or a high-quality stock. It is designed as a means of payment. And if you run a business, you can accept bitcoin as payment instead of cash.

There are many different companies that accept Bitcoin as a form of payment. If you live in Canada, check out this directory of companies that accept bitcoin.

In fact, several directories have popped up to help people find local businesses that accept bitcoin. And if you’re an internet dweller (and if you’re reading this, you obviously are) , there are countless places that accept bitcoin as payment. Tiger Direct, Reddit, and WordPress are just a few.

In short, there are many different ways to acquire Bitcoin. Some are easier than others, but with so many options, you’re sure to find something that works for you. Get in the game now, don’t miss out!

About bitcoin and bitcoin trading

Bitcoin is a cryptocurrency created in 2009 by an unknown person using the pseudonym Satoshi Nakamoto. Although the currency has been around for a long time, its popularity surged a few years ago when merchants began accepting it as payment. In addition to using it for your transactions, you can also trade, which will bring you huge profits.

The advantages of forex trading

There are many reasons why you should consider buying the currency. Some of these reasons are:

Easy Entry:

Unlike the stock exchange and other trading channels, the Bitcoin market has almost no barriers to entry. All you have to do is identify a seller to buy from. If you’re interested in selling, identify a buyer and you’re good to go.

Global

You can trade the currency from any part of the world. This means that a person in China can buy or sell bitcoin to a person in Africa or anywhere else. This makes the currency significant as it is not influenced by an individual country’s economy.

It’s Volatile

Just like the other currencies in the forex market, Bitcoin is highly volatile. This means that it changes its price quickly due to slight changes in the economy. If you take advantage of the changes, you can make huge profits.

24/7 trading : Unlike the stock exchange, which operates during business hours, bitcoin trading takes place throughout the day and night. Trading restrictions only apply to you – not to time.

How to get Bitcoins

If you are interested in getting into the market, there are many ways you can get hold of the currency. Some of the ways you can use include:

Buying on an Exchange

Here you have to go to the marketplace and you will find people who want to sell the currency. You should find a reputable seller and bitcoin in ghana cedis place an order.

Wire Transfers

You can also receive bitcoin from a friend. Here a friend needs to send you the currency through an app on the computer or phone.

Mining

This is the traditional way to get the coins. In this method, you use the computer to solve complex mathematical puzzles. After successfully solving a puzzle, you will be rewarded with the coins. While this method is free, it is usually time-consuming.

Conclusion

This is what you need to know about bitcoins and trading them. Once you own the currency, you can decide whether to keep it in your digital wallet or trade it.