Cryptocurrency has been wetting the appetites of investors from all around the globe for quite some time now. If you open a cryptocurrency list of the top assets, you can be sure that professional traders possess at least the top 5 of them in their investment portfolio.
The reason for all that is the immense potential these assets have exhibited in the past two years. Millions of people were convinced of their ability to store and bring value. That has led to the huge demand for crypto assets. And given their inherent limited supply, the price of some skyrocketed.
The leader in this rapid growth in value was the Bitcoin. This was to be expected since it was the first cryptocurrency to be decentralized and has been marking a steady increase in price ever since 2009. In early 2017 it spiked over the $1,000 mark per token and by the end of the year, it almost broke the $20,000 psychological barrier.
The Bitcoin was a global phenomenon, getting decentralized in 2009 and working on a brand new piece of technology – the blockchain. Even to this day, it is a complete mystery who created it. Satoshi Nakamoto is just a nickname for a person or group of people that brought to the world the next huge revolution since the invention of the Internet.
At the end of 2017 and the start of 2018 people with zero experience stormed the industry trying to learn how to get Bitcoins. They were going out of their way to buy Bitcoin or get a fraction of a unit. At the start of 2018 things gradually started to calm down, some serious fluctuations in values got people worried but the price of the most desired cryptocurrency stabilized around the $10,000 mark per unit. But things were already incredibly different.
How the Bitcoin Revolution Changed the Landscape?
When the price of the first cryptocurrency spiked so suddenly, the rest of the closest competitors followed suit. Their prices also rose because of the increased interest in crypto assets. But also they were cheaper and more accessible than the Bitcoin.
If you open cryptocurrency charts from legit sources and get the yearly data of the price, you will notice that the most popular cryptocurrencies have followed the trend of the Bitcoin. It opened the door to a lot of other similar assets running on blockchain technology to grab the attention of global investors and grow in value.
But one thing remains unchanged. Bitcoin is still the cryptocurrency with the highest value and the one people desire the most. Despite the fact that it is expensive and very hard to mine, people still want to know how to get Bitcoins.
There are a couple of ways you can do that.
Mine for Units
Mining is the process through which new units of Bitcoin are supplied to the public. There is a fixed amount of available tokens, a volume that is gradually exhausted through releasing more. That is one of the reasons for the high price of the asset. The combination of limited supply and high demand is a prerequisite for making any good or asset expensive.
Mining requires you to have a powerful infrastructure in terms of both hardware and software. You will become a part of a process of solving complex mathematical algorithms for the purpose of authenticating and verifying transactions on the blockchain. Every time a new block is created a certain amount of Bitcoin units is released to the people who took part in the process of creation. These are the so-called miners.
Drawbacks to Mining
Compared to 2009, today mining Bitcoin is extremely difficult and requires a lot of passive resources on your part in order to infuse them into the process of mining itself. Some people do not consider investing huge amounts of funds in acquiring the necessary computational power just to get a fraction of a token alongside all other miners. This is one of the ways how to get free bitcoins but if you think about it, they are not exactly free.
How to Get Bitcoins on Exchanges?
People have a huge desire for cryptocurrencies. That created the necessity for an exchange similar to the stock and Forex exchanges. Cryptocurrency exchanges are the markets where people can go and buy or sell crypto assets:
- Against Altcoins – given the nature of this exchange it is to be expected that cryptocurrencies will be available for trading against Altcoins, rather than fiat money.
- Against Fiat Money – of course, the nature of the exchange does not exclude the ability to buy against fiat money like the Euro or the Dollar.
The most common practice for people who go on cryptocurrency exchanges is to purchase Bitcoins for fiat money and trade the rest of the available Altcoins against the Bitcoin. Some strategies involve purchasing Altcoins against fiat money and them trading them for Bitcoin because these tokens are cheaper to acquire.
Usually, when people decide to sign up for a cryptocurrency exchange, they do it for one of two reasons. Whether to purchase assets as investments and keep them for the long-term or to participate in day trading. The process of day trading involves the purchasing of a crypto asset on one exchange and then selling it on another in the same day. This principle is popular under the name of Arbitrage trading because people profit from the slight differences in the quotes on the different exchanges.
Storing Your Bitcoins
When you receive tokens or fractions of the crypto units whether through buying the on cryptocurrency exchanges or as a reward for mining, you need to store them somewhere. One specific characteristic of cryptocurrencies is that they are entirely virtual. They have no physical representation.
That is why cryptocurrencies are also stored in the digital space. You need to create a bitcoin wallet for your needs. It is where your assets will be secured. You can manage them through the wallet. Buy, sell, store, and send cryptocurrencies through it.
There is one more way you can join the cryptocurrency industry. It is for those who cannot afford the purchase of tokens or those who consider it too complex to create a bitcoin wallet and account on different exchanges. Systems and platforms have been developed for cryptocurrency trading.
This type of trading is actually making investments according to the price movements of the assets. The so-called Contracts for Differences are the main asset you use to trade. There is no actual purchase of tokens, just investments in the changes of the prices. This method is preferred by people with limited knowledge and experience.
So How to Get FREE Bitcoins – Is It Possible?
There’s an old maxim that there is no such thing as free lunch. If you want to be an active participant in the cryptocurrency industry you will have to invest some time, effort, and capital in order to acquire wealth through Bitcoin.
But all comes down to desire, consistency, and finding the right tools that can enable you to be successful in the industry.
Find the BEST Crypto Tool
Investment solutions get released every day. But that does not mean each is good for your trading ambitions. You need secure and proven to work platforms if you want good returns on your investments. We have found the best among the best and we strongly recommend them. Visit the industry leader if you are eager to start trading.
To start making investments, do the following:
1. Go to the Official Website of the Platform
2. Complete the Sign-up Process
3. Start Trading