How Do You Earn a Bitcoin if You Are New to It?
The digital currency appeared in 2009. It is produced through the work of many computers around the world. Despite the fact that in a number of countries bitcoin is officially recognized as a means of payment, states do not regulate calculations in the cryptocurrency. Is it real for an ordinary user to earn on btc? How long will it take to get one bitcoin? Is it possible to get rich without costs? We understand all the nuances.
Creating a wallet
At the first stage, the user must register in the system blockchains and create your electronic wallet, which will be the transfer of earned money. There are several ways to create:
- online wallets;
- local wallets;
- paper wallets;
- hardware wallets.
The most common option is to create a wallet using online services. To do this, the user must go to the official site Blockchain. Then you will need to click on “Register”, then select the section “Products”, and in it – “Wallet”. You can just click “Create your wallet”, located at the bottom of the page. In the opened form, you should enter your e-mail address and specify your password twice. It is recommended to use the most complex combination to secure the funds on your account.
The next step is to copy the ID from the “Settings” section and save it on your device in a safe place. In the future, you will need it to login.
Then the user confirms the registration procedure by going to the specified e-mail and clicking on the link. For security reasons, you will need to confirm each time you login.
Then you will need to refresh the page and click “Log In”, then enter the saved ID and password to access the virtual wallet.
In the last step, the user receives a bitcoin address. You can find it in the following way. From the menu on the left, click “Bitcoin” and then click “Request”. A window will appear on the screen with a long combination of letters and numbers in one of the fields – about 33-34 characters. This will be the address, which is also a wallet number. It is also recommended to copy it to the user’s computer.
Ways of earning bitcoins
There are different ways of obtaining BTC. The choice depends primarily on the target and technical capabilities of the user. The method of earning is also influenced by the availability of free time and money. Remember, that after earning you may change btc to usd PayPal. Let us consider the most popular options.
Mining
The term “mining” refers to the extraction of BTC. The essence of the process is the solution of mathematical problems by computer technology (hashing). At the same time, possibilities of the equipment depend on its capacity. When solving a mathematical problem a block is formed – a certain amount of btc.
To increase power, users are combined into specialized platforms – pools. The miner pays a commission for participation. The earned money is distributed among the participants of the pool in proportion to the capacity.
Tip: You can calculate the payback of the project on special calculators. Based on the entered data, the term and the amount of possible profit are calculated.
Cloud mining
The process involves generating income through third-party data centers. It consists of the following stages:
- the user selects the cloud mining service;
- the package is paid for (by bitcoins, bank transfer or credit card);
- the user connects to the pools and the process starts;
- the earned money is distributed to the pool members.
The cost of the package may be higher or lower because it depends on the processing power of the equipment.
