Understanding The Best Way To Earn Bitcoin Quickly For Beginners
If you are interested in finding the best way to earn bitcoins, you should be aware that you cannot free BTC easily as you have to invest resources and time to earn some. But first, you need to understand that bitcoin is a revolutionary digital currency that lets users transact and exchange funds between each other in a different way compared to fiat currency. This digital currency has solved cross-border transactions as nowadays, and peer-to-peer transactions can be conducted quickly without much restriction.
Therefore you have to put in some work to get bitcoins as nothing is free as much as you will get promotions saying earn free bitcoin. However, the quickest and best way to get bitcoin is by using cash to buy BTC if you want a considerable amount of coin. On the other hand, if you are looking for free bitcoin, this will need your time, and you can earn some on platforms called bitcoin faucets. It is important to note that you have to spend mental and monetary resources to earn bitcoin. Just like regular cash that needs proper storage, you may need a free bitcoin wallet from PrivateX.io.
For starters, PrivateX.io helps you in becoming your bank by providing you with a free bitcoin wallet where you can safely store your funds. It is one of the best and securest ways of securing your bitcoin after purchase. Most importantly, the provider is reputable, and therefore it is a good pick for beginners who might be looking for ways to store BTC.
Another advantage of the PrivateX.io is that it is a regulated financial institution in the EU operating under PrivateX OU, a regulated financial institution in Estonia. It is governed by EU and Estonian cryptocurrency laws under the activity license FVT000064 to provide cryptocurrency services. With a PrivateX wallet, the management of your digital currency funds is secure and easier as you control your funds. Your bitcoin will be protected on a blockchain that employs 12-word private keys/mnemonics that the provider doesn't have access to. The keys should be securely and safely stored, preferably in offline devices, because if you lose them, you will lose your funds as the company can't do anything to help you.
The platform is also available for download to anyone globally, and they are currently in a beta test for iOS. With ties to leading consultancy firm Consulting24.co, the platform enjoys a good reputation. Because of the role Consulting 24 has been playing in the crypto sector, it has helped around 200 crypto enterprises receive licenses in Estonia. Therefore you will be getting your BTC wallet from a trusted player in the industry with massive crypto experience.
Incredible features of Bitcoin
Bitcoin price is highly volatile
Because of the novel nature of bitcoin and the young economy and illiquid markets, BTC price tends to fluctuate significantly. For instance, the cost can rise or drop significantly over a short period like the past BTC price did drop almost $1,000 within an hour. Therefore BTC is a risky asset, and you shouldn't consider it to store your money as you can easily lose it. When receiving payments in BTC, most of the service providers convert them immediately to your local currency.
Transactions are irreversible
Once you sent money to another user, you cannot reverse the transaction, and the only way to get your money is by contacting the individual you sent the funds to. It is essential to do business with trusted businesses with an established reputation.
There is no anonymity with BTC.
There is a misconception that BTC is an anonymous digital currency, but that could be far from true because a publicly distributed ledger called Blockchain records and confirms all transactions. Anyone can see the funds and transactions of a particular address, but the user's identity will only be revealed during purchase. Always remember the bitcoin address should be used once to protect your funds.
Four Best way to earn bitcoins
As stated, you can earn bitcoins by buying them on the internet or earning them through bitcoin faucets such as completing a task on sites. Here is the best way to get bitcoin:
1. Buying BTC on an exchange
Armed with your bitcoin wallet where you will securely store your BTC, there are several platforms where you can purchase bitcoin. The platforms are called crypto exchanges, and you will have to set an account with one approved by the bitcoin wallet provider of your choice. The exchange is where BTC trading takes place, and you can buy or sell BTC. Interestingly, most exchanges nowadays accept credit cards or bank transfer payments, but they charge some trading fees.
2. Bitcoin mining
It is another way of earning bitcoin online, and it is the process responsible for releasing BTC into circulation. Miners solve difficult calculations that they submit to other miners for confirmations for new blocks added to the blockchain, and they then earn in the form of BTC. Currently, the block reward for new bitcoins is at 25. Miners use sphisti9ctaed hardware like Application-Specific Integrated Circuits (ASIC) and advanced Graphics Processing Units.
3. Have a crypto interest account
You can lend your bitcoins either directly to a known person to through the wallet provider to earn some interest. There are several companies offering users a way of earning interest in crypto holdings. HODLers can send their bitcoin to the wallet provider's website, where with time, they earn interest, and this is a new way of storing BTC.
4. Bitcoin as a payment
BTC is a digital currency that can be used for payment for online purchases. Some merchants are now accepting BTC payments, which can be made through the right hardware terminal or wallet address. Online BTC payments require a BTC merchant tool to accept payments. Users can also get cash-back in the form of BTC for online shopping with merchants that offer cash-back rewards, which can be withdrawn.