Bitcoin and cryptocurrencies, in general, are more than 10 years old now. Since they first started appearing towards the end of the 2000s, they have changed the way we perceive and think about business and economy in general. Today, digital currencies are slowly but steadily finding their way into every aspect of the business, and many believe they are on pace to fully push out traditional currencies like the US dollar and the euro.
Although still a ways out, this is one of the real possibilities we can see within the next few decades. Considering the pace at which technology is advancing every year, it may even happen sooner. Until then, the only thing people can do is earn more bitcoin and do an increasing amount of business with it. So how are bitcoins earned, and what does it mean to mine it?
Mining of bitcoin is the most popular and widespread means of obtaining this cryptocurrency. It is done by using large amounts of processing power that conventional computers can provide. In order to mine bitcoin, one has to pair up dozens of mid- to high-end graphics cards and central processing units, or GPUs and CPUs for short. The final product is called a “rig” and it is effectively a very powerful computer comprised of multiple processors and graphics cards, stored in specialized rooms.
A mining rig is a dedicated computer built and operated specifically for generating bitcoin at an often painstakingly slow pace. The stronger and more numerous components, the faster the rate of bitcoin earning. The rigs solve complex computational math problems, which are so complex that they can never be solved by hand. They really do need the incredibly powerful components to be able to solve these problems.
However, nowadays, the luck and work required is the digital equivalent of a real miner finding gold in the ground outside. This is why regular mining is dying out, while special FPGA and ASIC chips are used instead. There are now companies that specialize in mining. They dedicate entire properties to house their high-performance hardware.
Considering how unprofitable mining is today, people need alternative ways of generating bitcoin, and other digital currencies. Luckily for everyone, there are many alternatives, and in this article, we will go over the best ones. To learn more about bitcoin and how to obtain digital currency, head over to soaktuell.ch.
1. Online Games
If you are a fan of gaming and spend a good amount of your time playing different games on the internet, why not earn some digital currency in the process? There are hundreds if not thousands of websites that offer free video games that reward digital currency. This is perhaps the easiest and most fun way to obtain some extra bitcoin on the side, while already doing something you like. It is so easy that anyone can do it. Many people start earning bitcoin like this, so why not try it yourself? The best thing about it is that you do not need an initial investment to start.
2. CFD Trading
As with any other type of goods, trading is among the best and most effective ways of shopping and earning bitcoin. One does not even have to buy bitcoin in order to trade it. Utilize the services of a secure CFD provider, open a trading account, and start trading. There is no commission or fees included, and all you need is a deposit.
While different providers allow different minimums, most of them are around $100. Using this small staring investment, you can both sell and buy bitcoin and trade it away at your leisure. Follow the spikes in BTC worth, do some research, and make smart business decisions to make a profit!
3. Gambling with Bitcoin
Similarly to online games that award bitcoin, numerous sites exist that deal with gambling with digital currencies. Of course, gambling is not for everyone, but for those who like it and are good at it, it may very well be the best option out there. Usually, the high risks involved are high, especially if you are a high roller, so be cautious. Completely legitimate and viable, this is a real way for you to obtain extra bitcoin. It works the same way as any other type of online gambling. You need an account on the selected service website, after which there are dozens of casino-style games to choose from.
4. Bitcoin as Payment
More and more businesses around the world have started accepting bitcoin as a payment method. They have seen how huge it already is and want to get in on it. Since they already have their own business or service, these clever people simply introduced another way of paying for their goods.
However, since there are huge and volatile spikes in the worth of bitcoin, such a merchant may experience super low or super high profit. You may get paid in bitcoin while it is low, and then earn a fortune if you sell it when it is high. Furthermore, if you frequently buy or sell things online, try to accept bitcoin as a payment method, or suggest it to others. Let your customers and partners know you are now willing to do business in bitcoin, and one day, a payment may change your life.
5. Online Surveys and Tasks
The online world is an enormous place where you can find virtually anything. If online games and gambling are too addictive or overwhelming for you, you are going to enjoy this. There exist websites that are full of surveys ready to be filled out, ads to be clicked on, and links to be opened.
All of these simple tasks will reward you with a tiny amount of digital currency. If you do enough of them each day, over a course of several years, you may earn a serious amount of bitcoin. All it takes is a few minutes each day. Although it is an extremely slow way of generating wealth, one day it will all pile up and you may cash out a considerable amount of money.
6. Donations and Tips
Last but not least, here is an option for those of you who are in some way, shape, or form a content creator. People who stream video games write blogs, or record vlogs, have incredible fan bases who follow their work daily. Most popular among them earn hundreds and thousands of dollars per week from their devoted followers. If you are a content creator, think about introducing bitcoins to your donation or tip section. People who are willing to reward you for your work may wish to do it with digital currency!