Bitcoin is the newest madness. You’ve heard the stories of the average Joe whose initial investment in Bitcoin became millions almost overnight. As expected, you want to get into the action. Fortunately for you, it’s not too late! Bitcoin is a very young coin and it grows day by day. Many Bitcoin enthusiasts believe that people who invest, even today, are the first to adopt: people who are taking the leap to try Bitcoin and can get great benefits from their investment in the future.
There are many ways to earn bitcoins. Any work you can do to receive payment in a national currency, in theory can be paid in Bitcoin. Here are some things you can do to get Bitcoin:
If you have been following Bitcoin in the news recently, you have probably heard of ‘Bitcoin Mining’. And no, take that image from the head of thousands of people who travel to a physical underground cave and extract bitcoin ore. Bitcoin mining takes place on a computer: the computer tries to solve a mathematical problem, and all those who are extracting Bitcoin compete to solve it first. Who solves first gets about 25 bitcoins. It may seem that computers can solve the problem in a few seconds, but this is not the case. As bitcoin mining has evolved, people have been creating computers specifically designed for Bitcoin mining. As problems are resolved faster, the difficulty of the problems increases and becomes more difficult to solve.
You can try to extract bitcoins, but at this point you are not likely to make a profit in the short term. People and companies have invested millions in mining hardware, and it would be difficult for a petty miner like you to compete against them. Taking into account the cost of electricity that your hardware uses to extract and the difficulty of increasing problems, your chances of obtaining profits are slim, and it will take months to recover your investment, if at all. Your best option would be to try to find a place with ‘free’ electricity; An example of this would be an apartment where electricity comes with rent, so it will not pay directly for all the electricity used by the miner.
Here are some terms you should know while researching:
- ROI: return on investment. The amount of time it will take to start making a profit at the miner. This may or may not take into account the shipping costs, electricity and / or pool fee.
- Hash: how many calculations a miner makes in a second. A hash = a calculation. Note: Each hash unit (for example, Kilohash, Megahash) from here on has 1,000 times the hashrate of the last one.
- KH / s: Kilohashes / second. One Kilohash = 1,000 hashes.
- MH / s: Megahashes / second. One Megahash = 1,000,000 hashes.
- GH / s: Gigahashes / second. One Gigahash = 1,000,000,000 hashes
- TH / s: Terahashes / second. One Terahash = 1,000,000,000,000 hashes.
- PT / s: Petahashes / second. One Petahash = 1,000,000,000,000,000 hashes.
- W: Watt. A measure of the amount of electricity the miner uses. Greater power means that the miner uses more electricity, and his electricity bill will be higher.
- ASIC: Integrated circuit of specific application. In general, an ASIC is an electronic chip designed for a specific use. Specifically in Bitcoin, ASICs are powerful computer chips used to mine Bitcoin. The introduction of ASIC chips greatly increased the hashrates for Bitcoin miners.
- Algorithm: each digital currency has an ‘algorithm’; enough algorithms exist. Bitcoin uses one called SHA-256. If you see a miner called a ‘Scrypt’ miner, it probably will not work with Bitcoin. However, all miners who are miners ‘SHA-256’ can be used to mine Bitcoin.
To find a job
CAs indicated above, theoretically you can be paid in Bitcoin for doing anything for which you can be paid in any other currency. As Bitcoin is so young and constantly growing, newly created Bitcoin companies are almost always hiring people. You can try to find a job for which you will be paid in Bitcoin at any of these sites:
- Coinality.com – A Bitcoin job bank. People publish jobs for which they hire people and people seeking work apply for the position if they are interested.
- / r / Jobs4Bitcoins en reddit – Offer your services and wait for someone to contact you with a job offer or explore the listings of people looking for people to hire.
- BitcoinTalk service forum: similar to a Bitcoin job board but in the form of a forum: companies can offer jobs and users can offer their services to work. Interested users respond or send private messages to the user of the offer.
Sell a product
Invent a product or resell one already created! Create a website, describe your product, establish an online store, disseminate information about your product and integrate a bitcoin payment processor! I recommend COINGATE, since it is a well-known bitcoin payment processor used by thousands of merchants, and can be integrated both online and in physical stores.
Bitcoins can be earned through multiple means, and one way is not necessarily better than another. It’s about innovation, determination and research. Think of a new project. Be confident when applying for a job and do not give up if your application is denied. Research before buying a Bitcoin miner, as there is no guarantee that you will make a profit. Bitcoin is a young currency and an idea that has a lot of potential, and you can help it grow by using it.