If you want to get into the Bitcoin game and hold your own coin, there are many options available. Here are some different methods available to get some of your own Bitcoin.
Buy them from exchange
One of the most common ways to acquire Bitcoin is through exchanges. Web sites like Bitstamp, BTC-E, or Cavirtex here in Canada, allow you to buy Bitcoin. They don’t sell Bitcoin yourself, but how it works is your partner exchange as a buyer with sellers who sell at any price you are looking for.
This sounds like a good choice, and in some of it, but has a loss too.
One of the main ones is that exchanges require you to add your personal information to them through knowing your clients’ laws present in many countries in terms of business related to the currency. This might not be a concern for everyone, but in the post-NSA scandal era, the clearer, at least for me, that the data you put there is more accessible than you think.
I might be a little paranoid, but who knows what might happen in the future. After all, just ten years ago the idea that the government spied on everything we did was purely from the conspiracy theory of tin foil hats, and now it was only general knowledge. Who knows what next?
As you know, I’m not a big fan of exchange. The idea that I have to submit my personal information to an entity that might have to let go of the information seems to be contrary to the spirit of Bitcoin.
Fortunately, there are other options.
Of course, there is only one place of Bitcoin origin; mining. Every bitcoin you have ever had, look, or hear about, is at one point mined through a Bitcoin mining network.
If you have yourself having a mining rig, please and mine! Or if you have a computer that is fast enough to make it valuable, it’s also cool.
But be careful! If your computer is not cooled properly, you risk too hot, which has the potential to wipe it up.
Frankly, mining with your computer isn’t really worth it. No longer. When mining difficulties increase, it is increasingly difficult to benefit from it. And unless you have a special mining rig, your chances of getting returns from mining is quite low.
Some argue that mining is on the way out, and even buying a special mining rig is not a valid option again. I don’t agree, but it’s a topic for another day.
Buy them from a private broker
If you can find a private broker, you can connect it and exchange. It has several clear benefits, but also has weaknesses.
First, it’s really anonymous. Even if you meet directly, there is no reason you need to use your real name, or detail about yourself other than your wallet number so they can transfer funds to you. And if you pay cash, the bank also can’t track it. So if it’s a problem for you, you are in business.
But of course with anonymity is also at risk. Dealing through exchanges, the risk of being torn lower. Of course, exchanges have disappeared in the past, bringing Bitcoin to everyone, but greater exchanges, more established have had time to build their brand and prove themselves more reliable.