Bitcoin is the first example of a growing category of money known as cryptocurrency. Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks. It is created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
As a new user, the first thing you need is a Bitcoin Wallet. It will be used to store and make transactions in Bitcoin.
Getting a Bitcoin Wallet
Bitcoin wallets store the private keys that you need to access and spend your bitcoin funds. They come in different forms, designed for different types of device. You can even use paper storage to avoid having them on a computer at all. Of course, it is very important to secure and back up your bitcoin wallet.
I recommend using the all time known Electrum wallet, which is built for speed and convenience, free and trusted software since 2011. A streamlined design, security and rich feature set make this software a popular choice for beginners and experts alike.
1. Buy and Sell Bitcoin
The very easy way to get Bitcoin is to buy it from an exchange using your own money. To sell Bitcoin and get money you can use the same services.
The best places to buy Bitcoin with Credit and Debit Cards is Currency Exchanges. Some of the most trusted and used here in Canada are :
- Quadrigacx : A well known Canadian Cryptocurrency exchange platform, with offices in Vancouver, BC. “Our goal is to provide an easy to use platform to simplify the process of buying and selling Bitcoins.”
Pros : Secure, Trusted, reasonable fees, fast and mature company .
- CoinBase : A digital asset exchange company headquartered in San Francisco, California. It operates exchanges of Bitcoin, Ethereum, Litecoin and other digital assets with fiat currencies in 32 countries. Coinbase is often recommended to newcomers as one of the easiest ways to acquire their first bitcoins. The company has invested a lot of time and money into making their user experience smooth and painless.
2. Mine Bitcoin with Your Computer And Graphic Card
This is the most free way to make Bitcoin starting from today. You only need a computer and internet connection. You’ll have to install a software to start making Bitcoin. As of now there are two great, free services allowing you to use your Computer to start mining Bitcoin or any other cryptocurrency.
- NiceHash : Offers you to buy or sell hashing power without any contracts. You get paid with Bitcoin when you run the software and let it mine cryptocurrencies using your computers CPU and GPU. Go to their website, register, download their software, start mining.
Pros : Free, Trusted, Easy
- MinerGate : A mining pool created by a group of cryptocoin enthusiasts. It is the first pool which provides service for merged mining. This means that while mining on our pool you can mine different coins simultaniously without decrease of hashrate for major coin.
3. Mining Bitcoin with a Cloud Mining Service
Cloud Mining services are for you if you want to invest in bitcoin mining without the hassle of managing your own hardware, or, in some cases can’t invest in high priced ASIC mining hardware. You can use the cloud mining to earn your coins.
Cloud mining or cloud hashing is a common concept and What it means is that it uses (in most cases) shared hashing power run from remote data centres which allows users to buy mining power of the hardware placed in.
All Bitcoin mining is done in the cloud, without any offline hassle, such as electricity, hosting issues, or installation and upkeep trouble.
As of now, most bitcoin cloud mining contracts are scams, but there are a couple of Cloud mining services that proved to be legit companies making people good returns on their investments.
- HashFlare : Cloud mining offers a unique option for mining with a low cost of entry as well as minimal risk and expense, which is opposite to traditional models of mining that involve procurement, maintenance and configuration of highly specialized hardware.
- Genesis-Mining : founded in 2013 an is one of the oldest Bitcoin companies around. It’s definitely one of the most well known companies when it comes to cloud mining. Genesis has a publicly known mining farm set up in Iceland as shown in this video.
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- Cryptonomos Giga Watt : Provides turnkey mining services and custom packages tailored to clients’ needs: full range of mining services from equipment sales, maintenance and repair to private blockchain servicing. Furthermore, Giga Watt’s pricing packages are suitable for technology companies, mining farms, cloud-mining projects, and even individual miners. They came up with a new concept claiming to be even more profitable than the usual cloud mining.