Why should I start earning bitcoins (BTC)?
Why bitcoin?
There are various reasons why you should start collecting this virtual currency, including:- FUN. I personally just find it fun collecting me a bit of BTC, while exploring new parts of the internet I otherwise never would have come.
- You are sceptical towards "regular money" and want to find out about a new way to save your cash. Bitcoin is designed to keep fees to a minimum, which is always nice!
- You DO NOT expect to be able to quit your job next week and drink cocktails on a sunny beach for the rest of your life:
Do not expect to become rich being lazy. Chances you'll be able to make a lot of money on the internet are slim, but that doesn't mean you can't earn some nice extra cash. Most people search for EASY and FAST ways to earn cash QUICKLY online, truth is: it takes time and work to build up a steady online income. - You like numbers going up and up. Maybe I'm just weird, but I like it when I see my balance rising.
In fact even when I'm downloading some file, I'm fascinated by the "percentage bar" filling! (I might just be crazy and the only person on the planet who does this) - And so many more reasons: any reason you can come up with is a good one.
Just keep it enjoyable: wealth isn't about having money, but about enjoying life! (Money helps though)
How to start earning?
First of all you need a wallet to store your bitcoins in. Unlike what most people are used to, you will never see any "physical bitcoins", so neither will you ever see a physical wallet. There are basically two types of wallets: web wallets and software wallets. Although there are a lot of wallet providers, I'll refer to my favourite ones. If you want to find out more, you can check for more info on choosing a wallet or just google it.
Web Wallets
Web wallets are easy to setup and use, but are also considered less secure. There have been cases where web wallet providers have had their users' wallets stolen, meaning a huge loss of bitcoins. Now don't be afraid of using a web wallet, but be advised to not store large amounts of bitcoins at one place. I personally use Blockchain.info, just click the link to start making a new wallet and follow their instructions.
Once created, other people (or computers) can send you payments if they know your unique wallet address, which is identified by 27-34 characters (more info on addresses here)
Software Wallets
Software wallets are stored on your computer and/or can be backed up on all kinds of storage devices. The key factor is that you keep your wallets safe and secure, making sure no one can steal your private keys (Each wallet has it's own private key that proves that you own the wallet. A private key mathematically links to the corresponding wallet easily, while the reverse calculation is impossible.)
I personally use MultiBit, because it's straightforward, easy to setup and extremely lightweight, taking up mere MBs, compared to GBs on other software wallets.
As I said it is important to keep your wallets secure and you should back them up correctly. MultiBit has a nice guide on how to do this right here!
The land of Bitcoin!
Next you can actually start acquiring your first bitcoins. There are various websites that give away bitcoins for all sorts of tasks. You'll be able to find a lot more info on this in future posts on this blog, but the most easiest thing to start off with are faucets. These websites give free bitcoins, all you have to do is fill in your wallet address and solve a captcha to prove that you're human. Landofbitcoin is a website that bundles hundreds of such faucets, keeping track of how long you have to wait between claims, and how high the payouts are. I'll be posting deeper reviews on my favourite faucets, but for now landofbitcoin is a great way to start.
What to do with my hard earned bitcoins?
So you've earned yourself some bitcoins, now comes the fun part of spending them. Just like with earning them, there are different ways of spending them:
Converting
There are quite some sites where you can trade bitcoins to everyday cash, being wired to your bank account etc. How do realize that transaction fees can consume quite a bit of your earnings, definitely if you want your bitcoins converted into a rather uncommonly used currency. As it is quite dependent on your personal situation, I'll leave the "googling" up to you to find the best place to trade your bitcoins.
Spending
Although BTC isn't extremely popular (yet), it sure has convinced quite some people already of it's value, meaning more and more shops/companies accept bitcoins. I could write a list myself, but that work has been done quite nicely already here, here and probably on a lot more places all over the internet already!
Donate
You can always donate to people who helped you out or gave you some useful information, including me. (19HEbHzJXwgmCTuoky9TVmYTc2Hreg42BD)
Happy bitcoin making!
So far this post on why you should start earning bitcoins. Please let me know how you feel about bitcoins, how it changed your life, howmuch you've earned so far... or anything else worth mentioning. Thanks for reading, and see you next time!
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