This website features occasional sponsored posts, affiliate links, and uses cookies. By visiting our website you agree to our Site Policies. If you'd like to work with us, click here

Follow

How to Get Bitcoin and other Cryptocurrencies

The most common ways to obtain cryptocurrency can be organized into the following methods;

1. Buy with FIAT Cash

Purchasing cryptocurrency can be facilitated with specific online wallets, exchanges and ATM machines.

Online wallet examples; Coinbase (International), Quadriga CX (Canada), Coins.ph (Philippines).

Exchange examples; Bittrex, LedgerX, Bitfinex.

ATM machines; As of August 1, 2017 there are documented ATM machines for Bitcoin, Litecoin, Ether, Dash, and Dogecoins. You can view locations of cryptocurrency ATMs all over the world at Coin ATM Radar.

2. Receive for Goods or Services

Receiving cryptocurrency for goods or services (or gifts and donations) is as easy as providing a cryptocurrency wallet holder with your public key or a unique QR code generated by your own wallet.

Services such as Coinify, Bitwage, Invoiced.com, and Blockonomics also make professional cryptocurrency invoicing possible.

3. Earn it by “Mining”

Because Bitcoin and other cryptocurrencies are decentralized, all transactions take place on a distributed network of computers called “miners”. Every computer system used for mining retains an up-to-date copy of a given cryptocurrency ledger for redundancy and to ensure counterfeit value cannot be added to the system.

Miners are rewarded with cryptocurrency for every transaction they complete for the network.

4. Lend on Exchanges

It is possible to lend cryptocurrency on exchanges for a modest interest margin. Bitcoin lending rates have skyrocketed in recent months; in early August of 2017 the average lending rate in USD was .0669% per day, compared to .02% – .04% per day a year ago.

5. Alternative Blockchain Uses

Bitcoin has opened the door to widespread use of blockchain technology, however it needn’t only be used for financial services.

Blockchain technology can be used to buy and sell idle computer processing power with micropayments, track and sell electricity generated by users on the grid, or even run a website like Airbnb. We have only scraped the surface of what business use-cases are possible on a blockchain.

In Summary

You’ll notice I didn’t mention “become a contract killer” or “sell illegal drugs online” as ways to earn Bitcoin –and that’s because the notion that cryptocurrency users are a criminal majority is silly.

What do you think? Did I leave anything out that you think should be included? Have any advice? We’d love to hear from you in the comments at the bottom of the page.

Related:

What's Your Favorite Cryptocurrency?

Hobo with a Laptop BitcoinEthereum is our jam --if you found this website useful, feel free to leave a tip with a cryptocurrency! Visit our blog often for fresh posts about travel, blogging tips, freelance, cryptocurrencies, and the tools we use on the road. You can also browse our remote job site directory here.

Support Hobo with Crypto!

Other Helpful Links:

How to Become a Digital Nomad
Digital Nomad Tools
internet speed hack for travelers
Best Bank Nomads
job site directory for remote workers
  Guest Post Travel Blog  

Free Chiang Mai Digital Nomad Guide for Hobo Readers

If you're planning to become a travel blogger or digital nomad in the near future, we invite you to take a look at Digital Nomad Escape Plan; a full-fledged (almost) 200-page ebook to help you get started on your nomad travels in Chiang Mai, Thailand (and it's completely free).

You can download your free copy here.

Follow

Download Digital Nomad Escape Plan for Free

Let's Work Together

We make it easy to work with us; sponsored posts, reviews, or hire us for your copywriting and internet marketing.