Posted by Dradon Haystorm on 10th October 2011

How can I get my first Bitcoins?

Bitcoin is a new digital monetary system over the Internet, that permits people many opportunities to create, buy or exchange, be donated or otherwise acquire bitcoins. It’s easier than you think to get started getting your first coins to make purchases, or to save up for a rainy day. The most basic way anyone can obtain coins without too much interaction with other parties is to engage in bitcoin mining. Because the currency lacks a centralized structure there is no third-party running the open-source program in the peer-to-peer network. Individual users contribute to the system by running the bitcoin program on their PCs, and in return for such “mining” or running the program the user is rewarded with coins by the software.

Growing numbers of bitcoin miners means growing amounts of coins in the system, which in turn causes the software to regulate itself by increasing the difficulty with which mining may produce new bitcoins. The coins are then saved to the users’ wallet on their computer, where they can be later “spent” or exchanged. Those not so enthralled by the prospect of running the computer for hours in order to earn coins, my consider trading for them instead. This would involve going to exchangers or bitcoin exchange websites and purchasing an amount of the currency using cash or other digital money (such as liberty reserve, web money or other alternatives).

Other clever ways to obtain bitcoins are to find websites who are giving out minute amounts of coins for free, as a means of getting more people exposed to the benefits of the system. These faucet services may only be dripping a minute amount of the currency these days, but it still excellent as an additional source of the currency. Still another means of getting coins is to become an affiliate of a bitcoin related or funded service, and seek referrals for your promotional efforts on behalf of the currency. Depending on the website program, the affiliate marketer may be rewarded for their referrals by being paid in Bitcoin.

A slightly more advanced way to get coins, once you have acquired your first samples, is simply sit down and wait. Taken as an investment, is quite likely that the value of bitcoin will markedly increase compared to other major world currencies as time goes by. If you hold onto your coins until “Kingdom come,” you may be pleasantly surprised later to find you have acquired at the very least, much more valuable coins than when you first bought or mined them. You can also go the other direction and find online gambling sites that will accept the coins as a form of payment or deposit. Let your gambling skills set get you to into some money using Bitcoin!

 

Related posts:

  1. What is Bitcoin?

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