Within a few years, Bitcoin, a digital currency has become a rage the world over. In Netherlands for example, many towns are Bitcoin friendly, offering a wide range of services that can be paid through Bitcoins. Arnhem tops the list and is often referred to as the Bitcoin city. One of the easiest ways to earn Bitcoins is to accept them as a means of payment against services or products offered by you in your line of business. This is possible regardless of whether you have a regular brick and mortar store or conduct your business online.
But before you start earning Bitcoins, three steps have to be implemented.
Bitcoin Wallet – The first step is to get an online Bitcoin wallet which can be had free from Coinbase or similar providers. You can also sign up with LocalBitcoins and get a free wallet. Read the fine print. There will b e a wide range of functions of the wallet so you have to choose one with care. Check what matches your specific requirements. A word of caution though. Wallets are not fool proof so it is advisable that you store you Bitcoins in more than one place for additional safety.
Get the QR code – Your wallet will have a section with “Receive Money” or “Add Funds”. In that there will be a QR code that will have your Bitcoin address encrypted in it. You have to take a printout of the QR code and display it at a prominent place beside your cash register. When you make a sale, your customer will pay through a Bitcoin app installed in their smart phone in USD or Euro. You can check the payment in your wallet.
Display Bitcoin acceptance logo – Display the “Bitcoin accepted here” logo at the entrance of the shop.
After any sale that you make, you will be earning in Bitcoins.
Apart from this conventional way of earning Bitcoins, there are other ways that you can do so. One of the simplest is buy them from Bitcoin Exchanges. However, it has to be kept in mind that these exchanges have stringent safeguards and firewalls in place to ward of any illegal transactions that go against the tenets of the laws of the land. All transactions through exchanges though fully encrypted require that the identity of both the buyer and the seller be thoroughly verified. Further, trade can be carried out in multiple currencies but it is the USD and the Euro that is most prevalent.
Any person can also exchange Bitcoins against cash through a local directory or by joining a mining pool. Now, what exactly is mining for Bitcoins? It is a process by which new Bitcoins are generated and brought into the system. Through mining, your computer will add new transactions of Bitcoin to the Blockchain which is a public ledger for storing all transactions with Bitcoins. Once the computer detects a new block, a certain number of Bitcoins are generated. At present, one block has 25 Bitcoins.
There are other processes through which you can earn Bitcoins. In the ultimate analysis, what makes the online process of earning Bitcoins so attractive is the transparency and security it offers the buyer.