In an earlier post, I shared the 3 ways we can get Bitcoin. In this post, I’ll share with you how I get my Bitcoin.
I was watching the price movement and after researching as much as I could about it, I decided that the only way I would really understand it was by putting my own money down.
I believe that nothing teaches you faster than the fear of loss. In this case, the fear and pain of loss of money.
And here are the ways I get my Bitcoin. I Buy it, I Mine it and I Earn it.
I started buying Bitcoin in June of 2016. I opened accounts with coinbox.com and coinhako.biz. I bought my first 0.0189 Bitcoin when it was trading at RM 2,621.69 (at USD 4.2 to the Ringgit, it was USD 624.21). I only forked out RM 50.00. Today, Bitcoin is trading at RM 18,832 and that same 0.0189 would be worth RM 355.92, seven fold increase on my RM 50.00.
One of the ways I get my Bitcoin is by buying it outright.
The only thing about buying it outright is that it locks up my cash. I use spare cash whenever I can to buy Bitcoin but with its meteoric trajectory, I don’t want to sell back to the market. What if the day after I sell it, it shoots up further? In addition, I am not that desperate for money. So I hold and hoard.
Buying Bitcoin increases my nett worth but locks up my liquidity.
After getting Bitcoin, I started to explore what else I could do with it. I discovered that there were exchanges such as Bittrex, Poloniex, Kraken where I could trade cryptocurrencies. I discovered that I could lend my Bitcoin to others on micro-lending sites like Bitlendingclub.com. And I discovered Bitcoin mining.
The first few mining sites I visited required me to have my own rig and plug into their pool. Although intrigued, I knew there was no way the wife would allow me to have a noisy rig running the whole day in the house. Besides that, I was not too confident in my coding and ability to set up the software right.
My first foray into mining was with Hashflare.io. They are a cloud mining site and I could just buy computing power (for mining its termed as hash power) and they would do the rest. I chose to mine Ethereum as the contract prices for Bitcoin were more expensive.
At that time, I was just happy to start mining. I did not know what the difference was between mining with your own machine and cloud mining. After monitoring the progress of my investment in hashflare and speaking to others on mining, I found a company called Bitclub and now mine Bitcoin through Bitclub.
I still don’t have to set up a computer in my house but Bitclub enables me to share in the returns of an actual mining machine that is set up in Iceland. In June this year, I had the opportunity to visit the mining operations in Iceland.
Investing in mining is like investing in an annuity. One lump sum investment in the beginning followed by daily credits or earnings over a fixed duration of time.
However, the big difference between buying and mining Bitcoin for me is psychological.
In my mind, the Bitcoins I earned through mining were through the work of the machine. And since the machine is still mining, I am more than ok to spend the Bitcoin I’ve earned from mining operations. Spending the Bitcoin I buy, not so ok.
This way of getting Bitcoin is quite new to me. As I don’t sell products or services online, how do I earn Bitcoin?
After I joined the Bitcoin mining company, Bitclub, I was made aware of how I could earn extra by introducing the business to others. A month after I joined, I started to share the business with others.
I’ve managed to convince several others to join me in mining and earned referral commissions from that. Bitclub pays out in Bitcoin. Hence, by building the business, I am able to earn Bitcoin.
Now you know how I get my Bitcoin. And it is mainly through mining and Bitclub.
Do take a look at what Bitclub has to offer and remember, I am involved in Bitclub and you should consult a licensed financial planner with regards to your investments. What I have written here is my personal experience and am not soliciting for you to invest in Bitcoin.