5 Ways to Participate in the Bitcoin Revolution

Want to participate in the Bitcoin revolution? Well, let’s define what Bitcoin is first.

Bitcoin is the most flourishing digital currency. Ideally, it is a new way of crypto-currency where encryption techniques are applied to manage the creation of new bitcoins and to check the validity of transactions.

Bitcoin has such enthusiasts such as Bill Gates, Sir Branson of Virgin Group, Eric Schmidt formerly of Google and the ex-US vice president Al Gore.

Bitcoin revolution

Over time, there have been an increasing number of Bitcoin applications from different entrepreneurs. To participate in Bitcoin revolution, consider any of the following 5 ways:

1. Bitcoin Acquisition

You can acquire bitcoins in three common ways. One is by bitcoins mining, accepting bitcoin payments or by buying them on a bitcoin exchange.

Bitcoin payments

Bitcoin payments are the easiest method of taking part in bitcoin through the merchant option. This is normally facilitated through such bitcoin payment processors as BitPay, Coinbase and Coinfy. These retailers now incorporate high-profile organizations such as Tesla, Amazon and Microsoft.

Bitcoin Mining

Bitcoin mining is just like mining for gold only that in this case, you mine bitcoins from an online network. All you need is a powerful computer with specialized software. Bitcoin Mining is done by solving sophisticated math puzzles. According to July 2016 settings, miners get a competition reward of 25 bitcoins averagely each 10 minutes after effectively solving a given puzzle.

Initially, you could only mine bitcoins using an off-the-shelf platform in a computer. With many people competing for bitcoins, you will have to invest some good money for excellent hardware. In this method, there is a cheaper option of combining your computer power with that of other bitcoins miners’ groups by mining pools such as Slush’s Pool. You will get your share of bitcoins from the group based on the contributions to the pool.

Buying bitcoins

Buying bitcoins is possible by way of cash using a bitcoin exchange and then make a transfer to your bitcoin wallet that stores private keys that are matched to the address of your bitcoins to serve as evidence of bitcoin ownership. You can also buy bitcoins from people in your location on such sites as localbitcoins.com.

2. Engage in Bitcoin Services

It won’t cost you much to begin a bitcoin company. Ideally, you can own bitcoins without having to spend a lot. Bitcoin services offer you an effective means of moving money throughout the world. Here are businesses ideas to get you started in the bitcoin world.

Digital wallet services

Bitcoin owners need a safe place to keep their bitcoins. Currently, bitcoins are stored in a hardware or digital wallet that is comparable to a virtual bank account. However, bitcoins are not backed through any government and therefore, you must be aware of hackers who pose a major threat in this industry. Currently, cold wallets that are not linked to the internet have been helpful in taming such problems.

Bitcoin Exchanges

These are also known as Bitcoin payment processors. These are payment processors that have gained substantial financing from venture capitalists to build services that process payments for the vendors. Amazon, Dell and Microsoft are among those using these services.

Bitcoin accepted here sign
photo credit: Francis Storr / Flickr

3. Help bitcoin get acceptance among non-users

Bitcoin faces challenges of acceptance amongst non-users. In the meantime, bitcoin owners are looking forward to a great future for their business. If you can offer up a solution for this, then you can gain a lot of participation in bitcoin revolution.

4. Use Blockchain Technology

Bitcoin currency is made possible through blockchain technology. It is regarded as a safe and transparent way of speeding up transactions and eliminating fraud. Owing to these qualities, some firms are now using blockchain technology for their businesses. This way, entrepreneurs can find new means of leveraging blockchain technology to help in creating better services and systems for these associations. Bitwage is one such organization that processes international payroll faster through this technology.

5. Make Bitcoin Investments

At the moment, about 75 percent of the bitcoins have been mined. Therefore, the remaining 25 percent is a lucrative investment for interested parties. Despite the volatile nature of bitcoin prices, you can participate in the bitcoin revolution through investments in the bitcoin industry. Entrepreneurs can buy bitcoins at a low price and sell them at a high when price shoots up! This way, you can profit by trading in bitcoins as the price keeps changing.

These five ways present you with a chance of taking part in the bitcoin revolution. However, consider the risks involved before committing to any one of them.