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How to Get Bitcoins Online step by step guide
by bitcoinchaser on October 22, 2013
Table of Contents
How to Get Bitcoins Online step by step guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Intro: How to Get Bitcoins Online step by step guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Step 1: Mining for Bitcoins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Step 2: Buying Bitcoins Directly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Step 3: Exchanges or Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Step 4: Get Free Bitcoins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Step 5: Bitcoin Gambling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Step 6: Products and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Advertisements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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http://www.instructables.com/id/How-to-Get-Bitcoins-Online-step-by-step-guide/
Intro: How to Get Bitcoins Online step by step guide
Bitcoins have recently hit the news in a big way but most people still don't know what they are.
Bitcoins are a new type of digital currency called cryptocurrency. Instead of minted or normal printed money, all coins are in digital format only and are not controleed by
any central bank or government. What makes these coins so interesting is that their value has increased from $15 to $200 in less than a year and it's still climbing!
So the big question is: How can YOU get your hands on some Bitcoins?
We've outlined the main ways to get coins today and included some useful links at the end, so enjoy!
Step 1: Mining for Bitcoins
The first way to get Bitcoins is by "mining " them.
This was the way most people got their coins in the beginning but today only a small fraction of people do this. Bitcoins are mined by solving complex mathematical
equations with a computer. So to mine the coins you would download a software program and let the computer try and process the equations. Each set of coins is hidden
inside a block and each block holds many equations. One of the equations in a block holds the coins.
When that particular equation is solved the coins are released to the person that solved it. This means that if a 1000 people work on the same block then one of them will
solve the correct equation and get the coins. This is why mining pools were created where each person gets a percentage of the coins based on the number of equations
they solved out of the total.
Today mining is very expensive and requires dedicated mining rig machines. For a home user mining is not viable.
Step 2: Buying Bitcoins Directly
Today most people get their coins the old fashioned way and buy them outright.
Coins can be bought through a service like Coinbase and can be paid for by bank transfer or credit card. Like any other currency the cost is the market rate at the time
you order them minus a small transaction fee for the currency exchange.
The motivation behind buying coins is that people expect the price of Bitcoin to keep rising into the future, so they should be worth more tomorrow than today. Many
people are not comfortable with this kind of speculation on such a new currency and fear that the coins might be worth nothing in the future.
http://www.instructables.com/id/How-to-Get-Bitcoins-Online-step-by-step-guide/
Step 3: Exchanges or Arbitrage
As with any currency, Bitcoin can be traded on open currency exchanges and today there are many of these.
The largest is MtGox with millions of dollars worth of trades every day. Since Bitcoin has no central authority the prices are often different on the different exchanges.
Some people have taken to buying from one exchange and selling on another for a small profit of coins on each transaction.
This is very similar to day trading and requires large amount of coins to start and a lot of research and work. This is ultimately another form of currency speculation and is
not recommended for beginners
Step 4: Get Free Bitcoins
With the recent popularity of Bitcoin we've seen the rise of many websites offering to give away free Bitcoins.
These usually come in the form of tasks or promotional offers that need to be completed. There are also a host of sites that will pay visitors coins just to visit their site or
watch a sponsored video. We've included some links at the end to help you find these.
There are also "Bitcoin Faucets" which distribute a set amount of coins free each day to users. These are usually very small amounts and take weeks before it's worth a
cup of coffee.
http://www.instructables.com/id/How-to-Get-Bitcoins-Online-step-by-step-guide/
Step 5: Bitcoin Gambling
Over the last year we've seen a new type of gambling site emerge; one that accepts Bitcoins to play.
There are a variety of games including classic games, poker as well as dice and lottery games. All deposits are made via Bitcoin and withdrawals are processed right
back to your Bitcoin wallet. Withdrawals are instant and reflect immediately in your balance.
The two things that have made these very popular are the fact that you can gamble anonymously and that USA players can also gamble. As of now there are no
regulations or enforcements against American players, so US customers are once again playing at internet casinos.
Step 6: Products and Services
Lastly, you can offer products or services in return for Bitcoins.
The two main ways of doing this are either to add Bitcoin as a payment method for your existing products or to offer services through a freelance site that specializes in
Bitcoin payments.
Useful Resources :
We've included some links below to help you continue learning about Bitcoin and the world of cyrptocurrency or to take advantage of what you've learned so far.
Digital wallet: https://coinbase.com/
Bitcoin blog: http://bitcoinchaser.com/bitcoin-blog/
Places to gamble: http://bitcoinchaser.com/casino
Facebook community: https://www.facebook.com/BitcoinChaser
http://www.instructables.com/id/How-to-Get-Bitcoins-Online-step-by-step-guide/
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http://www.instructables.com/id/How-to-Get-Bitcoins-Online-step-by-step-guide/