Bitcoin’s popularity does not seem to be slowing down anytime soon. As this cryptocurrency is reaching heights that no other product or service reached in history, thousands of people sign up to the network to earn Bitcoins and trade them for profit.
At the moment, Bitcoin is valued at around $50-60,000 and it is on the same scale as gold. To make things even more fascinating, experts believe that this cryptocurrency will continue to rise and reach as much as $100,000 by the time 2021 ends. That’s why so many people are registering and are keen on trading with Bitcoin.
Before you can sell Bitcoins, logically – you must earn them. Basically, there are two ways to earn Bitcoins, mining and buying. We’ll be taking a look at both of these options and see which one is better. Let’s dive into the details.
The one thing that makes mining such a good option is the fact that it is free. Everyone can do it without paying any fees. However, it is extremely difficult and will take a lot of your time. The reason why many people resort to mining is that the profit is much higher than the one that you can make by buying them.
Not only that, but with mining, you are also making sure that Bitcoin’s network remains stable. How? Mining is actually recording and verifying transactions made with this cryptocurrency. Each transaction that you record and verify becomes a block and it is integrated with the blockchain.
Speaking of making a good profit with mining, there are two platforms where you can sell them – Bitcoin ATMs and trading sites. Up until recently, Bitcoin ATMs were the only option, but with the rise of trading sites, traders were provided with a much better option. Bitcoin ATMs are not as accessible as trading sites and have enormously high fees.
On the other side, trading sites like Bitcoinera are far superior and more accessible. Not only that, but they have automated software that scans the market and makes accurate predictions on Bitcoin’s future fluctuations.
This AI system allows traders to battle the high volatility of this cryptocurrency and maximize their revenue. The major success of this type of service is what made the process of trading with Bitcoin easier than before. Some reports and statistics have shown that there are around 100,000 Bitcoin millionaires in the world these days.
The second option of earning Bitcoins is buying them directly. You can do that at the aforementioned trading site. Buying Bitcoins is a far more efficient, but also more expensive option. Plus, a higher risk is involved due to the fact that you may end up having to sell the Bitcoins you purchased for a smaller price than the one you bought them for.
As we mentioned earlier, Bitcoin has a very high volatility rate and its price is subject to changes each day. It can be extremely high on one day, then fall in the following day. That is why you must be extremely careful and make sure that you keep up with the latest developments if you opt for buying Bitcoins.
All in all, both types of earning Bitcoins have certain pros and cons. The biggest pro of mining Bitcoin is the fact that you will earn Bitcoins for free and keep the network stable. However, the process is extremely hard, complicated, and will take a lot of time.
On the other side, buying Bitcoin is a much easier and faster way to earn them, but you face the risk of making a small or no profit at all. Due to the fact that Bitcoin has a very high volatility rate, profit will not be guaranteed.
But, at the end of the day, it all comes down to your preferences. If you want to make Bitcoin trading your main occupation and source of income, then mining is better in the long run. Buying Bitcoins is better in the short run.