If you’ve signed up for a bitcoin wallet, the next best step is to load it. Although a lot of people now own bitcoin wallets, there are still those who are at loss on how to load their bitcoin wallets while there are also people who only know of just one or two ways.

1. Start Mining

One of the surest ways to load your bitcoin wallet is to start mining. The pioneer users of bitcoin primarily used this method and many across the world still do too.

However, this can be a costly approach since you’ll require dedicated hardware and software to do the mining for you. It’ll need to run 24/7 and income is not always ensured since there are a good deal of miners competing for a certain number of bitcoins available daily.

2. Buy From Others

With many people adopting bitcoin, it’s now easier than ever to buy bitcoin from others unlike in the initial days where only a handful of people had access to it.

There are sites like LocalBitcoins.com and BitSquare.com that has allowed the exchange of bitcoin on matching demands and offers. Users who match can meet up and transact for the successful buying and selling of bitcoin.

3. Buy From an Exchange

The most common way to buy bitcoin is to buy from an exchange. Some of the most popular ones are Binance, Bithumb, and Upbit, among others.

There are a lot of pros when you buy from an exchange because they’re pretty convenient. Online exchanges sell at any time and will only require you to transfer money from your bank account.

However, there are a number of cases where buying bitcoin has been delayed and may require additional costs if you’re transferring from overseas.

4. Ask for Bitcoin Payments

With the prevalence of bitcoin today, a lot of companies now facilitate payments of bitcoin. Whether you’re an employee or business owner, you can ask your company or your customers to just pay you in bitcoin. All you need is to provide your wallet address in order to receive bitcoin payment.

But if you need anything large scale, you might want to just consider opening a merchant account on a bitcoin exchange online.

5. Load at a Local Bitcoin ATM

Probably the most convenient way to buy bitcoin is to locate a local bitcoin ATM near you and buy from there. It’s much cheaper to buy at a bitcoin ATM compared to online exchanges because it doesn’t include bank and remittance fees.

Over the past few years, bitcoin ATMs have sprouted in all the major cities with a few located on not so big cities as well.

One of the most common questions about bitcoin is how it’s actually mined. Given its meteoric rise over the years, it’s no wonder why people are extremely curious about origins. So how does bitcoin mining actually work and how has it changed over the past years?

In the cryptocurrency field, mining doesn’t hold the same definition as the one we’ve come to know. To mine bitcoin, you don’t actually need the standard workgear—a working computer with the right hardware can do the job for you.

More specifically, a bitcoin is mined when a computer you own solves a block through an algorithm. Solving a block provides a reward which is given in the form of a certain amount of coins that has been allotted to it.

The Reason Behind the Creation of Bitcoin

Bitcoin was originally created to provide a decentralized alternative currency wherein coin owners can prosper without major regulatory bodies having undue influence on the success of the currency. Hence, intentional manipulation to serve just one party’s needs is less likely to happen.

Despite the lofty goal, bitcoin still needs infrastructure in order to thrive such as hardware, software, and people.

In order to do away with the involvement of banks and governments, the founder of the bitcoin, Satoshi Nakamoto, designed it to run on a giant server. This works with people pitching in the use of their own software and hardware.

To date, bitcoin has been made successful due to the fact that a vast network comprised of home and office computers all around the world are contributing together to mine bitcoin. The said network has lent the support needed for bitcoin to thrive. This is done by answering and solving mathematical problems which has now made the network to be the most powerful supercomputer in the planet.

Computers all over the world run 24/7 just to mine bitcoin which in turn supports every transaction made using bitcoin.

Why Bitcoin Thrived

The reason why bitcoin thrived is because of the fact that there’s a reward mechanism in place for users who mine and solve bitcoin blocks. This is the only way new currencies are made in the digital field.

In essence, mining accomplishes two things: reward resource contributors and add new bitcoins into circulation.

There’s also been a vital change in how bitcoin mining was done over the years since it was first undertaken in 2008.

Initially, processors were enough to solve the mathematical problems in the blockchain but as the transactions grew, so did the difficulty of the problems that need to be solved. This means using processors have become more costly than necessary.

Then it was discovered that video gaming graphic cards did a better job than processors so miners switched over to using that. The only thing is, it consumed a lot of energy.

Later on, a more efficient way to mine was developed through reprogrammed chips. However, it also used a lot of power and easily heats up when operating.

Now the standard hardware being used to mine is the ASIC or known as Application Specific Integrated Circuit Chips. Not only does it run on less power but is miles away from previous ones in terms of speed and productivity.

Getting Started With Bitcoin Mining

Although most of bitcoin users don’t mine, mining is definitely an integral part of the bitcoin blockchain. However, you have to be ready for competition and the corresponding fact that bitcoin prices can fluctuate wildly.

This means mining bitcoin can sometimes have high returns and sometimes low.

If you plan on going ahead with bitcoin mining, there are a lot of brands in the market today for both hardware and software. When it comes to hardware, the most common ones are the AntMiner S7, AntMiner S9, and Avalon 6.

In terms of software choices, you can choose from Bitcoin Miner, BTCMiner, and CGMiner, to name just a few.

With the widespread acceptance of bitcoin, it’s no wonder that most retail stores and establishment nowadays accept it as a form of payment. Along with the worldwide adoption of bitcoin came the need for it to be accessible at all times and at any location. This has been made possible through the introduction of online wallets.

However, as with anything that involves your finances, you have to take the appropriate step to ensure the safety of your online wallet. Below are just some of the most effective ways to secure it!

Backup Your Wallet

The key to making sure that you can recover your bitcoins anytime is to backup your whole wallet. There are wallets that have private keys that are hidden within their system and it’s a common mistake to backup just the said part of your wallet.

Backing up only the keys for your public bitcoin address means you may not be able to do a full recovery of your funds should your phone or PC gets stolen.

You can also use a number of secure locations since settling for just single points of failure can wreak havoc on your security.

Encrypt Your Wallet

The key is to encrypt it so that no one can access the device where you have access to your online wallet. Set a password so that no one else can use it for unauthorized purchases. The key is to encrypt it so that no one can access the device where you have access to your online wallet.

Nevertheless, this is just one layer of protection since workarounds like keylogging may still be able to crack your password.

Opt For an Offline Wallet or Cold Storage

Offline wallets, also known as cold storages, can ensure the highest level when it comes to securing your bitcoin. It involves storing your wallet in a location that’s secure and unconnected to any network.

When done the right way, it will serve as a great protection against different computer vulnerabilities. Using this strategy along with the above advice will no doubt make for a foolproof practice of securing your online wallet.

Two approaches that you can opt for are offline transaction signing and hardware wallets.

One of the biggest successes of the digital currency industry is bitcoin’s worldwide acceptance as a leading alternative payment system. Both people and business have adopted it and are now using it for all kinds of online and real-world purchases.

After having seen the growth of bitcoin over the past few years, it only makes sense to review how much convenience it has provided both vendors and users alike.

The Bitcoin Future

Bitcoin’s founder, Satoshi Nakamoto, revealed in the beginning when the digital currency was first introduced that his goal for it involved the following: “The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions.”

True to his word, bitcoin has managed to achieved all and now continues to be the number one digital currency known to man.

Looking at the past statistics, bitcoin enjoyed a predominantly upward trend these past few years with more and more exchanges opening to offer bitcoin as well as the resulting forks from it.

The Birth of the Bitcoin ATM

Previously, buying and selling bitcoins were only possible through exchanges but ever since the introduction of bitcoin ATMs in the last couple of years, it has provided tremendous convenience to thousand of investors in the said digital currency,

By offering a new level of convenience, more people have taken to adopting bitcoin since it allowed more transactions to be processed.

Through it, the average person on the street can also take advantage of investing in bitcoins.

Ensuring Access 24/7

Bitcoin ATMs have allowed easier access to the digital currency by being open 24/7. This has been especially beneficial for people who use bitcoin wallets and need to sell or buy at a moment’s notice.

Moreover, it ensures an easy way to exchange your bitcoin for cash or vice versa. But best of all, you have the peace of mind that you can easily buy or sell bitcoin whenever you need to!

When you mention cryptocurrency, bitcoin is most likely the first thing that comes to your mind. It’s been no doubt the foremost success story of the industry—rising from just $1 in 2010 and now clocking at $14,753.13 as of January 9, 2018.

Now pegged as the world’s leading alternative currency, it’s also being celebrated as the first fully democratic currency that has no bounds geographically. Over the past years, bitcoin has proven its usefulness and is now accepted as a form of worldwide payment system by many major institutions.

In fact, its mainstream appeal has been embraced by a growing number of people all over the world as well as multinationals and big Companies like Dell, Microsoft, Ebay, and Paypal, to name just a few. To date, it’s even used to pay purchases on brick and mortar shops as well as more than 100,000 vendors and merchants accepting it as a form of payment as of 2015.

It has indeed become the future of spending so below are just some of the reasons why bitcoin has both benefited merchants and consumers alike.

Easy to Accept Payments

One of bitcoin’s biggest draw is the convenience it provides. It’s an easy to accept form of payment for merchants in the retail industry because there are various methods that support it.

Retailers can now charge a customer’s purchase on a bitcoin card that’s identified with the buyer’s wallet using a card reader. The amount of purchase is then instantly transferred from the customer’s wallet to the merchant’s wallet.

Another way to accept bitcoin payments is to have a QR code for the item or service being offered and then customers can just scan it using an app in order to send the money to the vendor or merchant in a secure way.

Immediately Convert to Real Currency

Another great thing about bitcoin is that you can instantly convert it to real currency. This is especially beneficial for businesses since they can easily convert the bitcoin they receive into local currency.

This can be done during the transaction itself so when merchants receive the bitcoin, it’s instantly sold based on the current exchange rate.

The Bitcoin Benefit for the Consumer

On the part of the consumer, all you have to do is get a bitcoin wallet, buy some coins at a bitcoin ATM, and use it on merchants that accept bitcoin. In terms of transaction fees, a lot of wallets today will let users choose your own fees and set a dynamic fee estimation for better flexibility.

There are definitely a lot of merits to using bitcoin as a form of payment as mentioned in the above points. But its biggest selling point is that it’s safe, secure, and is accepted globally. There’s no doubt that it’s a great alternative to paying with cash or credit card since it’s virtually accepted everywhere you go.

Ever since the growth of bitcoin, exchanges have sprouted left and right. To date, it’s one of the most popular known ways to buy bitcoin. But what many people don’t know is that there’s a better way to bitcoins that will give you more value.

If you’ve known someone who has bought bitcoin, chances are, they probably bought it at an exchange.

While exchanges have their pros, there are also some corresponding drawbacks to using exchanges when buying bitcoin. If you want to make the most out of your bitcoins, you have to pick a platform that will give you the best possible value.

Delays and Fees

A lot of exchanges have long waiting times that take hours for transactions to be completed. Some people report that it even takes up to one month for them to receive their bitcoins.

This is problematic for the reason that urgent transactions cannot be undertaken within the necessary time period. There’s also the case of fees since using exchanges entail higher fees due to the fact that transferring money to exchanges involves commercial banks.

Transacting on exchanges come with security risks especially when it comes to the liquidity aspect. One example of this is when the Mtgox Exchange closed down and filed for bankruptcy in 2014.

Why Bitcoin ATMs Give a Better Deal

Although bitcoin ATMs aren’t designed to take on the typical volumes of transactions as exchanges do, it’s a viable platform that provides utmost convenience without the usual disadvantages of using exchanges.

This means the money you invest goes a long way because you don’t have to pay for hefty additional fees that comes with using banks.

But more than that, bitcoin ATMs are convenient to use because transactions go through in as little time as one minute.

With bitcoin’s success, you’ll surely find a bitcoin ATM near you!

The Verdict

If you’re looking for something that you can use in conjunction with your own wallet, bitcoin ATMs are the way to go. The thing with exchanges is that you have to be able to trust that they’ll keep your money securely. After all, you can’t eliminate the chance that hackers can penetrate through the data security of an exchange.

A BTM or a Bitcoin ATM is a machine that allows people to buy or sell Bitcoins with Fiat. The first BTM in the world was installed in a coffee shop in downtown Vancouver, Canada. The United States got its first BTM in 2014 in a cigar bar in New Mexico. BTMs have been popular since then and as interest in cryptocurrencies went up, more BTMs have been installed across the country. They provide an easy way for common people to buy Bitcoins and when they want to spend their money stored in Bitcoins, they can go to the nearest BTM and withdraw fiat. It is very similar to traditional ATMs in terms of ease of use.

In fact an existing ATM business can leverage the infrastructure in place and add BTM facilities for their users.

ATMs are spread far and wide and the recent numbers show as many as 173 ATMs per 100,000 people in the US. This is a huge market and while there is no formal estimate of the number of users, common knowledge dictates that majority of population uses these at least once a month for petty cash withdrawals.

Cash handling cost reduction

Most of the transactions in a BTM are usually where a customer deposits cash and buys Bitcoin. Business gets an advantage of picking up cash from the BTM and re-fueling it in the ATM. This reduces cash handling costs for the business.

Reduction in setup cost and time

An ATM business has already identified an outlet that has sufficient visibility and regular customers. It has almost everything necessary for the business to function so it would be easier to get a professional to set up a BTM machine compared to someone who is starting a standalone outlet.

Cross marketing

A running ATM will have hundreds and thousands of customers who live in that area and operate it at least on a monthly basis. Most of them would have heard of Bitcoin and have wanted to own some but did not get around buying it because of inertia or because of signup process on an exchange or because they do not trust an online platform with their credit card details. But with a BTM nearby, they could capture the fantasy of a lot of first time buyers.

Increase in ATM volume

Placing a BTM close to an ATM will raise the volume on the ATM because customers who want to buy Bitcoins will generally pick up cash from the nearest ATM and then deposit it in the BTM to buy Bitcoins.

Leverage existing infrastructure

Since the business already has existing outlet, security, and cash handling processes and infrastructure in place, they could leverage the same and host a BTM outlet as well. Also, an ATM business has familiarity with regulation and how a money business works.

Leverage existing relationships

An ATM business has established relationships with location owners and banks. This will make it very easy for them to set up a BTM and operate it.

First mover advantage

As Bitcoin / Cryptocurrencies grow in usage, these businesses will have a first mover advantage and a lot more customer drive towards their outlets compared to just ATM outlets.

Conclusion

Leveraging the existing ATM businesses would not only be beneficial for businesses but for customers and for Bitcoin or Cryptocurrency adoption in general.

Bitcoin, a product of revolutionary Blockchain technology, was invented by a person or a team under the pseudonym Satoshi Nakamoto.

Bitcoin enables peer-to-peer payments without a bank or any central authority to authenticate it. The whole system is governed by code which is open source.

Although Bitcoin has been in existence for long, it gained popularity in last few years as its price went up in a parabolic manner. This led to a lot more people adopting Blockchain and Bitcoin first as an investment and then getting to know the technology behind it. A lot of traditional businesses are now entering the Blockchain / Bitcoin space and it is slated to grow in adoption in the coming years.

So how can you start a Bitcoin business? We give you an overview:

Understand the core principles of Blockchain and Bitcoin

Most important step is to understand the core principles. A good starting point would be to read the Whitepaper proposed by Satoshi Nakamoto himself. Getting to know the “why” of the Bitcoin is as important as understanding the “how”.

Identify areas in your business or around you

Identify areas in your business or around you where you can apply these principles and make transactions / relationships / processes more efficient / trustless. Individuals / businesses / Governments have started using Blockchain and Bitcoin for various industries from supply chain management to remittances to real estate to file storage to Internet of things.

You need to look at how Blockchain can make these areas more efficient by removal of trusted third parties from processes, workflows that can be automated, verifications that can be done on blockchain, and processes that can bring about more transparency.

Research

You will need to understand how Blockchain / Bitcoin can make transactions more efficient and do you research about the feasibility – technically, legally and financially.

Create a whitepaper

A whitepaper is a formal document that contains the following information about your project. It has to have a problem being presented, solutions to the problem, the technology, platform and processes that will execute the solution, the applications of the solution and how big the market is, the team and the resources you will need to execute it.

Look at legal compliance

Since the industry is still nascent, most countries in the world are still developing their regulations and it is imperative that you check the legislation in your area.

There are legal advisors who specialise in Bitcoin / Blockchain regulation. For example, BTM Compliance is a company that provides custom solutions.

Code the solution

Now you got to implement the solution, to get it coded. It may involve forking a blockchain, designing and implementing a token / coin or a wallet, or a custom solution like coding a Smart Contract or auditing one. You can hire programmers to get this done or your can hire a professional company with a team of specialists who can design, build and implement a solution for you. ChainBytes has experience in handling such projects and you can contact us for consultation at +1 (484) 866-8069

Finally, launch your project.