Different Techniques to Acquire Bitcoin
By: Ellie Singh
Tags: Cryptocurrency, Wallet App, Bitcoin Mining, Bitcoin News, Bitcoin

Different Techniques to Acquire Bitcoin

With all the buzz in the air, you must wonder how to acquire bitcoin in India. Look no further — we have compiled a simplistic guide on the many ways to do so and in this blog, we will also explain how to buy bitcoins, how to mine bitcoin and how to get bitcoin for free. Ellie Singh Follow Jan 27 · 7 min read

With the price of Bitcoin reaching an all-time high, the rise in the popularity of cryptocurrency has caught a fair bit of attention in the last few months. Based on the past trends, today, a bitcoin investor can hope to have a very good return just in a couple of years.

With all the buzz in the air, you must wonder how to acquire bitcoin in India. Look no further — we have compiled a simplistic guide on the many ways to do so and in this blog, we will also explain how to buy bitcoins, how to mine bitcoin and how to get bitcoin for free.

How to Acquire Bitcoins?

It is possible to buy Bitcoin legally in India by using various methods. The most common answer you’ll get when you search ‘how to get bitcoin’ is through a trading platform or from an exchange. However, there are now many different techniques to acquire bitcoin. Bitcoin can easily be bought using debit and credit cards. It can be bought through share brokers or be mined as well.

There are many ways to buy and store cryptocurrency, especially because this isn’t money that you can hold physically. Bitcoin itself is intangible but its distributed computer network with nodes operating around the world is the tangible asset.

About Unocoin

Unocoin is India’s leading crypto-asset trading and managing company. They provide a platform for you to buy, sell and exchange your bitcoins against INR. They have desktop sites and mobile applications with Android and iOS versions where you can easily trade your Bitcoins.

How to buy Bitcoins in India?

Bitcoin Exchanges

If you’re looking for something similar to traditional brokers in the bitcoin world, Bitcoin exchanges are for you. These are digital platforms that allow you to exchange money for cryptocurrency. Depending on their country of origin, the platforms accept different fiat currencies (paper currencies like USD, EUR, GBP, INR) which are then exchanged for bitcoin.

These exchanges act as a medium between buyers and sellers of cryptocurrency and can be compared to traditional sharebrokers. Just like in the conventional share market where an order is first placed and can only be bought when someone is selling the corresponding number of units, bitcoins can only be purchased when someone is selling the corresponding amount.

To set the process in motion, you simply have to deposit the required amount through a bank transfer, and the exchanged bitcoins are then credited into your account. The exchange usually charges you a certain percentage for service, similar to if you were selling.

Some exchanges also allow you to convert bitcoin into other cryptocurrencies. However, these require you to pay a conversion fee. There are many different exchanges available all over the world. Choosing the right exchange can affect your experience. The organization website for bitcoin lists various exchanges that are trustworthy and reliable. This method is simplest if you’re looking at how to get bitcoin easily.

Cash Exchangers

Cash Exchangers are also known as Bitcoin ATMs. These work very similar to Bank ATMs. In these ATMs, you deposit cash or swipe your debit card, and the converted bitcoins are deposited into your account. Similarly, they also allow you to get cash in exchange for bitcoin.

There are two different types of Bitcoin ATM: unidirectional and bidirectional.

Unidirectional ATMs allow you to only buy bitcoins. Bidirectional ATMs allow you to buy and sell bitcoins.

These ATMs are either from direct bitcoin ATM manufacturers or a revamped Bank ATMs and don’t need debit or bank account cards.

Bitcoin ATMs in most of the countries are unidirectional. This means you can only buy bitcoins by depositing cash. ATMs in India do not allow you to sell your bitcoin in exchange for cash. However, these can be sold online. ATMs are an excellent solution when you’ve noticed the exchange rate is ideal, are away from the laptop and are searching for how to buy bitcoin without the internet. India does not have any kind of bitcoin ATM yet.

Get paid using bitcoin by performing Micro-tasks

Micro-tasks are a great way to get paid using bitcoins. These are simple tasks or puzzles that you can solve to get bitcoins. Some examples of these micro-tasks are:

Reading English Classic Novels Solving puzzles Solving online puzzles Downloading and completing games

The main objectives of these micro-tasks are marketing goals. Companies or individuals offer these tasks with bitcoin as rewards. Your engagement in these tasks helps them research their targeted market and marketing objectives. This allows the company to assess their target audience when they’re trying to sell products and services.

Because the micro-tasks can be posted by any individual or company, you can easily use these when you’re looking at how to get free bitcoins instantly. Micro-tasks are usually posted on various platforms and exchanges.

Selling your own services

Online shops provide a variety of payment options: cash on delivery, credit cards, net banking; the options are endless. You can also accept payment using bitcoin. If you provide a niche service or personalized products for a special group of people, you can ask for payment in cryptocurrency.

While crypto-currency has become popular, many groups of people are still unsure about it. It isn’t as common as credit card or net banking, which is why when you provide the option of bitcoin payment method, make sure you’re doing this for a targeted audience.

You can easily ask for bitcoin payments. As long as the person knows how to get bitcoins with an exchange or PayPal they will be able to complete the payment using this currency. All you need to do is open a business account, register it according to government norms and know how to get the bitcoin converted into cash or transferred as a currency into your bank’s account.

Bitcoin Mining

Mining is a perfect solution to get free bitcoins instantly. Mining requires almost no investment apart from your PC and is 100% legal. While many people believe that mining bitcoin is difficult, it takes a simple search of ‘how to mine bitcoin’ to get the correct answer.

There are thousands of bitcoin transactions taking place in one single day. Miners work to verify these transactions and flag down and fraudulent transactions that are happening. For their work as auditors, they’re paid in bitcoin.

The most common problem that occurs during transactions is double-spending. In such a scenario, the owner spends twice as much on the same coin. This cannot happen with physical transactions because we cannot spend the same dollar bill twice. However, because bitcoin transactions are irreversible, the situation requires a third-party to get involved — the miners.

Miners have to verify at least one block to be eligible for earning bitcoin. One “block” is about 1MB worth of transactions and was a limit set by the creator of Bitcoin, Satoshi Nakamoto. However, there are two eligibility criteria you need to fulfil to get paid in bitcoin:

You must have verified at least 1MB worth of the transaction. You will have to be the first person to get the right answer to the puzzle.

Getting the right answer involves a little bit of mathematics and guesswork. You have to come up with a 64-digit hexadecimal number (also known as hash) that is less than the target number. Because there are so many possible combinations, this takes a lot of effort. This also means you need to have high computing power to mine at a high hash rate.

It is however not a walk in the park. Coming up with a hash takes time, knowledge and effort. If you’re looking to mine bitcoin, make sure to keep all the information you need handy while you come up with the answer.

These are some of the most common ways to earn bitcoins. When you’re looking for information on how to get bitcoin, make sure you choose one that’s 100% legal and feasible as per your law of the land. While it sounds interesting to perform micro-tasks and earn bitcoin, make sure you verify the seller before engaging in any of the tasks.

Choosing a crypto-exchange is the most important step when you’re about to enter the crypto-world. Choose one that has the highest security, best reputation and insurance options. Buying and selling bitcoin becomes a lot easier when you choose a trustworthy exchange like Unocoin.

FAQs

Q: How can I get Bitcoins Instantly?

A: It is possible to get Bitcoins instantly through exchanges and peer-to-peer bitcoin marketplace platforms. Unocoin is a trustworthy and user-friendly platform that’ll guide you on how to buy bitcoins or other cryptocurrencies.

Q: How can I get free Bitcoins in 2021?

A: It is not that hard to get free bitcoin — the only catch is that it isn’t possible to get a lot of it for free in a short time. Multiple platforms offer games and simple tasks. Once you’ve completed these tasks, the bitcoin will be deposited into your account — albeit in small quantities.

Q: How can I get free Bitcoin without investment?

A: Micro-tasks or giveaways are a simple answer to ‘how to get bitcoins for free’. These require you to complete mini-tasks like reading a specific book or solving puzzles to earn the bitcoins for free.