Thursday, August 18, 2022
UncategorizedBuying or Mining Bitcoins – Which is The Better Option?

Buying or Mining Bitcoins – Which is The Better Option?

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Earning money with Bitcoin has become a very popular occupation for millions of people in every corner of the planet. Some research has stated that there may be as many 5 million Bitcoin users globally these days. Additionally, thousands more are joining each day.

The trend of trading with Bitcoin has spiked in 2021 due to the fact that this cryptocurrency has reached heights that no one thought are possible. To sell Bitcoins, logically – you must first own them. There are essentially two ways to earn Bitcoins: you can either mine them or buy them. We are going to take a look at both of these options and see which one’s better. But first, let’s see where do you sell them.

What traders should know about Bitcoin
Photo by Aleksi Räisä on Unsplash

Where Can You Sell Bitcoins

Traders that have obtained a certain amount of Bitcoins have two options when it comes to selling them – Bitcoin ATMs and trading sites. Bitcoin ATMs can be found in many countries and they work similarly to regular ATMs. They connect you to a marketplace and allow you to sell your assets. But, the big problem with them is that they are not as accessible as one might think because there are still many countries around the world that don’t have them.

As for the countries that have them, they are not present in every corner. Not only that but they are known for charging enormous fees. That is the reason why a big majority of the people choose trading sites. They can be accessed from any mobile and desktop device at any time and place.

Not only that, but reputable platforms will also help you maximize your profits by using their AI systems to analyze the market and make accurate predictions on the future fluctuations of Bitcoin. The results are shared with the traders, who gain knowledge on when is the best time to sell their Bitcoins. One of the platforms that have mastered this process is https://thebitcoinsystem.io/. Thanks to their AI system, you will gain an advantage over the volatility rate and generate the highest revenue possible.

Now, let’s get back to the main topic.

Mining

We are going to start off with mining. There are two things that make mining a suitable option. First, it’s free, and second, with mining, you actually help the network maintain its stability. Here’s how mining works. Miners solve various complex puzzles with the purpose of recording and verifying Bitcoin transactions. These puzzles cannot be solved within a day. They are extremely complex and not only do they require a lot of expertise, but you also need to possess a high-performance desktop device.

Each transaction that you record becomes a block and it is integrated into Bitcoin’s blockchain, which is the main technology that powers this cryptocurrency. The more transactions you record/blocks you create; the more Bitcoins will you receive as a reward. Mind you though, the process is extremely hard and complicated.

Buying

The second option to earn Bitcoins and profit off them is to go to the aforementioned trading sites and buy them. This is a good option if you are unfamiliar with the process of mining Bitcoins, have enough capital, and are looking to make easy money. But, there is one big problem here and that is the volatility rate.

Bitcoin’s price can rise and fall with each passing day. That means that you face the risk of losing money as you may be forced to sell your Bitcoins at a lower price than the one you bought them for.

Conclusion

Now that we’ve taken all things into consideration, it is safe to say that mining is a far better option as it guarantees you a profit. But the big problem there is that not everyone has the skill the mine Bitcoins, which is why they opt for buying and re-selling Bitcoins. Our advice would be to get as familiar with mining as possible as you can reap many benefits with it, one being a bigger profit.

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