If you're looking to get into the game of Bitcoin and hold your own personal coins, there are numerous options available. Here are some of the different ways available for acquiring some Bitcoin of your.
Purchase them from an exchange
Probably the most common ways to acquire bitcoins is through an exchange. Websites like Bitstamp, BTC-E, or Cavirtex in Canada, allow you to btc investors. They don't really sell Bitcoin themselves, but wait, how it functions may be the exchanges pair you as a buyer with a seller who's selling for whatever price you are considering.
This appears like an excellent option, and in some methods it's, nevertheless it have their disadvantages also.
One of the main ones would be that the exchanges need you to incorperate your personal information to them via Know Your Client legislation that's contained in many countries when it comes to currency-related businesses. This may not a concern for everyone, in a post-NSA scandal era, it's becoming more and more clear, no less than if you ask me, that data you add on the market is much more accessible than you think.
I would be considered a little paranoid, but that knows what could occur in the future. All things considered, just a decade ago the idea that the federal government is stalking everything perform was purely the world of tin foil hat conspiracy theorists, and today it's just well known. Who knows what's next?
As you have seen, I am not a big fan from the exchanges. The idea that I must give up my own information to an entity that might have to release that information appears to opposed to the spirit of Bitcoin.
Fortunately, there are other options.
Of course, there's only 1 place Bitcoins really originate from; mining. Every Bitcoin you'll ever own, see, or hear about, was a student in some time mined through the Bitcoin mining network.
When you're in possession of a mining rig, just mine away! Or if you use a computer fast enough to make it worthwhile, that's cool too.
But be mindful! In case your computer isn't cooled properly, you take the potential risk of overheating it, which could potentially brick it.
Frankly, mining together with your computer isn't actually worth it. Any longer. As the mining difficulty increases, it might be more and more hard to gain any profit from it. And unless you possess a dedicated mining rig, your opportunity of having any type of return from mining is fairly low.
Some reason that mining obtained care of out, and also purchasing a dedicated mining rig isn't actually a sound option anymore. I disagree, that is a subject for another day.
Purchase them from a private broker
If you're able to look for a private broker, it is possible to meet them and exchange. It has some obvious benefits, it also has drawbacks.
To begin with, it's totally anonymous. Even if you meet personally, there isn't any reason you need to use your real name, or any information regarding yourself besides your bank account number so they can transfer the funds to you. Of course, if you spend cash, financial institutions can't trace it either. Therefore if which is a concern for you personally, you have business.