Now that you have a wallet, it only makes sense to get some money into it. The quickest way is to “Buy” some bitcoins, which is essentially converting your money into a currency the same way you would when visiting a foreign country.
The unique thing about Bitcoin is that it changes value constantly. Sometimes for the better sometimes for the worse. Think of it like the stock market. Say today you buy a bitcoin and it’s valued at $300 bucks. So you’ve converted your $300 USD into 1 BTC. Well if the value of bitcoin goes up tomorrow, say to $600 for 1 BTC, well you just earned doubled your money. Or if the value of 1BTC goes down to say $250 USD, you just lost $50 USD. Now I use the term “loss” and “earned” very loosely, technically you haven’t lost anything, you still have 1 bitcoin, you would only lose or gain money if you convert it BACK to your own currency.
The value of bitcoin has been on the rise, so you might not want to buy an entire bitcoin, but luckily you can buy fractions as well, so only buy what you’re comfortable with.
Now that you know how to “buy” bitcoin, let’s look at a few ways to “earn” bitcoin…