Multiply Bitcoins? Well, there are more ways you can do it.
Buying Bitcoin – converting your fiat money to Bitcoin is probably the easiest and most accessible way you can multiply your Bitcoin. First of all, you should have a Bitcoin wallet. You can go to one of my previous posts on how to choose a wallet –, then, you can register a popular exchange, such as Coinbase, Kraken, Localbitcoins, and buy Bitcoin for money.
It is important to move your crypto funds to a secure wallet and never leave your Bitcoins in the exchange.
Buying Bitcoin with ATMs is also a great idea, though it will require higher fees.
The more you buy, the more you multiply your Bitcoin.
Mining – Bitcoin mining was once available for average people who had money for a decent computer and video card hardware. However, currently, mining is not for everyone. The process is very expensive and requires electricity and sophisticated hardware among others. Only companies, groups of people or the so-called pools can mine Bitcoin and multiply it in this way. Now they use advanced hardware, called ASIC, which is very expensive. However, mining is still a Bitcoin generating method, so we should mention it.
For those of you who are not familiar, Bitcoin mining is a process in which new Bitcoins are generated from scratch. The new Bitcoins are actually a reward for the miners, as their mining effort aims to monitor and maintain the blockchain system in a decent form.
If you insist to profit from mining, you can invest in mining pools, and their return will be reflected in your return per investment.
Or you can buy hardware to build a mining farm like this:
Good luck with that!
Now, this one is really about multiplying Bitcoin:
Being ready for Hard Forks – whenever a hard fork is announced, you should be ready to get the new coin, especially when it is offered for free.
You maybe heard of Bitcoin Gold, which is a new hard fork planned for tomorrow, October 25. The developers of BTG create this new coin by splitting the blockchain of the original Bitcoin. Bitcoin owners will get the corresponding amount in Bitcoin Gold. For example, if you own 100 Bitcoin, you will get 100 Bitcoin Gold for free. The only condition is to store your Bitcoin funds with some of the exchanges that support BTG. Then you can sell your Bitcoin Gold and multiply the balance in original Bitcoin. This would be an easy and very profitable move, as Bitcoin Gold’s price was announced to be 10% from Bitcoin – like $500-$600 per BTG.
However, it may not work. When you’re reading this, the fork probably happened already.
The hard fork is always something that you should consider. However, you should maintain your skepticism during each fork.
Is trading Bitcoin a good way to multiply it?
I see that some answers mention Bitcoin trading as one of the methods to multiply Bitcoin, which is not really the case. You can somehow multiply it by playing with the price variation, but in most of the cases Bitcoin trading is about multiplying fiat money.
Buy and hold is the best trading approach in the case of Bitcoin, but it’s a good strategy to multiply your dollars or whatever your currency is, while the Bitcoin amount will keep the same.