Bitcoins are released within the network and are solely monitored based on transactions embedded within the blockchain. Bitcoins cannot be made or created externally for it will not be recognized within the blockchain and what’s not recognized by the network of miners gets rejected by the protocol.
Bitcoins can be obtained directly by solely one method, mining.
Bitcoin can be obtained indirectly by many other methods such as buying it from many other people or combining microtransactions to form one Bitcoin altogether.
BI shall be covering both aspects of acquiring Bitcoin directly and indirectly.
- Bitcoin acquisition by Mining:
Bitcoin can be accumulated by receiving fees and block rewards for mining in the form of bitcoin. This is the only way through which additional bitcoin can be added to the network. Hence, you cannot get scammed by any third parties since this relationship involves just you and the bitcoin protocol. This is by far direct and purest way of acquiring Bitcoin.
Bitcoin Mining on Cloud using Genesis Mining:
- Bitcoin acquisition by Buying:
Bitcoin acquisition involves a third party that has already mined or bought bitcoin from somebody else. There are multitude of platforms that facilitate this exchange, for a price of course.
A majority of exchanges fall under this category in helping people to buy and sell bitcoin in exchange for fiat local currency. One might also consider accepting Bitcoin by different means in exchange for a product or service provided. Coinbase and poloniex are one of the most reputed exchanges in US and Europe respectively.
Here is a list of people that accept bitcoin for products and services: