CFO of DASAN Zhone Solutions

3 Ways to Own Bitcoins

Bitcoin has earned a lot of attention in the news over the last year due to its growth in value, most recently peaking at $5,013 for a single bitcoin on September 1, 2017. While there has been some debate among economists about what the future of bitcoin holds, many people around the world continue to have an interest in owning the cryptocurrency. If you are among those who want to secure a bitcoin for yourself, you can do so in the following three ways.

1. Make a purchase. While the price of a single bitcoin was originally 8 cents, the current value is over $4,000. People who would like to purchase a bitcoin at this price can do so through one of many different digital asset exchanges hosted online. Some of the most popular digital asset exchanges include Coinbase, itBit, Blockstream, and Bitnet.

2. Mine bitcoins. There are only a certain number of bitcoins that will ever be available to own, and in order to bring new bitcoin into existence, people must mine them via the online bitcoin network. Around 74 percent of all bitcoins have already been mined, and the process to uncover the remaining currency involves the use of well-equipped computers and software to solve complex math problems. Individuals who are interested in mining bitcoin must invest in faster-than-average hardware to be competitive with other miners, or they can work as a part of a group through online mining pools, which allow individuals to combine the power of multiple computers to mine bitcoin.

3. Accept bitcoin payments. For entrepreneurial individuals, one of the easiest ways to secure a bitcoin for oneself is by selling products or services and adding bitcoin as an acceptable payment method. Major companies such as Expedia, Tesla, and Amazon already enable payment through bitcoin, and accepting the cryptocurrency has the benefit of lower transaction fees, a higher degree of fraud prevention, and no risk of chargebacks.