In the present time where Bitcoins are being used as a digital mode of payment in a lot of transactions done online, how do we even get our hands on these things? There are two ways on how to attain Bitcoins: either you become a bitcoin miner or a bitcoin buyer. So, with this two options in mind, what is the better choice to make? How do these two things differ? What are the advantages and disadvantages of one option over the other? Let us take a look over these two options.
Bitcoin mining, as defined in a website called Investopedia.com, is the process wherein transactions are verified and added to the blockchain and is the means through which new bitcoins are released after btc miner compile recent transactions and after solving a difficult puzzle, which is usually a math problem. So, how is mining bitcoins more effective than simply buying them? In bitcoin mining, you have a freedom when it comes to payment. According to Lisacain (2017), a person can easily send and receive bitcoins anytime and anywhere in the world since bitcoin mining does not involve any regulations in transacting payments. Next advantage is that you can choose your own fees. Meaning, you are in control of how you receive your bitcoins especially that in bitcoin mining, no fees are charged to the user. A person can easily transact and convert bitcoins into other currency and deposit the funds into their accounts. (Licasain, 2017).
When it comes to personal security, bitcoin mining gives more assurance compared to bitcoin buying. This is because attaining bitcoins would not and does not involve other transactions which means that a btc miner personal information would not be at risk of being exposed or leaked to other people. Also, bitcoin mining provides a wider and larger reach to markets in transactions at lower fees.
Despite the advantages of mining bitcoins, let us also take a look at the pros of buying them. Buying bitcoins can be done directly from market places through other people or from different exchanges such as Unocoin. Purchasing them can be done from anyone who has them as well.
So, when it comes to advantages, buying bitcoins is more instant compared to mining since it can take up to days to mine bitcoins. Buying, on the other hand, is easier and more instant since a buyer is just purchasing pre-existing bitcoins. Also, the value of bitcoins is more secured in buying than in mining since fluctuation in value is not much of a big deal when it comes to purchasing bitcoins.
All in all, both mining and buying bitcoins have their advantages. A person’s choice now depends on his capability in handling and earning bitcoins and capital.