If you are new to Bitcoin, setting up your first wallet is a major step. However, that cannot match the next milestone; loading your first Bitcoins into it.
The latter turns you from another curious fly on the wall into a bona fide active member of the Bitcoin community. It puts you on the road to enjoying exceedingly low costs of paying for stuff and transferring funds around the globe.
Perhaps it will encourage you to know that every Bitcoin user has been at this seemingly daunting self-initiation stage. It might also help calm your nerves if you appreciated that Bitcoin is just a currency like the Dollar, Euro, pound or Yen.
Well, not quite.
Of course, Bitcoin is not issued by the central bank nor is it managed and regulated by a government agency.
Nonetheless, it is a currency.
The point is; where and how you get fiat currency for your new bank account is the same way you do for Bitcoin wallets. However, having said that, there are a few sources that are exclusive to Bitcoins. And you will recognize them in the list below:
1. Go mining
That is how the first Bitcoin users made their money, and many around the world still do. There is a catch, though; you need to invest in superior hardware and software as well as ensure your computer is on 24/7.
And even then you are not assured of any income. Hundreds of thousands of other miners are competing for the same a few bitcoins that are up for grabs daily.
But what is Bitcoin mining?
This is lending your computer for use in completing Bitcoin transactions. And as the computer solves mathematical problems involving these transactions, you stand a chance to be rewarded with new Bitcoins through a form of lottery.
Therefore, mining achieves two things; reward those who contribute hardware as well as software resource to the Bitcoin network and introduces new Bitcoins into circulation.
2. Buy from people near you
In the early days of Bitcoin, this was not practical. There were far few people who even knew what Bitcoin was in a typical neighborhood, not to talk of owning any. Of course, most of those with Bitcoins were mostly miners.
But things have changed.
Now, it is not difficult to locate someone with some Bitcoins for sale in cities and towns around the world.
In order to make this way of exchanging Bitcoins even easier, websites like localbitcoins.com have come up.
All you need to do is to put up your demand or go through offers already made by other users and if you identify a match, then you contact the owner, meet and transact.
3. Buy from an exchange
This is perhaps the easiest way right now to get your first Bitcoins. Coinbase, Cryptsy and such other online exchanges are always ready to sell you Bitcoins at a rate prevailing during the time of the transaction.
You will have to transfer money from your bank account to theirs before they put a corresponding number of Bitcoins into your wallet.
And, by the way, these exchanges also offer the most convenient way of setting up wallets for people new to Bitcoin.
This process, however, in some cases takes long to execute and it is more costly due to the involvement of traditional remittance services.
Nevertheless it is reliable and convenient.
4. Ask for payment in Bitcoins
If you work for or sell to someone who is in possession of Bitcoins, you can ask them to pay you with the digital currency. Of course, you must supply them with your wallet’s public address.
There are now millions of individuals and businesses around the globe that are ready to pay with Bitcoins, if only you ask.
Therefore, if you do sell stuff and you want to get Bitcoins in your just created wallet, just let your debtors know you accept Bitcoin for payment.
However, if you need to go large scale with accepting Bitcoin as a mode of payment in your business, then you may consider opening a merchant account with one of the Bitcoin exchanges online.
5. Visit your local Bitcoin ATM
Bitcoin ATMs are the newest addition to the channels through which you can get your first Bitcoins.
They are cheaper than exchanges due to the fact that they exclude commercial bank and remittance services, which are the major contributors to the cost of using exchanges.
Even though they are not found in many places right now, this is going to change with time as more people adopt Bitcoin and the infrastructure rolls out.
There, you have your five ways through which you can accumulate your first Bitcoins.