When it comes to gaining Bitcoins there are basically 2 ways to go about it. you can buy it or you can earn it. You are never actually creating bitcoins. You are doing calculations/work and you are being rewarded with Bitcoins.
In terms of buying Bitcoin there are a number of ways you can do that. Typically it’s done through something like Coinbase where you pay some fees and you can trade US Dollars or any other currency (even crypto) for Bitcoin. But that’s a bit risky because you have to wait for the price to go up and hope you bought at a good time.
Mining is what we deal with. You buy a specialized Bitcoin miner and you basically run it for as long and as often as possible to get as many rewards as you can. Mining is when your miner runs calculations to confirm transactions and basically act as a mini banker for the global Bitcoin network. In return it gets paid Bitcoin.
Well, you are essentially investing in a tiny automated banker. You buy the miner and you try to run it as effectively as possible. If you bought it and wanted to run it yourself, you would plug it in and keep it clean and constantly supplied with energy, then your eyes would get all wide when you saw the electric bill. Who knows, you might even faint! That’s the case for most normal people.
We recommend you buy one and you host it somewhere where electricity is MUCH cheaper. We work with companies that take care of that for you. You pay a hosting fee, much like you would do with a website. So your machine will sit safely in a specialized warehouse on a shelf plugged into an outlet in a temperature controlled building with cheap electricity
Whether you host with a company we work with or you run it yourself, you have to have things hooked up to an online “wallet.” In the case of some hosting companies, you will have an online account with them and additionally an external wallet like MetaMask or Coinbase. Through those you can transfer between accounts for purchases or payments and gifts to friends or you can transfer the funds to a bank as US Dollars. Ally bank is very open to Crypto and many other banks are ok with crypto BUT they will not invest in it. So you’re ok as long as you aren’t asking for a loan to buy a machine.
You can also re-invest and buy another miner or, even more fun, you can venture in to other crypto currencies. For this I recommend signing up for our newsletter and blog so you can see all the new stuff coming out. You should also keep your ears and eyes open. There may be something we don’t cover that tickles your fancy. PhilCoin for example. It’s a Philanthropy Coin. We’ll get into that later.