There are four primary ways people get Bitcoin. You can mine Bitcoin, buy Bitcoin, sell something in exchange for Bitcoin, or work for Bitcoin.
1. Mining Bitcoin
Bitcoin mining involves running Bitcoin mining software which processes very large numbers of mathematical problems searching for a provable solution. This is called “proof of work”. When Bitcoin was first released it was possible to use a standard CPU to mine but soon after CPU mining was replaced with GPU mining because GPUs were capable of processing faster. However, today almost all mining is done on specialty hardware called ASICs. There is a fairly high cost of entry for successful mining and it’s probably not a very effective investment for your average person. However, if you are interested in getting set up in mining in Winnipeg the guys at WTCR in Winnipeg can help you out.
2. Buy Bitcoin
There are a number of ways to buy Bitcoin, and it’s getting easier, cheaper, and more convenient in Canada every day.
- You can purchase Bitcoin through face-to-face trade with someone who has Bitcoin. If you don’t know anyone wanting to sell Bitcoin you can check out Localbitcoins.com to find someone with Bitcoin for sale. Localbitcoins offers a number of security features like an escrow service, 2-Factor Authentication, and a community rating system to help ensure your transaction is conducted safely and securely. However, reasonable precautions should be exercised when doing business with strangers.
- You can purchase Bitcoin through a number of Bitcoin exchanges. This page has several reputable exchanges that work with Canadian orders.
- You can purchase Bitcoin through a Bitcoin ATM machine (coming to Winnipeg soon!).
- You can purchase Bitcoin through a variety of convenience services. One such service is QuickBT.com which allows you to purchase small amounts of Bitcoin with Interac Online. First time purchasers must be verified and may take up to 24 hours. You could also use a service such as CoinTap (coming soon!) which allows you to purchase a Bitcoin gift card off the shelf which can be redeemed by the cardholder for Bitcoin.
3. Sell something for Bitcoin
There are not a lot of marketplaces which cater to the re-sale of goods for Bitcoin, but the new site Cryptomama.com shows promise. You could also choose to mention in a conventional Kijiji or Craigslist ad that you would accept Bitcoin for payment.
If you are a merchant and wish to accept Bitcoin as payment for your goods or services, check out the Merchant Resources page for more information.
4. Work for Bitcoin
One of the exciting ways to get Bitcoin is to take Bitcoin in exchange for your own efforts. There are a number of sites that help people find people or companies willing to pay in Bitcoin for a variety of services.
Some people have even arranged with their employer to be paid all or in part in Bitcoin.