Step 2: Get Coins
Once you have a wallet. The next logical step is obviously to start accumulating coins. There are many ways to obtain cryptocurrencies, the most common ones are by “Mining” your own coins, or simply straight up purchasing them. There are even sites that will give you some coins for free! Below we will outline each of these methods.
Everyone likes free stuff, and free coins are no exception. To help get people started and to promote their coins, many cryptocurrencies offer various methods of earning free coins. However, it is important to note that these sites/faucets only offer up a very small amount of coins. So small, in fact, that you probably won’t find any real use for the amounts. It’s definitely not the most convenient way to acquire coins, but it should help with getting acquainted with how the cryptocurrency system works. A full list of these sites are available in our Free Coins section. Here are a few now to get you started:
- CoinAd: Earn Bitcoins for visiting websites
- BitVisitor: Earn Bitcoins for visiting websites
- Bitcoin Get: Earn Bitcoins for watching videos and other simple tasks
- Earn Free Bitcoins: Earn Bitcoins for visiting websites
- A Bit Back: Earn Bitcoin by watching videos, surveys, trials, offers, even for listening to Internet Radio.
- CoinTube: Earn Bitcoin for watching TV
Mining is a process in which you can generate your own coins by using your own personal computer and connecting to the coin’s network and solving mathematical equations to find blocks which in turn assist to process the transactions. Mining is the bread and butter of the cryptocurrency world. It’s what keeps the currencies alive and what keeps your transactions flowing. Without mining, cryptocurrencies wouldn’t exist. Think of mining as a reward based system to keep the economy flowing. If you help the network, you will be rewarded with coins. Anyone can mine as long as they have a computer and/or mining device and an internet connection. The entire mining process is explained in detail in our Mining section.
If you don’t want to deal with all the hooplah of signing up for free faucets and don’t want all the trouble of setting up a machine to mine your own coins, your best bet is probably to simply purchase coins. This way you will be able to play around with an actual usable amount of coins right away. Unfortunately, purchasing Litecoin and Digitalcoin can seem a little daunting. You will most likely have to purchase Bitcoins first and then trade for Litecoin or Digitalcoin using a coin exchange site. You can purchase Litecoins with US Dollars from BTC-E, however you will need to go through a service like Moneygram or OKPay to transfer your money to the site. Digitalcoin is currently working on it’s own exchange/payment processing service that should be available sometime in September. For now, we will focus on purchasing Bitcoin.
If this is the first time you are purchasing Bitcoins, or are unsure about getting seriously involved, the easiest way to get started is by using a service such as LocalBitCoins. Just find someone local that’s willing to sell you some and go meet them cash in hand, or find someone willing to sell you some coins online.
If you get serious about them, then you can open accounts and get direct withdrawals from your bank from Coinbase. Coinbase acts as an online wallet, payment processor as well as a place to buy and sell Bitcoins all at once. Coinbase is by far the easiest and most hassle free way to get Bitcoins today. The only catch for now is that you need a US based bank account in order to purchase coins. If you are in Canada, you can open a US based account via TD or RBC.
For a complete and up to date list of where to purchase Bitcoins, please check the following link: https://en.bitcoin.it/wiki/Buying_bitcoins
What’s the fun of having coins in your wallet if you can’t use them.