Bitcoin seems to hit the public eye and then slowly fades back into the background. However, this latest appearance made me finally take a closer look and get involved. I never had an actionable interest in Bitcoin until I discovered that you could track you Bitcoin wallet in Mint. Game changer. As soon as I discover this, I needed to get my hands on some Bitcoin, and man did I get some… An entire 14 cents worth over the course of two days!…
It seems like instead of seeing it as a currency, most people think of Bitcoin as an investment. However, Bitcoin, like other passive “investments,” does not classify as an actual investment in my opinion. The asset in and of itself does not do anything. Like commodity and collectible trading, Bitcoin does not work for you. With these assets, all you are doing is buying the item to hold onto while you look for a person more foolish than you to purchase it at an increased price–much like the individual did who sold it to you…
Because of this, I could not justify purchasing Bitcoin with cash that would have gone into an index fund (more of an active investment). Bitcoin is more of a toy for me, so I needed to treat it as one. With this said, I do have a “fun money” budget that I could have pulled cash from for a quick purchase, but that money was already allocated to a future purchase and, in the end, where is the fun in that?
Step 1: Get A Wallet
There is one prerequisite to start earning Bitcoin and that’s having a Bitcoin wallet. A Bitcoin wallet is much like a regular wallet. However, in this instance, rather than being a bulky pain in the ass (quite literally), a Bitcoin wallet in a long string of characters.
I setup my wallet at CoinBase.com, which is the only place you can have your wallet where Mint will track it. Setup only takes a few minutes and by the end, you’ll have a Bitcoin wallet address that looks like this:
With your Bitcoin wallet address copied and ready to be pasted, you are ready to begin earning.
Step 2: Profit!
Creating the wallet was the hardest part. Fortunately, with that out of the way, you can start earning.
If you’ve heard of Bitcoin, you’ve probably heard of Bitcoin mining. Unfortunately, the age of the average person mining successfully is gone. Now most of us a limited to Bitcoin faucets. Bitcoin faucets are sites that allow you to earn free Bitcoin–usually by having you perform small tasks or view advertisements. There are tons of sites that claim you can earn Bitcoin, but very few with a proven track record for paying out.
One Bitcoin faucet that has a great reputation and is the one I used is Bitvisitor. Bitvisitor pays you in “bits” (small fractions of Bitcoin) to view web pages. Simply navigate to Bitvisitor, paste in your wallet address, and submit. You will be asked to verify a captcha code and the site will display how much the view is worth(this number steadily drops the more you view). A web page will load with a countdown timer for 5 minutes. Once you have 60 bits accumulated, Bitvisitor will instantly send the payment to your wallet. I received my first payout in less than 40 minutes of starting.
To me, Bitcoin is not an investment. However, it’s a very interesting concept. While you won’t get rich earning Bitcoin from faucets, it gets your feet wet in the world of Bitcoin and gives you something tangible (sort of?) in the process of learning.
What is your opinion of Bitcoin? Do you think of it as an investment? If so, why? Let us know in the comments below.