Personal Finance Jan 25, 2024 12:29 PM EST

How to Invest in Bitcoin for Beginners

By Isaiah McCall

Sorry, but the Bitcoin train has long left the station. Bitcoin is sitting around highs of $40,000 and isn't showing any signs of slowing down. Even when the price pulls back it sits around the high $30,000s. So you're either one of two people right now: 

1.You're celebrating because you got in early
2.You're miserable because you fear it's too late.

Hush that mouth of yours! It's not too late.

(Photo : In collaboration with Getty Images) Bitcoin Choo Choo

We won't spend too much time explaining why Bitcoin is booming right now - you can read this here - but I'll give you a hint: It has something to do with the fact that inflation is at record highs and in 2020 35% of all U.S. dollars ever created were printed in the last 10 months.

So, on that note, here are three alternatives to invest in the currency that some predict could one day overtake the dollar.

1. Invest in Crypto Mining Groups

I invested $1000 dollars earlier this week in crypto mining group Riot Blockchain (RIOT). Today I'm sitting $300 richer and that growth likely won't stop as long as Bitcoin keeps surging.

Think of Bitcoin mining like solving a Rubix cube. After you solve the cube - which in Bitcoin's world is a complex math equation that requires tremendous processing power - the cube releases a prize.

That prize is Bitcoin.

The more times the cube is solved, the more complicated it gets. And the more complicated it gets the rarer Bitcoin becomes. People then pool their resources to solve the puzzle together - and thus mining groups are born!

It's game theory in a nutshell. Granted this is a gross simplification - but who cares!

I invest in Riot Blockchain which is up 65% on the year, and is down 40% over the last few months making it a good stock to pick up on the discount. There's also Marathon Patent Group (MARA) which grew 1333% in 2020.

2. Freelance For Bitcoin

A few years ago an NFL player claimed to be paid in Bitcoin. It was sort of true - he isn't being paid in Bitcoin per se, but he does plan to convert some of his paychecks into crypto.

Good for him.

Lucky for us, we can actually be paid in Bitcoin.

Cryptogrind is the leading website in connecting freelancers with Bitcoin paying employers. I haven't used it yet, but you can find some insanely lucrative positions on it. Job options are sparse, however, but you could land a big opportunity if you can graphic design, code, or video edit.

I've also explored Upwork which is much more prolific in their Bitcoin paying job postings. I'll definitely be pursuing more positions like this on Upwork in 2024.

Keep in mind, this is just the start of practices like this, and I'd guess that employers who pay in Bitcoin are very progressive people to work for. Also, I'd much rather take any amount of Bitcoin over fiat at this point.

3. Buy Fractional Shares

Buying crypto has never been easier in 2024. 

You can invest in cryptocurrencies through PayPal, Cash App, Robinhood, Webull, Coinbase, and so many other investing platforms today.

Some people would recommend against investing in crypto on platforms like PayPal or Robinhood because Coinbase offers more features like an exchange and digital wallet all in one. However those options work perfectly fine. Maybe you could introduce your friend or relative to the concept of Bitcoin. Or just own some with your freelance earnings on PayPal.

Even if you only have $5 to your name, you can still invest in Bitcoin on any of these platforms. And quite honestly I'd recommend it with the way the U.S. economy is heading.

The team at The MoneyTimes consists of passionate financial enthusiasts, but it's important to clarify that we are not certified financial advisors. While we strive for accuracy and present information based on thorough research, we strongly recommend that readers conduct their own independent research and consult a professional financial advisor before making any investment decisions. Nothing contained in this publication should be interpreted as investment advice.   

Related Article: Bitcoin Price Slumps Following Spot ETF Approval, Boosting Alternative Cryptocurrencies

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