As Bitcoin continues to grow into a larger asset class, quickly earning as much as possible has become a more widespread goal. For this reason, we’ve put together a breakdown to explain the best way to earn Bitcoin fast and increase the holdings you already have. Moreover, we touch upon how you can grow your Bitcoin holdings by using a BlockFi Interest Account (BIA).
The Best Way to Earn Bitcoin Fast
If you’re looking to acquire Bitcoin fast, there’s really one primary way to start doing this. It might seem like an obvious solution, but you can buy Bitcoin on an exchange. There are free ways to earn Bitcoin, but these methods take more time and typically won’t produce large amounts of Bitcoin. When you purchase Bitcoin on an exchange, you are able to immediately purchase your desired amount. If that sounds like the option that suits your needs, the first place to start is choosing the right crypto exchange – this is where the process becomes not so obvious.
When deciding on which exchange to buy Bitcoin on, it’s important to know how much Bitcoin you’re looking to purchase. This is because retail crypto exchanges typically have limits on how much Bitcoin you can purchase on a daily and monthly basis. For smaller Bitcoin purchases, under $25,000 daily, there are many retail crypto exchanges that will be able to accommodate you. For purchases over $25,000 daily, you might want to consider an OTC (over-the-counter) exchange option. Having said that, most people purchasing Bitcoin likely won’t need to worry about using an OTC exchange since they will be purchasing smaller sums.
The process of purchasing Bitcoin is fairly straight forward. You’ll need to create an account on the exchange you decide to use, submit your personal information for Know Your Customer (KYC) and Anti-Money Laundering (AML) approval, and then connect the bank account you’d like to purchase Bitcoin with. Once your KYC/AML is approved and your bank account is connected, you can immediately start purchasing Bitcoin.
After purchasing Bitcoin, you’ll have a choice of where to store it. You can hold it on the exchange where you purchased it, you can hold it in a crypto wallet, or you can use a BlockFi Interest Account (BIA) to earn interest on your Bitcoin. Although holding Bitcoin on exchanges and within crypto wallets are the two most common ways to store digital assets, neither will help you earn additional crypto. If your goal is to earn more Bitcoin while securely storing it, the BIA might be the best option for you.
How Does a BlockFi Interest Account Help You Earn Bitcoin Fast?
By holding Bitcoin in the BIA you can earn compound interest. This is one of the fastest and easiest ways to increase the amount of Bitcoin you’re earning. The best part is that it doesn’t cost money to create an account and quickly start earning interest on your Bitcoin. If you’re also interested in diversifying your portfolio, you can opt to use our feature Interest Payment Flex to have your compound interest paid out in one of the offered currencies. For example, you could choose to have your GUSD interest paid out in Bitcoin. It only takes a few minutes to set up your BIA. Once you’re set up, you don’t need to do anything except watch as you continue to earn more Bitcoin. Check out BlockFi’s rates page for current interest rates.
You can learn more about how our BlockFi Interest Account (BIA) works here. For any additional questions about BlockFi, please contact us at email@example.com. We love hearing from you.
– The BlockFi Team