This year, Bitcoin turns 12 years old. It has been a long journey, and BTC has grown in multiple ways since then. The opportunities to make money out of the currency also saw a boost in this time frame. However, people are yet to understand the technology and make mistakes while using it. To help you out, we tell you ten practical ways to make money with bitcoin this year.
How To Make Money With Bitcoin
In the process of mining, workers use powerful computers to solve complicated mathematical equations. Once they crack this code, they get some BTC in return. It is like a race as the person who solves the block first wins and reaps the rewards.
Initially, mining was not very complicated, so the beginning miners could mine thousands just from their home computers. Nowadays, you need top-tier equipment to start mining, and the competition is more too.
In order to succeed, you can join mining pools or clouds. A mining pool is a common group of miners who put their computing power to solve math problems. For mining cloud, the users use cloud service to connect and use power.
As competition increases, you can profit only if you have better equipment. But if you buy expensive equipment, your profit margin reduces. Therefore, mining is no longer as profitable as before.
2. Buying And Holding
You may also buy and hold Bitcoin or, in other words, HODL it. Yes, HODL initially a typo in the forum is the simplest way to earn money with Bitcoin. Get a BTC wallet, buy some BTC and then wait for its price to spike. However, there is no surety when the price would shoot up as it may take weeks, months, or years for you to make a decent profit.
If HODLing is a long-term investment strategy, trading in Bitcoin is its fast-paced alternative. By BTC trading, we mean taking advantage of the extremely volatile nature of Bitcoin. You need to have sufficient knowledge of the market and must practice hard, so you avoid making any errors in judgment.
Mention Below Are The Most Common Trading Styles :
- Day trading – Day trading involves short and quick trades, thus increasing the chance for small and quick profits. Since such traders do not keep any open positions overnight, you have to analyze the market, check all opportunities, and then go for it.
- Swing trading – Swing trading is similar to HODLing in the sense that traders buy at a low rate and then wait. Once the price sees a spike, they quickly sell their holdings to make profits.
- Arbitrage – Arbitrage in Bitcoin is also similar to the above. However, here, the traders look for money-making chances within different platforms. They buy BTC from one exchange and sell it in another exchange at a higher price.
4. Taking Advantage Of Affiliate Marketing
Many companies use affiliate marketing in order to get new customers. The incentives offered make the users get their friends and family to join the business. Such type of incentives are widespread, and you need to research well before choosing one.
5. Bitcoin As Payment
As time passes, more and more businesses will start taking Bitcoin as a form of payment. So, in case you already have a business, you may take BTC as a mode of payment. Doing that will increase your reach, secure your payments and make the process of payment fast.
6. Getting Tipped In Bitcoin
You can help people out by doing simple jobs for them, and in return, get paid in BTC. A trustworthy platform to do so is Bitfortip, and it offers you tasks to do. These tasks could be as simple as finding a dress online or providing technical answers to their questions.
Apart from that, if you are a gamer and can stream your favorite video games, do so in return for some tips in BTC. Twitch and some other platforms too have crypto tipping services, so you can check those also.
7. Micro Jobs And Pay-to-click (PTC) Websites
Many websites pay in Bitcoin for tasks like watching an ad or clicking the link on a page that has ads. However, in order to make decent money here, you have to work somewhat hard, and the work is tedious too. If you can manage that, then this is a quick way to earn some easy bucks. Coinpayu and adBTC are some of the best sites in this regard and can help you make BTC money.
Similarly, websites like Microworkers and Cloudfactory ask you to accomplish simple tasks like watching YouTube videos or finishing surveys in return for money. Their Bitcoin counterparts are Bitcoinget and Cointasker, where the members can finish loads of tasks and, in return, earn Bitcoin.
8. Writing About Bitcoin
Since Cryptocurrency is a new niche, only a few people have full information about it. Therefore, there are just new copywriters who keep churning the same type of content repeatedly, thus confusing the reader. So, if you have in-depth knowledge of the niche and can write, try your hand at sharing your knowledge.
CryptoCurrency News and Blockchain Aliens are two such websites that pay if you want to write about Bitcoin. Apart from that, you could use freelance websites like Upwork and Freelancer.
9. Gambling Bitcoin
If are aware of Bitcoin, then its gambling can be a great option. Mostly in gambling, the house wins in the end. However, in Bitcoin gambling, the situation is different because it is a niche market. This means you get to earn bonuses and even many rounds of stake, to begin with. Sites like Bitstarz and mBit are leaders in this space, so you can look them up.
10. Being A Masternode
A master node is a role that keeps an eye on Blockchain in real-time. Just like BTC’s full nodes, this role is always up and running. Apart from saving, validation, and making announcements of valid transactions to other nodes, the master nodes have some additional responsibilities. They have to ensure smooth protocol operations, govern the voting events, and for such services, they are heavily paid.