Just like any other money-making venture, investing in Bitcoin (BTC) can be very risky as the market is highly speculative. Although this comes with the potential for high profits, there is no assurance that the value of Bitcoin will continue to rise to infinity or plummet to zero. That said, there are some ways an individual can earn money from Bitcoin.
Any of these ways require that you invest either your time, money, resources, your computer’s processing capacity, and even your energy. It will definitely need an exchange of one form or the other.
This guide will walk you through the various ways of making money without holding any useful information back from you. Some of the methods outlined below need little effort with meager gains, while others are lucrative and require a certain level of skill, expertise, and knowledge about the cryptocurrency industry.
8 Ways to Earn Money from Bitcoin
So, if you are really interested in making money from Bitcoin, then consider taking the following steps:
1. Through Micro Earnings
This is the simplest and most time-consuming ways of making money from Bitcoin. Micro-earning websites pay you with a small amount of Bitcoin when you complete small tasks. We will consider three of the most popular micro-earning websites below.
Bitcoin Faucets
This is a type of micro-earning website that pays a small amount of Bitcoin to its registered users. The owners of Bitcoin faucets make their own money by putting ads on their websites and pay users who view those ads or complete surveys. About half of the traffic coming from this industry goes to leading Bitcoin websites.
Bitcoin faucets allow visitors to earn a certain amount of Bitcoin that they give to visitors who visit the site through your redirect link. This has made the users of Bitcoin faucet rotator to browse various faucets and earn a payment from rotation links for every faucet you visit.
It is difficult to make a reasonable amount of money from Bitcoin faucets. The best faucet rotator can only earn you a meager amount of money in a day.
Micro Jobs
Micro jobs are those small tasks you complete for a small amount of Bitcoin. Coinworker is one of the websites that offers micro jobs. The task may involve testing a plugin to see if it is compatible with a browser. It could be retweeting a post or sharing a good view about a comment among other things. The income from micro jobs is quite small, but the site has the potential to pay you more than Bitcoin faucets.
Paid-to-Click Sites
The name of these sites suggest the kind of task they provide for their users. They pay users in Bitcoin for visiting particular websites or viewing particular ads. Even such specialized websites pay their users a very small amount of Bitcoin for viewing ads and clicking links.
These sites allow users to choose the duration of time to view particular ads with a various rewards system for each time duration.
2. By Affiliate Marketing
This is a marketing business model that pays you a certain amount of money (commission) for bringing or attracting referrals to an existing Bitcoin website. So, if a Bitcoin website engages in an affiliate program and many people read your blog, you gain to earn a lot of money. It all depends on the website traffic.
If eventually, those people connect to the website and buy the product you offered, your commission on each product goes into your account. The more people buy products, the more Bitcoin payments you receive.
3. Writing about Bitcoin
The number one requirement for writing about Bitcoin is your interest. Therefore, if you are really interested in the cryptocurrency industry and are willing to pen down your opinions and share your knowledge, then bitcoins can be yours. Writing about Bitcoin is one of the ways to earn huge income if you have what it takes to offer useful insight.
However, the amount of Bitcoin you can earn depends on the amount of effort you put in. Consequently, this route to making money from Bitcoin is very lucrative and highly rewarding depending on the level of your skill and the subject you are writing about.
4. Freelance Writing for Blogs and New Websites
This particular route to earn Bitcoin money has enough potential to make you rich. There are many blogs and news sites that are looking for quality writers who can discuss Bitcoin and cryptocurrencies.
Good writers can receive handsome payments and have the option to choose how they receive their payments, either in Bitcoin or in fiat currency.
5. Offering Cryptocurrency Services
You can offer services in the cryptocurrency ecosystem as a writer or as a tech-savvy person. There are many opportunities for you to contribute your quota in cryptocurrency development projects. Web developers, software engineers, online marketers, mining experts are all needed in the cryptocurrency industry. This is because there are startups in the cryptocurrency world with limited infrastructure and they often need the services of these professionals.
The job could be a part-time one that you can complete from a remote location or a full-time task. The amount you earn from the task depends on the nature of the job and the level of skill you have to put into the job. Also, it depends on how long it takes to complete the job. Be mindful to negotiate clear terms.
6. By Bitcoin Trading
There is a great advantage and potential to make enough money here. Nonetheless, a lot of skill, expertise, and deep knowledge about the market are the major requirements for successful Bitcoin trading.
Remember that the cryptocurrency market is very volatile and therefore may not satisfy everyone’s need. Bitcoin trading has a great reward for the trader in the sense that a single trade can pull in thousands of dollars. However, may not be likely to happen over a long time period.
7. Through Bitcoin Mining
This is the process of creating new coins. Bitcoin mining uses particular computer software and the processing power of the miner’s computer to mine new coins. Bitcoin mining was very simple in its early days. Though, it has become much harder as the resources employed in the mining process have tripled over the years.
Based on this fact, companies that can make large profits depend on buying large amounts of processing hardware at a cheaper rate. Also, companies locating themselves in an area with very cheap electricity can profitably mine Bitcoin. You can mine other cryptocurrencies or altcoins if you have a good graphics card (GPU) on your computer.
Huge profit margins exist in Bitcoin mining if your electricity cost is negligible.
8. Via Bitcoin Lending
Bitcoin lending works through a third party website and the idea is as simple as it sounds. You pose as a bank, lending your Bitcoin to another person at a particular interest rate. This interest rate is higher than what is obtainable in the standard bank rate. Thus, there is every opportunity for higher profits.
Although you can make significant profits from being a Bitcoin lender, there are significant risks involved. If the borrower does not pay back the Bitcoin to you, there is little you can do to get back your loan.
Conclusion
These are some of the most popular and accessible ways you can earn money from Bitcoin on a daily basis. There has never been any better time to get your hands wet with Bitcoin than now. So, the time to potentially make money from Bitcoin is now. Just pick one method that suits you the best and put in a little effort, you may eventually be a winner!
RISK DISCLOSURE
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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