How to Make Money with Bitcoin
Different Ways to Make Money with Bitcoin
Mining Bitcoin
The most obvious way to make money with Bitcoin is through Bitcoin mining, which is the process of creating new coins. Mining is certainly not for everyone, as it is performed by powerful computers that solve extremely complex math equations. When new blocks of transactions are added to the blockchain, miners are rewarded with Bitcoin.
In years past, this was a relatively straightforward way to make money with Bitcoin, and miners were able to obtain cryptocurrency rewards by using their home computers. However, the process has become more difficult and more competitive. The computers that are required to solve the equations and mine for new coins require specialized equipment and lots of processing power, which can be costly to the average Bitcoin investor. Since cryptocurrency is no longer an underground investment, there’s lots of competition and many people are attempting to solve the same equations in hopes of being rewarded with Bitcoin.
For those who are unable to afford an expensive mining computer, they can still make money with Bitcoin mining by joining a pool and combining their computer’s processing power with others and sharing the rewards.
Investing in Bitcoin
For those who are new to cryptocurrency, one of the most straightforward and beginner-friendly ways to make money with Bitcoin us by buying and holding. Simply acquire a Bitcoin wallet, purchase BTC, and wait for the price to spike.
The fact that it may take weeks, months, or years for an individual to make money has led to a term among investors: HODL, or Hold On for Dear Life. Bitcoin is a volatile and high-risk investment, so even though the process is straightforward, investing in BTC is recommended for those who understand the market and can potentially afford to lose their investment. There’s also a level of patience that’s required as it can take a very long time for Bitcoin to grow in value.
A digital wallet is necessary for storing cryptocurrency and keeping it safe while you wait for its value to increase.
Trading Bitcoin
While investing in Bitcoin can be risky, trading it can be even riskier, but the reward may be significantly higher. The main idea is to buy BTC at a low price and sell it at a higher price, making a profit. However, those who trade in cryptocurrency must accept the risk that they may lose money on that investment.
Some investors may choose to utilize a Bitcoin trading bot, such as 3Commas, which automates the buying and selling process. The bot allows the investor to set certain parameters on a number of Bitcoin exchanges, and will buy and sell when those parameters are met. Many investors may find this method to be more efficient because it eliminates human error, but they can be expensive to use and are designed for experienced traders.
Affiliate Marketing
Affiliate marketing is by no means a glamorous way to make money with Bitcoin, but it can be a quick and effective way to do so. This type of marketing provides an incentive to the existing users of a company’s website or app to invite their friends and family to the business as well. By signing up for a company’s affiliate program, the user agrees to promote a product or service for free and earn a commission on paying customers who are brought to the business.
Cryptocurrency companies with affiliate programs may offer that commission in the form of Bitcoin.
Accepting Bitcoin as Payment
Many businesses already accept cryptocurrency as payment for their services and goods. If you already have a business and you’re looking to make money with Bitcoin, accepting BTC as a form of payment may help you achieve that goal.
Accepting cryptocurrency as payment for goods and services does more for your business than simply make you money. Bitcoin can ensure fast and secure payments, and allow you to accept business from all around the world.
Once you start accepting payment in Bitcoin, you can use those funds as an investment and potentially make more money than you already have.
Using Bitcoin Faucets
A Bitcoin Faucet is a reward system that awards BTC fractions to users who complete simple online tasks like watching ads and answering surveys.
Most faucet sites work on a Pay to Click basis, visitors to the site are given a task to complete, such as clicking on a captcha or playing a game. If someone returns to the site frequently, they can watch their earnings grow over time. All it takes is patience.
One thing to keep in mind with Bitcoin Faucets is that it isn’t a particularly lucrative endeavor. A full hour of watching ads may only earn you $0.40.
Get Tipped in Bitcoin
You may already be familiar with the websites Taskrabbit and Fiverr, which outsource tasks to freelancers. A similar platform, Bitfortip, operates in a similar fashion, but the payout is in Bitcoin. The tasks may range from online shopping, retweeting a post, watching a video, or giving informed answers to technical questions.
Accepting tips in BTC is also an option on streaming platforms like Twitch. If you already have an account there, check out its integrated crypto-tipping service.
Buy Bitcoin Through Pelicoin ATMs
If you’re looking to make your first cryptocurrency purchase, look to Pelicoin for fast, safe, and secure Bitcoin transactions throughout the Gulf South. Just like a typical ATM, these Bitcoin ATMs can be found in gas stations, grocery stores, and other high-traffic areas. Pelicoin doesn’t just sell Bitcoin. You can also make purchases of other cryptocurrencies including Litecoin and Ethereum. Get started in buying Bitcoin by finding aBitcoin ATM today!