Within the last decade, a collective craze has sprouted around bitcoin. You never really know what to expect with this cryptocurrency. There have been dramatic rises in price followed by steep plummets. What has remained consistent is that it retains some of its previous gains after each crash and usually climbs higher than before.
Top 7 Ways to Earn From Bitcoin
Invented by Satoshi Nakamoto in 2009, this instrument has become widely accepted as a means of payment for goods and services. Therefore, it makes sense that you want to make money with bitcoin.
You can earn money with bitcoin in many ways. However, before you go for any specific method, you can do more research by yourself. Here, we’ve compiled the top seven ways you can make money with this cryptocurrency.
This is one of the primary ways you can get your hands on this crypto. Here, you use powerful computers to solve complex mathematical problems. You are rewarded with freshly-minted bitcoin once you crack the problem.
Before now, mining was easy, and you could do it with your PC. However, recently it’s more complicated and will require high-end equipment. You can still join a bitcoin mining pool or mining clouds. With those, you can pool your computing power together and mine faster.
Gambling bitcoin can also be an excellent way to earn bitcoin if you can gamble responsibly. Before now, there were only a few sites that accepted bitcoin, let alone any other cryptocurrency. Nowadays, there are many bitcoin casinos and gaming sites online where you can try your luck.
Thanks to blockchain technology, most crypto gambling sites are very transparent, and your deposits are processed faster. Plus, they usually feature higher deposit and withdrawal limits.
As bitcoin is a highly volatile and liquid instrument, it makes sense to trade it on the financial market. However, this requires practice and knowledge of how the market works. It’s one of the fastest ways you can earn bitcoin. There are a few trading styles you can choose from, but don’t expect to get it right the first few times. You may also choose to trade binary options using bitcoin.
Binary options involve betting on the direction of the price of an instrument. If you win, you earn a percentage of your investment as profit plus your investment. However, if you lose, you lose the investment.
4. Buying and HODLing
This involves buying bitcoin at the current market price and holding it till its price rises or spikes in the future. Unlike trading, it’s easy, beginner-friendly, and straightforward. However, it’s slow. It may take weeks, months, or even years before you’re in a position where you can sell it for profit.
5. Accepting Bitcoin as Payment
If you’re running a business, it only makes sense that you accept bitcoin as a payment method. You stand to enjoy secure and faster payments, plus it’ll widen your global reach.
It’s easy to start earning bitcoin this way. All you need is to make your customers aware that you accept it as a payment method. If you run a physical establishment, you can put up signs at strategic places. If you run an online business, you can put up the banner on your homepage or use available payment intermediaries.
6. Writing About Bitcoin
As this is a relatively new niche, only a handful of people truly understand how bitcoin and other cryptos work. You can find many freelance writing job opportunities online for those who can write about cryptocurrencies.
This is just like HODLing but in a different way. Here, your money keeps working instead of you keeping it untouched in your wallet. You loan out your bitcoin to others and earn interest. It’s an easy way to earn with bitcoin you already own. You can choose to lend it out in the long or short-term.
You must pay special attention to safety when you deal with bitcoin and cryptocurrencies in general. You could be hacked or scammed if you don’t use a safe wallet, the right platform, or secure exchanges. Still, bitcoin presents numerous earning opportunities, so pick the ones you want and see their impact.