Today’s fast-paced world is increasingly accepting digital currency. Bitcoin, which was the first cryptocurrency invented back in 2009 continues to dominate the popularity and market share of cryptocurrencies today.
The creator of Bitcoin is Satoshi Nakamoto, an anonymous figure, who believed that the modern world required a highly secure, cryptographic currency that could be transferred instantly and must be borderless. Another main attractive point about Bitcoin is that it is completely decentralized, which means that no single authority or government is controlling it.
Plenty of people nowadays have some exposure to Bitcoin directly or indirectly. There is another section of people slowly trying to make Bitcoin their source of primary income. If you too are wondering how you have come to the right place. Continue reading to find out!
The following methods try to solve your question of ‘how to make money with Bitcoin’. Note that the list of the best methods to earn money from Bitcoin is not exhaustive.
10 Best Ways to make Money with Bitcoin
1. Bitcoin Mining
It is one of the most common and highly popular best methods to earn money from Bitcoin. If you have good enough equipment and slight technical knowledge, you can get started with mining, not just Bitcoin but other cryptocurrencies as well. If you are considering mining, there are two ways through which you can go about it:
One is Personal Mining, where you do everything individually from procurement of equipment, setting them up, and manually operating to let it mine cryptocurrencies. Note that due to the huge competition, it is virtually impossible to mine Bitcoin with normal computing powers.
On the other hand, you can try Cloud Mining which saves you from the initial investment upfront as well as the electricity bill charges. You will not need to bear the headache of choosing the right hardware or software. Instead, you just have to pay a fee based on a contract to be a part of the cloud mining service. You will receive your share periodically.
Ensure to check the legitimacy of the cloud mining service before investing any money in it.
2. Hold Bitcoins
If you compare the value of Bitcoin from the time of inception to now, for sure, your heart will skip a beat. But you can buy Bitcoin now also and wait for the prices to increase so that you can sell it then. It is similar to what you do with stocks or other classes of investment.
There are two groups of people based on their Bitcoin price prediction. While some believe that Bitcoin may be nearing its end soon, many others believe that it is here to stay and its price might even touch a million dollars per coin! But, do your research before investing in Bitcoin and take the opinions of multiple crypto experts before arriving at a decision. Take into account how volatile the cryptocurrency is, and how much the prices have steeply fallen over the years.
3. Become a Bitcoin Affiliate
Similar to how people earn through social media platforms, even you can do so by leveraging their potential. You can become an affiliate for the cryptocurrency, promote their products or services and earn a cut every time someone purchases them. This amount of commission depends on the specifics of your affiliate job.
For this to happen, you must clearly understand the advantages and disadvantages of Bitcoin and must convince the customers otherwise. Note that a lot of people are still skeptical of putting their hard-earned money on a financial instrument that fluctuates so much.
To get started with one of the best methods to earn money from Bitcoin, find out a Bitcoin legit affiliate program. The products or services they sell must also provide some value to the customers, and must not be a scam in any way.
4. Accept Bitcoin Payments
Many individuals and businesses have been accepting Bitcoin as an alternative mode of payment these days. This is one of the best methods to earn Bitcoin without bearing the headache of going through a cryptocurrency exchange (although you will need it if you want to convert it to another cryptocurrency or back to your fiat currency).
If you have a brick-and-mortar shop or organization, you can simply put up a signboard stating that you are accepting Bitcoin. If it is an online business, you can put up an online banner or poster that you are accepting payments in Bitcoin as well. Alternatively, guide people on how to pay through Bitcoin and what are the benefits for them.
Note that you will need a Bitcoin wallet to accept this payment. When you are choosing a Bitcoin wallet, always ensure to go with a legitimate service to make use of this one of the best methods to earn money from Bitcoin.
5. Giving Bitcoins as Loans
Sounds too far-fetched right now, right? But this is one of the legit and best methods to earn money from Bitcoin. The best part about Bitcoins is that there are no governmental or legal interventions in your lending process. You can simply offer Bitcoins to people who want it immediately and charge interest for it in return.
If you think all these are too new, consider starting with the following websites that help you with the lending. Some of them are Unchained Capital, Bitbond, BTCpop, etc. Ensure that you prepare a proper methodology while lending your Bitcoins and always choose a legit service else you may end up vanishing all your Bitcoins.
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6. Micro earnings and Tips Through Bitcoin
You might think that this might be too small to create any difference in your financial power, but note that small drops always make for a big ocean. Although you may not be able to depend on your daily life on micro earnings, you can meet some expenses through this. Some legit websites provide you money for opening them, clicking on some advertisements, playing games, or watching videos. While many of them pay in fiat money, there are many services out there that pay in Bitcoin as well.
The pay is not high, but you can earn money quickly and add them up over time to create significant value. You can consider some legitimate websites such as BTC4ADS, Coinadder, Coinpayu, etc.
Another alternative is to ask for tips in Bitcoins. For example, if you are a gamer who regularly streams and has a good enough audience base, you can ask tips from them in Bitcoins if the platform allows it. Or, you can provide them the public address of your wallet to directly transfer Bitcoins to them, how much they wish.
This is one of the best methods to earn money from Bitcoin that requires consistent effort.
7. Bitcoin Trading
How can you not trade with cryptocurrency like how you would do with normal currency. This is one of the best methods to earn money from Bitcoin if you have some experience in trading or if you love trading in general. Note that this requires some pre-exposure to the market especially since the crypto market is highly volatile and is not regulated.
To get started with Bitcoin trading, you can practice some common strategies such as Day Trading, Swing Trading, or Arbitrage. In Day trading, you trade within the day and make small profits or losses depending on how the market on the day performed. In Swing Trading, you buy the Bitcoin at a low price and wait until the price reaches some high value before selling it. In arbitrage trading, you take advantage of the price difference across different exchanges. You may buy Bitcoin from a certain exchange at a lower price and sell it on the other exchange at a higher price.
Do your research before getting into Bitcoin trading.
8. Bitcoin Forums
There is a Bitcoin forum set up by Satoshi Nakamoto, which is the oldest and most recognized in the cryptocurrency world. If you are active on such legitimate forums you may even be paid for every post that you make.
But for this to happen, you will need to invest a lot of time consistently on these forums. Two, you need to choose the right cryptocurrency forum that does reward people who are consistent on it.
9. Bitcoin Writing
If you have a passion for writing and Bitcoin, this is one of the best methods of earning money from Bitcoin. Again, like the Bitcoin forums, you need to choose legitimate websites that reward or pay people who write about Bitcoin on them.
You can educate the masses about all your Bitcoin knowledge you have, as that is in big demand these days as new people want to enter into the cryptocurrency world. Some of the websites that you can try out are Blockchain Aliens and CryptoCurrency News etc. You can also approach clients who will pay you for writing about Bitcoins, on sites such as Freelancer and Upwork. This is one of the easiest and best methods to earn money from Bitcoin if you have an additional skill like writing.
10. Bug Bounty
If you are a passionate software developer or have your way with codes and computers, this has to be one of the best methods of earning money from Bitcoin. Various organizations offer fat bounties to developers who figure out technical glitches on their platform.
They reward you for saving them a lot of time and hassle later on if the bug proceeds and you may earn your reward in Bitcoin as well. Note that this is a high niche way of earning money, and the opportunities may be extremely limited.
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Final Thoughts – Best Ways to Earn Money from Bitcoin
These are some of the ways that have been proven to earn you money from Bitcoin provided you take the right decisions and are consistent in it. Before you get into the world of Bitcoin, please understand clearly how it works and do your homework beforehand such as setting up your Bitcoin wallet, complying with your local regulations concerning cryptocurrency, etc.
Happy earning through Bitcoin!
Frequently Asked Questions
How to choose the right Bitcoin wallet?
Choose the one that is highly popular and has good reviews. It must also be accessible and convertible with your local currency and must have a good interface to interact with your Bitcoins.
Is it worth investing in Bitcoin?
There can never be a definite answer to this, but there is indeed potential for the value of Bitcoin to reach new heights in the future.
How to buy Bitcoins via an exchange?
First, you have to set up an account. Deposit some money in fiat currency (your local currency if it accepts or the USD), then convert it to Bitcoin based on the day’s market price. These converted Bitcoins arrive in your wallet.
What are other cryptocurrencies to earn apart from Bitcoins?
You can try out Ethereum, Litecoin, or other altcoins too. Some of them are easier to mine than Bitcoins.
Is Bitcoin the Future?
Based on the current demand for cryptocurrencies in general, more people are moving towards digital currencies because it is hassle-free and fast.