“Is it true that you can get money with Bitcoin?”
This sentence is one of the questions that often comes to the mind of beginners when they hear about investing in crypto exchanges. In fact, since its appearance a decade ago, Bitcoin is still the largest cryptocurrency in the world.
Even though the maker, known as Satoshi Nakamoto, has yet to be identified. Meanwhile, over the course of a whole decade, Bitcoin’s value has tended to fluctuate. So, of course the answer is yes, Bitcoin can be a way to make money.
Well, now, the next question is how do you make money with Bitcoin?
There are many legal ways to make money with Bitcoin, but the most popular are mining, trading, investing, affiliate programs, and micro earning.
Although there are many options, not all available methods are suitable for everyone when it comes to making money from Bitcoin. The amount of money you will make depends on the level of risk and the method you choose.
This article will discuss seven of the best ways to make money with Bitcoin. Good for those of you who are beginners in the crypto field or as an accomplished investor.
Here are seven of the best ways to learn how to make money with bitcoin:
Trading or buying and selling Bitcoin for profit is one of the most popular ways.
If you have skills in analyzing trading charts and are ready to take risks, this option is for you.
You can sell and buy Bitcoin whenever you want. You can access and trade 24 hours a week. This means that you can trade however you like, especially when the price is skyrocketing.
Regarding convenience, you can easily access the crypto trading site platform. You can access the site using both Android and iOS devices. You no longer need to bother using a computer or laptop, because all exchange features are available on your smartphone.
For those of you who are not ready for a big risk (and possibly a chance), you can try intraday trading or day trading and arbitrage. Arbitrage means buying the same asset from another platform when the price is lower and selling it on another platform to maximize profits.
Once you have an account, you can create a detailed trading plan. Understand the charts and patterns that are created in them. You are also advised to understand the vitality of the Bitcoin world and trade any number of assets that you can afford to lose. Don’t jump at everything.
Your margin and profit when trading Bitcoin depends entirely on your speed at analyzing charts and reading market situations. You can take advantage of the features of the trading platform to get more information and execute your buying and selling transactions. With trading tools, you will get a hassle-free buying and selling experience.
2. Bitcoin investment
Investing in Bitcoin means holding BTC until the best time comes. HODL (Hold On for Dear Life) is a term in crypto exchanges for long-term investments. If you believe that Bitcoin has a positive future and you believe in its price hikes, you should opt for HODL.
However, when investing in HODL, you shouldn’t expect too high. You are also advised to have a stable and resilient emotional state. Because, HODL is not as easy as it seems. You must be able to hold back even when BTC experiences an increase or decrease in price until the time you specify arrives.
You have to know the right time to sell. If you are looking for a long term investment, you can store your Bitcoin in a wallet.
Are there any other options besides investing by buying Bitcoin and selling it back?
Yes, you can also make money with Bitcoin by investing in startups, companies, blockchain development, and much more. Indeed, the business field above is a type of investment that requires a lot of research. Because, you have to measure the potential of a startup by analyzing whitepapers, expert opinions, market demand, and various other things.
However, if you make this investment right, you will not only be making profits with BTC alone. You can even make bigger profits than you previously expected.
However, remember that investing is not just about getting profits. Apart from that, there are also drawbacks that you should consider. One of the drawbacks of investing in crypto exchanges, especially when choosing an arbitrage strategy is that you have to move between different exchanges to find the right investment opportunity.
3. Bitcoin mining
Bitcoin mining is the process of adding new blocks to the Bitcoin blockchain network by solving cryptographic puzzles.
For those of you who have technical skills in mining and high specification computers with superior computing power, mining can be a profitable option. Generally, Bitcoin miners were able to make huge profits in the early days of the crypto revolution.
Unfortunately, mining Bitcoin is no longer as profitable as it used to be. Your mining results can barely compensate for the electricity bill when mining. Does this mean you can’t make money mining BTC? Not really.
There are cloud-based mining services that allow you to pay only once. A cloud-based mining service will arrange mining equipment leases for other miners so they can mine for you. Don’t worry anymore about electricity costs, stability and security when mining.
Just invest once, and you will continue to receive a share of the proceeds from your mining. But before choosing a cloud mining service, don’t forget to verify the credibility of the company you want to try. Because in the crypto world, the issue of spamming is the highest problem.
In conclusion, mining is still a profitable way if you know how to do it right.
4. Micro Earning
As the name suggests, micro earning won’t make a lot of money. However, it is an interesting way to turn a profit if you know the right way.
If you fall into the category of people who don’t press the “Skip Ads” button when viewing digital ads, micro earning can be an attractive option. Pay to Click (PTC) sites like BTC4ADS, Coinadder will pay you in Bitcoin to watch advertisements. In addition, to earn other micro-income, you can watch YouTube videos or complete online surveys. One of the leading micro employer websites is Bitcoinget.
Micro-income sites usually provide their users with Satoshi (the smallest fraction of Bitcoin). One Satoshi which is equivalent to one per 100 million BTC. Watching an hour of adverts will earn you around $ 0.04 to $ 0.05. If you want to earn money easily while spending your free time, micro earning is the right choice.
Bonus method: This method may conflict with the terms of service of the advertising program, so make sure you read their terms and conditions before trying this method. You can invest in using several cheap android phones at once and have WiFi turned on 24 hours a day.
Turn on the phone and let the ads continue to play. Meanwhile, you can collect income without having to bother. Before using this method, make sure to check the price of the cellphone, the electricity costs required and the settings required for your ads to run automatically. If the numbers make sense, you can earn extra income.
5. Accept Bitcoin as a Payment Option
You can earn money with BTC by accepting it as a payment option. Currently, the adoption of Bitcoin is starting to be carried out by various merchants. Either small or giant vendors like Starbucks are starting to accept BTC as a payment option. If you are a seller or planning to become a seller, you might consider integrating Bitcoin into your payments ecosystem.
Offering Bitcoin as a payment option will open new opportunities for you. You can receive payments from anywhere in a very short time. You don’t need to rely on third party services to process your payments.
All you need is a Bitcoin wallet, it could be a new wallet or Bitcoin wallet that you have had. To avoid losses, adjust the price of your product according to bitcoin volatility.
6. As a Lending
Instead of making money with Bitcoin, why not let Bitcoin make money for you?
You can lend your Bitcoin to others and earn interest on the asset. Instead of holding it and not making money, lending it to other people can provide new income for you. This method is better than Bitcoin HODL because of its very high and erratic volatility.
To avoid spam and asset loss, entrust your bitcoins with a credible lending platform. Unchained Capital, Bitbond, and BTCpop are on several trusted lend-and-borrow platforms. The three platforms even offer up to 15 percent interest. Be a smart investor and let your Bitcoin work to generate passive income for you.
7. Become an Affiliate
It’s time to take advantage of your social media followers and make money. By becoming an affiliate of a cryptocurrency company, you can make a lot of money.
You just need to sign up for a crypto asset affiliate program and promote their products for a commission. You will receive a commission depending on the number of new customers you get for the company.
The affiliate program will provide you with special links that can be used to track the performance of your promotions. For each customer purchase (registration or depending on the program) via your link, you will receive an attractive nominal commission.
If you have a good network and are able to convince other people, you can make a lot of money. One way is to tell people how to get Bitcoin. The only thing you need to do is share the link on your social media accounts and website while promoting the product.
So that the product you are selling does not contain spam, you must register with a reputable affiliate program.
Bonus method: If you have sufficient knowledge of the blockchain world, you can sponsor posts on leading crypto asset blogging platforms or Bitcoin discussion forums. Usually, you will be paid according to the level of difficulty and the number of articles you produce.
In addition, if you are ready to invest in computing power, you can become a master node and power the Bitcoin blockchain. Think of yourself as an always-on server and helping the network to work. By becoming a master node, you can also make a lot of money.
Even after a decade of launch and the fact that Bitcoin is not a “new thing”, Bitcoin remains a potential investment. You can make money with bitcoin in a number of ways. Starting from trading, investing, mining, affiliate programs, micro income, and many more.
The amount of money you will make with Bitcoin also depends on the method you choose as well as the amount you bet. You are advised to always do your research before investing in Bitcoin.