If that’s your question, then the wait is over. We have briefed you about all the basics of Cryptocurrency, and Bitcoin, so now you are ready to get informed about the money-making methods.
Listed below are the most efficient ways that will help you know how to make money with Bitcoin:
1. Mining
It is one of the best methods of earning a lot of money with Bitcoin. One can make great money by solving cryptographic puzzles and adding new blocks to the Bitcoin Blockchain network.
It includes 2 types of Mining:
- Personal Mining- This type of Mining is done individually. Since Bitcoin is a subject of mainstream success, it is considered one of the toughest cryptocurrencies to mine. The supply of Bitcoin is limited compared to its demand. Thus, you may need to struggle to make great profits after identifying the electricity and maintenance prices.
- Cloud Mining- Cloud Mining is opted by most individuals as this process of Mining does not involve any recurring charges or rising electricity bills. You only need to pay a one-time fee for the contract. Moreover, it does not require you to buy any software or hardware. Therefore, it has become a great alternative to personal Mining as you keep receiving your share of the cake.
Your earnings are solely based on the plan you have chosen and the electricity bill raised at the facility where the cloud mining service is based.
The only thing required is the knowledge and proficiency before you dive into the pool and pour your money into a mining company.
Note: Always ensure to verify the credibility of the cloud mining company before investing your hard-earned money.
2. Buy & Hold Bitcoins
Many people believe in simple formulae. For example, buying a commodity when the price is low, holding it until the iron becomes hot (the price increases), and then sell/retain it further. Long-term investors usually follow this approach.
For buying Bitcoins, get a Bitcoin Wallet. Invest, hold (wait for the right time), and sell.
You can invest and buy some Bitcoins if you think the price of Bitcoins will increase in the future as soon as the price surge, sell it, and enjoy the profit. The fact behind this approach is it not like short-term investments; you may need to hold them for long as they are not tied with fancy expectations. However, you should know the right time to sell.
One can also invest in companies/organizations, Blockchain, startups, development, etc., and make money with Bitcoin. But before making research-intensive investments, it is imperative to determine the potential of a company by analyzing market demand, expert opinions, white papers, etc. This way, you might be able to hit a treasure chest.
3. Accept Payments in Bitcoin
Many businesses today have started accepting Bitcoins as payment for providing their goods and services. If other businesses start it, so why not you? Go for it and accept Bitcoins as payment.
Accepting Bitcoins as payment is a straightforward process. For instance, if you are running a physical product business, you can start accepting Bitcoins by simply putting a small sign at your showroom/shop. Whereas, if you are running an online business, use a payment merchant or put a banner on your homepage. Whatever way you choose, integrating Bitcoin into your payment ecosystem opens the world for you.
The best part is it will make your payment secure and expedite the payment process. Moreover, you can receive payments from any part of the world that too hassle-free. All you need is a Bitcoin Wallet to receive bitcoins as your payment. Thus, it eradicates the dependency on a third party for processing payments and also helps you avoid losses.
Also Read: How to Cash Out Bitcoin Easily
4. Earn Bitcoin by becoming an Affiliate
You can earn a lot of money with bitcoin by leveraging social media platforms. You can become an affiliate for Bitcoin or any other cryptocurrency company, promote their products or services, increase their visitors, and earn a commission on each converted sale. The amount of commission is entirely based on increasing the customer base and sales.
You can use your social media followers to influence and convince customers why they should buy that product/service. You can also earn immensely by conducting affiliate programs on telling people how to make money with Cryptocurrency.
The only thing you need to ensure is that you sign up with the credible affiliate program as no one wishes to sell spam products. Another thing to do is share the links and websites on your social media handles while promoting a product or service.
5. Lending Bitcoins
The best part about making and accepting payments in Bitcoins is that you need not require any authorities to validate it. You can process transactions seamlessly without any interruption. So why not offer loans by lending other people Bitcoins at an interest rate.
Think of it this way: when you are not trying to make money with Bitcoin, you are letting Bitcoin make money for you! Isn’t that great?
Many websites help you with your lending services, including Bitbond, Unchained Capital, BTCpop, and many others. Choosing a credible lending source is vital; otherwise, you may end up losing all your Bitcoins. All the reliable lending platforms offer an interest rate of up to 15% p.a.
6. Micro Earnings
It is truly acceptable that micro earnings may not be enough to change your destiny. Still, it is definitely a reliable source of income, helping you meet the daily expenditures and lifestyle needs. Moreover, suppose you are working with the legitimate PTC websites that pay you for opening particular websites, clicking on specific ads or links, watching videos, or playing games. In that case, they may pay you in Bitcoin.
Although the pay of these websites is not very high, it is still one of the fastest means where you can earn a quick buck. Some websites that pay you in Bitcoins for completing tasks and filling online surveys include adBTC, Coinpayu, Coinadder, and BTC4ADS.
7. Trading
Many people are trading bitcoin and making plentiful money. Primarily, proficient traders analyze the trading charts, study the market, evaluate external factors, and are ready to take risks.
The moment these traders spike in their current trade, they close the position to generate profits. The best part is you can trade 24×7 in the world of Bitcoin at your convenience.
You can select from 4 trading strategies while you are investing your money in Bitcoin, including:
You can select from 4 trading strategies while you are investing your money in Bitcoin, including:
a) Day Trading– It is also called intraday trading, in which investors buy and sell a position within one single trading day. The major benefit of day trading is you need not pay the overnight funding charges on your position.
b) Bitcoin Hedging- It is a strategy in which you try to minimize your risks by taking an opposition position you have already purchased. This type of trading is usually practiced when the market is moving against you.
c) Trend Trading- People practicing trend trading opt for a position matching the current trend. For instance, if the trend is bullish, you will prefer investing for the long term, whereas if the trend is bearish, you will make short-term investments.
d) HODL (Buy and Hold)- It is a strategy in which you buy and hold Bitcoins until their price increases. Usually, this trading involves long-term investments, and lots of patience is required if you opt for HODL.
8. Earning through Tips
One of the most effective ways to make money with Bitcoin is by helping other people out and get tipped a little money from them. You can use a platform called Bitfortip if you want to get Bitcoins in the tip.
While you assist other people and help them complete different tasks online, they may grant you BTC as an incentive. It may include a wide range of tasks such as providing answers to technical questions, promoting their products or service, streaming video games, finding suitable clothing, and many other tasks.
Many platforms have integrated crypto-tipping services these days; you just need to check those platforms and earn extraordinarily.