Bitcoin keeps growing in popularity and is constantly in the news for different reasons. This cryptocurrency is indeed a game-changer, and it appears more people are getting curious about how they can take advantage of this technology to make money for themselves.
While, like many other things, it also comes with some disadvantages, the fact remains that this exciting digital coin has opened the eyes of many to a world where global payments could be made securely and instantly, for little cost. That means, you can easily send huge money to folks from other parts of the world without having to spend too much doing so. The security is also a big plus.
This article is about making money with bitcoin. And what we will do is to explore some legal ways to make money with this digital currency. Remember, there are tons of positive and legal ways to create wealth by taking advantage of technology. So, you don’t have to indulge in something wrong.
Let’s get started:
This is one of the safest ways to earn bitcoin, although you you to have a lot of patience. It comes with the price of being shown lots of ads and doing small tasks.
There are many Bitcoin faucet sites out there today, and they work on the Pay to Click (PTC) basis. What you have to do is to simply visit the website and go ahead to complete the tasks that will be given you (it can be clicking on a captcha, watching an ad, playing a game, etc). After you’ve completed the required, you will be rewarded with some amounts of Bitcoin (Satoshis).
Nevertheless, it should be added that a lot of sites pay very low. Therefore, don’t expect to be rich from this.
2. Create a faucet
If you are not interested in the above, then you can produce and run a bitcoin faucet yourself, as far as you have the time and ready to put in the necessary effort.
When you have your own website, you can then proceed to charge firms to run adverts on your site. So, you simply get paid in Bitcoin.
To start reaping huge rewards with this, you must do all it takes to attract enough traffic. One will also need some capital to set it up and manage the website (as well as its users).
3. Become an affiliate
One of the best ways to earn bitcoin is by taking steps to becoming an affiliate to a cryptocurrency company. The fact is, many of such companies today have an affiliate program, and they are always opened to working with affiliate marketers that can promote their stuffs.
The way it works is quite simple. You sign up, promote their products and services, and for every paying customer that you referred to them, you also earn a commission.
When you sign up for an affiliate program, you will be given a personalised affiliate link, which you should simply start promoting (on your website, social media, etc).
This method will most likely fetch more money than to the first on this list. Another advantage it has is that you don’t have to spend a lot of money (compared to the number two point on this list, where you are expected to invest some funds).
So, search for companionship you can work with, and get started if you feel this is for you.
This is a big method – a very obvious method to make money with Bitcoin.
You can trade bitcoin anytime of the day, and from whichever part of the world you reside. The game is simple: buy and sell at a higher price (making your profit in the process).
This is quite easy to jump into (after you have learnt the necessary stuffs). What you should do is to simply sign up to a trading platform where you can swap your fiat money for cryptocurrency. So, you have got to monitor the charts. You have to follow indicators, and train yourself to know when to sell and when to buy. You should know that this is not for the faint hearted. There are several analysis out there by different persons and platforms that tries to ascertain where the waves would move. Nevertheless, you must be careful when trading, so you won’t get your hands burnt. Indeed, bitcoin is pretty volatile.
However, a lot of people have amassed lots of money by trading bitcoin – particularly when its value skyrocket and jumped to the skies. Irrespective of the potentials, you should make sure that you do your research and understand how these stuffs works.
Once you settled for an exchange, the next thing should be to make a trading plan. Don’t forget to trade only what you can afford to lose, so, even when things didn’t go according to your expectations, you can still be fine.
5. Mining Bitcoin
Lastly , one other way to make money with bitcoin is via mining the digital currency. You may have heard about this method times and times again: set up your home computer to join the global network to solve the complex cryptographic puzzles required for the blockchain ledger, which gives you bitcoin.
Well, it appears there are folks that made lots of money back then doing this. However, right now, it appears this is no longer an option as the astronomical costs of buying and running the complex computing equipment now required for Bitcoin would outweigh any profit made.
Nevertheless, you may want to look into some nice alternative digital coins and simply go for them (mining them) before they get as big as bitcoin. Some people indulge in cloud mining while others do rent mining equipment that belongs to other people. It is actually a low effort thing. Nevertheless, talking about the cloud mining part, you must realise that there are lots of scams out there claiming to be cloud mining firms. Hence, you must be careful not to fall for them.