Whether you are new to Bitcoin or have been hearing about it, you may be wondering if you can make money on it. Everybody gets into the bitcoin field to make money. However, not all of them end up doing so. Some give up, while others fall prey to cryptocurrency scams. The duped people are mostly those who dived into Bitcoin without doing their proper research. Bitcoin is still on top of the chats as the world’s largest cryptocurrency, so yes, you can make money with Bitcoin.
There are many different ways to do it. Various methods for you to choose from to make money. The amount of profit you make will be dependent on your risk appetite and the method you select. As you read through, you will get to learn ten of the best ways for you to make money with Bitcoin.
1. Investing with Bitcoin
In Bitcoin investing, HODL is the way to go. HODLing a form of long-term investing in which the trader buys bitcoin from a cryptocurrency exchange and holds it for a while until its value increases. If you believe Bitcoin will gain value in the future and its price surges, then you should try HODLing. It is the most beginner-friendly method of making money with bitcoin.
As a beginner, you are still familiarizing yourself with all things on Bitcoin. You may be a little hesitant in actively engaging in the buying and selling of bitcoin. HODL eliminates this pressure since you won’t need to sell soon but instead, hold off till the price improves. You need to know the right time to sell your bitcoin. Have a clear and realistic target price and plan. Unrealistic plans can give you huge losses. If you choose to do long-term investing, ensure you have a safe and reliable Bitcoin wallet to store your coins. Be patient; the long term takes a while, but it is, in most cases, definitely worth it.
2. Trading with Bitcoins
Trading Bitcoin is one of the best ways to make money. It is the buying and selling of coins on cryptocurrency exchange platforms by analyzing trading charts and following the price movements. External factors in the market, such as news, events regulation, and bitcoin halving, are the significant causes of the price fluctuations. If you’re good at analysis and a risk-taker by heart, then bitcoin trading is for you. It requires you to be smart and intuitive. Techniques such as fundamental, sentimental, and technical analysis are great methods to analyze and make your trading decision.
If you are a bit risk-averse, arbitrage trading is a better option for you. It involves buying a bitcoin at a low price from the cheapest exchange and selling it at a higher price on another exchange platform. As an arbitrage trader, you are mainly targeting the price difference from various places and taking advantage of them to make a profit. It is a low-risk method compared to Bitcoin Trading. The cryptocurrency market is open 24/7, meaning you can choose to trade at your convenience. There are many platforms for you to take advantage of, such as the-bitcoinevolution.com, accessible, convenient, and easy to use.
3. Mining Bitcoin
Another way for you to make money is by Bitcoin Mining. It is the process of solving cryptographic puzzles to add new blocks to the Bitcoin blockchain network. It was prevalent in the initial stages when cryptocurrency came about. Those miners made much money out of it. To be a bitcoin miner, you need to have a high-computing power personal computer and technical knowledge of the mining process. Mining is one of the popular methods to make money with Bitcoin if you know the proper way to do it. There are three common mining forms: solo/individual mining, implementing mining pools, and cloud mining services.
Solo mining is you do your mining as an individual. The main downside of this technique is that it is time-consuming. You find yourself taking longer to generate blocks on your own since you don’t have enough hash rates. Also, individual mining utilizes much electricity, and sometimes you end up with more electricity bills than your earnings. A mining pool is when individual miners join forces to increase the hashing power and generate blocks faster. The massive has rates make the mining more efficient, and they end up with a large capacity of generated blocks. Cloud mining involves signing a contract to rent mining equipment remotely for a specific amount of time for other miners to mine for you. Cloud mining services allow you to indirectly participate in mining bitcoin even when you lack the know-how.
4. Payment option with Bitcoin
You can earn money with Bitcoin by making it an acceptable payment option. Whether you have a small shop or a huge restaurant, integrating bitcoin into your payment system is a wise decision. Therefore, many people have embraced bitcoin, so using it will put you one step ahead of your competitors and lure customers to your business.
Also, Bitcoin will help you expand your business. Since it is universal and requires no third-party services, you can choose it as your international clients’ payment option. All you will need is a Bitcoin wallet to get you started.
5. Lending with Bitcoin
You can make money for yourself by exchanging Bitcoin and earning interest on your currency. Holding bitcoins will be of no value to you, but if you lend them to someone who will pay them back with some interest on top, then you have made money.
Ensure that you do your research before merely lending your bitcoins. Therefore, nobody wants to lose their coins, so choose a credible lending platform that you can trust with your money. Ensure that the platform also offers a logical interest rate, not too high and not too low.
6. Affiliate Marketing with Bitcoin
You can use your social media followers, family, and friends to earn Bitcoin through affiliate marketing. Affiliate marketing is whereby you make money for every new customer you bring. There are several cryptocurrency affiliate programs that you can sign up for and promote their products to earn a commission.
Suppose you have an extensive network and are good at convincing people. In that case, you will most definitely make a ton of money through bitcoin affiliate programs. Ensure that you sign up for a reputable program not to waste your time selling spam products.
7. Becoming A Masternode
Becoming a master node is one of the ways you can earn money through blockchain. A master node is a person dedicated to following and tracking the blockchain in real-time. He or she saves, validates, and announces valid transactions to other nodes while governing voting events and smoothing protocol operations.
Most cryptocurrencies pay node operators to maintain these real-time records, including Bitcoin. Since the process is stressful, you get well compensated for your services as a master node. It is an excellent way of passively earning money from Bitcoin.
8. Micro earnings with Bitcoin
Micro earnings will not make you much money, but it is still a method worth exploring. Several websites are willing to pay you to click on a link to a specific page with ads or even watch an ad. It is a very tedious method to use if you wish to make a considerable amount of profit.
Aside from Pay to Click (PTC) websites, you can also make some cash through; watching YouTube videos, downloading apps, or filling online surveys on Bitcoin-related issues. If you want to make more wealth, try Bitcoin faucets.
9. Futures trading with Bitcoin
You could also do bitcoin futures trading to earn some extra cash. Bitcoin futures let traders speculate the bitcoin price and bet, long or short, against the price for a specific period. You don’t have to own any bitcoin to do this. Bitcoin futures contracts work similarly to futures contracts for other financial assets.
10. Writing on Bitcoin.
Cryptocurrency and blockchain technology is a new untapped niche to take advantage of as a writer. There are very few writers who truly genuinely understand Bitcoin. Others are simply copywriters rehashing the same content. If you are genuinely an excellent writer and are passionate about Bitcoin, why not make a living out of it?
Several websites can pay you to write on Bitcoin. You could also decide to be a Bitcoin writer freelancer working in either Upwork or Freelancer. You will not only get a little cash out of your writing. Still, you will also contribute to the growth of Bitcoin by educating the readers on the subject matter.
If you had any doubts that you can make money with Bitcoin, you now see that it is possible. You now know ten different ways to make a profit with Bitcoin. From Bitcoin trading to Bitcoin writing, you can now try out any method and smart way of making money with Bitcoin. Ensure you properly research and plan before trying out any of these methods.
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