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Bitcoin is the currency of the future. It was created to be versatile with multiple ways to spend and earn. So apart from buying Bitcoin straight off the market what can you do to learn how to make money with Bitcoin?
In this article, MoolahNinjas will show you 5 ways of how to make money with Bitcoin and how easy it is to get started today.
Selling goods and services
Faucets, microtasks, ads
Writing about Bitcoin
Sell Goods and Services
Selling goods and services in exchange for Bitcoin is the original intent for creating cryptocurrency and how many people make money online.
Why not sell your creations, pre-loved books or services online and get paid with Bitcoin? It’s just one small change from what we already do on Etsy, Amazon or Craigslist. Some are already accepting Bitcoin as a form of payment so why not use this as an effective way of how to make money with Bitcoin!
If you are looking to make additional income and are interested in receiving payments from buying customers with Bitcoin, there are sites that will help you list and sell to potential customers. You want to know how to make money with Bitcoin by selling products? Online markets like Bitify and Purse.io can help you! You can purchase or sell anything from electronics to books or even creations of your own. Much like Etsy and Amazon except with the option to conduct transactions with Bitcoin. This is also a great way to learn how to work from home.
You can also contact a local merchant to sell your merchandise for Bitcoin. Yelp is an amazing website to find these kinds of establishments near you.
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Or maybe you’re looking to offer your expertise as a service in exchange for Bitcoin? You can do that too. How to make money with Bitcoin isn’t uncommon for freelancers. In fact, why wouldn’t it be entirely legitimate to be hired and paid in Bitcoin. You can use websites like Upwork or Freelancer.com to get paid in fiat currency or you can use websites like BitGigs and Coinality to get paid and grow your Bitcoin wallet!
There isn’t any reason why traditional methods of buy and sell can’t be used as a way how to make money with Bitcoin. It is, in fact, one of the most effective methods of how to make money with Bitcoin and can have the highest return yield.
Faucets, Microtasks, Ads and Loans
If you are looking to make extra money, there are other more creative methods to earn Bitcoin. These methods, however, either yield minimal revenue for your time or require a higher initial investment to get started. So let’s briefly look at these other methods of how to make money with Bitcoin:
Bitcoin Faucets & Microtasks
Bitcoin faucets and microtasks are usually lumped into what are called “mini-earnings” as the payouts are in small amounts of Satoshi (fractions of Bitcoin) for interacting with ads online. For those who are starting out and learning how to make money with Bitcoin, this might be a great start. This can range from clicking ads, viewing short video ads or playing mini games.
The downside to this is that you might not earn very much to start or it may take time to build your earnings from using Bitcoin faucets and microtasks. However if you don’t mind taking a few minutes of your time on a regular basis, this is a little boost for how to make money with Bitcoin.
A couple of recommendations for Bitcoin faucets and microtasks can be found here:
Paid-to-Click Bitcoin Faucets
If you have a website or are going to start one, you can add a Bitcoin faucet to your page and earn more. This is probably a more effective way for how to make money with Bitcoin since you can earn passively. As Bitcoin faucets are built on ads paying for space on your site, you can do a pay-per-click option and a company will pay you an amount in Bitcoin instead of fiat currency.
You will have to factor in how much you have to take from your total amount to pay to those who are actually clicking the ads but overall, you can net more in your revenue.
If you want to learn how to install and make money with Bitcoin by adding your own faucet to your website, check this video out for a good tutorial on how to do that.
Faucet Affiliate Programs
Some faucets, like Moon Bitcoin and BTCClicks, offer affiliate/ referral programs where you can earn up to 50% lifetime commissions + plus benefits.
Depending on the platform, you can withdraw the cryptocurrency you earned in small increments or large sums. Best of all, if you manage to pull in enough active users, you could receive big and profitable bonuses.
If you have a website or are going to start one, you can add a Bitcoin faucet to your page and earn more. This is probably a more effective way for how to make money with Bitcoin as you can earn more as passive income. As Bitcoin faucets are built on ads paying for space on your site, you can do a pay-per-click option and a company will pay you an amount in Bitcoin instead of fiat currency.
There are a few pros and cons to be aware of when it comes to lending Bitcoin. One pro is that the industry of cryptocurrency and lending is largely unregulated and, therefore, interest rates can be high which is beneficial to the lender. However, the lack of regulation also means that you are at risk of not getting paid back. Keep in mind that this could happen in a regulated system too, as this is the nature of lending.
Just keep in mind that peer-to-peer lending is also an exciting opportunity for the cryptocurrency community. As businesses and individuals are finding other methods to start and grow ventures through Bitcoin, peer-to-peer lending could be a lucrative option for generating dividends with Bitcoin.
One recommended peer-to-peer lending platform is Bitbond.
Protip: We recommend you loan out 0.5 BTC or higher. Loans lower than 0.5 BTC will hardly make you any profit.
You can earn Bitcoin and lend Bitcoin but what if you can also be a part of Bitcoin’s blockchain backbone?
Another method on how to make money with Bitcoin is Bitcoin mining. This is by investing in high powered computers dedicated to the security and confirmation of Bitcoin’s blockchain which is what helped make Bitcoin so successful in the first place.
However, unless you have a large warehouse and several high powered computers at your disposal, it’s not as easy to just start Bitcoin mining in your backyard. But if you want to dedicate a few computers and participate in a community where you work together in a Bitcoin mining pool, this could be a good opportunity on how to make money with Bitcoin.
Just keep in mind that since this is an ongoing process there will be ongoing utility and management fees that will affect your profit.
The reward includes that once a blockchain is confirmed, a winning miner(s) receive(s) 1 Bitcoin (which at its peak so far, was nearly $20,000USD). If you are in a mining pool then you would have your earnings split among you. So depending on the success of your mining pool, this can be an effective way on how to make money with Bitcoin.
If you want to participate in a Bitcoin mining centre remotely, you can also participate in cloud mining services where the data centre is in a separate location but everyone in the pool is sharing processing power.
However, this would mean that you would possibly contribute a higher initial investment plus management fees since you are not buying hardware or software to contribute. In addition, you may be forced to shoulder the utility bills of the mining centre. This is worth keeping in mind as you weigh the costs and benefits.
Tip: Interested miners should use the proper protocol to improve your computation efficiency and reduce your power consumption.
Just like any other cash currency, you can also trade Bitcoin as a method of how to make money with Bitcoin. There are several trading options from long term investments to even gambling with the trade. We’ve reviewed all of them for you:
Buy & Hold
Since Bitcoin does vary in market value against other fiat currencies, you can opt to buy and hold Bitcoin as a way how to make money with Bitcoin. Due to the market demands fluctuating so much, some might become millionaires overnight or may intend to ride out the growth and fall as a long term investment.
There is obviously risk to buying and holding as Bitcoin can increase value 100 times overnight and fall 1000 times the next day. But if you buy and hold and know how and when to trade this is effectively a good way on how to make money with Bitcoin.
All you really need to buy and hold Bitcoin is a Bitcoin wallet. Just pick a time and value as to when you would like to invest in Bitcoin and keep an eye on the market!
Fun Fact: The term “HODL” is a popular term among cryptocurrency traders which means “Hold On for Dear Life”. This saying suggests that once you own any amount of Bitcoin, you should just hold on to it; since the supply will eventually run out. Its price, however, will just keep on rising.
One step up from just buying and holding Bitcoin is trading as another method on how to make money with Bitcoin. Bitcoin is not the only cryptocurrency on the market! Maybe you might have also heard of Ethereum, Litecoin or other altcoins. Like other fiat currencies, each of them will rise and fall in value compared to each other.
If you like monitoring the cryptocurrency trading market, this may be the perfect fit for how to make money with Bitcoin. Just don’t forget to set a trading strategy! Cryptocurrency is still a very volatile market so a trading strategy is pertinent to make sure you earn on your investment and not lose it.
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2 Most Popular Trading Strategies:
Trading Bitcoin or any other cryptocurrency needs a sound investment strategy to keep being profitable long-term. Here are the 2 most popular strategies that you can follow.
Hedging is an advanced trading strategy that is extremely effective in managing any cryptocurrency’s risk. This system works by reinvesting your earnings into less volatile assets. Doing so reduces the uncertainty involved with cryptocurrency.
If you’re serious about making money from cryptocurrency in the long-term, then we recommend using this trading method. However, learning this skill is a continuous process that involves a lot of studying and expensive trials and errors.
Alternatively, you can contact a licensed broker to do the heavy work for you. All you need to do is invest in a particular coin when the time is right.
Correctly anticipating a cryptocurrency’s value not only saves your initial investment but also increases your overall capital.
It takes a fair bit of practice and studying, but once you have enough experience, then you can expect large payouts in a relatively short period.
If you don’t have the time to master the art of trend trading, however, then you can always use a reliable tool.
ProfitFarmers is a trend trading solution that features precise technical analysis separated into minutes, hours, days, and weeks.
It will show you the past and projected trends of a particular coin along with a recommended plan of action.
A more risky but also an option for Bitcoin trading is using binary options for how to make money with Bitcoin. Building on trading, this is one step where you now make bets. Basically the only thing you speculate is if the value of Bitcoin will rise or fall. If your prediction is right then you are rewarded and if not, then you lose what you bet.
Obviously this is a more risky option as you are now making bets. But if you are one for higher risks than this can be a perfect fit! The benefit to this is that this is a high risk, high return venture so you can make more Bitcoin through trading and possibly more with the binary options if you play your cards right!
If you’re looking for a recommendation for a binary options platform, click here to learn about IQ Options!
The final step to high risk methods on how to make money with Bitcoin is gambling with Bitcoin! There are, in fact, online casinos where you can gamble using Bitcoin as your currency of choice. It goes without saying that online gambling comes with risks of their own.
Don’t forget to make sure that gambling isn’t illegal in your area before you start. More importantly, make sure to set limits so you don’t lose all of your Bitcoin investment!
Here are a couple options if you’re wanting to use gambling as your method on how to make money with Bitcoin:
Writing about Bitcoin!
Do you like to write? Do you like Bitcoin? Why not write about Bitcoin as a way of how to make money with Bitcoin! From blogs, to articles and forums, there are many ways you can turn your writing and enthusiasm about Bitcoin into a way to make money.
One method is to start your own blog and drive traffic to your blog. You can also add your own Bitcoin faucets as mentioned earlier to build on your earnings!
Another method is to write articles for Bitcoin websites. Websites do in fact pay writers for contributing to their websites. Prices will vary based on your word count, experience and how many ads you may need to add to your article. Usually websites will pay in cash but they can also pay in Bitcoin if you prefer! The bottom line is, if you like writing and want to make money as a freelancer, then this is a great way of how to make money with Bitcoin.
Summary: How to Make Money with Bitcoin
All in all, knowing how to make money with Bitcoin goes beyond the buy and hold trend we’ve seen in recent months. As Bitcoin is created to be a digital currency there are ways you can spend it and excellent ways to earn it! These are a few creative ideas if you’re looking to make some more Bitcoin instead of just converting from fiat currency! You can continue and check out this article on how to make money with other coins, like Litecoin, Ethereum, and more.
You can continue your journey and check out this article on digital coins, like Litecoin, Ethereum, and more. The world of cryptocurrency is an exciting place and you might find yourself totally immersed in it before long…and making an impressive income from it at the same time!
3 thoughts on “How to Make Money with Bitcoin: 5 Steps to Financial Freedom”
You guys have some of the best content about cryptocurrency! Thanks for putting it out for free 🙂
I love your content! But, I want to know if Bitcoin faucets are still a good source of money? I’ve been struggling to find one that still works. 🙁
Hi, I am new in bitcoin and this article helps me a lot to learn more about how to learn with bitcoin, there’s so much I need to learn about this one. Thanks a lot!