There are plenty of methods through which one can earn
Bitcoin. Some of these methods involve
minimal effort, while others may require you to have a, have more knowledge and expertise about the
industry and the market.
In today’s article we will cover a few of the basic ways in which you can earn money through Bitcoin:
Paid-to-Click Websites
These websites pay users for visiting certain websites or viewing ads in Bitcoin. You have ads of
various lengths and with corresponding fees. But do not expect to make much money out of this method, as the payouts are quite minimal.
Bitcoin Faucets
A
Bitcoin faucet is a website that rewards users with small fractions of Bitcoin, with owners making
money through ad placement on their website and pay individuals that click on the ads or complete
surveys.
However, just like PTC websites, BTC faucets are not a viable way of producing a substantial sum.
Micro Jobs
Certain websites require users to complete small tasks in exchange for small amounts of Bitcoin.
These tasks may be anything from testing a plugin to see if it works properly with a browser, or just
retweeting a post. The payout is also small here, but there is potential to earn more when compared
to faucets and PTC websites.
Writing about Bitcoin
If you are passionate and have knowledge about Bitcoin, you could share your knowledge and earn
money while doing it. As the industry is still new, there are few resources that can provide proper
education on the subject. You can earn various sums for writing about Bitcoin, depending on your
level of expertise and writing skills.
Writing for blog and news sites
The number of blogs and news sites which discuss Bitcoin and other cryptocurrencies is constantly on
the rise and they are always looking for talented writers, with good quality content being paid
between $30-100 per 1,000 words. At this level, writers are able to choose if they will be paid in
Bitcoin or in fiat currency.
Affiliate Marketing
If you have a blog or a website that is related to crypto matters, you may also be able to make money
through BTC affiliate marketing. This form of marketing involves getting paid a certain percentage
of commission for every referral that you bring to another BTC business.
If the business runs an affiliate program, and your blog has enough readers who link to the
business and buy the product advertised, then the commissions can be quite substantial.
Bitcoin Lending
Bitcoin lending usually functions through a third party website such and it involves you lending
Bitcoin. You act as a bank by giving the Bitcoin loan to another person for a certain level of interest.
Due to the market’s current unregulated state, the levels of interest are usually much higher when
compared to the standard bank rate meaning that this method has potential high returns.
But on the downside, the unregulated nature of this sort of transactions means that if the borrower
decides to not pay back the Bitcoin that was loaned to him, there is no legal reinforcement or
sanctions to make him pay the loan.
However, if approached correctly, this market sector could lead to huge profits.
Bitcoin Mining
Mining Bitcoin is the process through which new coins are generated. Mining involves using special
computer hardware and software which utilises the processing power of the miner’s computer. In its
early days, Bitcoin mining was simpler and miners were able to mine thousands of Bitcoin with few
costs.
However, as the value of Bitcoin started rising, the number of miners also grew and hence the mining
difficulty. Nowadays, Bitcoin mining is much harder. Each BTC that is mined now needs more
processing power and therefore mining BTC now requires larger amounts processing power which
requires expensive and specialized hardware called ASICs.
In addition, you also need a lot of electricity to power this equipment which can translate into huge
bills.
If you have the necessary income to invest in all these requirements, you may be able to mine some
bitcoins, although nowadays mining as an individual is quite hard.
Bitcoin Trading
Bitcoin trading can bring in huge money, but it takes a certain level of expertise and knowledge to
appreciate the market, just like with forex trading. Also, the cryptocurrency market experiences
extreme fluctuations which may not suit those that do not fare well with risk.
One problem with trading is that almost all of the trading exchanges make the conversions via Bitcoin
or Ethereum, which means that if you don’t own any of the two coins, you will have to purchase
some.
Another way in which you can buy bitcoins without having to deal with exchanges is by meeting with
the sellers face-to-face. There are certain apps which facilitate the meeting of sellers from your area
to exchange fiat currency for bitcoins.
Day Trading
Day trading involves buying and selling Bitcoins on the same day and generate profit from the short-
term price fluctuations which occur in its price. Such fluctuations may be generated by any news or
trends which concern the coin. BTC can be traded against other cryptocurrencies or against fiat
currencies such as the US Dollar.
There plenty of opportunities which can generate financial revenue through BTC. Whether you
mine, invest, write or trade, as long as you are willing to use your skills, there are many ways that
bring you income.
