Recently, Bitcoin has generated broad global interest. This development is in relation to the distinctive accomplishments of this cryptocurrency. For example, it is regarded as a secure, inflation-free, digital currency which provides anonymity to its users. It also stands as a decentralized network, beyond the control of governments and regulators. Bitcoin has also been seen as a key to unlock wealth, create opportunities and make money! All you require is the requisite knowledge and time and you are just a step away from making money with Bitcoin. This article presents you with different ways to make money with Bitcoin to enable you to make informed decisions. Here is a list of 10 such strategies:
1. Micro earnings
The rate of returns in micro earnings is usually low when compared to the efforts put in. One can earn on the average less than $5 devoting an entire day to micro earning schemes. Although this discourages many people, on the flip side,many still tap into these schemes because of the low risks they entail for participants. Generally, Bitcoin micro earning schemes would involve doing small tasks and earning fractions of the coin for the tasks and time spent. One of the popular Bitcoin micro earning scheme is ‘pay to click’ which involves earning Bitcoin fractions by clicking on adverts on a website. There is also ‘Bitcoin faucets’ which involves frequent visits to specific sites at intervals of few minutes to earn fractions of the coin.
2. Bitcoin trading
This is perhaps the most popular way to make money with Bitcoin. However, it comes with a lot of potential risks, just like other financial markets particularly because of the highly volatile nature of Bitcoin. This strategy involves the buying and selling of Bitcoins which requires competent expertise to monitor, understand, analyse and make forecasts of market trends. This enables the user to better understand the best time to buy or sell to maximise profits.
3. Bitcoin mining
Vast fortunes can be made from Bitcoin mining. However, it is a costly and tedious process involving specialized types of equipment and computers with high processing power. Dedicated software is also a necessary requirement. Bitcoin mining is simply the process of creating new Bitcoins. At the inception of Bitcoin, its mining was relatively easier and cheaper but with its recent popularity there has been an astronomical rise in its cost and complexity. One such cost is the high demands it makes on electrical power making it difficult for most individuals. This technique remains a privilege for wealthy companies to venture into.
4. Claiming Bitcoin forks and airdrops
Irrespective of the considerable money that can be made from this method, experts still advise caution when claiming Bitcoin forks and airdrops. This is due to the huge risk that many obtain from the process. Bitcoin forks refer to replica versions of Bitcoin, for example, Bitcoin Gold, Bitcoin Cash, Bitcoin Diamond etc. while airdrops are cryptocurrencies very often given freely to the public usually to introduce new currencies and make them popular.
You can acquire more Bitcoins and make a lot of money from selling successfully claimed airdrops and forks on an exchange. However, you may lose your Bitcoins if you are not knowledgeable about the procedure for such claims – therein lies the risk! There are companies who can act as intermediaries in the process by helping you make your claims for a specified charge. Be aware, however, that scammers can still hide under such pretence to defraud users of their Bitcoins.
Bitcoin gambling just like other forms of gambling is a very risky way to increase your Bitcoins. As there are testimonies of people who have successfully made money from Bitcoin gambling, so are there many more people crying woe from their losses of huge fortunes from the same process. There are many Bitcoin casinos whose businesses are Bitcoin gambling. However, it is advisable that if you must venture into this luck-based money making venture, you look for casinos with proven records of transparency and fairness. This will save you from manipulated outcomes instead of the normal probability-based outcomes based on mathematical algorithms.
6. High Yield Investment Programs (HYIP)
This is also a very risky way of making money with Bitcoin. The end of HYPI is usually very unpleasant leaving subscribers counting their losses. Often regarded as Ponzi schemes, HYIPs generally involve sites that entice people with their offers to increase Bitcoins at short intervals and juicy interest rates. It will also usually involve additional payments as incentives to existing members who successfully bring new members on board. The mode of operation of such schemes will almost always involve using the Bitcoins of new members to offset the payments of old members. This operation continues until such a time when there is system imbalance in Bitcoin inflow and outflow. Also, the operators of such schemes sometimes abruptly end the schemes leaving its members to count their losses.
7. Bitcoin lending
Asset lending is often profitable because of the interests that accrue with its repayment. In this vein, Bitcoin lending is an explored viable way to make money. However, the peril in this venture lies in the decentralized nature of Bitcoin and its transactions. There is little or no measures and legislation in place to recover your Bitcoin when a borrower fails to pay back.
8. Writing about Bitcoin
Bitcoin in recent times has become a well-researched topic. You can make money by writing an informative article for websites about Bitcoin. Such sites can decide to pay using Bitcoin or local currencies depending on the agreement reached and the traffic your writing generates to their site. This money making venture will usually require you to be knowledgeable about Bitcoin and be abreast with updates on its present worth, analysis, trend, forecast and its developments in general.
9. Bitcoin exchange
Owning a Bitcoin exchange is a profitable way of making money from this popular cryptocurrency especially if you have the know-how to generate traffic on the platform from buyers and sellers of Bitcoin. Bitcoin exchanges will give you money in the form of commissions charged during each transaction. There is no limit to the amount of money you can make! The more the transactions on your exchange the more money you make.
10. Bitcoin investment
People who bought and saved their Bitcoins for five to seven years would have become very rich in the last two years. This is as a result of profit made from the massive rise in price and value of Bitcoin as its popularity grew over the years. Investing in Bitcoin would however involve a sound knowledge of the coin, factors affecting its value and an insight into its future and its worth.