As Bitcoin was the first cryptocurrency to arrive and the BTC to USD price is currently at $10,052, it comes as no surprise that investors of all sorts want to earn Bitcoin. It is simply no longer feasible to purchase one of the 16,914,737 BTC in the current total supply due to the high price. For those looking to get Bitcoin, there are multiple options available, some more demanding than others.
Mine Bitcoin
The most popular method of earning Bitcoin is by mining it. This is the process by which Bitcoins become released and enter circulation. Put simply, miners solve a difficult computational puzzle that lets them discover new blocks. These new blocks are automatically added to the blockchain, and miners get some new Bitcoins as a reward.
While mining Bitcoin is popular, not everyone has the hardware necessary to earn the cryptocurrency in this way. Originally, the average desktop computer could mine the token. However, the difficulty of the mining process increases as more tokens are generated. Now, miners must have advanced processing units and expensive hardware. As such, earning Bitcoin in this way requires a significant investment in the necessary hardware.
Trade Bitcoin
Trading Bitcoin can be incredibly profitable, but you will need to have a solid knowledge base if you want to improve your chances for success. Bitcoin trading works in a very similar manner to trading stocks or other currencies, but it focuses on Bitcoin and other cryptocurrencies.
You can choose to engage in day trading, which involves buying and selling Bitcoin within the same day to take advantage of short-term fluctuations in price. Essentially, you buy the cryptocurrency when you think the price will go up, then sell it as soon as you make a profit. Of course, this type of trading requires you to have Bitcoin to begin with.
Trading Bitcoin requires an exchange – ideally an exchange without KYC -and there are many of them, with the number growing constantly. One of the examples can be CEX.IO – a Bitcoin exchange with global coverage that has been offering an extensive range of cryptocurrency services (buying/selling, trading, incl. trading on margin) since 2013. There you can trade Bitcoin both for fiat money, like USD, EUR, GBP, or other cryptocurrency like Ether, Dash, Bitcoin Cash, etc.
When selecting the exchange to use, always consider its level of trust, fees, and liquidity, as these can vary greatly due to the lack of industry regulations.
Use a Bitcoin Faucet
Bitcoin faucets give away Bitcoins in very small quantities to users of the page. The faucet owners place ads on the websites to generate revenue and pass on a small fraction to the visitors. You can take advantage of Bitcoin faucets either by running your own or visiting an existing one. If you plan to just use a faucet to earn crypto instead of running your own, keep in mind that you will earn very little in this way.
Find a Job That Pays in Bitcoin
As Bitcoin grows in popularity, more and more platforms offer the option of receiving payment in Bitcoin. This is particularly likely if you choose to work for a business in the technological sector, especially those connected to blockchain technology. Those in the following professions have a higher chance of finding a job that pays in Bitcoin:
- Developers;
- Engineers;
- Designers;
- Writers;
- Editors;
- Internet Marketers;
- Other Jobs Completed Online.
There are also several platforms where companies can post jobs that they pay using Bitcoin. They include:
- Bitwage
- Coinality
- XBTFreelancer
- Jobs4Bitcoins on Reddit
- CoinWorker
Simply search online for a classified website specializing in the cryptocurrency and be sure to confirm its reputation before entering any personal information.
Choose to Accept Bitcoin
Another simple and popular method of earning Bitcoin is to accept it for payments your business already receives. Whether you have a physical store, an online shop, or provide services from tutoring to landscaping, you can choose to accept Bitcoin instead of the fiat currency you currently use. Let your customers know that you accept Bitcoin, and many may choose to pay you in this way. A growing number of stores accept Bitcoin as payment, including small privately owned companies and large international chains.
Lend Bitcoin
For those who already have Bitcoin and wish to earn more, you can try lending some of the coins to earn interest. You can lend to someone you know, to a website that acts like a bank, or via a peer-to-peer lending website. Before choosing to lend Bitcoin, however, keep in mind that this segment is very unregulated. To protect yourself and your financial investment, always research company’s reputation and location so you are aware of the local regulations it must follow. You should also carefully read platform’s policies to ensure you do not accidentally violate any and lose any Bitcoin as a penalty.
On a related note to lending Bitcoin, most experts suggest avoiding using an investment site with a high-yield investment program. These investments promise high gains in the form of unbelievably high daily interest. If the return on investment sounds too good to be true, do not invest before doing extensive research; you are likely to lose Bitcoin, not earn any.
Gamble for Bitcoin
This is not a realistic method for everyone, but it is possible to earn Bitcoin via gambling. The good news about this method is that you do not need much skill or knowledge of Bitcoin to begin. Unfortunately, the risks are the same as with gambling for fiat currency, and unless you are incredibly lucky, you will lose more of this cryptocurrency than you earn. Mind that it is a very risky method.
As you can see, the methods of earning Bitcoin are not limited to mining or ‘buying-and-holding’ only. They are not even limited to those options mentioned above. As the popularity of cryptocurrency grows, businesses and individuals are looking for more ways to expand into the emerging market, and thus providing new opportunities to reap benefits from Bitcoin.
