So you have finally made up your mind into getting some Bitcoin? Contrary to popular belief, there are numerous ways to earn Bitcoin. Some of them, require minimal to no effort at all.
Of course, you have to do your part as well – showing patience and dedication. With that said, we’ve put together a list of the 15 best ways to make money with Bitcoin. Read on!
Best Ways To Make Money With Bitcoin
#1 — Mining Bitcoin
Mining tops the list of how to make money with Bitcoin. Now, don’t confuse it with following excavation practices and raising the ground to get Bitcoin.
Bitcoin is not regulated by a central authority. Instead, it is backed by millions of computers across the globe, known as ‘nodes’. These nodes are responsible for validating and recording information on in ‘blocks’ within a decentralized public record — the Bitcoin blockchain.
As a miner, your job is to add new blocks to the ledger and make sure that those transactions are accurate and not duplicated. As a reward for your effort, you will be rewarded with Bitcoin.
#2 — Trying Bitcoin Faucets
Bitcoin faucets are typically websites that give away small amounts of Bitcoins to their users. In simple terms, these highly engaging websites generate revenue from ads placed on their pages.
Users who visit faucets and solve captchas or answer short questions are rewarded from a small percentage of their revenue. The amount can vary anywhere from 0.000001 BTC to 0.0001 BTC and more.
This is a unique way to spread awareness about the cryptocurrency. Usually, once you receive your coins, you will need to wait for a certain period before you ask for another batch.
#3 — Signing up on Pay To Click (PTC) Websites
Similar to Bitcoin faucets, these websites will pay you in Bitcoin if you click to a certain page containing advertisements. This is a good idea if you want to make some quick bucks with Bitcoin.
However, you need to keep in mind that it is a task of patience, and you will receive small amounts depending on the service provider. For example, BTC4ADS pays around 0.0000010 BTC per click. So, you get the idea. Not a fast way to make money with Bitcoin
#4 — Doing Micro Jobs
The simplest way to earn money with Bitcoin is to do small freelance tasks known as micro-jobs. All you have to do is visit a website and take part in surveys put on by companies seeking answers and to collect information about certain topics.
There are numerous micro working sites where you will have to complete simple tasks like answering surveys or watching a YouTube video.
Companies that post such surveys or questionnaires make use of the information collected to sell it to a third-party, for publishing the results on a website or perhaps for personal business development.
#5 — Writing about Bitcoin
If you are a crypto enthusiast or have credible knowledge about Bitcoin, then you will be happy to know that there are websites that will pay you for writing about Bitcoin.
Since it is a new niche with the majority of the population unaware of the crypto space, there is a scarcity of talented writers who genuinely know about the industry. This is a great way to make money with Bitcoin.
You will be writing everything you know about the topic with some research as well. This will not only increase your knowledge about the industry, but you will be earning quite a decent income as well.
#6 — Gambling Bitcoin
If you have a thing for gambling and enjoy your fair share of time playing casino games and all, then you should know that there is a market for Bitcoin gambling as well.
No need to say, gambling can go both ways and shouldn’t be your main source of income. If played in a controlled manner, you can enjoy the thrill and have some fun.
Bitcoin casino games work the same way as any traditional online gambling site. However, since it is a nascent subject, a lot of people don’t know about it, allowing you to get a huge bonus for joining.
#7 — Buying and holding
For this, you will have to buy some Bitcoin first. It is like investing in shares and stocks. Create a wallet to keep your cryptocurrency safe and hold your coins until its value rises.
You should know that the price of Bitcoin is influenced by several different factors. And while it might be challenging to understand what will trigger the next bear cryptocurrency market, we can all agree the Bitcoin halving event is probably one of those.
#8 — Launching a podcast
Similar to writing about cryptocurrencies, you can start your podcast and educate your listeners on Bitcoin and other cryptocurrencies.
Since it is a nascent niche, the barrier to entry is quite lower. You will not see that many crypto podcasts out there, but those that are already established are quite good.
Once you start building your reputation among the crypto community, your channel will be popular in no time. However, you will have to work on the content that you will be offering to your listeners or viewers.
There are crypto podcasts that work on an interview-based system where the host interviews industry players from the cryptocurrency market. Moreover, some of the podcasts are all about providing information and general news and updates from the crypto world.
If your podcast starts getting attention, projects will start knocking on your door for advertising opportunities. You can also make a profit by asking your audience for small donations to keep up with expenses.
#9 — Trading Bitcoin
Another option that requires some initial investment from you. But unlike the buy-and-hold strategy, Bitcoin trading is about keeping your digital assets on the move.
In other words, you can buy and sell Bitcoin against other currencies using a cryptocurrency exchange. Just make sure to pick one that offers tight spreads and high liquidity.
As you can imagine, speculation can lead to gains but also losses. That said, we strongly suggest starting off with small amounts and increase your trading amount as you become more confident.
#10 — Getting paid in Bitcoin
Another great way to make money with Bitcoin is to sell services and products in exchange for Bitcoin. Bitcoin is a digital currency, and it gives you the ability to sell anything to anyone without having third-parties like banks involved.
So if you own a business where you sell products or services, or you freelance for a company in the cryptocurrency industry, you can get paid in Bitcoin.
#11 — Lending your Bitcoin
The decentralized nature of Bitcoin makes transactions much simpler as it doesn’t require central authorities to authenticate them. As a result, if you have some Bitcoins in your wallet, you can consider lending them to a potential borrower at a specific interest rate.
Since negotiating and finding reliable borrowers could be a lengthy and complex process, platforms like Nexo and Blockfi allow you to earn interest on your Bitcoin by simply placing it on their savings account. These platforms simplify the entire flow to make money with Bitcoin.
#12 — Doing affiliate marketing
If you have heard of affiliate marketing before, then you must know what it is. If you don’t, let’s refresh your memory.
Affiliate marketing is a process of generating sales leads for a service or product, and the party offering the service or product pays you a percentage of the actual cost of the product or service for bringing in potential customers.
All you have to do is sign up with an affiliate marketing program and promote their products or services through social media and other platforms. The more potential clients you bring in, the more commission you get.
#13 — Running a master node
If you want to gain exposure to blockchain technology while you earn, you can serve as a master node. The role of a master node is to keep track of blockchain in real-time. Serving as a master node for numerous digital currencies can help you get sizeable rewards.
Your job will be to validate and announce authentic transactions to other nodes, while governing voting events, broadcasting transactions, and ensuring smooth protocol operations, among other things.
#14 — Joining airdrops
To increase a cryptocurrency’s visibility, some projects distribute free coins through airdrops — promotional campaigns that require you to do some small task in exchange for cryptocurrencies.
Typically, the tasks are designed to increase the buzz around a particular company or crypto. From providing your identity to sharing a message on social media about the project, this marketing tool has proven effective for users around the world to make money with Bitcoin over time.
#15 — Becoming an influencer
Last but not least, if you possess the knowledge of Bitcoin and other cryptocurrencies, it is the right time you become an influencer.
Being an influencer means educating people about Bitcoin and other cryptocurrencies, explaining why they might be great for investment, how they can invest in them, etc. As your audience grows and you become an opinion leader in the industry, companies will likely approach you to offer money in exchange for reviews, interviews, and promotions.
Regardless of which way you choose to make money with Bitcoin, keep in mind that there’s no such thing as ‘easy bucks’. It will require some effort from your side, whether it is time or initial investment capital, to start earning a decent sum.