7 Legit Ways To Make Money With Bitcoin
October 22, 2020
Can you still make money with Bitcoin? Well, even after a decade of fluctuations and the unidentified Satoshi Nakamoto, Bitcoin still tops the chart. To be more precise, Bitcoin is the world’s largest cryptocurrency. So, the answer is a big yes, Bitcoin is a way to make money.
As now you seem sure-footed, the next default question is – How do you make money with Bitcoin? There is a long list of options, the most popular being Bitcoin mining, trading, investing, affiliate earnings, and micro earnings.
Nevertheless, there is no one-fit-for-all method of making money with Bitcoin. The amount of money you will generate depends on your risk appetite and the method you choose.
This post will discuss seven of the best ways to make money with Bitcoin. Whether you are an institutional investor or a complete crypto beginner, this article has you covered. (We have some bonus methods too).
How Do I Make Money With Bitcoin?
Here are the best seven ways of learning how to earn bitcoins:
- Micro earnings
- Accepting Bitcoin as a payment
- Affiliate earnings
Method 1 – Trading
Trading Bitcoin for banking profits is one of the most popular answers to – how do you make money with Bitcoin?
If you have a knack in analysing trading charts and you are ready to take risks, this option is for you. Sign up to Zipmex and exchange your local currency for the digital currency, BTC. Now, you have to wear a crypto trader’s cap. As soon as you see the best profit spike, trade your Bitcoins and enjoy the gain.
The icing on the cake is Bitcoin trading is available 24×7 so that you can trade at your convenience (obviously when profits soar high). Talking about convenience, our crypto trading platform – Zipmex, is available on both Android and iOS devices. You no longer need to force your eyeballs at the desktop as we bring the entire exchange in your pocket.
If you are less risk-averse, intra-day trading and arbitrage opportunities are made for you. Arbitrage means buying the same asset at a lower price and selling it at another platform while banking profits. Once you have a Zipmex account, chalk out a research-based trading plan while keeping a tab on the charts, considering the vitality of the Bitcoin world, trade the amount you can afford to lose.
Your profit margins in Bitcoin trading completely depend upon your dexterity of analysing charts and reading market situations. You can leverage Zipmex trading tools to gain more clarity about your trades. Zipmex trading tools ensure a frictionless trading experience.
Method 2 – Investing
Investing in Bitcoins is holding BTC until the iron becomes hot. HODL (Hold On for Dear Life) is the crypto lingo for long-term investments. If you believe in the positive future Bitcoin and are sure of its price surge, you must opt for investing. However, HODL investment must not be tied with fancy expectations.
You must know when is the right time to sell. If you are eyeing for long-term investments, you must keep your Bitcoins in a hardware wallet.
Are there some different options apart from buying-Bitcoin-and-then-selling-it kind of investments?
Yes, you can also make money with Bitcoin by investing in startups, companies, blockchain development, etc. These are research-intensive investments. You have to gauge the potential of a startup by analysing white papers, expert opinions, market demand, and whatnot. However, if you get this investment right, you will not just make some dollars with BTC; instead, you might hit a treasure chest.
The downside of investing is you have to hop between different exchanges to find the right investment opportunities. To your relief, Zipmex offers a wide range of investment options. No need to hop between exchanges, you find the top cryptocurrencies under one roof.
Method 3 – Mining
Bitcoin mining is the process of adding new blocks to the Bitcoin blockchain network by solving cryptographic puzzles.
If you have the technical know-how of mining and the luxury of high computing power, then mining is worth your effort. Bitcoin miners earned huge fortunes in the initial stages of this crypto revolution. However, today individual miners can hardly compensate for their electricity bills by mining Bitcoins.
Does this mean you can’t earn money with BTC mining? Not at all, there are cloud mining services where you have to pay once, and that’s about it. You don’t need to mine, nor you have to worry about your rising electricity bills.
Cloud mining services involve renting mining equipment for other miners so that they can mine for you. You have to invest once, and you will keep receiving your share of the cake. Before pouring your hard earned coin in a cloud mining company, verify it’s credibility as spam is at an all-time high in the crypto space.
To put it all together, mining is still profitable if you know how to do it the right way.
Method 4 – Micro Earnings
As the name suggests, micro earnings will not yield a fortune; however, it is a decent way to make a profit if you know what you are doing.
If you do not hit the skip ad button, micro-earnings will seem appealing to you. Pay to Click (PTC) websites like BTC4ADS, Coinadder will pay you in Bitcoins to watch ads. Other micro-jobs include watching youtube videos or completing online surveys. Bitcoinget is one of the leading micro-jobs websites.
Micro earnings sites reward you with very tiny amounts of Bitcoins – Satoshis. To put things in perspective, one Satoshi is equivalent to 100 millionth of a Bitcoin. Thus, watching an hour-long ad will earn you anywhere between 0.04 USD to 0.05 USD. If you want to earn some easy money while killing your free time, micro earnings faucets are the go-to place.
Bonus method: This method could be against the terms of service of the ad program so make sure you read their TOS before attempting this. You could invest in some low cost android phones and have them run on your wifi 24 hours a day. The ads will continuously play, while you rack up earnings. Before taking a crack at this, be sure to look into the initial costs of the phones, the electricity to keep them powered and the automation required to run them. If the numbers make sense you could earn a nice little side income.
Method 5 – Accepting Bitcoin as a Payment Option
You can earn money with BTC by accepting it as a payment option. Be it a small vendor or behemoths like Starbucks; everyone is embracing bitcoin as their payment option. So, if you are a seller or planning to be one, it would be wise to integrate bitcoin into your payment ecosystem.
Accepting bitcoin as your payment option opens the world for you. You can accept payments from every corner of the world and that too with lightning speed. You don’t need to depend on third-party services for processing your payments; all you need is a bitcoin wallet – it could be a new one or an existing Bitcoin wallet you own.
Also, to avoid losses, set your prices, keeping the bitcoin volatility in mind.
Method 6 – Lending
Instead of making money with bitcoin, why not let bitcoin make money for you?
By lending bitcoins to other people, you can earn interest on your bitcoins. Holding bitcoins will not make any money. Instead, if you lend them to someone, your bitcoins will earn for you. This is indeed better than holding bitcoins as holding could prove no less of a gamble.
You would not want to lose your bitcoins, would you? To avoid spam, trust your bitcoins with a credible lending platform. Unchained Capital, Bitbond, and BTCpop are amongst the trusted lend-and-borrow platforms. These platforms offer interests of up to 15%.
Be a smart earner and let your bitcoin make some extra for you. You can also sign up to Earn on Zipmex and get 6% on your BTC!
Method 7 – Become an Affiliate – Earn Bitcoin
It’s time to leverage your social media followers and earn. By being an affiliate to a cryptocurrency company, you can make large sums of money.
You have to sign up for a cryptocurrency affiliate program and promote their products for a commission. You will be receiving commissions depending on the customers you create for that particular company. The affiliate programs will provide you with a specialised affiliate link; this will track your performance. For every customer buying (signing, depending on the program) through your link, you will receive a decent commission.
If you have a good network and can convince people, you can earn a fortune with the affiliate programs by telling people how to earn a bitcoin. All you need to do is share the link on your social media handles and websites while promoting the product.
Also, it is necessary to sign up with a reputed affiliate program as you wouldn’t wish to sell spammy products.
Bonus methods: If you have enough knowledge about the blockchain world, you can make money by writing sponsored posts on the most coveted cryptocurrency blogging platform – Bitcoin talk forum. There are other platforms too, where you can show off your bitcoin skills and earn bitcoin.
Also, if you are ready to invest in computational power, you can become a master node and power bitcoin blockchain. Think of this as a server that is always on and helps the network run. You can make an impressive amount of money by being a master mode.
Is It Worth Investing Into Bitcoin?
The profitability of any investment is gauged by its usefulness in the real world. Ask yourself – Is Bitcoin useful? Does it solve a real-world problem? Has it disrupted the current outdated solutions?
Well, the single answer to all such questions is a resounding yes. Bitcoin changed the financial ecosystem by introducing a decentralised, secure, and fast medium of exchange.
Just as the internet brought a revolution in the way we use technology, similarly, Bitcoin is revolutionising the financial space. Bitcoin is not a pop-and-drop technology; it is here to dominate the world. There is no denying that it is extremely volatile. However, it’s usage has only increased since its launch in 2009.
So, is it worth putting your hard-earned dollars into Bitcoin? If you strategically invest in Bitcoin, yes, it is worth it. If you are a smart investor who will not shy away from doing extensive research, Bitcoin investment is still lucrative for you.
Some people have witnessed huge losses in bitcoin investments, and some earned millions in bitcoin. It’s up to you to decide which category you want to fall into? The latter, right?
If you want to be sure-footed in this unprecedented world of bitcoins, follow these basic pointers:
- Do your research.
- Analyse the market.
- Do not put all your eggs in one basket.
- Measure the risks and choose the method that appeals to you the most.
- Do not follow the noise; always take expert advice.
To sum it up, Bitcoin is worth your time and investment. However, it would be best if you were extra careful as you are venturing into a highly volatile space.
Can you make a lot of money with BTC?
Now that we understand how to make some extra cash, the next default question is, how much can you make?
Let’s answer it straight away. Yes, you can earn a lot of money with BTC. However, the more you want to make, the more you have to risk.
As discussed above, there is a whole spectrum of bitcoin earning – you can start small with micro earnings and advance towards high income by trading, investing, lending, etc.
There is no one-fit-for-all method to earn dollars in the bitcoin world. You have to glance through every method and opt for the one that you feel (obviously after extensive research) is the most lucrative. Or if you want to take advice from this post, you can diversify your investments.
Bitcoin investments are indeed volatile; however, the chances of every investment taking a steep dive simultaneously are impossible. Also, there is no formula to be a bitcoin millionaire overnight. You have to be patient with your investments.
Yes, you can make a lot of money if you invest in the right avenues while diversifying your investments.
Even after a decade of its launch and the fact that it isn’t ‘new’ Bitcoin remains a potential investment. You can make money with bitcoin through various avenues, including trading, investing, mining, affiliate programs, micro earnings, and many more. The amount of money that you will take home with bitcoin depends on the method you choose and the amount you risk. It is always advised to do your research before you pour your investments into bitcoin.
Bitcoin is volatile; its value can increase or decrease within hours. Considering this in mind, finding the best buy price is difficult. Also, these fluctuations can hamper your trade. Imagine you sold some bitcoins just to know the price of bitcoin increased the next minute. And talking about your investments, you will waste enough time hopping between different exchanges to locate different investments.
Zipmex effectively solves all these issues under one roof. You will find the lowest buy price on Zipmex. Also, you can complete trades at lightning speeds. To be more accurate, you can buy and sell bitcoins quickly. Yes, you heard it right!