Everywhere you are in the world, there seems to be individuals who want to get their hands on Bitcoins, which is one of the most popular forms of cryptocurrencies across the globe. This type of digital currency first came about around a decade ago, and since then, it has gone a long way. While many use cryptocurrencies to have fun, others also trade it to earn a living or passive income. There is no denying the fact that cryptocurrencies, mainly Bitcoins, have become increasingly popular over the years.
If you are just getting started on Bitcoin trading, here are some of the smart ways you can earn more money:
1. Micro Earnings
Micro earnings allow you to earn Bitcoins by completing small tasks online. In a way, you can think of it as similar to completing an online job. But instead of being paid in fiat money, you are paid through Bitcoins. The caveat, however, is that this way of earning Bitcoins is more time-consuming than others. You have to put in so much more effort in comparison to trading, wherein you are earning passive income.
Examples of micro earning include:
- Affiliate marketing, wherein you get paid Bitcoins for every referral that you bring to a Bitcoin business or product
- Paid-to-Click websites, wherein you get paid for every website that you visit, or advertisements that you view
- Writing, wherein you get paid for every content or news item that you write and publish
- Bitcoin faucets, wherein you get paid for every advertisement that is posted on your site
- BitcoinTalk Signature Campaigns, wherein you write Bitcoin-related posts on this forum
2. Mining Bitcoin
You can think of mining Bitcoin as similar to that of traditional mining. But instead of doing physical mining work, you are performing this over the computer instead. It is most often the case that you will be asked to answer math problems or various algorithms so you can mine Bitcoins successfully. Mining Bitcoins means that you are bringing it over to the surface for many other Bitcoin traders to use. Because you are the one who exerted the effort, you are paid a miner’s fee.
3. Provide Services Related To Bitcoins
Those who are experts in cryptocurrencies often have expertise in the technical aspect of it. As Bitcoins become even more popular because of increasing demand, there is also the influx of numerous services that are Bitcoin-related. As most of these businesses in the cryptocurrency world are relatively new, it also cannot be denied that they have limited infrastructure and workforce. Hence, they need someone who can provide Bitcoin-related services. If you enjoy tinkering with computer software and whatnot, then this is the perfect way for you to earn money through Bitcoins.
Some of the jobs that you can perform include:
- Creation of Bitcoin trading software and platforms
- Online marketing
- Web development
4. Gambling Bitcoins
While gambling isn’t always recommended, it can be great for recreational purposes. If you are lucky, or if you know the best tricks in gambling, then this is undoubtedly an opportunity that you wouldn’t want to miss out on. Because Bitcoin gambling is still in its infancy and is quite unheard of, you will generally get to enjoy a huge bonus even for merely signing up to the game. For many expert gamblers, it has been an excellent way to earn some extra money.
5. Bitcoin Lending
Bitcoin lending works in just the same way that you would lend fiat money. But instead of lending fiat money, you are lending cryptocurrencies, mainly Bitcoins. Suppose, for instance, you know of someone who wants to borrow Bitcoins—you can act as the bank, whereby you lend some of your Bitcoins for a particular amount of interest. Bitcoin lending has been considered as profitable for the very reason that you don’t have to comply with government regulations. Because there is no ceiling in cryptocurrencies when it comes to the amount of interest that you can charge, you can gladly decide on this at your own will.
A piece of precautionary advice, however, is that along with the high returns also come high risks. Because there is no government regulation in place, you are also at the risk of your borrower escaping his liability to pay. When this happens, unfortunately, you have a minimal level of protection to enforce your right.
6. Buying And Holding
Buying and holding Bitcoins is as apparent as the term suggests. This means that you purchase Bitcoins, keep them in a digital wallet, and hold it or keep it until the value rises. Here, you have total control as to when you are going to buy and sell your Bitcoins. In essence, it can also be likened to that of the stock market in the world of fiat currencies: you buy stocks, hold it, allow it to increase in value, and eventually sell it off when you are already satisfied with the interest that it has earned.
However, remember that this way of earning more money is also quite complicated. You have to give yourself the time to learn more and understand how cryptocurrencies work.
7. Bitcoin Trading
Bitcoin trading is one of the most common ways to earn more money through cryptocurrencies. In the past, this method was commonly labeled as daunting and complicated. If you didn’t have sufficient knowledge of how the stock market works, you could be at a loss as to how you are going to go about with your trade. But all thanks to technology, this process has been made easier. There are numerous trading platforms and software that offer automated trading. This means that it is the software that trades whatever Bitcoins that you have based on the algorithms that it has in place, and on the prevailing market conditions, too.
In Bitcoin trading, all you have to do is to spend a few minutes a day to be speculative about the daily market. You have the responsibility of setting the parameters or limits as to the amount of Bitcoins you can trade in a day.
A bonus, too, is that now, you can even trade your Bitcoins or other cryptocurrencies with fiat currencies. Hence, you can maximize your trading and earning capacities.
While many have previously thought of cryptocurrencies as challenging to manage and start with, once you get started on it, it isn’t as complicated as it seems. Once you begin trading, you are going to be reaping benefits that make you earn money. Of course, this is with the condition that you are trading correctly, and you are putting your trust in the right trading software, and you know the ins and outs of cryptocurrencies, mainly Bitcoins.