If you are interested in making extra cash online, then bitcoin offers the best option for doing so. From the time bitcoin become the most popular digital currency, various forms of earning money from the digital currency have emerged. Some methods of making money with bitcoin are new, while others are as old as the digital currency itself. In this article, I will show you how to make money with bitcoin.
Some people have claimed that bitcoin mining is not profitable because of the high cost of powering miners, an increase in the rate of difficulty, and the reduction in the bitcoin reward. However, people still carry out mining activities on a larger scale you just need to be aware that profits might be smaller than they once were. But look at the long term potential with Bitcoin. If the price truly can go to $100k and beyond then it will be profitable in the long term.
2. Mining Pool
Due to increase in difficulty in mining, the endeavor has become less profitable to solo miners. This means that to make a profit, you will have to join a mining pool because it enables you to reap small profits in the short term. The advantage of a mining pool is that it allows miners to gather their resources and consolidate their hashing power, while sharing the profits equally based on the amount of shares they invested in solving a block. You have to make sure you are joining a legitimate pool though, it’s best to go to https://pool.bitcoin.com for cloud based mining pools in my opinion.
3. Mobile Games
The bitcoin android space is currently supporting some important applications. One of these applications is the Oh Crop game, which is based on zombie plants. Players are supposed to defeat evil plants, and if successful, they are rewarded with bitcoins.
Apart from mobile games, you can do small tasks in order to make money with bitcoin. All you need to start is a bitcoin wallet. Certain website allows visitors to solve captchas and pay them with satoshis, which are tiny amounts of bitcoins. The website generates income from the advertisements shown on their pages. People who visit the website to answer simple questions or solve captchas are rewarded with a small percentage of the profit made by the website owners.
5. Read eBooks
Some websites pay users in bitcoin to read classic books. Paid books are more rewarding compared to the normal faucets. For instance, currently you can receive 400 satoshis for every ten minutes spend reading a classic book. The websites also offer a jackpot of 800 satoshis, which is 90% more than the rate offered by free bitcoin faucets.
6. Watch Videos
You can actually be awarded free bitcoin for watching videos. Before watching your first video you will need a bitcoin or a Xapo account. Most of the videos are short, and you could be awarded bitcoins for watching a video that lasts less than a minute. The bitcoins will be sent to your account instantly after you finish watching the video.
7. Get Paid in Bitcoin
If you did not know, some people work and get paid in bitcoins regularly. Most organizations have not considered the idea of paying their workers in bitcoins, without special arrangements. Nevertheless, organizations are slowly adopting bitcoins as one of their payment options.
Besides working for an organization, you can also work from home and be paid in bitcoins. Some sites offer jobs and pay exclusively in bitcoins. Some of the jobs offered on the site are simple and consume less time, and are a great way to earn bitcoins and make some extra cash.
There are a number of ways to get paid with Bitcoin but it’s important to make sure that you are storing your Bitcoin in a correct way. For that my personal recommendation is the Nano S from ledgerwallet.com as it’s secure and it’s hardware so it can’t be hacked.
8. Make Money from Buying and Selling Bitcoins
You can make money from trading in bitcoins, despite the fear of cyber attacks that result in theft of the digital currency as witnessed in the past. Basic trading in bitcoins means that you buy the cryptocurrency when the prices are low, hold on until prices increase, and then sell to make a profit. Alternatively, you could trade in bitcoins through arbitrage by buying the cryptocurrency cheaply from one dealer and selling it at a higher rate elsewhere.
9. Starting Up Your Own Website
One of the least explored ways on how to make money with bitcoin is starting up your own website that provides information on the cryptocurrency. This type of site explains bitcoin dealings to visitors, while the owner of the site earns revenue from the advertisements and affiliate offers. This approach of making money require patients at the beginning, but in the end, it has the highest return on investment.
10. Selling Goods and Services
Bitcoin is currency, and this implies that you can make money by selling different types of products and services and accepting the cryptocurrency as payment. For example, you can do affiliate marketing or sell arts and crafts and accept bitcoins as payment.
11. Earning Bitcoin Through Alt Coins
A good way of earning bitcoin is actually to invest in alt coins and ICO’s that increase in value quicker than Bitcoin does. You can actually invest in these against the value of Bitcoin and when they go up you will earn more. Obviously it’s easier said than done so it’s worth looking for reviews of ICO’s to know which are worthy of your investments. You can check out The Token Investor blog to see which ICO’s are worth their salt and which aren’t.