Bitcoin

How to make money with bitcoin – 2018’s latest tips

  • 08.03.2018
  • 191

Since the bitcoin network began in 2009, the world has continued to jump on and off the bitcoin train. Intrigued yet cautious about the revolutionary new decentralised cryptocurrency. Today, opinions are still divided over whether or not bitcoin is a viable route to go down to make money in the long-run. And the most pressing issue is – how to make money with bitcoin? However, if you’re looking for innovative ways to make some extra cash now, then bitcoin may be the best place to start.

No matter your personal opinions on whether bitcoin is here to stay or not. The hard statistics show that it is possible to make money with cryptocurrency, and in fact, many people have done just that.

A famous example is that of a Norwegian man named Koch, who first purchased 5,000 bitcoins in 2009, for the exceptionally low price of $27. As of 2018, 5,000 bitcoins would convert into upwards of 50 million dollars!

Of course, bitcoin is still new territory, and the market fluctuation shows this very clearly. As many people have discovered, there is money to be made in this strange new world of decentralised digital currency. You just need to know where to look. In our guide, we cover the widely popularised ways for how to make money with bitcoin. And the top 5 alternative ways that have seen even those with minimal knowledge of bitcoin earn a profit.

What Do I Need To Know About Bitcoin?

If you’re looking to make money with bitcoin, then the likelihood is, you already know a fair bit about what bitcoin is, how it works, and what the main purpose of it is. However, there are a few key points about bitcoin that you really need to understand before you can dive into making money with bitcoin. Some of the key facts to bear in mind, include:

  • You Can’t Live Off Cryptocurrency – The adoption of cryptocurrency is very limited. While in some places you can buy dinner with bitcoin, in other places you’d be hard pushed to find people that know what the cryptocurrency is. This makes the ability to liquidate the currency when you need to exceptionally important.
  • The Market Fluctuates a Lot – What makes bitcoin so appealing and yet so concerning to many, is that the market is not stable. In fact, its prone to some major fluctuations. The wrong shift in the market could mean the value of your bitcoin plummets.
  • Remember That Bitcoin Is a Currency – Bitcoin is a new approach to currency, but many people forget that at the end of the day, it’s still a form of currency. In essence, making money with bitcoin is making money off a different form of money.

Bitcoin Mining – Getting Hands-On With Bitcoin

The first way to make money with bitcoin is one that most people have heard of by now – bitcoin mining. This is the classic way to make money off bitcoin and intrinsic to how the whole system works. It’s the bitcoin miners job to construct the public ledger where bitcoin transactions are stored. This is all open source, so virtually anyone can jump in and start making money. Every time a new block is created, the miner is going to get a reward in the form of bitcoins.

The growing complexity of BTC algorithms mean that this route for making money off bitcoin is going to involve an initial investment. Nowadays, to make this a viable money-making route, you’ll need a powerful mining rig. It should be capable of solving the complicated algorithms and forming the blocks.

Investing In Bitcoin – Jumping Onboard The Growing Trend of 2018

The second standard way of making money with bitcoin is through investment. By investing other currency in bitcoin, you put yourself at the mercy of the market. Which is not too dissimilar to the process of investing in any other product. The investment method has paid off for those lucky few who saw the potential of the cryptocurrency back in 2009, and the following few years. In the last 5 years alone, bitcoin has seen more than a 31,000% percentage change.

As the market is still relatively new and unprecedented, there is still plenty of opportunity to earn money with bitcoin through investment. This is playing the long game, as less and less bitcoin is produced, the expectation is that the cost will continue to rise.

The Top 5 Alternative Ways How To Make Money With Bitcoin

Mining bitcoin and investing in bitcoin are two of the most widely recognised and effective ways for how to make money with bitcoin. However, they are not the only options out there. Today you can still join in on the craze and get your share of bitcoin. Even if you have no considerable knowledge of the world of cryptocurrency. Here are the top 5 alternative ways to make money with bitcoin:

  • Operating a Bitcoin Faucet

Building and running your own bitcoin faucet can be an effective way to earn money with bitcoin. But is also one of the most technical routes to explore. A bitcoin faucet is a website where users are given tasks in order to earn cryptocurrency. The users are generally paid in Satoshi, with one Satoshi converting to 1/100,000,000 of a bitcoin.

By running a popular bitcoin faucet, you can generate an additional income through the website (or app) revenue with most sites have an exceptional number of advertisements.

The more customers and traffic you attract, the more revenue you will earn. In this sense, the earning potential is limitless.

  • Utilizing a Bitcoin Faucet

The alternative to running a bitcoin faucet is using one, or multiple faucets, to generate a bitcoin income. Using faucets is not going to make you an overnight millionaire. But they are a viable way of making an additional income by doing very little. Each faucet is slightly different, but generally offer Satoshi for free.

These could be earnt by viewing videos, looking at ads. Or completing a multitude of small tasks, that generate the website income and subsequently, give you Satoshi. Some sites also let you earn additional Satoshi through a referral system, where you introduce other people to the reward system.

  • Take Bitcoins as Payment

Another way to earn money with bitcoin is by taking bitcoin as an alternative payment. There are a large number of services and products that people can sell to generate a bitcoin income as opposed to standard centralised currency.

These could be services or products in an industry that you already operate in. Or through additional freelance work. Numerous websites have jobs posted where people are offering bitcoin in exchange for the completion of services. Such as writing or graphic design, and products, like crafts.

As bitcoin becomes more widespread, the opportunities to earn a consistent income with bitcoin are growing.

By changing some of your payments to bitcoin, you could earn a steady stream of bitcoin on top of your current earnings. It is then a choice as to whether you play the long game and keep the bitcoin invested. Or liquidate your bitcoin payments for standard currency.

  • Lend and Trade Bitcoins

Multiple platforms operate online that specialize in bitcoin lending and trading services. If you already have an investment in bitcoin, then through these platforms you can lend and trade bitcoin to make additional bitcoins as the market changes value.

This could be an investment in another person’s project. By loaning them bitcoins to help them get started. Alternatively, you could go down the route of trading bitcoins like standard market trading. Both of these options require a basic knowledge of bitcoin but anyone can accomplish them at home without any specialist equipment. Most of the sites are easy and straightforward to use, and just a small amount of cryptocurrency can get you started.

  • Gamble with Bitcoins

This is not a sure-fire way of landing a bitcoin fortune. But is a viable way to generate bitcoin for those interested in gambling online. If you already use online gambling websites, then gambling with bitcoin just involves switching to a site that allows bitcoin transactions as standard currency.

There are multiple websites that have adopted bitcoin. And a wide range of live casino games that people can play to generate additional bitcoin income. These involve the same risks as any other online gambling service so use it with caution.

This useful video will help you learn how bitcoin gambling works and how convenient it is:

Is Bitcoin A Viable Way To Make Money?

There is a good variance in the ways that you can earn a bitcoin income within the methods we have explored. From online platforms, to services, and even slight differences to standard ways to make money. They demonstrate that its largely possible to earn additional money, or even a liveable income through bitcoin.

However, it’s important to remember that bitcoin is not a widely adopted currency. So while it’s possible to earn money, it all depends on the market. As to how much you’ll earn, or potentially lose if the value of bitcoin drops.

Bitcoin has grown considerably in value over the years since it was first introduced. But the currency is not largely known for its consistency or stability. A large part of earning money with bitcoin is understanding the market. And monitoring the value of bitcoin or agreeing to stay invested for the long-run.

With this in mind, staying safe and secure with your bitcoin investment is of the upmost importance. While many people have decided to invest in the currency and make money with bitcoin, it’s still not secure to place too many eggs in a single basket.

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